Spuddy
31 May 2016
Agree: Calm before the Storm Desperate !
Spuddy
29 May 2016
Hello Callasjunkie Richard stated at the bottom of the report that he had a position in Providence. His view in the report was shared By Many i.e TOR had made a mess of things but depite that Great Assets should win out. This is still the case only Know It appears that our BOD is attempting to sell our Assets on the cheap By dilluting Us out of existance.
Spuddy
29 May 2016
Dillution: Lets just hope Providence just raise 30 to 40m as Mamms suggested and not the 100m mentioned. At least not through equity funding
Spuddy
29 May 2016
Chancer: I believe TOR is worse Than a chancer. TOR has lied continuously, not behaved in the interests of all shareholders, mismanaged the company, fleeced the company using borrowed money, not treated all shareholders equally and has not been transparent in regards to Barryroe, Schlumberger, Transocean nor Melody. It is hard to understand How he and the BOD can Get away with such behaviour. These individuals Have no conscience at all. And to add insult to injury they are selling us out with this tremendous dillution. Many Like I Have been financing this crowd for nearly 10 years now. Disgusting
Spuddy
29 May 2016
Unethical behaviour: AIM should also be investigating unethical behaviour. Surely they Have a regulatory body that should be examining the company. 1: Has the BOD behaved in the best interest of the shareholders. 2: Has the BOD been transparent. 3: If there is no insider trading How come all the major IIs Know about equity raise before us small investors. 4: How have the auditors signed Off year after year on the accounts of Providence knowing what We now Know. 5: is It legal to Pay disgracefully high Salaries to TOR, JOS and BOD out of borrowed money with no revenue stream. 6: is It normal that the remuneration committee is effectively the members of the BOD assigning themselves Salaries that Many shareholders are very upset about. 7: is It legal to pass company funds i.e borrowed money to Irish Olympic Team against the wish of Many shareholders. 8: is It legal to issue Many misleading and false statements. : is It ok to issue RNS about commercial agreement on Barryroe and thereafter not explain what has happened and whether agreement is bust. 9: is It ok to announce An agreement with Schlumberger without specifying exactly the terms of the agreement. 10: is It ok to dilute small original PE investors into oblivion when other options exist. Many other questions to answer apart from these
Spuddy
28 May 2016
Example of Optimism: [link]
Spuddy
28 May 2016
Overly Optimistic: True Fencer I am one of those who has been over optimistic It appears or more likely It appears to believe the pack of mistruths told to us By the scoundrels on the BOD. However one thing I cannot understand is How all the Institutional Investors also apparently believed the Same. They put in most of the New funds and did not move to remove TOR and the BOD. In fact they Will probably put in more money with new Equity Fund. And this not to mention our activist shareholder Pagent. So I am bewildered.
ghost333
27 May 2016
Spuddy Ahh ....the nigh on 2 year anniversary of this comment Thursday, June 05, 2014 Providence Resources chief executive Tony O’Reilly Jr has hinted that the company is getting close to naming a farm-out partner for its highly anticipated Barryroe oil field in the Celtic Sea. Speaking at the second annual Ireland Oil and Gas Summit in Dublin yesterday, Mr O’Reilly said Providence is in negotiations with interested parties. The discussions are understood to be at a very detailed level, with first-phase production costs one of the specifics being negotiated. Mr O’Reilly did not speculate on the timing of a deal, but did say that the matter is “the utmost focus of the company†and would be one of the very few such deals to be done this year. I agree though we have gone past the hapless idiot and into the realms of some far more dishonest. In my view recently this has all been about him maintain his standard of living. Let's face it who else would employ him? What I don't understand is this - we as PI's are pretty much helpless but why on earth aren't the II's leaning heavily on him or getting shot of him? I thought we had a so called "activist investor" Apart from anything else if he raises all that extra money he can remain filibustering at the helm posturing about drilling next year...............................or maybe the year after
Spuddy
27 May 2016
Sickening: I was optimistic based on the Assets and their potential. Then became less optimistic based on what I perceived was management incompetence but still held belief that asset quality would overcome the disasterous governance. Not I am pesimistic and disgusted as I do not believe the Management is imcompetent but unethitical, underhanded, negligent and corrupt.
ghost333
27 May 2016
Spuddy It's worse than that really the two classes as I see it comprise of those in the know and the general public - albeit they have to read The Standard! The private investor is not even informed on a "need to know" basis PVR have somehow justified putting the word "no" in front of it. I'm disgusted that they are currently trying to hide behind and use market rules for their own purposes when IMO they've breached them. The most glaring of which was the timing of TOR senior's sales. As for that ridiculous sponsorship, how strange is it that it's junior's favourite hobby. The company should be run for and on behalf of shareholders not as a private piggy bank. It's grossly incompetent.
Spuddy
27 May 2016
Hello Ghost/Sharemate There are Two tiers of shareholders those who Know what is Going on and those who are being messed around. Complete rubbish on Providence's side to suggest that they cannot respond on present matters. The share is in suspension. Many things We should Have been told via RNS 1: what happened to commercial agreement reached on Barryroe. 2: what are the details of the agreement with Schlumberger. 3: Has the agreement to extend Melody Finance loan been signed and if not why. I believe It fell through and Transocean mess was a convenient smoke screen to cover up the dog dirt. 4: Whatever hsppened to discussions with Kinsale Energy. 5: why were We only told about Transocean Last Year When the losses were incurres in 2012. 6: How did the auditors sign Off on the financial accounts if no provisions were made for These losses. 7: why were We not informed of all takeover approaches and near Farmouts in a timely and transparent manner.
ghost333
27 May 2016
email Spuddy I have emailed PVR too. First response was that they couldn't';t comment on press articles. I have emailed back as that is complete tosh. The share is suspended from trading so there is no advantage to be had. The article in question is already in the public domain and by virtue of the sums being talked about clearly contradicts PVR's own comments about this imminent farm out. I've only asked them to deny it . I have further suggested that it is beholden upon them to treat all shareholders fairly and disclose information in a timely fashion. If there is an equity raise being openly discussed in the city then shareholders should be informed via RNS.
Spuddy
27 May 2016
News soon: Expect RNS By end of next week. It is Going to be Hard For TOR to explain if 100m to be raised via equity issue at 11 p a Share why is this being done at a moment when the oil Price is rising and Market sentiment improving. As stated before (even if Melody want their 24m back) all We require is 24m (Melody), 7 m ( Transocean), lets say 16m ( for total Cost of Barryroe drill and perhaps 10m for SP portion. That is 57m minus 8 m in Cash on hand. Thus if they were to raise 55m that Would give a further 6 m in cash for Day to day. So maximum of 55m. Success on Barryroe or SP Would drive up share price and a further equity raise could Take place Later with much less dilution. So a SHare issue for 100m is completely unjustifiable. It is as Sharemate poInter Out a sale of the Company By stealth at give away price
Spuddy
26 May 2016
Email To Providence I sent an email to Providence yesterday regarding The leaks in the press And They Have not confirmed or denied. So This Is a Bad sign. What annoys me apart from the skulduggery is the blatant unethical behaviour By TOR and his complicit Board. Where is the Melody Finance extension We were told about in December. What Are the terms of the agreement With Schlumberger. When is the commercial agreement with (presumably Sequa) void. If void now why were we not told. Why were Salaries not cut. Why Are We paying For rich kid sailors. All of this On borrowed money. Is this legal. Was it éthical to pay such scandolous Salaries using borrowed Money. My opinion is the Melody Deal fell through before Transocean result and the suspension was An excuse to cover up the mess and unethical expenditure With our money. Another thing There seems to be a Two tier shareholder Both here and in another company L oil & G. The major shareholders Know what is happening You Just Have to read the RNS issued By L Oil & G regarding equity issue stating That Directors and major shareholder Would be recomending Acceptance of equity issue terms. How could this be stated unless major shareholder is being told what is Going on. My question is this. Is it legal that some shareholders Have this insider information ???. The while thing stinks. I had some faith in Providence because of Its Assets and was prepared to give TOR benefit of the doubt. However now I Believe the behaviour of this Board is sociopathic and These individuals appear to Have no conscience at all. We Will See shortly if this view is confirmed
Spuddy
26 May 2016
Rumoured dillution: If 600m shares issued at 11/12 pence our % Will be 140/740 of The company i.e 18.9 percent. I imagine We will be offered shares as well. Same as Last time. Sharemate Is absolutely correct in saying it is a sale of the Company (give away) By Stealth. Firstly we should not be in this position at all. Disgraceful Salaries To TOR And his chronies plus stupid seismic surveys, plus squandering of our Money On Irish Sailing Team, plus Bad judgement on taking Transocean to court, plus misleading information on many occasions, plus failure to explain where all the money has gone, plus failing to update on commercial agreement on Barryroe, plus failure to explain supposed Melody Finance loan extension Deal amongst many other mistruths and total lack of transarency have US where we are i.e facing ruin as prÃvate investors. One has to ask where is the AIM governance and What Are the external auditors doing. Disgusting
