Tethys Share Discussion Threads

[temporarily insane] 06/11/2016 23:10

Have you been in a year long siesta??????
We think that the funding is not coming from you, thats for sure!

LOL

[yasx] 06/11/2016 22:27

So, giving away 20pc of the Company for a couple of months of 'working capital' - by the end of the year, where will the next stream of funding come from?

[temporarily insane] 06/11/2016 22:17

casual47.....'actually have a lot to lose', you forgot about us!!!!

[temporarily insane] 06/11/2016 22:16

Well done Ken indeed, and hopefully Bill was involved. Well done to him as well.

Good to see you are still around Devonlad.

[casual47] 06/11/2016 22:12

Olisol must be gutted -- The Kumars got their shares at a sixth of the price Olisol got them at and they end up owning 20% of the company together.

It's an expensive way to put Olisol back in their box but hopefully the Kumars will show they do have the influence to get business done in Kaz + finally get us exporting.

The only potential downside is that while the Kumars will now have a lot of influence they don't actually have a lot to lose, unlike Pope and Olisol who invested heavily in TPL.

[devonlad] 06/11/2016 22:09

Well done Ken, Olisol played a game and for once, it ended up with TPL being the winner. Olisol needs TPL as much as TPL needed Olisol, the tables have turned somewhat now and may eventually end up being significantly in TPL's favour, Olisol have shot themselves in the foot at least!

[hguess16] 06/11/2016 22:07

I hope the restructuring of existing loans are medium to long term finance
and at lower rates of interest!.This would of course on the depend on the security
and guarantee provided by Tethys to the lender and the influence of the new investors of Tethys in negotiating the deal with potential international lenders.
Tethys has proved and probable reserves of oil and gas as a form of security !.

[temporarily insane] 06/11/2016 21:40

Nice to hopefully see a Monday RNS that will create shareholder value, rather than shaft us.

Lets see if the Canadians blow their top now the share price is at its lowest low ever.....!l

[casual47] 06/11/2016 20:38

Will be interesting to see if this news brings anybody else out of the woodwork.

[casual47] 06/11/2016 20:19

Mr Winston Sanjeevkumar Soosaipillai holds 9 appointments at 9 active companies, has resigned from 1 companies and held 1 appointments at 1 dissolved companies. WINSTON began their first appointment at the age of 27. Their longest current appointment spans 15 years, 11 months and 15 days at STATE OIL LIMITED

The combined cash at bank value for all businesses where WINSTON holds a current appointment equals £8.4m, a combined total current assets value of £188.8m with a total current liabilities of £162.7m and a total current net worth of £31.5m. Roles associated with Mr Winston Sanjeevkumar Soosaipillai within the recorded businesses include: Company Secretary, Director

[naimanka74] 06/11/2016 20:04

Prax has been through a long period of growth, so a well run business. I heard they were buying oil products from Kazakhstan from the other investor with whom they have a long standing relationship. Potentially a very good combination.

[naimanka74] 06/11/2016 20:00

October 02, 2015 19:56 ET
Olisol Investment Group Announces Proposal to Invest in Tethys Petroleum Limited
HONG KONG, PEOPLE'S REPUBLIC OF CHINA--(Marketwired - Oct. 2, 2015) - Olisol Investment Group ("Olisol") announces that on October 2, 2015, it submitted a non-binding proposal (the "Offer") to Tethys Petroleum Limited ("Tethys") in connection with the strategic review process announced by Tethys on May 1, 2016.
The Offer contemplates an immediate equity investment by Olisol of CDN $8 million by way of share subscription at CDN $0.16 per common share of Tethys (each, a "Share"). Upon completion of the transactions contemplated in the Offer (collectively, the "Transaction"), an additional CDN $24 million of new equity will be made available to Tethys.
Further, the Transaction will afford existing shareholders of Tethys the opportunity to sell a portion of the Shares they currently hold at CDN $0.16 per Share, as well as the ability to invest in Tethys on the same terms as Olisol.
Olisol has secured a US $51 million credit facility and has cash on hand of US $20 million which are available to fund its obligations under the Transaction and to make further investments into Tethys, as either debt or equity, should additional capital be required and the parties agree to the terms of such further investment.
Offer is not subject to either a financing condition or a due diligence condition.
CONTACT INFORMATION

Kenneth J. May
Director of Business Development
OLISOL Petroleum
501-680-5463

[hguess16] 06/11/2016 19:59

Soosaipillai is UK based and SOG owns Prax Petroleum which markets wholesale and retail oil products.
The exercise price of the warrants is $0.031 or 2.47p with the right to acquire a total of 87.8m shares ( 19.8%) of the total TPL shares, for a period of 3 years.

[naimanka74] 06/11/2016 19:51

Thanks for this, it's very interesting, I will buy popcorn as I would anticipate theatricals now (& an injunction to stop this).

I guess its the same deal, bank loans... (who lends to an insolvent company...without securiy over all the assets....), just lower price. In any event its a step forwards.

On the TSX i think you can issue 19.9% of new equity to stay afloat without shareholder approval, but with this deal then how does Olisol get repaid, if i were them i would be calling my lawyers?

[cowls] 06/11/2016 19:30

Interesting – would have been nice if they paid more for the shares but sounds like good people to have on-board

[casual47] 06/11/2016 18:55

In-country influence (brown envelopes?) and a bank loan rather than more dilution......sounds great!

Now, let's see what kind of influence they have!

Oh, and: Bye bye Olisol!

[neilyb675] 06/11/2016 18:22

welcome to the Kumars !!

[1399peter] 06/11/2016 18:21

Thanks for that Iso

So Olisol were indeed outmanoeuvred, well done TPL.

[the_isolator] 06/11/2016 18:08

2016
Tethys Petroleum Press Release Sunday, November 6, 2016 - Proposals to Acquire Shares in Tethys Petroleum Limited

GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Nov. 6, 2016) - Tethys Petroleum Limited ("Tethys" or the "Company")(TSX:TPL)(LSE:TPL) today announces that it has received non-binding proposals from private investors, Winston Sanjeev Kumar Soosaipillai and Medgat Kumar (each, an "Investor" and together, the "Investors") to acquire ordinary shares in the Company (together, the "Share Acquisition Proposals").

The key commercial terms of the Share Acquisition Proposals are summarized below. The Share Acquisition Proposals are subject to, among other things, agreement on definitive documentation, completion of legal and financial due diligence by the Investors and receipt of approval from the Toronto Stock Exchange (the "TSX"). The parties do not anticipate any other regulatory or merger control approvals to complete the transactions. The Investors have advised that they expect to be able to complete their due diligence by November 11, 2016, and the Company expects that, subject to satisfaction of the conditions noted above, the placing would close on or about November 11, 2016. If completed, the placements will bring much needed funding to the Company as well as provide it with strong in-country partners in Kazakhstan and internationally.

Summary of Share Acquisition Proposals

The Investors would each acquire 43,951,698 ordinary shares of Tethys which, calculated separately and based on the total number or ordinary shares currently in issue of 400,004,848, would result in each Investor acquiring approximately 9.9% of the enlarged share capital of the Company.

The price for the ordinary shares would be US$0.01593 per share (or CDN$0.02136 based on the November 4, 2016 exchange rate) representing a 24% premium to the volume weighted average price ("VWAP") of CDN$0.01726 for the five trading days to November 4, 2016. The total proceeds would amount to approximately US$1.4 million.

The Company would grant each Investor share purchase warrants giving each Investor the right to acquire up to 43,951,698 ordinary shares of Tethys for a period of three years from the grant date. The exercise price for the warrants would be US$0.031 (or CDN$0.041 based on the November 4, 2016 exchange rate) representing a 138% premium to the VWAP of CDN$0.022 for the five trading days to November 4, 2016.

Neither Investor would be entitled to exercise the warrants if that would result in such Investor and his affiliates holding 10% or more of the then issued and outstanding ordinary shares (after giving effect to such conversion) until such time as the TSX has approved Personal Information Forms ("PIFs") and provided further that only up to an aggregate of 12,098,816 warrants may be exercised by the Investors until such time as shareholder approval has been obtained for the exercise of any further warrants or it has been determined by Tethys or confirmed by the TSX that no shareholder approval is required.

Each of the Investors or his respective nominee would be appointed to the Board of Directors of the Company on closing of the placings, and each appointee would be nominated for re-election at the next General Meeting of the Company in accordance with the Company's Articles of Association. The Investors would each continue to have this nomination right whilst their respective shareholdings are 9.9% or more of the total number of issued ordinary shares of Tethys.

The proceeds would be used for general working capital purposes at the discretion of the newly reconstituted Board of Directors.

The Company would not be permitted to enter into any form of debt funding that would result in share dilution for a period of 12 months unless approved by both Investors (such approval not to be unreasonably withheld) provided that this would no longer apply to an Investor if the respective Investor's shareholding is less than 9.9% of the total number of issued ordinary shares of Tethys.

The Investors would enter into a Relationship Agreement with the Company. The Relationship Agreement would address, inter alia:
the composition of the Board of Directors and Board Committees;
a requirement to ensure Investors and Tethys comply at all times with applicable securities laws and stock exchange requirements and its Articles of Association; and
a requirement that any transactions which may be undertaken by Tethys and the Investors would be at arm's length and on normal commercial terms and the Investors would not vote on any related party transactions between the Company and Companies controlled by or affiliated to them.

The Investors would work with Tethys to assist it to:
Favorably resolve any detrimental issues the Company may be facing in Kazakhstan;
Obtain a bank loan from a reputable bank in Kazakhstan for the Company's subsidiary Tethys Aral Gas LLP ("TAG") to enable it to repay and restructure current loans and to fund operations;
Market the Company's gas sales for export;
Improve the pricing of Tethys' oil and gas products;
Engage with the Company's current corporate lenders with a view to restructuring existing loan terms in order to improve cash flow.
About Winston Sanjeev Kumar Soosaipillai

Winston Sanjeev Kumar Soosaipillai ("Sanjeev Kumar") and his wife Arani Kumar are joint owners of the State Oil Group ("SOG"). Headquartered in London, UK and with trading offices in Zug Switzerland, Singapore and Houston Texas, SOG is a leading independent trading, storage, distribution and retail conglomerate dealing in petroleum products and biofuels. The group has substantial syndicated banking facilities which provide a platform to support SOG's international ambitions. SOG is extremely well connected across the world to influential individuals and powerful oil companies. SOG has an experienced management team that has successfully integrated a number of substantial strategic acquisitions into their group.

About Medgat Kumar

Medgat Kumar is the owner and Director of Petro Impex Trade LLP. Petro Impex Trade LLP is a Kazakhstan based company whose primary activities are trading of crude oil and petroleum products, oil refining and terminals businesses.

About Tethys

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.

Disclaimer

Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Company or its officers with respect to the potential that exists in both exploration and in discovered deposits in Central Asia and the Caspian Region and completion of the Share Acquisition Proposals with associated anticipated benefits to Tethys. When used in this document, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements including risks and uncertainties with respect to the potential that exists in both exploration and in discovered deposits in Central Asia, completion of the Share Acquisition Proposals with associated anticipated benefits to Tethys.

No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity, and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by the Listing Rules and applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.

[hguess16] 06/11/2016 17:53

Casual,
Currently there is no third party that holds 5% or more.
A third party would prefer to have discussions with PAM and Wells rather than Olisol.
A Third party will have to contact the legitimate current BOD and senior management of Tethys in order to negotiate a possible transaction to take a majority stake/control Tethys.
Tethys are actively in negotiations with potential strategic partners in order to conclude an agreement to ensure that the future of the company.
I am confident that the carefully considered decision to remove Abramov was taken following sound legal advice as he was deemed unfit to be on the BOD and its chairman. He, as Chairman of Olisol, was in breach of the Investment Agreenment, and he actively participated in trying to damage and possibly bankrupt Tethys. He used his own company, EGG and influenced another party ( ICA ) cancel the gas contract.
Olisol is a private company, whereas Tethys is a public company listed on TSX and LSE.

[chestnuts] 06/11/2016 16:39

casual

Could a third party not just take TPL over but also Oilsol after all Oilsol is knackered with out TPL

[casual47] 06/11/2016 15:46

The gas contract issue, the court case between TPL and EGG, Olisol's threat to get enforced collection of their 5 million USD....this could be leverage building by Olisol. To make sure they get a say in what happens next.