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You're generous.
"the first of many investments to come"
Doesn't that concern you????? Offor could have prevented the whole toxic scenario by participating in the share offering, but he didn't. He could prevent the share price slide with a big swing here, but he didn't. He seems to be willing to invest nickel and dime into convertible notes (at 60% of the share price).
How many more times?
To what share price? 0.0001?
It's a scarey scenario, at best.
This blunder has hurt many and affected their personal lives. I sincerely hope that Ntephe's fiance' is somehow directed to this board to see what her future husband is capable of. I don't know a single thing about her, but I do know she deserves better than someone who would do what Ntephe has done to others.
No need to ask. Lack of ethics.
They are "pumping" as they scramble to get out, IMO.
At the end of the day that's us... you know that, right?
No company should have a "cleaner" in public relations to hide their "unpleasantries", and that is all Keeney has done for years.
He obfuscates the truth for the protection of management at the expense of shareholders. If this whole mess ends up in court the biggest crime would be if Keeney wasn't sitting next to Ntephe.
"I don't think Dr. Pete is treating Sir E Offer any different than he would.any other share holder"
This didn't take any of the negativity away, but I busted out laughing! Thanks for that.
Dan Keeney and DPKPR have shown repeatedly, for YEARS, that he/they don't comprehend the basic 101 of shareholder relations. Keeney has caused as much damage to the share price as anyone.
He's the corporate equivalent of a body guard... a very good one, but working for the wrong side.
$250K is not a bailout Krom. That won't last Ntephe 30 days.
You'll never convince me that Offor didn't announce his support of the share offering knowing full well he wouldn't participate... all with Ntephe's support. They used the share offering to guage the depth of support and stripped the willing so that they could crater the share price.
It was just all too orchestrated.
"Now roll over"
ROTFL! How appropriately graphic.
I'm going to try to not be bitter about what happened. The blame is on me for giving the Nigerian leadership a chance, for thinking to myself that not all Nigerians are dishonest and corrupt. I actually still believe that, but I now exclude Offor and ERHC leadership from that belief. They are perpetuating the scam and corruption image that all Nigerians get labeled with and are an embarrassment to the Federal Republic of Nigeria.
It's sad.
Now let's move on. A farm-in to Chad, Kenya, and/or the EEZ can't be far behind... $250K won't pamper Ntephe for long so a deal including a cash infusion must be near, unless ssc is right and they want to take it to 0.0001. They've shown that they don't give a damn about shareholders, so why not?
Stay tuned.
Nobody could buy 300M shares on the open without driving it to a buck or more, IMO. As soon as it became clear that such a hostile takeover was occurring knuckles would turn white gripping their shares... the share price would rocket.
I've actual given consideration to ERHC entering toxicville to thwart a buyout attempt at a price they feel is inadequate. With the price sub-penny there is no way a CEO could justify paying [pick your own number] for ERHE shares. The lower they drive it, the less likely an offer will be made. Think of it this way, there are many here that would jump at a buyout offer of say, 25 cents. To prevent that offer, they are driving the price sub-penny. AS I said, no CEO could justify offering a quarter for shares that are sub-penny, his own shareholders would go nuts.
Just a pondering I batted around. Who really knows WTF is going on.
That's a distinct possibility, bordering on likely, IMO.
I can't prove it because it is my opinion, but I think Offor's majority is why the company has never been able to get any measurable institutional investment outside of toxicville.
No professional money manager is going to risk a dime on a company where one man controls every shareholder vote.
"Just show us your hand Peter"
I thin he tipped it with the statement, "to acquire a significant stake in ERHC for a price that would have been a bargain just a few months ago".
It sounds like someone is about to buy a significant stake at a price that would have been a bargain a few months ago. A few months ago ERHE was over a nickel. A "bargain" at that price would be 3-4 cents. It seems Peter is telling us that there will be a buyin to ERHE for 3-4 cents in the near future.
I think we can kiss another 306M shares goodbye, but that's a small price to pay to eliminate Offor's majority. I don't like the dilution, but as I said, a small price to pay to get the Nigerian noose off our neck. This company has been held back far too long. IMO, they would be AIM listed and not needing the current convertible nightmare had they done this back then. Offor's control needs to be neutralized to move forward.
It appears that Kenya is on the quiet list due to negotiations on further farm-down. That's one of the things Deloitte was brought in to facilitate.
Whoa there frenchie, a handshake will do!
That question is a big part of why ERHE is under a cent, IMO. I think there is fear that management entered into a toxic financing cycle to crush the share price so Offor could "save the day" without breaking his bank.
Legal? Heck no. Realistic? Each has to decide for themselves. What we do know is many, MANY questions that have simple, straight forward answers, remain unanswered.
That lack of transparency is lethal for a publicly traded company. It's not like Ntephe doesn't *know* this. The question is why is he playing to that fear to crush the share price?
"Bring it on."
Be careful what you wish for. "significant new funding also new synergies to revitalize the Company's business plan"
That could mean a merger with Oando and ERHC vanishing for all we know. The statement is just as vague as it is specific.
Maybe that's why they never sold their Excile/Oando stake... merger possibilities?
I hope not. That's exactly the kind of dilution that NONE of us should be hoping for.
Not yours. Sorry, trying to be fair.
I tried to restore your message. It was on topic IMO. I-hub admin deleted it. I can't do anything about that.
You apparently don't understand. They don't care. No amount of chirping will change that. They seem to serve Offor, and only Offor. Apparently no SEC law can stop what they are doing or someone would have acted, so we ride the nightmare and hope.
ERHC will find oil, a lot of it, I have no doubt. Where my doubt lies right now is whether or no we are being screwed out of any gains whatsoever with this financing debacle. Offor has balls, I'll give him that. To publicly endorse a share offering and then not participate? He gutted anyone willing to invest more and then had Ntephe implode it with toxic Notes.
IMO, if Offor is behind this he will end up with twice the shares he has. If Ntephe actually has testicles and fights for *all* shareholders as he is lawfully required to do, I have no idea how this will play out.
There is verbiage in the 10-K hinting to that being the plan.
You have to dig for it, but it's there.
I rebutted your claim to this. You chose to ignore it.
The rest? "I would spend way more than that if I truely believed in what I was doing for the company I run"
*If* you were running the company, and you aren't, you would hypothetically spend way more than Ntephe did?
Really? You would spend more of your hypothetical salary of a company you hypothetically run to invest in it? Not knowing a shred of his financial situation? And *THAT'S* your criticism of Ntephe?
Think in the real world.
What the heck?
"rather than directing the focus on Ntephe and his BOD!"
*His* BOD? Don't you understand that it is the BOD that hires and fires CEO's? The BOD are Ntephe's boss, they aren't *his*, he is *theirs*. They can do with him as they see fit in the best interest of the shareholders they are sworn to protect... fiduciary duty... yada, yada, yada.
"what is to keep it from going to .0005?"
A deal in Chad or the EEZ with a cash componenet? A sale of the JDZ assets, the Chad asset? All of the above?
That's what Deloitte was hired to figure out.
As soon as they hit 40M shares they would have to file because they're over 5% ownership. Trying to buy 300M shares on the open market after that would drive the price up to ??? 30 cents? A buck? Getting control on the open market is impossible.
Let me play devils advocate... what if that buyin was for 2 billion shares at 1 cent... maxing out the authorized at 3B.
Still happy? Maybe. If you've been throwing money at this as fast as you can, the dilution would be irrelevant. Anyone who quadrupled their holdings while ERHC quadrupled the float would be unaffected.
A limited buyin for a stake equal to Offor's would be a dream come true. Control would be close to 1/3rd Offor, 1/3rd buyin entity, and 1/3rd retail holders.
As I have said before, getting a buyin partner to offset Offor's control is a great way out of this mess. Let's say CEPSA takes a 310M share stake, slightly larger than Offor's, and then ERHC approaches VC firms like Blackrock for capital and gives up another 310M shares. What does ERHC look like?
CEPSA 310M shares
VC firm(s) 310M shares
Offor 305M shares
retail investors 450M shares
Pretty even control given that retail will split votes among the other 3 major holders in any given vote. This is a corporate share structure that would eliminate what has held this company back for so long...Offor's control.
For those that don't believe that, it's in the 10K:
"One shareholder beneficially owns approximately 40% of the Company’s outstanding common stock. As a result, the shareholder has the ability to substantially influence, and may effectively control the outcome of corporate actions that require stockholder approval, including the election of directors. This concentration of ownership may have the effect of delaying or preventing a future change in control of the Company or a liquidity event."
Blue means Offor's dumps all shares on the open market... yikes!
I wouldn't say bought out at these prices... closer to "stolen" IMO.
You are using U.S. tax write-off's. Ntephe is a UK citizen. Do you know UK tax laws? I'm impressed!
If you are suggesting that ERHC is footing the bill for Ntephe's Houston condo, then you are saying ERHC is a Nigerian scam... oh wait, you've said that all along, but can't seem to find the door. So obvious... sigh.
That's going to depend on any more convertible Notes and the conversion price.
" (I'm a little less nervous with a company like McEwen Mining which is also way down. The president owns 25% of the company and takes no salary or stock options, so I don't have to guess whether his honest intent will match with what he ends up doing.) "
Ntephe is Offor's puppet. Offor owns 40% of this company and takes no salary or options either. Given that Netephe and Offor are essentially one and the same (IMO!!) then you should be extremely comfortable with honest intent meeting actual actions with ERHE.
The question is where do they pay their taxes? Has Ntephe filed as a UK citizen living abroad to reduce his taxes? Is that why he has a condo in Houston?
What about the others? Where do they claim residency and what are the tax policies they face?
A short term gain may not be treated different than long term gains based on where they file.
"We are thinking of dilling and SP jumping in the next week to three months."
IMO, that's faulty thinking. It is MOST likely that they face a high tax burden on short term gain, like here in the U.S. If that's true then they bought in December to insure that they would reach long term gain status (1 year in the U.S) before the dramatic rise.
That doesn't preclude a massive rise tomorrow. All it says is they don't plan to sell until next December at the earliest.
IMO over the nect year we are going to get a good peek up the skirt of Kenya and Chad, and maybe to STP-EEZ or resurrected JDZ action.
Who knows?
Consider this...
Ntephe's net income, if he is taxed in the U.S. is $158,191
Ntephe's net income, if he is taxed in the U.K. is $148,895 (£96,916)
With that net pay he maintains a residence in London, and a residence in Houston. Since he lives in London I assume 75% of his income supports him there and 25% supports his U.S. footprint.
That puts him at $118,000 (£76,822) to live on in London. If know anything about the cost of living in London you can see that Ntephe doesn't have a lot of money to throw around.
Support for these number is below and verifiable.
That's a good question. They bought KNOWING the conditions of the financing. They KNEW the share price was headed lower. The only explanation is that they bought to lure others to buy. They seem to be enticing the market to facilitate the Note conversion as best they can, reducing the number of shares they have to print. On the flip side, I don't believe they are throwing their money away, not at all. They bought KNOWING the share price will recover.
That's my take on it. The only question left is, how low do we go?
Thank you for clarifying that. It makes the death spiral the share price is in slightly less painful. I'm beginning to wonder if this toxic B.S. was intentional to crush the share price so they could buy larger stakes.
Any way I spin this in my head isn't pretty, but a positive outcome is still possible.
They are indeed conditions of the seismic showing any reason to drill! There is zero reason to believe that they are moving forward to drilling until they tell us the data from the seismic survey was successful, as in PROMISING.
"we are poised to proceed directly to drilling within the next 12 to 16 months, following the successful conclusion of our seismic survey"
They could "successfully complete seismic" and determine there is no reason to drill, so why would the drill? Answer: They wouldn't. But they are "poised to proceed" if there is reason to.
I'm sick and tired of a spineless lawyer feeding us bullsheet. He needs to man up and take responsibility that he is NOT the man for the CEO seat.
I'm tired of the riddles from an opaque management. Transparency is critical at this stage... and we get marriage proposals.
"and this shareholder wants to know what the heck is going on ?"
They are waiting for someone else to discover oil, just like you are, so they can make money. Just like you are.
This isn't an oil company, it's a bet.
Think double zero green. It is what it has become.
I won't be taunted into dragging this board into more argumentative jabber than it endures already.
Hopefully you're right.
I really liked the analogy though... what a season!
At the end of the day the true goal seems to be catching Keeney giving inaccurate information. Why now? That has been the status quo for YEARS. Who cares where Ntephe or anyone else sits. Literally 100% of their function is electronically based or done in person.
Too much effort is being spent trying to prove Keeney did what he does best... he provided inaccurate information.
Everyone needs to chill... it's going to be a very rocky ride for the foreseeable future.
Nice! Thanks.