London Oil & Gas Goes into Adminstration - LCF Update

By J Drew -
There was a meeting of bondholders with the administrators from Smith & Williamson. It was announced at the meeting that London Oil and Gas Ltd that borrowed £122 million from London Capital & Finance has gone into administration.

https://www.independentoilandgas.com/news_detail.php?Title=London-Oil-and-Gas-(%27LOG%27)-Limited-Update

The administration is being managed by the same team at Smith & Williamson also managing the London Capital Finance administration.

One of the largest loans London Oil & Gas made was to Independent Oil (IOG).  It was interesting to see that London Oil & Gas have the right to appoint 2 board members of Independent (IOG) confirmed in this announcement
Aside from any contractual relationship created by the LOG Loans and the attendant right for LOG to appoint two directors to the Board, IOG and its Board are independent of LOG and the Company has a separate, refreshed and robust governance structure.

 Their CEO Andrew Hockey said this: 
We are delighted to have the support of the Administrators which will help us to proceed to Final Investment Decision on our Core Project. The additional third party validation is further proof of the considerable value of the IOG portfolio which we look forward to unlocking very soon.

Comments

Post a Comment

Popular posts from this blog

Concept Capital Group Review - Is it a Scam?

By J Drew -
Image
Investment in Concept Capital Group is being promoted on Facebook and Rightmove to solicit investment in their static caravans for rental to social housing tenants via Social Park Housing. Concept Capital Group are claiming to guarantee rental income of 10% but as investors in London Capital & Finance are fully aware, this sort of guarantee is fully dependent on the company making it still being in business. If the company fails for any reason then there will be no-one to support the guarantee or to return money to investors.  If the company fails your guarantee disappears. Concept Capital Group have only existed since 2019 so have no track record of honouring investment guarantees over the long term. Concept Capital Group Risks - Is it a Scam? Concept Capital Group include a small link to a disclaimer page on their site that identifies the risks involved in their investments yet it is very clear from the reviews posted that investors are not aware of the risk they are taking with
Read more

LCF - Where Are The Assets & People Now?

By J Drew -
Image
Where are the People and assets behind LCF & their agent Surge Financial? London Capital & Finance owned a helicopter purchased by Andy Thomson. LCF helicopter seized This has now been seized and is being held at Shoreham Airport in Sussex. According to the administrators one of the loans of £12 million was to a stables called Home Farm originally run by Spencer Golding but now owned by Sean Cubitt who was unable to provide any paperwork for the purchase of the company or for any of the horses. There were originally 85 horses apparently with a combined values of £15 million according to the owners but when the administrators visited they could only see 35 that had a value of less than £10,000 each. Sean Cubitt claimed that there was no bank account for the company that runs Home Farm. So a company with no bank account was loaned £12 million by LCF. Yet another example of the lies they told to investors about their lending process. We understand that the val
Read more

Hunter Jones Investment Review - Is it a Scam?

By J Drew -
Image
A company called Hunter Jones Investments are advertising on Facebook for bonds that they claim are paying 24% fixed return over 24 months for a managed property portfolio bond. It makes no mention that it is now breaking the law to sell unregulated bonds to retail investors. So is this investment opportunity from Hunter Jones a scam or genuine investment?  Hunter Jones Facebook advert - Is it a Scam? The name makes it sound like you're dealing with a person called Hunter Jones but it's actually a trading name for a company called  Osborne Baldwin Limited.  There is no mention of any risks involved in lending money to Hunter Jones investments - if you think you are putting money into safe savings as per a bank then you are at risk of being misled. Hunter Jones are not FCA regulated. There is no FSCS protection and you could lose 100% of your money if the company you lend money to was to fail. From information online there are unhappy previous Hunter Jones investors who used the
Read more