Tethys Share Discussion Threads

[hguess16] 16/6/2017 15:27

Dorset,
The reason for calling an EGM is an exceptional event and its agenda items incl the resolutions should not be a repetition of the identical ones that are included in a preceding AGM which occurs shortly before.
The EGM resolutions 1.1 - 1.3 relating to the appointment of directors are identical to resolutions 2.1 -2.3 of the AGM.
My contention is that, if at the AGM,on 23 June, the directors are voted in with a simple majority, the whole purpose of having an EGM is irrelevant and wasteful.

If, however, the same directors do not obtain the simple majority required at the AGM on 23 June, then it is "game over" for them, PAM and the PI's ( who have supported them), as Tethys will be looking into the abyss, with Olisol in charge !.

[casual47] 16/6/2017 14:14

Looking at the director nominations i have a suspicion Olisol is no longer alone in this fight. Maybe they never were.

From what I've read in private messages (may or may not be trustworthy) the delisting has upset some investors with sizeable holdings and a concerted effort to fight it may be underway.

I'm down to 250k shares so just looking in nowadays...

[dorset64] 16/6/2017 13:26

hguess, TPL have to honour Olisol their EGM as they have now correctly issued the Co. an EGM request, they have paid the monies required for an EGM and in turn, they hold enough shares & % shareholding in Tethys for them to call one. This is an EGM and has nothing whatsoever to do with the AGM, irrespective of the AGM's resolutions.

My thought process is that Olisol have now realised that they cannot bully Tethys BoD's into submission or by the court & legal routes, so they are now on a shareholder friendly offensive.

It is my thoughts that they are now seeking to gain as much shareholder 'power' as they can achieve and will use the EGM as a way of washing all of TPL's dirty washing in public and, therefore, then let shareholders know how their new board member would 'rescue' the company from certain death and make us all millionaires.

This latest path is imo Olisols last chance saloon as without Tethys, they themselves have no business whatsoever so will themselves lose everything.

[benandemmiboo] 16/6/2017 13:14

TI, not sure how you even came to that conclusion. Saying I wish Wells was not chairman is not the same as saying i wish Abramov was the chairman.
And if POPE was vehemently against dilution, Wells and they wouldn't have diluted us so much in December; they would have agreed to an extension of their loan. POPE has taken companies it has invested in to court, and they would have taken TETHYS to court if the December stuff hadn't been approved, and I simply don't enjoy how intimately conencted this company is now with this hedge fund. And it's hard to say they've helped the share price, isn't it?

[temporarily insane] 16/6/2017 12:30

casual47....I think we all have better things to be doing than watching our investment dwindle to near to nothing.

Looking forward to Bill guiding the good ship Tethys to calmer waters without pirates.

[temporarily insane] 16/6/2017 12:27

benademmiboo, would you prefer to have Olisol steal the company from you? You will end up with nothing!

[casual47] 16/6/2017 12:04

I think TPL BOD could have just about managed to fit the requisition into the AGM but either they took longer reviewing with legal or decided it was best to drag it out so it could be postponed.

As far as I recall Olisol submitted their requisition with the required notice in time for the AGM.

Ben, I don't think anyone will disagree re. Chairman. But in the current turmoil it's understandable and hopefully he steps aside once the ship has straightened. I'm guessing he has better things to do than babysit TPL......

[benandemmiboo] 16/6/2017 11:51

I would have rather been given a choice between two at the same AGM, but that would have likely given Olisol a better chance of having some sort of effect.
Personally, I continue to dislike having the head of a lender to Tethys as its Chairman.

[casual47] 16/6/2017 11:48

I'm sure Olisol have their reasons to do exactly what they set out to do.

[hguess16] 16/6/2017 11:41

IMO, It is "futile" to hold an EGM on 28 July on exactly the same resolution which is to be resolved at the AGM, which takes place on 23 June !.
If the directors are appointed at the AGM with a majority vote, I hope Olisol withdraws its requisition for an EGM on 28 July !.

[casual47] 16/6/2017 10:41

Futile. A valid requisition needs to be honoured. If the BOD did not consider it valid they would not have put it through.

[hguess16] 16/6/2017 09:53

TI, Tks. I want to see what the reaction is on this BB first !.

[temporarily insane] 16/6/2017 09:17

hguess16, Is it worthwhile getting in touch with Ken/Bill and putting your suggestion forward?



Its a good idea and stops the time wasting that we all have become forced to get used toby Olisol. They seemed rather good at it when they needed to hand over large sums of cash that didnt appear for reasons we now understand!!!!!!!!

[hguess16] 16/6/2017 08:01

Why hold an EGM on 28 July when the same result is achieved at the AGM on 23 June ?

On 23 June, if the AGM resolutions 2.1 - 2.3 are approved for the appointment of William Wells, Medgat Kumar and Adeola Ogunsemi, why do we need to hold an EGM requested by Olisol on 28 July, with resolutions 1.1 - 1.3, in order to remove the same directors ?.
Although Olisol hold over 10% of the Tethys shares and are entitled to call an EGM, I think Olisol have every opportunity to achieve their objective at the AGM on 23 June by casting their votes in trying to remove the same directors.

I would suggest that if resolutions 2,1 - 2.3 are approved at the AGM on 23 June, the EGM, scheduled for 28 July, should be cancelled.

[casual47] 15/6/2017 15:08

I sold loads of shares last week of trading, including last day. None have (so far) been reversed

[mount teide] 15/6/2017 15:02

Further to my post in connection to a friends sell transaction in the last week of London Trading getting reversed:

'On investigation, he found his sell transaction according to II, had in fact been reversed, as a result of the fees for Capita Asset Services to process the transactions during the last week of London trading through Crest going unpaid by Tethy's . Resulting in his online sell transaction getting reversed some three weeks later and his account debited accordingly'

Tehty's confirm this is broadly correct!

By the time Tethy's rectified the situation, it was too late - with many last week transactions reversed out and accounts credited with the shares(of zero value) and a negative cash balance.

He has a complaint with the Ombudsman against both his supplier II, for failure to advise the delisting, and against Tethy's for failure to fund the processing of share transactions for their stock while listed on the London Exchange.

Reading between the lines - his gut feeling is that in their attempt to save funds Tethys probably stopped funding Capita on May 2nd, possibly not realising many last week transactions were still to complete. Regardless, the impact of this decision will have caught many by surprise, leaving them still shareholders, possibly with negative online cash balances and, facing costs to transfer them to brokers who can offer TSX trading.

[rhuvaal2] 15/6/2017 14:01

Thank you hguess16

[hguess16] 14/6/2017 21:53

Nostrum Deal
Some background perspective on Pope's unwillingness to support the Nostrum deal. There
were numerous conditions attached to the closing of the Nostrum deal which Wells thought Tethys would not likely be able to fulfill. Nostrum would have had Tethys KZ as collateral for the loan if the equity deal did not go through at the end of the due diligence period. Olisol came in with an equity proposal which was less conditional and did not have the same conflicts as the Nostrum deal.

[temporarily insane] 14/6/2017 15:43

Standard..............





Why is it always TDSecurities selling to themselves?????

[temporarily insane] 14/6/2017 10:55

Casual47, why do you not get in touch with Bill Wells directly and ask him the question and maybe delete your two questions from this ADVFN BB as we do know that Olisols random contributors read this BB and we dont want to be giving ideas...........

Just a thought

[casual47] 14/6/2017 10:31

D64 - if this is an elaborate propaganda effort it seems silly. They can put all the propaganda in a market release as they have already done so.

You can hold up to 25 million shares to remain below the 5% threshold. They wouldn't have to work too hard to find a few co-conspirators to exceed Pope+Kumar's holding.

Any views on Olisol possibly buying the 7.5million AGR loan for pennies in the pound and using it as a stick to beat TPL with?

(A scenario that happened in my other disastrous holding African Minerals)

[dorset64] 14/6/2017 10:23

I am thinking that this is Olisols attempt to get shareholders on side and in doing so, the circular should outline their case perfectly and include all of the accusations of wrongdoings by TPL management.

In turn TPL will/should offer an explanation if the above is correct and ultimately, us shareholders who have been kept in the dark should hopefully start to find out what exactly is going on.

I am thinking Olisol have tried everything, both 'legal' and on the ground in Kaz and have so far failed in their attempt to take control of TPL, so now they have little choice but to again change their tact and to get shareholders on their side so they too then start to put pressure on the BoD's to change.

The next few weeks should go some way to answer a few lingering questions on both sides as well as give us all a clue as to which direction our company is heading.

[benandemmiboo] 14/6/2017 10:20

Am always like 10 posts behind whenever I write my piffle. Y'all write fast. Anyway, going for a run, and hoping the market reacts okay to the press release. If not, hope there's drill info on the way. If Tethys mgmt wants as few shareholders as possible to be around on June 28, best case scenario is that our PPS quadruples in the next few days, making it hard for anyone not to take profits.

[benandemmiboo] 14/6/2017 10:15

Hope the market views things as you do, Dorset. I liked your latest assessment of the press release. I think Olisol is trying to be viewed as the "good guy who got wronged" now -- a hard thing to do after they did try to bring the company to its knees last October/November. Anyway, I am starting to think Olisol will put in its circular a more thorough detailing of the accusations made against the Tethys subsidiary, as well as what happened after Olisol brought their accusations to light. (IE Are the accused still with the subsidiary? Did they get replaced?) Olisol has information most likely that is at least stuff no shareholder should want to hear as having happened. The Taj subsidiary was/is apparently corrupt. If the KAZ subsidiary also was, then wouldn't shareholders (of which Olisol also are) want those issues to be rectified? I personally don't like all these subsidiaries of the company; whatever protections (re: lawsuits, etc) it offers the company is seemingly offset by the subsidiaries apparently working without much oversight from their parent company...