and why did they suspend the shares before the appeal but not before the original judgement? it makes a lie of statement: "the directors had considered that and were "satisfied on the basis of all information available to them that no provision is required to be recorded in the financial statements"." they obviously knew there was a chance that they could fail on the appeal.
What we need now is a deal maker. not a sales person. and it doesn't take much of a sales person to sell something on the cheap.
Common sense at the time would have suggested no one would leave that much oil in the ground. Common sense now dictates there is something is not quite right and we have been told a pack of porkies because the oil is still in the ground and we can get a deal for love nor money. But you could also call that hindsight. Which of course is 20/20.
While i agree to some extent fencer i cannot recall reading one negative report about providence. I think only the motley fool said to invest at your peril only about a year ago. All the others were over whelmingly positive.
Well he has finally had his day. "I told you so" no sweeter words for jimmy
But why has nothing happened in past 4 years sharemate? now is the perfect time to invest. Yet TOR is on his knees giving away all the assets, not just barryroe for 100mill. what are we not being told? oil is on the rebound, rigs and contractors cheapest they have been for a long time. and yet no deal in sight!
maybe he intends on drilling barryroe, spanish point and druid all at the same time with the money. if we hit pay dirt on 2 out of 3 of those then we could potentially be a billion dollar company. more and more it seems the stuff of dreams. but if we survive then we have possibilities and a glimmer of hope. if we go into examinership we have no hope. i think oil definitely has another 20-30 year life span. but what with climate change and the saudis preparing for a post oil economy i wouldn't be waiting too long to get the stuff out of the ground.
"On the scheme’s execution date the Petroceltic board will step down, to be replaced by nominees of Worldview." well it would be nice to see TOR out on the street. with no big fat paycheck every month. unfortunately not worth all my money. but i will have some grim joy in it.
a bit crazy really.someone with a $100 million dollars spare change down the back of the sofa could effectively buy a controlling interest in the company - they would have 85% of the company. effectively own it.