Providence Resources Forum

Spuddy I would be very surprised if the shareholders didn't have some control over the salaries of directors

Hi Godot, any thoughts/opinion on where we are now? Cheers

This so called deal hasn't even reached exclusivity so to be honest it doesn't hold much substance in my opinion. I hope for everyone's sake that I am wrong but the whole thing really does reek of smoke and mirrors and a house of cards. I once believed.......

Active in the data room my hole. Tony O Reilly is a spoof!!!!!

Sequa Will notify existing Bondholders How many of the remaining 96m bonds were sold exactly 6 weeks following the original issue date of April 24th. This means either Friday June 5th or Monday June 8th. If this is the case and Providence is making enquiries with the Potential Farmanee regarding the state of play of fund raising activities we shall Know fairly soon on whether deal is on or off. By AGM on June 24th all should be clear at least regarding Sequa whom we suspect is the party to the February commercial agreement

Tony O' Reilly Junior must go!!!!Totally incompetent!!! Why would anyone pay this man 500k!!!

Question ? How come there has been no aggressive take over bid here , why would you farmin & have to deal with TOR when for a song you could get it all , licences etc

Hello there Mmmmm. For option one I meant a deal done by the AGM i.e after June Closure for $96m remaining bonds. The Director remuneration is proposed and voted on by the Board. So they pay themselves what they like !!!!!!Present cash Position is as follows I believe: E8.552 M (as of December 31 2014). I believe this included the melody Finance 20M Dollar Loan (thus the company had probably spent circa 12m of the Loan). Thus we should have E-8.552m + E-26M (Placement) = E-34.552 on hand. From this amount The Company will need Circa E-6M for Transocean Litigation + E-3m for deferred SP Seismics payment + E-2M for Salaries + E-3.7M ($4M) melody payment June 2015 (Total E-14.7M). So E-34.552-E14.7M = Circa E-20M in Cash. Lets say that the company spends E-5M on general costs this year and E-1M Salary Costs for first 6 months of 2016 + 3M admin costs for first six months of 2016 that would leave E-11M on hand by June 2016. At that date the company needs to return E-20M to Melody. So we could do with a FO on Barryroe. If Providence Got E-50M that would allow Them to pay the melody Loan 2016, Use E-20m for drill at SP and have E-20M for running costs 2016-2017

Hi Spuddy, if the farm out is done i cant imagine they would hold back on announcing until a future planned meeting. As we haven't heard anything i dont believe it is done and hence we are in the same position we were in months/years/moons ago. The only good thing would be TOR's resignation. Is Directors remuneration proposed by the Board and approved at a meeting of the shareholders?

Alternative ways to read the AGM June 26th date

1: Sequa will have closed Bond issue (i.e. know how much of US dollar 96m of Bonds were sold) and thus Farm out Done

2: Or No Farm Out and no advance from other possible candidates and thus TOR will be asked to leave