I seem to remember that MEJ actually did put his hand in his...

I seem to remember that MEJ actually did put his hand in his pocket and actually buy some FPO some time back, so it appears he may have sold out even that minor portion

I also thought PL was on record as saying his payment for PP was received after the Dec quarterly hence the reason why the funds were not refelected in the accounts. Obviously he never in fact paid any of his own money for the PP contrary to what he was informing people.

Why is it that MP still has PP when we see this notice cancelling the PP because of ambiquity.


"The terms of the partly paid shares are ambiguous"


During the year ended 30 June 2007 Partly Paid shares were allotted and issued to directors at an issue price of $0.60 each and were deemed to have been paid up to $0.30 each leaving $0.30 payable by the holder within 13 months of the date of issue as follows:
Michael Povey 1,500,000
Peter Landau 1,500,000
Marcus Edwards-Jones 750,000
The primary purpose of the partly paid shares was to provide a cost effective consideration of work to be done by the Directors for the Company and for recognition of Directors efforts in negotiating and securing the acquisition of the Puntland
Project. The terms of the partly paid shares are ambiguous, given they state that the holder is able to elect at their sole and absolute discretion to pay up the shares. It was never the intention of the Board to issue partly paid shares that would require the Directors (without any discretionary election) to pay up any unpaid portion of the shares. Accordingly, on 10 February
2008, and following uncertainty as to the ability to exercise the partly paid shares, those directors entitled to consider the matter (and not having a material personal interest) being Messrs Sir Sam Jonah and Liban Bogor, resolved in accordance with clause 32.9 of the Company’s constitution that the shares be forfeited and that payment will not be enforced with regards to the unpaid balance of capital. The Board will shortly convene a meeting of shareholders to obtain the necessary resolutions
for a selective reduction and cancellation of these Partly Paid shares. The accounts at 30 June 2008 do not reflect the cancellation of the Partly Paid shares.


Ambiquous! Must be another way of saying it

Every announcement I read meets this criteria.