Providence Resources Forum

Does anyone know the exact cash position of this company. How much cash does Providence have or are we already in the red and spending from the credit facility provided by Melody. For Transocean case any ideas how much legal costs and Spread Costs might add up to if they were reembursed

There seems to be an organized effort to collapse this share price. The management of this company have not helped with there dreadful performance and high flying salaries. It does seem though that Articles like todays in the Daily Mail are a little strange. Providence is a Tiny company but it seems to occupy a large portion of the Press´s time. Why is this. Who is behind this. Think the management of Providence need to make some statements fast and explain what is going on and what the plans are. There is too much messing going on and we the long term shareholders are suffering because of this

Many posters seem to give some sort of credence to broker analysts. I guess I have always had a jaundiced view of such people. Take with a grain of salt the company's own brokers and under no circumstances pay any attention to an Irish resident broker. They virtually never issue a "sell" recommendation (unless the company is already worthless) and are rarely if ever "independent".

if there is not to be a dilution of shares they should come out and say it to stop this free fall. this is crazy. we are being ignored.

Hopefully TOR will announce his retirement. Like JREwing I will be very unhappy if this turns out to be true. What a disgrace!

Lads, check out Aardvark's link, don't think I've ever posted anything negative before, WILL NOT BE HAPPY IF THIS HAPPENS !!!

Another great start !!!!!. I really think that the BOD need to make some statements regarding events. It is not normal that nobody from the company reassures us. Not asking for details nut looking for the Pilot to say he is in command and actually flying the plane. We were told last year that blogger boards were to be ignored as they do not tell the true picture. Well we were two pounds at that stage and look where we are now. This is disgraceful. It may bounce, we may get some good news but I believe we are not being treated fairly. We all have legitimate questions regarding funding issues accentuated by unnecessary outgoings (primarily over generous salaries). This has nothing to do with Barryroe. Our BOD should state that they have a plan and that we are ok for funding. It is that simple. I looked at all the times last year that Providence mentioned Barryroe. To say that these were not misleading is an understatement

@ BabyJ, what would happen the share price, if there was even a sniff of a takeover? I don't think the market cap would remain at it's current value for long.

It wasn't a loan, it was a credit facility...we do not know how much of the facility has been drawn then and hence how mush has to be re-paid...

Surely even if PVR can't raise the funds through some sort of partnership to pay back the 20 million dollars owing in a few months, they will simply try to gain an extension of the loan and given the supposed strength of their Barryroe asset this shouldn't be much of a problem should it? Failing this (if Barryrow is actually as valuable an asset as they say) surely they will simply go to the market and raise the money via a rights issue. With the new TERP not really affecting shareholder value. Otherwise at the minute the market cap of the company is just over 30 million at the present share price.... I would assume that at this price given the potential of Barryroe and Spanish Point that PVR would be a prime takeover target for someone would they not (given that they have also 18 million is cash and cash equivalents on the balance sheet.... Either way the current valuation of the company and share price is surely undervalued as the break up value must be in excess of this given the assets they possess!