Providence Resources Forum

This is IRELAND, Somebody knows something here , ?? Farmout deal is dead

sorry 180,000

someone sold 1.8 million shares 10 min back

I just hope small shareholders aren't been panicked into selling now. This is the best position pvr have been in in the last 6 months. Shares should be going up. But lack of confidence is letting very low volume collapse the price

Well done Spuddy !!! Surprised you got a response other than "pfo" BUT delighted you did. Basically what they are saying is that they were issuing an RNS on Spanish Point and decided to throw in an update on Barryroe. Of interest in their response is the indication that the farminee potentially has a plan B for their financing, if they were working on financing well in advance they must have foreseen potential difficulty in issuing bond and have a contingency there ALSO there is wriggle room in that they can decide to defer one of their other projects and plump just for Barryroe.

Thank you for your email.

As we state in the RNS, we have agreed commercial terms, but due to the proposed farminee having to close its financing, it is still conditional. Under an agreed confidentiality provision, neither party can issue a RNS advising on names involved or deal terms, until such time as the deal has closed. Once this happens, both companies are then in a position to update on the deal terms and the forward programme.

We issued the RNS on Monday regarding Spanish Point and having discussed with our advisors, and in direct response to significant media and shareholder enquiries, we used this RNS to provide a short no names/no terms update on the Barryroe farm out process. We discussed this with the proposed farminee who was comfortable as no names or terms were disclosed. As for the counter party raising funds, we understand that they have been working on their financing well in advance of agreeing terms with us. We also understand that their corporate financing plans extend beyond their proposed investment in Barryroe.

As regards your enquiry regarding the major shareholder, I can confirm that we received notification of his reduced holding this week and as required, we issued a notification to the exchange. You are correct that ACC notified us last week of their increased holding and again, we immediately issued a notification to the market. To be clear, we have no information if any deals are related and we cannot speculate on changes in shareholdings and neither can we control the manner or timing of when we are notified on these matters. We simply issue notifications when received.

Still waiting for a response to my email. I still believe that Providence should clarify what was the situation with TOR SNR shares. Did these go to ACC. Why the difference in RNS dates. Surely with TOR JNR being the son of TOR SNR and alo the CEO of this company a 6% reduction in TOR SNR´s shareholder warrants an explanation from the company. It is natural that the share price would drop on this news. A simple yes these shares were passed to ACC as part of payment for monies due would ease the market. With no clarity on this point the shareholders are being held out to dry. Also announcing that a commercial agreement has been reached without funding has left the share price vulnerable to market shorters as we wait in ignorance for something that may or may not happen

I spoke to PVR and asked about company's health and whether it will be bust etc, there view they are working hard but it's pure market dynamics which is playing against this stock someone might be shorting etc etc. Let's hope it will turn around

gave the buyers a great purchase price for sure lots more buys than sells !

Nice email spuddy, all very valid questions