Angriest of all the investors in Tethys is its second-biggest shareholder, Olisol Petroleum, which previously worked with Tethys in Kazakhstan and co-owns a big oil terminal with the group.The pair have fallen out over a proposed investment by Olisol in Tethys in 2015. A few weeks ago, Tethys delisted its London shares after they lost 98% of their value, blaming the oil-price plunge. Tethys delisted due to lack of funds being on two stock exchanges; LSE and TSXV.
They each bought a 9% stake in shares, plus warrants to buy another 10.9%.
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Grand Cayman, Cayman Islands--(Newsfile Corp. - July 8, 2020) - Tethys Petroleum Limited (TSXV: TPL.H) ("The key terms of the Settlement Agreement insofar as they affect Tethys are:Tethys has issued eighteen million (18,000,000) ordinary shares to Olisol in full satisfaction, and in exchange for full repayment, of all amounts owing under the facility agreement between the parties. Based on the amount claimed by Olisol to be owing at December 31, 2019 of US$7,396,812, this equates to a price of US$0.41 per ordinary share;Olisol has agreed to sell a total of two million eight hundred and nine thousand and thirty six (2,809,036) Tethys ordinary shares to existing shareholder Gemini IT Consultants DMCC ("Tethys has issued Gemini a debenture for US$4.8 million with a three year term, interest and principal due at maturity, interest rate of 9% payable if held to maturity or 4% if converted prior to maturity. Big players such as JPMorgan Asset Management and Capital Group took stakes in the company. “It is inappropriate to say it is unfair when approved by the other shareholders,” it said.
Because Soosaipillai is a shareholder and director of numerous companies called Prax, and the investment vehicle he used to invest in Tethys was called “Prax Pte”. Tethys fell from a value of C$240 million when it floated in London to C$13 million when it delisted in May. But another example uncovered by the Standard might also give investors — and Hands himself — pause for thought. Tethys Sea, former tropical body of salt water that separated the supercontinent of Laurasia in the north from Gondwana in the south during much of the Mesozoic Era (251 to 65.5 million years ago). Address.
At time of writing, shares dropped to 30 cents, which means the pressure has only amplified. But, six years on, with Lilley long gone, the game is well and truly over. Part of the spat involves an allegation from Olisol that Tethys was breaking a deal to supply an Olisol subsidiary with oil. Tethys Petroleum L Com USD0.01 (delisted) (TPL.GB) stock price, charts, trades & the US's most popular discussion forums. In my opinion, we’ve been treated very badly.” Tethys fell from a value of C$240 million when it floated in London to C$13 million when it delisted in May. The London listing, it claimed, was dropped because it was “unnecessarily expensive”, pointing out that Tethys remains listed in Toronto under Canadian securities law. When the Standard questioned Soosaipillai about the situation, lawyers acting for his Prax Petroleum said they could not comment fully because of “confidentiality”. Meanwhile, Altyn Kyran did not respond to a request for a response to Salzhanov’s comments.Soosaipillai has since sold his investment in Tethys to another investor, according to regulatory filings, adding to the intrigue. Why does Olisol think Prax-AK is getting its oil? Now Tethys, which maintains a listing in Canada, is facing mounting investor anger and a shareholder spat in London over an emergency fundraising drive and allegations of missing oil supplies, which some investors say lost them a fortune.In November last year, Tethys was facing a serious cash squeeze and needed extra investment. The company, Tethys Petroleum, had former Tory Cabinet minister Peter Lilley on its board, adding Establishment lustre to its credentials.Blue-chip names piled in with the money they were investing on behalf of pension savers. The company currently operated in Kazakhstan and Georgia. Tethys Petroleum Ltd is an oil and gas exploration and production company. Tethys' principal activity is the acquisition of and exploration and development of crude oil and natural gas field. Upon conversion 15,483,871 shares would be issued.Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. “He’s disregarded everyone. Issuer-initiated delisting. Lawsuits are flying in all directions, with Tethys claiming it is suing Olisol for alleged breach of contract and issuing erroneous press information.Sources close to disgruntled Tethys shareholders suggest that Prax-AK is a joint venture between a seriously well-connected Kazakh businessman, Islambek Salzhanov, and — wait for it — Soosaipillai, one of the two new Tethys investors brought in by Wells. As part of the deal, it was agreed that Wells’ Pope Asset Management subsidiary would have the option to swap two loans to Tethys into shares which would take Pope and its affiliates to more than 30% (the right has not yet been exercised).The transactions saved Tethys for another day — but also angered shareholders, who say their stakes have been unfairly diluted.
The most high-profile case was scandal-struck miner Eurasian Natural Resources Corporation — once branded “more Soviet than City” by ousted director Ken Olisa. Because Salzhanov himself was quoted in a recent interview as saying that his company Altyn Kyran (note the AK initials) was involved in a joint venture called Prax-AK to buy oil from Tethys’ AralGas division.And how can Prax-AK be linked to Tethys’ new shareholder Soosaipillai? But Prax Petroleum said that Prax-AK was not set up to take oil away from the Olisol subsidiary “in any way” and that, as a public company, Tethys acted in accordance with the rules.