Providence Resources Forum

Just sent this email to Providence. Lets see what we are told.

Good Morning to you.

We spoke before Christmas regarding the state of affairs at Providence and I expressed my concern with the share price and the lack of news regarding Barryroe amongst other things. Was thus relieved to see Monday´s RNS regarding SP and Barryroe although like all shareholders do not really know what to read into the commercial deal agreement and pending the raising of finance by potential farm in partner.

Have a number of questions.

When was this commercial agreement reached i.e. was it just reached last week or was it reached some time ago. i.e. was an RNS issued immediately upon the commercial agreement which I imagine is a legal contract. ?
Will the Farm in Partner now begin to source the finance required i.e. was Farm in Partner waiting for this commercial agreement before going ahead with plans to raise finance. ?

We see that Mr o Reilly Senior has reduced his holdings to 9.49% of the Capital of the company. This announced via RNS. This announcement was made yesterday February 10th 2015. Last week we were informed that ACC now holds an equivalent amount of shares in the company.

Would thus like to know the following

Are the shares held now by ACC the same shares that we were informed about in yesterday´s RNS that Mr o Reilly Senior Sold ?

If they are the same shares then why were there two separate RNS announcements separated by various days. ?

The sale of such a massive amount of shares by the biggest shareholder in the company is of great concern to us the shareholders and not a minor matter as we can see reflected in this morning`s share price collapse.

Thanks you very much for your time

Bye
A worried Shareholder

Man the lifeboats

If TOR's 6% went to ACC then todays RNS would be illegal. When an RNS is announced I imagine paperwork is required to back up statements i.e records of buyers and seller of shares in this case. It would be difficult to pretendvto LSE that the shares were not passed to ACC just because RNS was delayed. Also cannot see why TOR snr would do this - no advantage to himself. Thus a more likely alternative is that TOR snr is offloading his shares to one of his other offshore based holdings. If the share price of Providence was expected to rise in near future doing this would make sense especially when you have ACC breathing down your neck. There is circa 50% of this company in the hands of unknown shareholders. TOR snr had 49% at one stage. Perhaps many shares were transfered to sub 3% holdings in offshore companies a long time ago

@ a share price of 57p it would seem he owed them around the £2m mark i suppose. I suppose also that ACC must value them either at or above the current share price if they have accepted them and dont sell them

Anyone know how much TOR owed to ACC?

Very interesting JREwing , if we are to believe Baby why would Daddy surrender 6% of a golden egg when he has access to all that Greek family monies, if it was your family would you not rally around on the short term to keep your nugget of Providence and ALL its potential , the egg stinks with nothing inside for me

RNS just posted, TOR Snr holding reduced down to c9%. Obviously, ACC took control of the 6% and just timing differences in the notifications.

Goes back to yesterday's point that the share won't move unless backed up by cash or oil. And we need the cash to get the oil.

It will take money in the bank from a partner, however, to really drive a recovery in the share price.......

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