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.
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.
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
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
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
We shall Know by end of next week what is going on I imagine. Hard to think Institutions Will shovel in 100m euros without a really really Good reason. TOR has sold Them And us a pig in a poke And has ruined us financially if the rumours turn out to be true. What hsppened to the Melody Finance renegociation. If this fell through why were we not informed. Maybe the Company used the Transocean case to mask failure to renegotiate Melody failure. In Any case 24 m required for Melody, 7m for Transocean and 8 m in Cash in bank. Thus 25m needed plus max 10 m running cost. That makes 35m. Plus lets say 5 m for Share of Barryroe drill plus 10m for Spanish Point share of drill. That makes 50m euros. Not 100m. Why Are They looking for 100m now and damaging all us small shareholders. This is all Very fishy. We must be missing something. Why not raise 50m and do appraisal drill on Barryroe and SP. Success on either Will raise share Price and thus increase capacita to equity fund With less dilution to existing shareholders
: find it hard to Believe major Institutional investors Would agree to this. Why Would they hand this Cash over to TOR after The mess he has made of all our investments. Nothing confirmed yet so We shall Have to wait And see. Will send An email tommorrow to the company
Agree With You. There is absolutely no reason to raise in excess of 100m euros. 30milllon max. So this must be Farmout, asset sale, stake sale or some combination of the three perhaps accompanied By the raising of equity after Share Price has ris en considerably. I cannot See any of the present shareholders agreeing to put in excess of 100m or being forced to choose between dilution or investment. Something major Going on in any case.
The Article mentions An amount in excess of 100m euros. This must be On the Back of Farm Out or perhaps a sale of a stake in Providence To Schlumberger For example. Another possibility Is the announcement of plan to drill Barryroe with important partners and the issue of shares thereafter at a considerably higher price. I cannot See Any of the present shareholders putting in 100m euros after the recent history of failures or allowing themselves to be diluted into oblivion. Something else Is going on here. I suspect a farmout or a sale of a stake in company to 3rd party