Providence Resources Forum

There is a possible new funding deal for Lansdowne, but in the meanwhile they are preparing to issue more shares as a backup plan in case the other funding deal does not happen [link]

but pvr doesn't need 100mill unless it is for drilling druid and drombeg. unless melody is not extending the loan we only need ~7 mill and we have 9 mill .

wow! crikey i think if i had bought toilet paper it have held more values then the paper they are issuing.

It is proposed that the Share Capital Reorganisation be effected by each Existing Ordinary Share being sub-divided and converted into one New Ordinary Share of £0.001 and one Deferred Share of £0.049.

It is becoming apparent nobody wants Broe

In case leader comes with similar kind of massive dilution, it would be better to show him exit path. This shows Barryroe is not nearby or there might be issues to conclude deal due to whitegate sale or govt is on thin edge of majority

Very unfortunate but not unexpected news from Lansdowne. Reading their RNS there is an admirable transparency which sadly lacking in PVR.

I really hope so spuddy We will know more next week but i agree with all your posts As Derek Trotter would say You know it makes sense

Agree With You. There is absolutely no reason to raise in excess of 100m euros. 30milllon max. So this must be Farmout, asset sale, stake sale or some combination of the three perhaps accompanied By the raising of equity after Share Price has ris en considerably. I cannot See any of the present shareholders agreeing to put in excess of 100m or being forced to choose between dilution or investment. Something major Going on in any case.

The Article mentions An amount in excess of 100m euros. This must be On the Back of Farm Out or perhaps a sale of a stake in Providence To Schlumberger For example. Another possibility Is the announcement of plan to drill Barryroe with important partners and the issue of shares thereafter at a considerably higher price. I cannot See Any of the present shareholders putting in 100m euros after the recent history of failures or allowing themselves to be diluted into oblivion. Something else Is going on here. I suspect a farmout or a sale of a stake in company to 3rd party