Yesterday evening, after the market closed, Canadian Overseas Petroleum (COPL) issued an RNS in response to a letter that a shareholder action group had sent it, and the thing that really stood out to me is that total debt now stands at a staggering $135 million!
For all the bluster I am more and more convinced that the Canadian Overseas Petroleum (COPL) Shareholder Action Group (SAG) are just a bunch of crybaby losers who cannot accept that they ignored numerous warnings from myself and others ( abusing me on social media for being wrong) about how bad the assets and management of Canadian were and how it would end in tears. The letter it has sent to the FCA is to a generic address. That is a sign that these losers are just scrabbling around. The failure of the SAG to understand how a death spiral works and what a breach of covenant means is another sign of how utterly clueless they are. Anyhow, thanks to Winnileaks, I have three emails sent in the past 14 days. 1 to the FCA, 2 to advisors and a third to the company. Enjoy.
Not just any lawyer but a very senior and respected lawyer, a KC.
Given all that has, and is, going on with Canadian Overseas Petroleum (COPL) at the moment, and the fact that I commented extensively on the convertible bonds back in 2022, I decided to pen my thoughts, including looking at how investors can help avoid finding themselves in this situation in the future.
I return to the pathetic cry babies at the Canadian Overseas Petroleum (COPL) Shareholder Action Group blaming, as you can see below, their humungous losses on the board. Man up losers: the folks who are to blame for those losses are YOU. Take responsibility for your own stupidity.
As Canadian Overseas Petroleum (COPL) shares head to an inevitable zero, its FD Ryan Gaffney is trying to show what a good fellow he is by raising a paltry sum to fight cancer by running the London Marathon. Given his gratuitous troughing I am surprised Ryan is not making a big pledge himself.
But as my pal Sam Antar would note from his days as a fraudster, the way to distract from what you are doing as your day job is to appear to raise vast sums to charity.
What is most amusing is the list of folks you can see below, happy to donate £2 just so that they can abuse Gaffney on line. Enjoy.
And to think that Canadian Overseas Petroleum (COPL) founder Arthur Millholland said that I was a “snake oil salesman” and did not understand accounts. As the Fat Lady now books a ticket to gig with Arthur in the socialist hell hole of Canada, the shares have collapsed again, to just 0.4p. They were 25p when I first started exposing this crock 20 months ago prompting that misleading RNS response from Art. The shares should be suspended now as Canadian is now totally screwed. It is a zero.
Following yesterday’s latest calamity at Canadian Overseas Petroleum (COPL) there are still some deluded souls buying the shares at 0.7p in the misguided belief that there will be a takeover. The gaps in the logic of such folks are big enough to drive a bus through. Here’s why.
On 6th April 2022 shares in Canadian Overseas Petroleum (COPL) were more than 20p and I had recently opened my assault arguing that, at 25p the shares were a compelling short. Today, after the latest disaster analysed HERE, they are just over 1p. But back then the man who created this investment disaster Arthur Millholland issued an RNS with a direct smear on me (suggesting I was short and did not understand accounts) and an implicit attack on ShareProphets. Morally bankrupt PR firm Yellow Jersey crafted this poison.
Well knock me down with a fucking feather. All that talk from the Bulletin Board pond life about how a massive oil company was going to JV with Canadian Overseas Petroleum (COPL) at Cole’s Creek. Guess what?
Yesterday saw Canadian Overseas Petroleum (COPL) issue, via RNS, abridged results for the 3 months to 30 September 2023 and naturally the abridged RNS missed out juicy bits such as a warning that it would, ceteris paribus, go bust within a year. The full SEDAR filing has the missing bits and is a hoot.
Some folks think that the main business of Canadian Overseas Petroleum (COPL) is producing oil. No really they do, I kid you not! You and I know that its main business is issuing lorry loads of shares to dilute holders as much as possible. And thus today….
You can bet the ranch that the $4 million that Canadian Overseas Petroleum (COPL) recently raised from its death spiral prover Anavio has all gone: either to escrow accounts with its senior debt provider or to clear unpaid bills or both. the fact that it has admitted that it will be paying other suppliers in shares in the coming weeks shows that it is running on vapours. And another sign is in the screenshots below. If you try to download documents from its website you see that you cannot because Canadian has not paid its Russian hosts. More red flags vicar?
