Got a response from Providence. I am told that my sentiments will be made known to the Directors. That's a relief !!!!!!!!!
Sent an email to the company secretary yesterday expressing deep unhappiness with the way things have been run and how we have been treated. Got no response. Michael used to respond to the email at least. No idea what is going on. Nothing trading. We are all completely fed up with TOR and the board. their salaries are outrageous. It is hard to believe that this is legal i.e. paying extravagant salaries on borrowed money with absolutely no revenue stream. The Coard are supposed to run the company in the interest of shareholders. Is this behavior in the interests of the shareholders. It so far from what would appear as ethical on the face of things that one can only presume that something tangible must be going on behind the scenes. I cannot believe that all the institutional investors (old and new) plus Pagaent would hand their cash over for TOR and the BOD to take out loans to pay high unwarranted salaries unless there was something close to fruition. We will see soon enough. In my letter I told them that all the small shareholders are completely disgusted by the situation and the salaries etc. I also stated my hope that the next statement from Providence will not be one the unpleasant surprises that they tend to spring on us eg Equity Raise. We shall see. What a balls as MAMMS would say !!!!!!!
Of course you could be correct MAMMS but I believe we may still get some positive news on this. Providence announced in December that an agreement had been reached with Melody but have since offered no details. I believe the share price would have fallen even further if the company were anywhere near examinership. Not happy of course with the messing that has gone on in Providence but I would not sell shares at this price. The largest shareholder of Landsdowne extended the loan he made to Lansdowne (to himself really) by six months also stipulating that he wanted an additional premium to the loan terms for doing so. He is very unlikely to have added the clause regarding an additional premium if he did not believe a deal was on the cards or some good news with Barryroe. Landsdowne like Providence has no revenue stream and thus after six months he would find that his shares would be worth even less. He must believe a revenue source or cash will be found by September. WE shall see. You are correct What a Balls. I rembember selling my shares in Cove energy for 115 pence after getting fed up.Three weeks later I had a look and they had tripled. You never know !!!!
Hello there Sully. Would not sell your shares if I were you. Like myself and many others we are all sitting on big losses if we sell. Am of the belief that something must be going on. Do not believe there will be another equity raise in the near future. Preliminaries should be out in May. Providence stated that an arrangement was agreed to deal with Melody Loan in the event of no Farm out news. I believe that perhaps Schlumberger may be guaranteeing the loan or something like that. Also do not believe the main shareholder of Landsdowne would have agreed to extend his private loan to the company for six months with a premium of I believe 20% unless he believed some news was on the way. Also do not believe all major shareholders and Pagaent would be so quiet if the situation was really dire. So I believe something is going on behind the scenes and that after all the bad news we will hear something positive soon enough.
Hello Lastcall: Believe we Will hear some good news By end of June or Loan Will be extended. Believe Schlumberger are involved in some way and maybe guaranteeing The loan
Does anybody Know What this announcement in yesterday's independent means. Minister declares intent to grant non-exclusive Prospecting licences to Polarcus, CGG, Providence and Woodside in respect of certain áreas designated under continental Shelf act. A copy of map May be viewed at www.pad.ie