Providence Resources Forum

With single stroke he is trying wipe off entire value of the company, can't believe if this really comes as RNS; company is trying to hide in a nest. Its quite sickening, the acts are deliberate and intensional on face he is talking a lot but not walk the talk.

One of the last things that was mentioned before the share were suspended was that they were trying to put together a group of investors that would drill at Barryroe, so I would say that Barryroe is the most likely place that the new money will be used. The new investors must be fairly sure that they will be some return on their investment in the short term, as they would be fully aware of the history of Barryroe. As mentioned before perhaps some play with the natural gas. Whatever it is the case for investing must be good as one hundred million is a lot of money to be putting into a oil exploration company at this time. Also worth mentioning that when they said that they were trying to put a group of investors together to drill at Barryroe, they forgot to mention that the farmout terms would be eighty five percent of the entire company.

Is It normal that Cenkos is mouthing Off about having raised at least 70m dollars whilst We the small second class shareholder are not even offered An RNS. This is once again a display of the arrogance of the People running this company

Wont be for a special dividend anyway desperate! 😞 Maybe a bonus for senior execs with begging bowls.

There better be a very very good story why we are raising so much money when we don't need it!

Rumours continued to circulate about the fundraising by Providence Resources, the cash-strapped Irish oil junior run by Tony O’Reilly Junior, the son of the former Independent newspaper owner. Sources said Cenkos, which is in charge of the placing, had secured orders for more than $70 million. The AIM-listed company’s shares have been suspended since April.

[link]

That is right Haribo, but if the new share issue goes through we will have very little say in future, if any at all.

He was also trying to get an egm to question tor's leadership too? Sorry if that wrong.. dont have time to double check.

I do not see Richard Jennings winning a court case on the issue that he is suggesting. I would imagine that even though Providence said that they were the final costs, and it turned out that they were not, I would think that a judge would say that it was within reason to state that the figure given in the Annual Report would be the final figure, and that they reasonably could not have excepted it to be different. I think it would be a waste of money to take any legal action, and we would of course be paying for it.