Providence Resources Forum

The bad news! No body is buying either. This is a dead duck...

The good news is that nobody is selling today

Got a response from Providence. I am told that my sentiments will be made known to the Directors. That's a relief !!!!!!!!!

For the TOR, By the TOR, To the TOR

Fair play spuddy. Hope you get a sincere reply and not the standard, when there is news we will report to the market. And If they do actually look on discussion boards it dosnt show. Time will eventually tell on this one. The sooner the better.

The Boards duty to shareholders is replaced by a duty to debtors when the financial position of a company is not certain. It's ambiguous when that actually is but I would say we are there, or have been there for some time.

Sent an email to the company secretary yesterday expressing deep unhappiness with the way things have been run and how we have been treated. Got no response. Michael used to respond to the email at least. No idea what is going on. Nothing trading. We are all completely fed up with TOR and the board. their salaries are outrageous. It is hard to believe that this is legal i.e. paying extravagant salaries on borrowed money with absolutely no revenue stream. The Coard are supposed to run the company in the interest of shareholders. Is this behavior in the interests of the shareholders. It so far from what would appear as ethical on the face of things that one can only presume that something tangible must be going on behind the scenes. I cannot believe that all the institutional investors (old and new) plus Pagaent would hand their cash over for TOR and the BOD to take out loans to pay high unwarranted salaries unless there was something close to fruition. We will see soon enough. In my letter I told them that all the small shareholders are completely disgusted by the situation and the salaries etc. I also stated my hope that the next statement from Providence will not be one the unpleasant surprises that they tend to spring on us eg Equity Raise. We shall see. What a balls as MAMMS would say !!!!!!!

Thanks Spuddy and Mamms for the honest advice. Two totally different opinions but both very valid. I will hold for now. Mostly because i have less to lose st this stage. Fingers crossed and good luck to all. But just to give my view, i think we have been dangled a carrot on a stick for too long. I attended the agm 2 years ago and was listening to the same story. There is obviously some problem but I dont know what it is and for some reason i am giving my money to this group in blind faith to pull something out. Dosnt dound very clever. Anyway, sell something pvr!!!!

Who would loan TOR money since all he does with it is pay himself a huge salary. For the same reason i cant see much success with a dilution. Though i guess that wont stop him trying his luck. He seems only capable of protecting his own hide. Does he understand that at some stage he has to generate cash?

In my opinion PVR do not give one toss about shareholder valve and have done nothing in the past 3 years to help improve the share price. More dilution is a certainty here. All we hear is statement with a load of buff and no actions to back any of thd statements up. The most oil we have seen from PVR is a little jar that was produced at a press conference that was held in 2012, am i not correct?