Tethys Share Discussion Threads

[casual47] 29/9/2016 16:50

An AGM resolution is of course not a binding agreement. It just defines what the shareholders have agreed Olisol can do.

The only contractual "must do" on Olisol is to buy 181m placing shares, backstop 50m additional shares and provide working capital until the 181m shares have been placed or the outside date of 27th October has been reached.

The longer they delay the placing the less money TPL will be able to raise at the placing, as most of the working capital will have been spent.

[casual47] 29/9/2016 16:44

The point I was making was that they don't have to get another 43.9m shares, but if they do then it will show they are keen to take as much as they can.

My understanding from the last RNS is that the US 1m loan plus interests that is outstanding is included in the 5.7m working capital figure.

Olisol is contractually bound to backstop the 50m additional shares.

[hguess16] 29/9/2016 16:19

Casual47,
Olisol has paid US$5.7m (C$7.53m) in working capital and need to pay an additional
C$2.27m in order to take up the full allocation of 181m.240,793 TPL shares.

If they decide to then add to it by agreeing to take up 43,972,966 TPL shares relating to Resolution 5 which refers to the working capital indebtedness, it would
only be fulfilling the Resolution approved at the AGM.
There is also an additional 24,434,008, Resolution 4 which refers to US$1m plus accrued and unpaid interest, Resolution 6 for the 50m shares for future offering and Resolution 7 which refers to Olisol satisfying its pre-emptive rights.

If Olisol commits to all of the above, they would simply be agreeing to adopt the AGM special resolutions which were approved.
It seems, at least for now, that in Olisol's case, the " spirit (intent) is willing, but the flesh ( Cash flow) is weak !.
Let's hope that Olisol can deliver on their promise soon !

It would be interesting to observe if anyone of the largest 20 investors would be willing to pay 5.4 C Cents per share if the market price stays below this figure when the call is made.

[casual47] 29/9/2016 13:40

Not that I want to give more attention to the court case than it deserves but it's not because the hearing was a few days ago that any judgement was given immediately. I don't know how it works in Kaz but over here after a hearing the judge can take a few days to write up his judgement. As it would be in Russian I imagine add a few days to that to get an English transcript and also to get an opinion on the verdict by TPLs legal team if needed.

[casual47] 29/9/2016 13:09

Something to look out for:

TPL has said that Olisol requested to use the whole Working Capital Loan funds to offset the monies needed for the 181 million shares placing. Basically this is TPL "repaying" the loan and then Olisol immediately giving the money back as placing funds. The good news for TPL is of course this means at the end of this they will have zero outstanding loans due to Olisol.

Now, here is the bit to watch out for: in addition to the 181 million placing shares the binding agreement allows for some of the Working Capital Loan to be converted. I can't recall exactly how many but let's say 40 million shares. While this is optional and now no longer needed as the whole loan is to be "repaid",it would be a HUGE sign of confidence if Olisol decided to add/overpay the equivalent of this 40 million shares in additional Working Capital Loan funds so that they can grab a few more shares.

[casual47] 29/9/2016 12:41

Olisol is already too deeply tied into Tethys' future to be doing any machinations.

Sometimes a spade is just a spade and delays are just....delays. It happens.

[temporarily insane] 29/9/2016 12:31

Olisols plan seems to be delay after delay after delay to try and bore the PI into selling!

[temporarily insane] 29/9/2016 12:26

The only thing this lot have achieved so far is the robbing of shareholder value!

[temporarily insane] 28/9/2016 21:42

Anybody make sense of the trading on TSX?????


And magically the share price rises to the equivalent of 1.75 pence, just before news.


Looks as though the cowboy exchange has a few cowboy market makers.

[che7win] 28/9/2016 21:03

OPEC deal.

[casual47] 28/9/2016 18:20

The court case oughtn't get the focus of PIs it's been getting so far.

It hasn't taken that kind of prominence in the RNS releases as they always added it as a "by the by", which is all it deserves.

My guess is they are wanting to add as main topic of the new RNS an Olisol transaction update and then lump in further updates on the court case and the Taj arbitration.

[truenorthcanuck] 28/9/2016 17:07

Contacted Tethys to try and find out what took place at the court on Sept. 26th....apparently the judge made a comment on the matter and I was hoping that Tethys would share as it would be common knowledge to them, their insiders and anyone in the courtroom. Told them that the vast majority of shareholders are at a disadvantage in not knowing what took place, while other insiders can act based on the judges verbal comments/decision......in other cases similar to this, the company have provided information in fairness to all.....
Peter Chown replied back "The company does not wish to misinform shareholders regarding any court ruling or judgment. It is therefore in the best interest of the company and its shareholders to release only verified information to the market. The company can only do this once it has received the official documentation from the court. The company will make a statement to markets via a press release once it has received this documentation".
Been a hell of a ride with this company and disappointment after another.....hoping we have not lost the appeal.....his answer does not give me hope...we will see

[temporarily insane] 28/9/2016 10:52

Still waiting.

[hguess16] 27/9/2016 22:25

Thanks.
I've seen the MAX experience with AGR, hence my speculation.
PAM and Olisol have to be on their toes in order to avoid any obstacles in the way
to achieving their aim of keeping control of TPL and growing the business.
TPL and Olisol are a good fit as an integrated oil/gas exploration, refining, distribution business, provided the new management team can deliver.
If necessary, I think PAM should step in and fund the business if Olisol is being
obstructed from providing funds in the short term.
This move would have the effect of giving much needed confidence to TPL.

[dorset64] 27/9/2016 21:14

From what I heard at the time AGR Energy were at first totally open & upfront, nice & jolly with everything in Tethys and thus our interest. Then once AGR thought they had their feet towards/under the table they started to implement conditions on Tethys that would prove hard to achieve and thus, delay the deal & therefore the share price dropped.

Once the first few conditions were met they then moved the goal posts yet again and tried to impose further conditions which is where PAM then started to use their muscle to politely say, take a run & jump.

PAM are not an operator and never wish to be so they will never take over TPL with a view to running the co. themselves but what they have, just like every other shareholder in Tethys is money invested which is currently at a loss. They too are in this for the money and ultimately wish for the Olisol deal to conclude as only that way, or with alternative funding will the share price eventually rise.

[benandemmiboo] 27/9/2016 20:51

The story of MAX Petroleum and AGR Energy might prove that Pope, in actuality, was at least looking out smartly for itself (if not also Tethys private investors) when it broke off with AGR. This 2014 article ( hxxp://www.shareprophets.com/views/8613/max-petroleum-yet-another-kazakh-disaster ) was prophetic, and MAX is kaput thanks to games played by AGR Energy.

[hguess16] 27/9/2016 19:33

This is pure speculation !!.
Is it possible that AGR Energy, owned by the KAZ Assaubayev family, are trying to get control of Tethys ?. They tried to acquire Tethys, but were rejected by Pope/Wells following a reduced offer post the due diligence work. AGR are still owed $7.5m + interest.
Are the delays in funding by Olisol linked to the influence of the Assaubayev family in KAZ ?.
Is Pope/Wells having to carefully manoeuvre its strategy in the KAZ labyrinth of
finance and regulation in order to preserve its investment in Tethys.

Although Olisol has committed its funds to Tethys, (albeit with delays and postponements with the support of Pope) is it subject to obstacles placed by AGR Energy in trying to conclude the deal ?.
Is the private individual linked to AGR Energy ?.

You might like to look at the financial power of AGR Energy/Assaubayev family - search at Google and decide for yourself !.

In the end, Tethys is essentially a KAZ (asset rich in oil/gas) company and AGR Energy might want to get its hands on Tethys !.

[temporarily insane] 27/9/2016 17:35

Why are Tethys not telling us who it is?

We as shareholders must have a legal right to know.

[casual47] 27/9/2016 17:18

Didn't they say last time also what the outcome was? That was to Dorset64 if I recall OK?

It would be crazy if the private individual won the case but if they did it will be interesting to see how TPL handle this. E.g. can they further appeal or will Olisol provide a loan to pay the $7.5m or will TPL be able to draw the money from that Kaz bank loan facility Olisol arranged for them?

[hguess16] 27/9/2016 16:29

As regards the peanut trades on TSX, I doubt if these are indications of any major moves by sensible "movers and shakers".
The "sells" at 1.42p on the LSE may be related to the need for cash by the sellers in the short term or a sense of disappointment on the lack of news re the KAZ appeal court case.

I have been in touch with Tethys today and the gist of their statement is:
"The appeal was heard yesterday.
Tethys is currently awaiting documentation of the Court ruling relating to the appeal by the private individual against the company.
Once the documentation is received from the Court, Tethys will issue a new press release".
Hopefully the press release will be issued shortly !!.

[temporarily insane] 27/9/2016 13:25

We are still waiting!