Providence Resources Forum

As I have posted before I don't think TOR will see his family's best chance of redemption bankrupted over his own salary.

I think a deal is been negoitated. I know no more than that as that is all we have been told by PVR. PVR have an asset. The lenders to PVR believe that that asset can be monitised or else they would not have lent to PVR. That situation hasn't changed. I think that with an asset that is worth billions PVR are good for a small loan.

Godot, what happens if Cairn decide to drill SP, then PVR on the hook for €20m, with Melody finance expecting payment next June. If no deal, then the only option to keep the company going is to raise funds through share placing. I can't see any business person, let alone someone earning €500k being that reckless .... the deal must be done ??

I am not drawing a 500k salary and responsible for this precarious situation. Another 6 months is ok but what will change. Are we sure of a deal. Is it not very bad management to be risking everythingl like this and burning through company money on unwarranted salaries and sailing sponsorship

Hello there Godot. How are you keeping. TOR told us Barryroe would be one if the only deals of uts type done this year. If this is not the case surely this is misinformation on which we as investors have based decisions resulting in further losses. I understand that during negotiationsone has to be carefull with ones comments but this comment is likewise very dammaging if proved false. Have been 8 years waiting like all am hopig for a good result. However Iam not

The debt is minimal spuddy. 20m of which only about 5 is spent. Its not repayable till summer anyway. No hurry between now and then unless you need to sell your shares! Otherwise just wait for a good deal.

Hello there JR. The annuals should be out at the end of next week. I hope we wont be fed more bullshit. Is The boards position sustainable. If they produce no deal we are left with a bankrupt company that will be forced to sell its assets to pay its debts. I do not understand how the big institutional investors allowed the BOD to carry on raiding the larder. If a good deal is produced before Christmas we will all be happy but in anycase we as shareholders have been treated badly and this BOD has been reckless to say the least. Madrid a nice place. Have been here many years now.

Spuddy (continued) also have some good Spanish friens, so would love to do the trip over. Would be able to if PVR could do the deed. Going to blast off some e-mails tomorrow. Still think there has to be a deal there, they couldn't be that daft and then manage to find someone even dafter to loan them the money. Mind you, there's one born every minute, just hope in this case it isn't me ........ Hasta luego

Hola Spuddy, I envy you being in Madrid, not just for the weather

Hello there JR. Day off today in Madrid. Will give them a call in the morning again. Hard to know what is going on here. Providence will have to get accounts prepared and approved for 2015. Not sure if a loan overdraft facility qualifies in terms of future plans for 2015 which at the AGM we were told are contingent on Barryroe Farm out this year. Dont think auditors will be able to sign off on these plans under present circumstances. What is providence going to tell us at Christmas. "Sorry no Money no plan". Serious mess unless they already have a deal done on Barryroe. If no deal then it is understandable that the legality the BOd's behaviour with respect their own remuneration and and their behaviour with respect to small shareholders hasto be questioned