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With the Smart Win application for a summary judgement scheduled for hearing on 30 October it will be interesting to see Tim Baldwin's response to EEGC losing if (when?) that happens. He has been so keen to relay Paul Batista's highly partial speculations on the likely outcome that he will no doubt want to correct his earlier pronouncements and promptly inform TXO shareholders of a disappointing result. Or will he? At least a "clarification" should be in order as when he had erroneously declared the GSLM exploration licence had been renewed.
It's a very comprehensive and extremely well informed roundup of TXO's failures and misdemeanours, obviously sourced from someone who is well on top of the Tim Baldwin merry-go-round.
Tim Baldwin is no better than a leech sucking on trusting shareholders. It is extraordinary that the rogue is able to continue on the way he does without the authorities putting a stop to his depradations.
Excellent article on Share Prophets:
http://www.shareprophets.advfn.com/views/8582/txo-this-just-does-not-look-quite-tickety-boo
As we discovered last weekend AIM is the Mother Theresa of world stockmarkets which is why recent releases from TXO (TXO) stand out so horribly amid this ocean of virtue and transparency.
TXO became an AIM investing company over 3.5 years ago. It has raised money at various times to pay operating costs (including some very large directors’ fees and related party transactions with directors’ other companies for “consultancy”) and to make investments. None of the companies TXO has invested in has made a profit, let alone returned a single penny to TXO as yet, despite lots of positive updates over the years saying mega bucks were just round the corner. The latest interims note that: "The Board is confident that TXO will become profitable in the next financial year." Of course! The board has been confident of that every year. Could this be why the share price of TXO has fallen by 95% since becoming an investment company?
As a result of this lack of profitability, or more correctly lack of any revenue what so ever! TXO regularly needs more money. It became obvious that there was an impending cash crunch when the third tranche of the death spiral funding deal it had struck earlier in the year with Bergen Global Opportunity Fund, LP ("Bergen"), an institutional investment fund managed by Bergen Asset Management, LLC ("BAM") was not received back in August when due. Details of the deal are HERE
Rather than telling the market about the problem, TXO put out a progress update on its investments, which dressed up delays as progress HERE.
“Morgan Oil Marine (Bahamas) Limited has recently confirmed that as at the beginning of September, the contract had been extended and that work on-site was continuing.” It was supposed to be all complete at end of July according to the interims “An initial 32,000 barrels have been collected, processed and sold since commencement in May and MOM hopes to complete the processing and sale of all the remaining barrels by the end of July 2014”.
Instead of announcing the Listing on AIM of one of their investee companies, Athabasca Resources Ltd (ARL), which was supposed to occur at end of September this year, it announced a JV between ARL and another investee company Oil Recovery Services (ORS). ORS is the same company that has been working with MOM in the Bahamas with “wonder technology” to separate spent fuel oil and water.
The JV is therefore between a company that has no money (ARL) and a company that has yet to prove that it has a commercial technology - “ORS believes the technology can be adapted and deployed for use in the recovery of oil bitumen from the Athabasca oil sands”. That belief is based on nothing more than wishful thinking. Given that the oil sands project is an in situ project ie the separation needs to occur underground, it is a bit like believing that something that does not work particularly well at picking up pebbles on the beach will be great for collecting rocks on the moon. But that has not stopped ARL claiming the process is 400 times more effective than steam in investors presentations. Add to that the fact that the sole director of Athabasca is Julian Hamilton Barns of Minmet scandal fame and we can all see where that one is really going.
But the naive PIs fell for it, creating a spike in share price and volumes to aid the crisis funding negotiations which were brought about by Bergen not paying the anticipated third tranche (somehow they still met all their obligations under the deal!) and £567,653 of Convertible loan notes that are way underwater were due repayment at end of Oct. Unsurprisingly, TXO still struck an awful deal for shareholders – it is hard to do anything else when you have a gun held to your head. Details are here:
http://uk.advfn.com/news/UKREG/2014/article/63943128
Tim Baldwin, Chairman and CEO of TXO, commented:
"This refinancing strengthens the balance sheet with parties that understand the business and our objectives in the Bahamas, where they have strong connections. It addresses the Company's short term funding issues and reduces the prospect of further share dilution other than as a consequence of the financing plans above.”
Then TXO called a General Meeting to get authority to allot shares equivalent to 2/3 of the enlarged share capital of the company. Ie in order to bail out past failures that led to the desperate refinancing, existing shareholders end up with 1/3 of the business they thought they owned.
Now for the really shocking bit. TXO is owed money by one of its non-core investee companies, Tasmanian Oil & Gas (TOG). It is owed £226,305 to be precise (Ie about half of the convertible loan notes due) and this debt was due on 13th Oct 14, ie before the Loan Notes. Repayment of this debt would have put TXO in a much better negotiating position with regard to the refinancing, so did it call it in? No TOG is broke and has been for over a year. In Jun 13 TXO’s own broker at the time (Fox-Davies) said about TOG:
“We continue to carry no value for the TOG for now on a risk-adjusted basis due to a combination of outstanding litigation and exploration drilling risk that has a very low chance of success.
While prospective, the assets have not benefitted from a sufficiently well-rounded exploration programme, and in the past we believe Empire failed to execute a technically rigorous exploration programme to de-risk the play and enable drilling to commence with confidence. More detailed seismic is required on the leads to elevate them to prospect status, the industry norm required to identify them as targets and justify drilling; the low chance of success speaks for itself. Any value contribution to risked NAV by TOG is worth nought if it is not successful in the license hearing.”
The licence appeal was dismissed in August 2013 when the lawyers acting for TOG (at TXO’s expense as only TXO has ever put any cash into TOG) did not actually turn up to put their case.
So did TXO hold a gun to TOG’s head, in the same way it had held a gun held to its head? No! The details of the deal are here:
http://uk.advfn.com/news/UKREG/2014/article/64019403
What is the point of increasing the interest rate when there is no prospect of any money ever being repaid by TOG, why give it another year? The company is broke, has no licence and the only thing it does have is a shareholding in Alpha Prospects, which it got by virtue of a paper swap. These shares are totally illiquid and what is the value in an option to acquire these shares from TOG at a price of 2.5p. They are not worth anything like this figure; an offer was made recently for Alpha shares that valued them at 0.27p, but the buyer walked away before the deal was done.
So why do such a poor deal when TXO holds all the aces on this one? Surely the fact that “the Board of TOG, whose directors are Christopher Foster and Geoffrey Harris, respectively a TXO Non-Executive Director and the Company Secretary of TXO” could not have had that much to do with it? And how much of a factor is “Christopher Foster is the Chief Executive of Alpha Prospects.”? Especially as “The Directors of TXO, other than Christopher Foster, having consulted with Northland Capital Partners Limited, the Company's Nominated Adviser, consider that the terms of the amendments to the terms of the TOG CUL are fair and reasonable insofar as the shareholders of the Company are concerned.”
But hang on Tim Baldwin resigned as a director of TOG shortly before this. Tim Baldwin is also a major shareholder and director of Alpha Prospects and the Nomad knew all that. What would have been the impact on Alpha Prospects of the Alpha shares held by TOG being put on the market? What would be the impact on Alpha Prospects if the 20% of TOG that they have valued at £1 million in their balance sheet had to be written down to zero, because TXO had got a decent deal for TXO shareholders? It is very clear that TXO shareholders came second best and the interests of Alpha Prospects shareholders and directors were looked after in this deal.
The Nomad is of course paid a fat retainer by TXO and the same company is also TXO’s broker, so how independent is it when judging the equity of such a deal? There was a GM which approved the giving away of 2 thirds of the company so why did they not put a resolution on the agenda so TXO shareholders could have decided what is in their best interests with regard to the TOG loan repayment – the Nomad is clearly incapable of protecting shareholders’ interests? This stinks but TXO is on AIM so nothing can possibly be wrong can it?
Cientifica, the company Tim was kicked out of back in Sep, has suspended trading on AIM
reviewing all aspects of the Company's activities since it became an investing company. As part of this review it has become clear that the Company's systems and procedures have, at times, been less than satisfactory and the Board have undertaken a detailed review of the transactions that the Company has undertaken in: i) the period from the Company becoming an investing company to 31 March 2014; and ii) the period since 31 March 2014. As a consequence the Board is seeking the refund of certain sums which have been advanced to a number of parties
Tim's Open directorships:
Hill Street Investments: In administration
East African Oil Company: No Money going nowhere 50% owned by TXO thanks to Tim pumping in £50k of TXO cash to enable EAOC to pay him £11.5K in directors fees.
Equity For Growth (Securities): Cash of £670 at last report, current annual report and return well overdue: Heading for administration most likely (It is very bad form for an FCA registered company to not file on time)
TXO - nuff said
Gbin Ltd: In liquidation
Alpha Prospects: Listed on some bizarre European exchange, totally illiquid - the company that was protected by TXO not calling in the TOG loan / taking over 99% of TOG when the loan went overdue.
Clarendon Equity - Set up just over a year ago - no cash done nothing.
Shareholders who voted at the GM have given approval for the issue of 1.5 Bn shares. With about 750M in issue at the moment that works out as 2 thirds of the enlarged share capital.
The latest convertible deal has a MAX conversion price of 0.16p - there is no minimum, as we saw with the Bergen deal the nominal of 0.1p was not a barrier to conversion, the conversion occurred at 0.1p and then a load of "fee" shares were issued to bring the average price down to 90% of 3 day VWAP. The latest deal gives a 20% discount on the price, so even worse than the Bergen deal. Bergen will be converting and dumping more next year, once they have dumped what they already have.
Congrats on approving a further 50% dilution...
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=TXO&ArticleCode=fi2o8qd2&ArticleHeadline=Result_of_General_Meeting
Result of General Meeting
Thu, 23rd Oct 2014 14:45
RNS Number : 1492V
TXO PLC
23 October 2014
TXO, the AIM-quoted energy resource and clean technology investment company, announces that at today's General Meeting of the Company all resolutions were duly passed.
Has anyone managed to find anything that corroborates OTR actually existing (I am sure it does on paper somewhere) or this wonder technology actually existing?
I have found these links to OTR:
HTTP://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=252631640
Says it is a US company no details of anyone involved (Why do TXO not say who the other parties in the OTR JV are or who is running it or even where the company is incorporated)
HTTP://www.bloomberg.com/profiles/companies/0960093D:LN-oil-tech-royalties-inc
Seems to think it is a UK company, but it is not as I have checked.
I have tried various international patent searches based on the info given and drawn a blank.
Has anyone done any better?
Can anyone identify what these are:
HTTP://www.txoplc.co.uk/images/slide4.jpg
Right on cue, more hype to help Bergen dump their converted shares.
"a non-binding letter of intent"
Wow that will be worth the paper it is written on then won't it.
RNS Number : 6860U
TXO PLC
20 October 2014
TXO PLC
("TXO" or the "Company")
OTR to form JV in Kuwait
TXO, the AIM-quoted energy resource and clean technology investment company, announces that its investee company, Oil Tech Royalties Inc. ("OTR"), has signed a non-binding letter of intent with Abdulaziz Abdulmohsin Al-Rashed Sons. W.L.L. ("AlL Rashed"), one of largest and most respected private commercial enterprises in Kuwait to form a joint venture ("JV") in order to promote and commercialise OTR's technology in the State of Kuwait. TXO has a 30% shareholding in OTR.
Oil Tech Royalties Inc ("OTR") is a joint venture company with a licence to commercialise a proprietary acoustic flow reactor valve. OTR will provide their proprietary technology and technical know-how for the pilot tests to establish the efficacy of the technology in its potential use at power generation facilities and for use in the treatment of heavy oil in Kuwait. Al Rashed will assist in providing the introduction of OTR to potential customers and in identifying locations and resources required for the test.
Al Rashed have extensive operations in the power generation sector and are a supplier to the Kuwait Oil Company. Kuwait's Al Doha powerplant (2400 MW), which powers half the country, runs on heavy fuel oil.
The OTR technology has commercial application to the reduction of pour point and other properties in heavy oil (at a substantially reduced cost), and is used to create fuel emulsions from heavy fuel oil to feed power generation plant. The technology that OTR is looking to use in Kuwait and other Gulf States has been independently proven by the IP holders, which are independently commercialising the technology with success in Latin America.
Whilst there can be no certainty of a successful conclusion to the pilot tests, in the event the results are positive, the parties would look to complete a definitive JV agreement following the conclusion of testing.
In June 2013 the Kuwait Oil Company announced plans to start drilling for heavy oil so that the Gulf state can produce up to 60,000 barrels per day (bpd) of heavy oil by 2017, with nearly 1,200 wells being drilled in total to produce potentially 270,000 bpd by 2030. Kuwait has a light crude oil production capacity of 3 million barrels per day.
Tim Baldwin, Chairman and CEO of TXO, commented:
"This is a substantial step forward for OTR. The technology is proven elsewhere on heavy oil and fuel used in power generation, and we are pleased to enter Kuwait to work with such an influential partner to further exploit the technology. Heavy oil is the growth area of production in Kuwait and is where the major investment is going, proportionately it will take an ever bigger piece of the production cake.
"OTR is also in advanced discussions with parties in Saudi Arabia, and we hope to be able to update shareholders shortly. In 2013 both Saudi Arabia and Kuwait announced the development of their heavy oil fields."
Respect is earned and does not come with a title or a position. Paul's behaviour is little better than low life Howie's. It beats me how Paul can have any self respect, let alone expect anyone else to respect him.
Anyway I did show concern for his injured knee, what more sympathy do you think I should afford him?
I say DS, isn't your tone a little disrespectful to the world's greatest living lawyer (licence intacta), part-time celebrity, TV host, actor and author? You guys might have beaten off the latest challenge from Scotland but it's a bit late in the day to re-open the American War of Independence. They were wrong to refuse to pay their taxes and to call George III mad but Great Britain has already got back at them in other ways like the oil spill in the Gulf of Mexico and giving them Bob Hope.
Email Chain sent to Paul Batista following his latest proxy attack on me
Paul,
I take your silence as confirmation that your ego will not allow you to be man enough to admit your mistakes and apologise. You are a buffoon and a bully and like all bullies a coward when someone stands up to you. Go ahead and sue me if you think you can, I would enjoy making mincemeat out of you.
As you dare not do anything other than spread more malicious lies via your internet stooges, you will need to use you other stooge cj as Howie has been suspended for a month.
Warmest regards
XXXXX
PS How is the knee?
From:
Sent: 17 October 2014 16:50
To: paul
Cc: Howie'; Malc
Subject: RE: More Lies
Well Paul have you worked it out yet? Are you man enough to admit you got it badly wrong and apologise or are you just going to peddle more lies via your proxies?
It is clear that law is not your strong point – the need for evidentiary proof is fundamental. But your maths sucks too.
To have 99.95% positive there can only be one negative in a sample of 2000.
Try googling “Paul Batista sanction”
These come up on the first page:
http://docs.justia.com/cases/federal/district-courts/new-york/nyedce/2:2008cv03602/284050/131/
http://dealbook.nytimes.com/2010/01/11/cohen-seeks-sanctions-against-ex-wifes-lawyer/
http://www.courts.state.ny.us/courts/ad2/calendar/webcal/decisions/2007/d14615.pdf
I know there are others, but that is 5997 positives you need to find just for starters.
Warmest regards
XXXXX
PS I thought Malc might like to know you will be joining him in the loony bin shortly.
E-mail sent to AIM regulation and FCA after AIM regulation replied to my initial complaint about the TOG loan extension:
Dear AIM regulation,
I am totally dissatisfied with your response! Are you saying the company Nomad – who actually works for you on shareholders behalf, can turn a blind eye to directors breaking the Companies Act 2006 and indeed aid and abet that breach by signing off on it and that is not your problem?
The Nomad needs to publish the rationale behind why they considered this deal to be in the best interests of shareholders. Just sweeping the whole thing under the carpet with nonsense about confidentiality will not wash.
There is no prospect of TOG ever being able to repay the loan. The conversion to Alpha shares (approximately 1/3 of what TOG hold by virtue of a paper swap for Alpha to hold 20% of TOG, whilst TXO put in $1.8m of sunk costs in their EEGC investment (written off in the last annual report), $100k in additional equity to fund the doomed Smart Win case plus the loan in cash that is at question here to get 25% of TOG and then booked profits on partial disposal of TOG which was previously 100% owned by TXO, albeit it was nothing more than a registered company name, which was used to deceive investors and authorities in to believing the Tasmania project had a JV partner who could raise the funds needed) would not yield value to TXO equivalent to the loan TXO are the only shareholder of TOG to put real cash in, another company controlled by the Exec Chairman of TXO Tim Baldwin got 10% of TOG by putting in the interest it had in the Smart Win case which it acquired for approx £20k, the other major shareholder of TOG is EEGC who put in their wholly own subsidiary which was already in court ordered liquidation and had been refused an extension to their licence. If there was no conflict of interest with the directors (the conflict of interest being far larger than that exposed in the RNS), then any other company in this position would have either appointed a receiver or driven a much harder bargain – lenders to TXO drove a very hard bargain which is leading to a GM where directors are looking for shareholder authority to allot shares equivalent to 2 thirds of the enlarged share capital . Why does TXO not have a 99% interest in TOG? not that even that would equate to the value of the outstanding loan.
The Nomad has clearly not conducted proper oversight and clearly has not ensured a fair deal for shareholders was achieved. Prove to the market that I am wrong by getting the Nomad to disclose the full rationale and justify why the deal done is in the best interest of the shareholders of TXO and other options such as receivership or taking total control of TOG would not have been in the best interests of TXO shareholders.
I have included FCA in this now and will continue to push the matter up the regulatory chain until there is proper disclosure to shareholders and shareholders are given the opportunity to decide what is in their best interests as the Nomad has proven to be incapable of acting on our behalf. There is a GM to be held shortly to approve the share allotment authority and to cap Non Exec fees at twice the national average salary in order to put a bonus scheme in place! Swift action could get appropriate resolutions put on the agenda for that meeting. A further resolution that gave shareholders the chance to decide on whether the directors concerned were fit to continue as directors of the company would also be a good idea.
In the meantime all the company does is get message board posts that highlight these issues to shareholders deleted – fine if they do not want their dirty linen exposed on message boards then they must provide proper disclosure to shareholders and allow shareholders the chance to have their say though the GM.
Regards
Email sent to Tim regarding he GM before the announcement of the extension of the TOG loan.
Tim,
I have been trying to juggle my diary so I can tell you this in person at the GM. Unfortunately it will not be possible for me to attend in person, so I have voted my shares against all resolutions (look out for them in the proxies, assuming you bother to read them out as you failed to do at the AGM).
Resolutions 1 & 2 are unnecessary. The company is just about to become cash self-sustaining and moving into profit later in the company’s FY. Or was all that the usual jam tomorrow promise based on wildly overly optimistic and unfounded assumptions as I pointed out at the AGM?
Resolution 3 Why do part time non execs need fees at double the national average salary? Non execs at other small companies I hold, which ARE PROFITABLE do not get £40k. If the resolution was to cap fees for all directors (not just non execs) at £4 and put in place a bonus scheme linked to bottom line profit (you probably do not know what this means as you have never generated one, but it is what gives a positive EPS without any adjustments / exceptionals). Then I would vote for that, provided there was also a ban on back door fees via related party transactions.
If you do not like getting e-mails like this or reading message board posts which point out your duplicity and failings, then resign. It is good to see that CTFA woke up to what a liability you are, though I suspect all too late. You could of course try to sue me, the disclosure process would be most revealing I am sure.
Warmest regards and hoping to see you resign at the next AGM if not before,
XXXXXXX
PS If the TOG loan is not repaid on 13th Oct and debt recovery action is not instigated, you can rely on hearing from me again well before any AGM.
PPS well done on finally getting the Athabasca SH01 forms in to companies house – only a year late.
Truth will out. This will be a good backup site for posts that get deleted elsewhere by the TXO spivs and crooks who can't stand the exposure.
How can the extension of the loan to TOG be in the best interest of TXO shareholders?
TOG is insolvent and has been for over a year. It has no realistic prospect of repaying the loan let alone the interest.
http://uk.advfn.com/news/UKREG/2014/article/64019403
The above amendments to the terms of the TOG CUL are deemed to be a related party transaction under the AIM Rules for Companies. The Directors of TXO, other than Christopher Foster, having consulted with Northland Capital Partners Limited, the Company's Nominated Adviser, consider that the terms of the amendments to the terms of the TOG CUL are fair and reasonable insofar as the shareholders of the Company are concerned.
Thanks pitts, yarsan, frankie - the lengths we go to to get the truth out there!
It will be interesting to see if we can post links to messages here back over on UK boards with nothing more than interesting post: and see if they still get deleted. The problem with UK advfn is they just delete if anyone complains they apply no discretion what so ever. Ihub has it quirks but at least the rules are clear and if you stick to them freedom of speech is allowed.
Here's the lie TXO was telling a year ago today:
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=TXO&ArticleCode=gcq1t3xu&ArticleHeadline=Update_on_GBG_Investment
Update on GBG Investment
Thu, 17th Oct 2013 07:00
RNS Number : 7021Q
TXO PLC
17 October 2013
UPDATE ON GRAND BAHAMA GROUP INVESTMENT
HRP Plant Operational Q1 2014
Quayside Frontage Doubled
GBG Generating Positive Cash Flows
...
"The Board of GBG wishes to announce further progress in its planned development of a Hydrocarbon Recovery Plant ("HRP") in Freeport, Grand Bahama ...
agreed to lease additional land lots 5A, 6A, 7A and 8A over and above existing but amended lots 9A, 10A, 11A and 12A. This increases GBG's total acreage from approximately 3.5 acres to 4.2 acres and the quayside frontage from approximately 800ft to 1,600ft...
The new plans were agreed and received on 8th October 2013 and the EIA will be finalised and submitted upon GBG entering into a new lease that is currently being prepared by both parties' respective lawyers...
Upon EIA approval, estimated to be in the final quarter 2013, the development of the site will commence. Works will include ground works, an injection well, berms, pads, tanks, a dock, car parking, laboratory, offices and warehousing.
GBG and TXO are in final negotiations with a major Bahamian Consortium that have expressed and interest in carrying out such works in exchange for cash and/or equity in MOM.
... The HRP will be modular in design and constructed in four phases. The first phase will be funded out of accumulated profits of GBG. It is intended that this work will be completed by the end of the year and be fully operational by first quarter of 2014 with an ability to process up to 800 gallons per minute.
Further phases such as a Bilge Water treatment facility, Marine Gas Oil ("MGO") refinery and Ultra Low Sulfur Diesel ("ULSD") Plant, will be funded partly out of retained profits and/or debt finance as soon as the volumes collected warrant the same.
Barge Martha has proved invaluable and is fully operational. Martha was recently placed on standby to help salvage approximately 5,000mt of Alkylate off the Oil Tanker Formosa Falcon, which had run aground whilst altering position off the coast of the Bahamas in strong winds. Barge Martha's crew is highly experienced and have operated the Barge for the past 12 years.
Barge Martha and the HRP combined will provide a high-level emergency response function to help protect the environment if such an unforeseen event of this nature should happen in the future. MOM will look to boost its fleet by chartering an additional barge and a small oil tanker once the HRP is complete...
In the meantime, GBG and its subsidiaries have entered into a number of contracts that whilst commercially sensitive and confidential in nature, will help provide substantial and sustainable profits both prior to and post completion of the HRP. "
Michael Baker-Harber, Chairman of GBG stated: "The delays whilst unfortunate, have been unavoidable and the Board has worked very hard to turn the situation to its own advantage. The new leases will aid the development of the business."
Tim Baldwin, Chairman of TXO plc commented: "TXO is pleased that GBG as a whole has now started to generate positive cash flows and is delighted with the increased opportunity afforded by the additional land in Freeport. The delay in commencing construction is offset by the improved commercial plan being put in place and the appointment of Ian Roos.
"Shareholders are reminded that its investment agreement with GBG provides all the customary minority protection rights and provides for a divided policy where a minimum 60% of net distributable profits have to be distributed by way of dividend. That said with on-going investment into its own development, it is unlikely that GBG will be able to declare a full dividend until after the financial year ending December 2014.
"There has been increasing levels of interest from Bahamian investors and the Board is continuing discussions in this regard. Further updates in respect of GBG will be posted throughout the coming financial year as and when the situation allows."
After dumping like crazy, Bergen still holds 4.83%
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=TXO&ArticleCode=phwd6iw4&ArticleHeadline=Notification_of_major_interest_in_shares
Date on which issuer notified: 16 October 2014
Number of Shares (previous): 54,773,083
Resulting situation after the triggering transaction: 37,500,000
Wow. The wheels are coming off at TXO. Looks like Bergen shut down the previous money pipeline? And wasn't GBG supposed to be cash flow positive and generating dividend income back to TXO by now? Instead.. the cash and shares are flowing the other way???
HTTP://www.lse.co.uk/share-regulatory-news.asp?shareprice=TXO&ArticleCode=sp5zzc1g&ArticleHeadline=Issue_and_Amendment_of_Convertible_Loan_Notes
"additional funding of up to £1 million via a new zero coupon Convertible Loan Note....
used to make a partial repayment of the 2014 Convertible Loan Notes, which were issued in September to November of 2011, September to November of 2012, and November of 2013. A repayment schedule has been agreed in respect of the balance. The new monies raised are also intended to make a partial repayment of the Bergen Asset Management LLC ("Bergen") convertible securities facility...
may be converted at the Lender's discretion into new ordinary shares in TXO at any time following the date 14 days from the First Drawdown at the lower of 0.16p per share or a 20% discount to the average mid-market closing price for the 28 days preceding the date of any conversion notice...
The investment funds have been introduced by directors of GBG and, in recognition, GBG is to be issued 15m new ordinary shares in TXO as a fee for doing so...
By mutual consent of Bergen and the Company, (a) no further advances will be made under the Agreement until mutually agreed, (b) £150,000 of the monies advanced under the Agreement will be repaid by the Company in cash on an agreed schedule, and (c) subject to the Company meeting such schedule, no further conversion will be made by Bergen for the remainder of this calendar year.
Yes Corbs... I'm working on restarting the conversation here. The company won't be able to censor the discussion.
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