Replies to post #7668 on Addax Petroleum (fka AXC)

[oil-cowboy]

It's bad when 10+ year longs have no idea of what the plan is... Let alone new buyers.

It's absolute game time right now. We can only hope today was one of the last days of throwing out the trash before we make the jump to light speed. May the force we with us!

[Strategyone]

Tryoty,

I am almost in full agreement with you. It is a lot of work but I think the reason they switch to the new shell is to get on a different exchange AND wash them of the historical crap (ie SEO and the alphabet soup inquiries).

As to how the current shareholders are treated, I actually think it will be fairly straight up as PN/SEO are larger shareholders than myself and have to be treated the exact same way we are. I think there is a simple share exchange for like percentage of ownership or there abouts. For example, lets say the Canadian exchange company has $500k cash sitting on it's book and 40 million shares outstanding (and held by all insiders). Let's now assume (after the completion of the cd exchanges are cleared) ERHE has 39 million shares. The new shell could give all ERHE one share of the new shell for each ERHE share held in exchange for all assets except KENYA, but the cash gained from the Kenya sale flows through to the new shell. The $500k sitting on the books retains 1 million shares of the shell for its value of assets.

This is not an exact example, just giving a simple "how it works" example without screwing over current shareholders.

I am of the opinion that SEO and PN still have enough shares of ERHE to profit straight up from the transactions that it would not be worth the lawsuits to do anything that was not equitable to all shareholders. That is why I have absolutely no worries or issues with the whole shell thing going on. JMO

[Julius Erving]

Troy,

Ntephe is a completely, and I mean completely, out of his league in the CEO position.

Thank God they have so many advisors whom they let decide on issues.

Every day that he doesn't clarify what's happening is another example of his failure as a CEO.

Well, he only listens and cares about the big shareholders, thank God their interest, including that of himself, is in line with ours.

He just won't let us in the loop.

"The Company is continuing discussions with several international investment advisory and financial brokerage firms to act as financial advisors and intermediaries to ERHC. While ERHC has always used expert professional assistance to formulate and execute its capital raising initiatives, it is re-focusing on the retention of such advisors and intermediaries as a strategic imperative of the increased funding requirements that arise from the rollout of the new work programs in Chad and Kenya. The new firms retained will perform such financial advisory and investment banking services for the Company as are customary and appropriate in transactions of this type, including assisting the Company in analyzing, structuring, negotiating and effecting proposed capital raises. These initiatives may include any transaction or series of transactions in which one or more capital providers (existing or otherwise) commits debt capital to the Company, purchases equity of the Company (or securities of the Company convertible into equity), or alternatively funds the Company either directly or through farm-ins, farm-outs or other arrangements in which the capital provider earns an interest in oil and gas properties of the Company.

During the quarter ended December 31, 2015, the Company retained the services of Deloitte Corporate Finance LLC (DCF) to advise on the Company's oil assets in the Republics of Chad and Kenya, and to seek new strategic investment into the company itself."

The Doc.