Tethys Share Discussion Threads

[casual47] 31/10/2016 14:26

Anyone been in touch with the company today? I sent an email this morning but no reply. Haven't had a reply on any of my last three emails so I guess none will be forthcoming....

[casual47] 31/10/2016 14:17

Is Olisol even allowed to buy shares?

They would have to submit a notification seeing as they have a director in the company and a holding above 5%

[neilyb675] 31/10/2016 14:08

Olisol buying chunks or PAM buying chunks......

[ratfan] 31/10/2016 13:17

Chunky 1m purchase there

[casual47] 31/10/2016 12:41

17% up......boggling

[casual47] 31/10/2016 11:15

Pope have the money to lend TPL $15 million so they can pay off Olisol, Cayman's lender, Kaz bank and give themselves breathing room to negotiate a sale/deal. But Bill is running a business, it's not his own personal piggy bank, so they would only do that if it made business sense. The question is: Does it?

[seroserio] 31/10/2016 10:08

Aye, there's the rub. Because TPL is such a convoluted basket case, nobody will simply offer a no strings attached, say 7p a share offer for the whole shooting match to end this nonsense.

[neilyb675] 31/10/2016 09:44

NOG attached a bucket load of strings to their offer, please don't forget that.

[casual47] 31/10/2016 09:12

1. The nostrum offer was not even binding
2. They wanted to secure the interim funding of 20 million USD against all TPLs assets as a condition of moving forward

Imagine they did an Olisol where they demanded repayment of 20 million? As it would have been secured they could then just have seized the assets.

[benandemmiboo] 31/10/2016 09:02

In just a minor defense of Bell, Hguess, Mr Bell did not reject Nostrum's revised offer with PAM's approval. Nostrum specifically moved on because Tethys' major shareholder PAM rejected the offer. It was pretty clear in every press release at the time that Bell was for it (just as it was clear he was frustrated with PAM, and seemingly disinterested in Olisol's advances). Since the revised offer from NOSTRUM was less than the Tethys share price that Bell was receiving as part of his salary, his openness to the NOSTRUM offer suggested Bell had our interests at least somewhat in his mind.

[casual47] 31/10/2016 08:32

At least there's been minimal effect on shareprice so far this morning

[casual47] 31/10/2016 08:07

No update from Tethys. Not good.

[hguess16] 31/10/2016 08:01

Naimanka,
You seem to forget that the people who benefited from this mess were " Robson and his
gang" who negotiated high salaries and had service contracts with associated companies
who had no idea of when a return would be available to shareholders !. So PAM got rid of them incl the deputy chairman, a Tory MP, was asked to go and who praised Robson in his farewell message.
I too was "hoodwinked" by Robson, with his patter on Tajikistan, being the " jewel in the crown" for Tethys. Sino-Han with Robson was yet another gravy train for Robson !. That's when PAM smelt trouble !.
Then Bell turned up, and went for very short term financing with Cayman and AGR which cost Tethys an even bigger cash flow problem. He was then taken in by the "cosy relationship" with Olisol over" 7 years with Tethys" and with PAM approval rejected NOG's "revised" offer. Olisol then sold Tethys a " shrinking pup". and we
all fell-in with "Olisol talk of influence in KAZ".
Olisol then ignores the AGM resolutions and, is pushed out by Tethys and now puts obstacles in the way, in order to bring down Tethys !.
I bloody well hope PAM and the new team IS AWAKE and sort out this mess soon with a new credible partner, whoever it is !.

[casual47] 31/10/2016 07:59

If the objective is for Pope to get more shares then they could just convert their warrants and convertible loans. The AGM passed a resolution for it. It would be about 42 million shares in total. Not sure why they would do it though as conversion prices are up to 19 cad cents.

If they do it now they will still be under the 25% threshold

[naimanka74] 31/10/2016 06:35

The reduction in nominal value was I suppose to allow a more realistic subscription price (to allow Olisol to average down to something that was more reasonable) which, in turn, makes a rights issue more do-able.

Now that things have gone "pear" shaped with Olisol (following Nostrum, AGR etc.; there does seem to be a pattern) if (when) history repeats itself they will produce a "new" local strategic partner (whose money will repay Olisol and then rinse and repeat..) soon, hopefully with some verifiable due diligence.....however.....this time Olisol are now the 2nd biggest shareholder, are owed a lot of money by a company which is haemorrhaging money.....how does it end well?

So a shareholder vote would be on what exactly?

1) a deal
2) competence
3) the future

The numbers given suggest a delta of about 3m votes out of 400m. That's pretty close in Corporate terms, too close for comfort.

So the boards "Plan-B" logically will be an "emergency" rights issue to whoever the new "partner" is for 19.9% of equity (which wouldn't need shareholder approval if dressed up as a rescue) then PAM and "Newbie" will again be in the driving seat.

Comments on this possibility?? It seems pretty likely to me, but basically involves a stitch up of some sort.

Who would benefit?

a) not Olisol
b) PAM
c) Management (assuming Colonel Blimp has indeed left the Olisol camp)
d) New Investor
e) other shareholders.....???

That's the conundrum on point e) ??.

I agree the assets can be good (excluding Georgia) however they haven't drilled for years, so their work program commitments must be in arrears and thus licenses at risk, Tajikistan we know (* correction-think we know) it's a mess, so it's rabbit from a hat time, past performance however doesn't indicate the solution can be found internally.

[hguess16] 30/10/2016 23:41

Interesting comments in the last few posts!.
Rights Issue - I thought the whole purpose of the reduction in nominal value to 0.01 - the C$ 0.054 cents offered to Olisol and the 50m shares offered to the 20 largest shareholders constituted a rights issue to fund future exploration !. The problem was that Olisol screwed Tethys by changing the game plan and offering less than what we approved at the AGM. Olisol started off with $50m and then tried to reduce it to $12m and a dodgy overdraft of only $1m.
So let's forget talk of another rights issue and focus on something realistic now !. Is there a credible strategic partner willing to pick up the mess created by Olisol ?.
Has PAM realised that they cannot control the Tethys Operation unless they contribute more cash and take control, ie 51% or more, OR are they willing to accept a partner like NOG to step in and sort this mess.
I think there is still value in Tethys and a bigger player needs to step in and stop the blood feud between Tethys and Olisol damaging both and leaving us PI's with nothing !.

[flyingbull] 30/10/2016 23:26

The November oil stock challenge is now on....

[casual47] 30/10/2016 22:28

Pope - 67.9 million shares
Olisol - 63 million shares

As per 1st July

[naimanka74] 30/10/2016 22:26

They have more votes, how many more? I thought there was a gap of maybe 2m votes?

[temporarily insane] 30/10/2016 22:08

....or Pope have something up their sleeve and thats the reason the 20 October RNS was presented.

[casual47] 30/10/2016 22:01

Pope have more shares than Olisol so any vote needed at AGM will pass. I expect the PIs would vote en masse for a sale too at this point.

Tethys is arguably in a worse position now but macro-economics are much better (price of oil is almost $15 per barrel higher).

TPL owes pretty much the same amount of debt now than they did back in August 2015.

Gas sales stopping seems an administrative/political (corruption?) issue rather than a problem with the assets themselves. A company like Nostrum (or AGR) can surely smooth out any issues like that. Olisol are nothing compared to them.

I believe Pope rejected the Nostrum offer because they thought in the long term it would be better to retain a stake in the company and that its value would be multiples of what it is now once drilling and more exploration had completed.

Pope may have another view on things now.....

[naimanka74] 30/10/2016 21:50

It might be easier....but if it were so easy why didn't it happen before?

Is the situation better, or worse, than when Nostrum made their offer ? (was it ever binding?)

If it's worse, which i would say it is, then who will buy it?

I would imagine there is no alignment between Pope/Olisol, so any prospective new investor is faced with a dilemma over who to talk to, so an outright sale is a tough ask.

The company owes money all over the place, oil production dropping, gas sales stopped, dysfunctional shareholders (what due diligence was done on Olisol by Macquarie, or indeed Pope?), management .....well maybe they can pull a rabbit from a hat