LOGP unlikely worthless?
I admire your optimism, but there is no evidence whatsoever that Barryroe is in demand, and even it is, would PVR/LOGP shareholders benefit?
It looks like this world of opportunity that Aldersey Williams promised us only applied to the directors. |
Someone is getting r2s at a very good price.
Seaenergy are forced to fundamentally change their line of business - again!
If they sell r2s AND rise money from LOGP, they can be a cash shell then redfine their core business - yet again!
OR: LOGP is worthless (unlikely) or takes time to sell. Then Seaenergy have to service the debt where LOGP is worthless/while they wait for disposal preoceeds of this non-core asset. |
Ron - "Perhaps there is finally some movement on Barryroe"
That's what I was hinting at in my post dated 12th May .....
SLE - SUSPENDED
LOGP - SUSPENDED
PVR - SUSPENDED
SEA - SUSPENDED
And the common link is ....... |
 Ron:
Further to the announcement on 4 March 2016, the Company confirms that it has sufficient funds to remain trading until the second half of May. Since that announcement, SeaEnergy has been in detailed discussions with a number of potential purchasers for the Return to Scene business ("R2S"), several of which are still ongoing (the "Potential Disposal").
The Potential Disposal would be classified as a fundamental change of business under the AIM Rules for Companies and therefore require the prior approval of shareholders at a specially convened general meeting. The Directors are of the opinion that it is now unlikely that a sale and purchase agreement can be agreed and executed in sufficient time to allow the process of shareholder approval to occur while the Company remains solvent. In addition, the suspension in trading of the shares of Lansdowne Oil & Gas plc, a company in which SeaEnergy holds an 18.67% interest, on 13 April 2016 means that it is unlikely that the Company could currently raise funds through the disposal of its interest. |
Is it possible to sell R2S for whatever sum, and as a condition of the sale receive a % of any future profits R2S may make (now that oil appears to be recovering)? |
Another question - who would make a non-refundable payment without any guarantee of them getting the company - doesn't it require an EGM to allow the sale?
Unless it's the management (or staff) of R2S in whose interest it is for the company to continue regardless. |
How can you be a debt shell?
Who's going to invest in a company that has no assets, but only debt? |
It's more a simple case of they having an interest payment they cannot afford in May. They need to pay it. The deal with r2s includes a down payment non-refundable that allows them to pay the debt interest. Desperate stuff. Selling r2s at a loss so they can set it against any future gains, is the only bonus here. Once all other assets are taken care of, Sea will be a cash or debt shell, and then it will have to declare what it intends to do next. Simple |
In theory, they wouldn't know about anything price sensitive at LOGP (yeah, right) so as long as they got shut before it became common knowledge... |
You reckon they could get away with that without a visit from Mr Plod Ron?
Be interesting to find out. |
Perhaps there is finally some movement on Barryroe and they want to get rid of R2S on the cheap to their pals pdq before the money from that appears. |
JJ - the deal certainly doesn't leave SEA with no debt - how much debt will be left is another secret.
"The Directors anticipate that the proceeds of the Potential Disposal, if received, would be sufficient to repay the bank overdraft, nearly all of the Group's secured debt and a proportion of amounts owing to unsecured creditors."
Note use of the words "nearly" and "proportion".
edit: What is interesting is how they propose to service this remaining (and no doubt interest accruing) debt with no income. |
Well and truly dropped Reesy. Not discussing it on here. |
Penny still not dropped then Jack? |
They still owe the Iraqi's over £1m, so the pot is well and truly empty. |
I couldnt disagree more. LOGP is probably finished. Barryroe has had no genuine interest in the last 5 years; if that had been the case, something would have transpired by now.
Giving R2S away for peanuts just as the oil market is turning makes no sense. I recognise we are between a rock and a hard place, but under no circumstances does it make any sense for shareholders to agree to sell R2S to a 'mystery' buyer, leaving SEA with no debt, and a useless bunch of overpaid incompetents sitting on 'assets' that no one wants. |
It doesn't surprise me that the sale will only get breakeven on the debt, which is what? 2-3 million already. It's administration otherwise, the question is, what next? It will be a case of the directors hanging on on a free salary until LOGP is disposed of. The big question then being, what to do with THAT money? It is then that you will want an egm. |
 I think I need to go on an anger management course, particularly if the "preferred bidder" turns out to be someone on my "little" list.
Just out of curiosity, as I am rather ignorant of such matters, does any of this apply here? Has SEA been trading in recent months while knowingly effectively insolvent?.....
Trading while insolvent is unlawful in a number of legal systems, and may result in the directors becoming personally liable for a company's debts.
A limited company becomes insolvent when it can no longer pay its bills when due, or its liabilities—including contingent liabilities such as redundancy payments—outweigh the company’s assets. This is a critical point in the lifespan of a company as it denotes when the directors' responsibilities change from the shareholders to the creditors. It also means that the directors need to be extremely careful when considering whether to continue to trade, or not. Any director who knows that the company is insolvent and makes the decision to continue to trade, and in doing so increases the debts of the company can be made liable for the company debts. |
Jack Jebb - The shareholders will either agree to sell R2S or it's administration. Either way it gets sold and the shareholders get screwed. |
They represent less than 25% of the shares. For the majority 75%, there is no upside in voting to sell R2S on the cheap to keep these clowns in a job.
I would be surprised if Remp votes in favour, unless he has a vested interest to do so. |
Jack
Ask yourself why certain major shareholders refused to back the call for the EGM
Penny dropped yet? |
Classic,
Prob management buy out with cash paid by plc. |
They cant do it unless shareholders agree. What is the point of any shareholder agreeing to it? |
So the amount to be received from the "preferred bidder" won't even be enough to pay off the company's debts. Our esteemed leader is flogging off R2S for a pittance just as the price of oil is recovering at a rate of knots and R2S contracts will no doubt recover accordingly.
Who'd have thunk it?
edit: I wonder what kind of deal JAW has done with the "preferred bidder" to carry on receiving his hard-earned salary? |
Definitely reesy :( if things continue like this on the shares scene could 'money monster' become reality ? I wouldn't be brave enough to take this much pi$$ out of people. These board types must be hard b@$tards |
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
Hot Features
Premium
