Big loss as Well here. 10 years of savings. All we can do is wait and See. We are Going to find out shortly If Tor and Board Have been lying. If Melody stomps up cash or IIs put in more Money we Know deals are close. If not these Boys Have been Caught telling fibs.
Is it possible that a deal on Barryroe is very close and that for that reason Providence sought a suspension on share trading so that existing shareholders would not sell out on today´s terrible news. If a deal on Barryroe were to be announced in the coming days or weeks existing shareholders might feel very hard done by
1: Commercial deal that was announced over Barryroe. Is this still valid i.e. is there a date at which Providence have to say that the deal is not valid anymore
2: Schlumberger: What are the conditions of the agreement with Schlumberger i.e. what are Schlumberger going to get for their assistance to Providence.
3: The Agreement on a loan extension facility mentioned with Melody – What exactly are the terms i.e. what do Providence have to pay for this potential deal announced in December.
4: How is it possible for the Auditors to certify the accounts for 2015/16 knowing that a of a circa $10m payment could fall due for which no provisions have been made in the accounts.
5: Why was an RNS before by the company and why did the AIM not ensure that this financially sensitive information was in the public domain.
6: Where exactly has all the money gone in the last 5 years. It is not at all clear.
This is also a failure of the rules and regulations and their enforcement on AIM. I imagine that the big institutional investors will be contacting the AIM asking them how it is possible that Providence have been able to issue misleadingly upbeat information whilst at the same time not mention the high risk of having to meet a circa 10 Million dollar payment
Providence has just issued upbeat statements in two RNS in February and March and neglected to mention the possibility of having to pay a circa 10M dollar bill.. It is disgraceful.
Email sent to O'Reilly and his Chairman: Tony The announcement this morning is the last straw for me as a shareholder. We have had extensive dialogue in recent weeks and months with regards to the company and your stewardship. For the market to not even be made aware of this appeal hearing until this morning’s suspension is, I believe on legal advice, a gross breach of your (and the Board’s) duties. You were put on notice by me 2 weeks ago that in the absence of a deal on Barryroe by the end of May that I was going to move aggressively and publicly for your removal. This email is to serve you notice that your actions as CEO in regards to the Transocean court appeal together with the near 99% wipeout of equity holders over the last 2 ½ years has rung the bell for me. Your time is up. I respectfully request that you tender your resignation with immediate effect. If you do not then I will go public on this matter and I also put you on notice that we are looking at the possibility of a derivative action against you and other board members should they align themselves with you in regards to my resignation request from you and you refuse. Please note this email is not sent lightly. Yours
Definition of Providence is: the foresight or care exercised by a person in the management of his affairs or resources
Definition of resources: a source of supply, support, or aid, especially one that can be readily drawn upon when needed.
Think another name might be appropriate
Playing Russian Roulette with our money and getting paid extravagantly as well into the bargain.
Was this explained properly to The shareholders !!!