TXO - Re: TXO Stream Log - First let it be clear:...

First let it be clear: nothing said on these boards really matters now the company is suspended. However, despite everyone slamming Baldwin as a liar and rogue it should be noted that if discovered to be it would mark the end as his career of a Company Director. Accordingly it would be a very dangerous career move to fabricate the contents of RNSs which are run past and checked by a Nomad for accuracy. The Nomad would want to see verification of all statements made. Accordingly it is very likely true that all these Investee Companies exist and suggesting they don't is utter nonsense. They have probably had $400k offered for their ORS stake and if still on the table will now have to accept it. Similarly, based on an offer OTR have received for 3% of the company, TXO may be able to sell up to a third of their 30% stake in OTR for circa £600k. That would go a long way to resolving their immediate funding issues, and securing the proceeds has been interrupted in untimely fashion by the resignation of the Nomad. This has obviously prompted them to consider their position more generally hence the reconstruction proposition. CLN holders will not be happy to hold notes in an unlisted entity and will want some acceptable resolution within the next month. I can't imagine them having a big problem finding a new Nomad although four weeks due diligence is required, making the 1 months notice given by Northland an impossible time frame. There had apparently been ongoing issues between Northland and TXO which culminated (presumably) in the RNSs of 21/01 being the final straw. A couple of fairly minor issues was enough, it seems, to enrage Northland enough to resign prior to the issue of corrections on 23/01. Obviously TXO did not fully appreciate the critical importance of the Nomad and paid the ultimate price for their arrogance in this respect. That said TXO could be a very lucrative contract, fees wise, for a new Nomad, especially when one considers the prospect of Athabasca being brought to IPO later this year.