Providence Resources Forum

Will be interesting to see what price Lansdowne shares will be at the end of the day on Wednesday. Also interesting to note that by changing nearly a million pounds of debt for 28% of the company, lansdowne have sold around 7% of Barryroe for just under one million pounds.

Out of share suspension on June 22. With Barryroe being the only real asset Lsndsdowne has Surely We will Have to hear something from Providence early next week !!!

So those of us who hold shares in Landsdowne Have been diluted again. LOGP Have only one asset i.e Barryroe 20%. It Would seem that LOGP Will look to hand over a portion of Barryroe for a free drill (Maybe 5%). That Would leave them with 15 % if drill successful. So what Would 15% be worth. Can imagine them selling to highest bidder. Providence fund raise may be on hold pending Brexit vote. Wonder How much We are Going to be shafted.

They are allocating at 1p two times current share capital

after all this bad news maybe some good news is on the way? I hope! remember if pvr were successful then they could always do a share buyback. also it is actually a relief that the share price will not be at the whim of someone who sells 20K worth before. the shares in issue were so small that it affected the price. and liquidity was tight. anyway i am sure i won't feel so chipper when the true effect of the dilution is felt!

Why isnt pvr announcing to sell its assets; they need to be transparent. Better bet is company takeover, they will not announce because they will receive bids which need to be disclosed to market.

Watchout its the dilution they are aiming at, loan is also getting convered to stock options. PVR will also hit in the sameway

"The purpose of the placing is to raise proceeds sufficient to fund the company's existing liabilities, including the company's share of the above-mentioned Transocean settlement costs, and on-going working capital requirements to mid-2017, during which time it is hopeful of concluding the SEL 1/11 Barryroe farm-out process," said the company.

Some interesting news here for Providence, notably that Lansdowne will resume trading on the 22nd of June, and that they have done a deal on nearly one million pounds of debt that they owned by trading it for 28% of the company. [link]

Lansdowne's placing has to be small but badly-needed good news for Providence. My take on the Transocean award was that PVR would be 100% liable if LOGP couldn't stump up their $1.7m. The concern in the LOGP small print is the option to seek to raise £0.5m further, expressly to meet any further Transocean award costs that might arise. This is not elaborated upon!!