₦airaland Forum

2zona:
LOOOLS pls i need someone to confirm this claim too ASAP, before market closes.

Confirmed. Just Sold 1k units within 5 secs.

samguru:
Anybody that wants to do cross deal of C& I leasing at #1.20 one million units and above please

Are you buying or selling?

BullBearMkt:
...Naiija likes free things, but free are low in value
There is another live charting platform and provide some valuable info including real time active stocks, 5 top gainers/losers, stock EPS etc, but it's subscription

What is the name please?

MrTease:
Be careful what you pray for. I reported this earlier that the shareholder's funds might be wiped out if they lose two court cases. I will proceed to put figures to this assertion.

"The Company is currently in litigation with one of its former suppliers of Automotive Gas Oil (AGO). The
commercial dispute, which arose in 2008 has been through the High Court and Court of Appeal, and is currently
at the Supreme Court. The amount being claimed by the supplier as breach of contract is $43,262,497 (N13.5
billion). Whereas the judgments of the lower courts have been in favor of the supplier, the Directors, on the
advice of the external solicitors, are of the opinion that the judgment of the lower court will be upturned by the
Supreme Court.
There are also a number of other legal suits outstanding against the Company estimated at N4.5 billion. On the
advice of the Solicitors, the Board of Directors is also of the opinion that no material losses are expected to arise
therefrom. However, a provision of N2.3billion has been made in these financial statements to mitigate any
possible future loss.
The Company is also in litigation with Nimex Petrochemical Nigeria Limited, one of its former suppliers of
products. In 2007, Nimex sued the company for US$3,316,702.71 and US$127,060.62 being demurrage and
interest incurred for various supplies of petroleum products. The Federal High Court gave judgment in favour
of Nimex in the sum of US$13,756,728 which included the amount claimed and interest at 21% till judgment was
delivered and also granted a stay of execution with a condition that the judgment sum be paid into the court.
The court also granted a garnishee order against First Bank Plc to pay Conoil’s money with the bank into the
court. Conoil has appealed against the judgment to the Court of Appeal in Abuja. The appeal is pending and the
Directors, on the advice of the external solicitors, are of the opinion that the judgement of the Federal High
Court will be upturned. The current value of the judgment sum is N4.3billion. However, a provision of N675m
has been made in these financial statements to mitigate any possible future loss"


Vitol Judgement against Conoil $43,262,497 (N13.5billion)
Nimex Judgement against conoil $13,756,728(N4.3bilioin)
Sum of both Judgements (N17.8Billion)
Shareholders Funds @ 1st Qtr 2017 (N18Billion)

If the supreme courts confirms both judgments shareholder's funds drops to N200m which is as good as Zero. Please note that the previous provisions for these contigent liabilities have been grossly inadequate.

You focus on the cash on their books N50billion (1st Qtr 2017) while ingnoring the liabilities N59billion (1st Qtr 2017) and contingent liabilities almost N18billion.

Sorry left out other contingent liabilities of N4.5billion which if crystallizes together with the two aboves gives us a negative shareholder fund of about N2billion.

There are also a number of other legal suits outstanding against the Company estimated at N4.5 billion. On the
advice of the Solicitors, the Board of Directors is also of the opinion that no material losses are expected to arise
therefrom. However, a provision of N2.3billion has been made in these financial statements to mitigate any
possible future loss.

What we have here is an event driven gamble that the judgments will be overturned which you seem to be willing to take. Prudent investors including most institutional investors will however wait for clarity on the law suits before committing funds to the trade.

Coolcash1:
[b]Unfavourable judgement will not threaten going concern of the business...I even pray this happens ( plantiff winning the case) [/b]so that I can load more as a value investor. In the same vein, I am waiting for O and O at the right junction then, yours truly will load more...Trust Wale and his gang you can't beat them to it..Original cowboys...

Be careful what you pray for. I reported this earlier that the shareholder's funds might be wiped out if they lose two court cases. I will proceed to put figures to this assertion.

"The Company is currently in litigation with one of its former suppliers of Automotive Gas Oil (AGO). The
commercial dispute, which arose in 2008 has been through the High Court and Court of Appeal, and is currently
at the Supreme Court. The amount being claimed by the supplier as breach of contract is $43,262,497 (N13.5
billion). Whereas the judgments of the lower courts have been in favor of the supplier, the Directors, on the
advice of the external solicitors, are of the opinion that the judgment of the lower court will be upturned by the
Supreme Court.
There are also a number of other legal suits outstanding against the Company estimated at N4.5 billion. On the
advice of the Solicitors, the Board of Directors is also of the opinion that no material losses are expected to arise
therefrom. However, a provision of N2.3billion has been made in these financial statements to mitigate any
possible future loss.
The Company is also in litigation with Nimex Petrochemical Nigeria Limited, one of its former suppliers of
products. In 2007, Nimex sued the company for US$3,316,702.71 and US$127,060.62 being demurrage and
interest incurred for various supplies of petroleum products. The Federal High Court gave judgment in favour
of Nimex in the sum of US$13,756,728 which included the amount claimed and interest at 21% till judgment was
delivered and also granted a stay of execution with a condition that the judgment sum be paid into the court.
The court also granted a garnishee order against First Bank Plc to pay Conoil’s money with the bank into the
court. Conoil has appealed against the judgment to the Court of Appeal in Abuja. The appeal is pending and the
Directors, on the advice of the external solicitors, are of the opinion that the judgement of the Federal High
Court will be upturned. The current value of the judgment sum is N4.3billion. However, a provision of N675m
has been made in these financial statements to mitigate any possible future loss"


Vitol Judgement against Conoil $43,262,497 (N13.5billion)
Nimex Judgement against conoil $13,756,728(N4.3bilioin)
Sum of both Judgements (N17.8Billion)
Shareholders Funds @ 1st Qtr 2017 (N18Billion)

If the supreme courts confirms both judgments shareholder's funds drops to N200m which is as good as Zero. Please note that the previous provisions for these contigent liabilities have been grossly inadequate.

You focus on the cash on their books N50billion (1st Qtr 2017) while ingnoring the liabilities N59billion (1st Qtr 2017) and contingent liabilities almost N18billion.

"The Company is currently in litigation with one of its former suppliers of Automotive Gas Oil (AGO). The
commercial dispute, which arose in 2008 has been through the High Court and Court of Appeal, and is currently
at the Supreme Court. The amount being claimed by the supplier as breach of contract is $43,262,497 (N13.5
billion). Whereas the judgments of the lower courts have been in favor of the supplier, the Directors, on the
advice of the external solicitors, are of the opinion that the judgment of the lower court will be upturned by the
Supreme Court.
There are also a number of other legal suits outstanding against the Company estimated at N4.5 billion. On the
advice of the Solicitors, the Board of Directors is also of the opinion that no material losses are expected to arise
therefrom. However, a provision of N2.3billion has been made in these financial statements to mitigate any
possible future loss.
The Company is also in litigation with Nimex Petrochemical Nigeria Limited, one of its former suppliers of
products. In 2007, Nimex sued the company for US$3,316,702.71 and US$127,060.62 being demurrage and
interest incurred for various supplies of petroleum products. The Federal High Court gave judgment in favour
of Nimex in the sum of US$13,756,728 which included the amount claimed and interest at 21% till judgment was
delivered and also granted a stay of execution with a condition that the judgment sum be paid into the court.
The court also granted a garnishee order against First Bank Plc to pay Conoil’s money with the bank into the
court. Conoil has appealed against the judgment to the Court of Appeal in Abuja. The appeal is pending and the
Directors, on the advice of the external solicitors, are of the opinion that the judgement of the Federal High
Court will be upturned. The current value of the judgment sum is N4.3billion. However, a provision of N675m
has been made in these financial statements to mitigate any possible future loss"

What happen's if full provisioning for the full value of these contingent liabilities has to be made. Don't have a dog in this fight. Reviewed the financials and concluded that I can't buy Conoil. Don't know about you.

stcool:
For a company sitting on over 40 Billion Naira in Cash & Bank balances I dont know why N3.75b should bother me.

currentprice:
fundamentally nothing wrong with conoil
i expect conoil to move same way zenith did after dividend adjustment

watch out from 2morrow

Huge Contingent Liabilities from lawsuits that can also wipe out shareholder's funds. Judgements have already been given against the company in lower courts. Kindly review last year's financial results.


http://www.nse.com.ng/Financial_NewsDocs/18498_CONOIL_PLC_-_AUDITED_DEC_2016_FINANCIAL_STATEMENTS_JUNE_2017.pdf

page 54

Sleep paralysis is a phenomenon during which an individual is unable to move during falling asleep or awakening, but is aware of their surroundings. It is often accompanied by frightening hallucinations to which one is unable to react because of paralysis and perceived physical experiences, such as a strong current running through the upper body. Sleep paralysis poses no immediate risk to those who experience it, although it occasionally causes significant distress. Episodes last from several seconds to several minutes.
Genetics and sleep deprivation are a major cause of sleep paralysis, and it has also been linked to disorders such as narcolepsy, migraines, stress, anxiety disorders, trauma and obstructive sleep apnea. Sleeping in a fixed supine position increases the chance of sleep paralysis. The underlying mechanism is believed to result from disrupted REM sleep, when there should be a general inability to move muscle to prevent the sleeper from acting out their dreams.

Source Wikipedia
https://en.wikipedia.org/wiki/Sleep_paralysis

$1900 skrill for sale at 375

$600 skrill needed at N345.Ready to buy piecemeal.

followingdrite:
$180
Skrill @ 430/$

Interested

3RNEST:
Skrill Available now $500 just whatsApp me!

Interested

oldreligionboss:
$190 Skrill available at N430/$

Nice doing business with you.

HarryTellMe:
$97 skrill available at 435 last.
Contact on signature
Escrow highly welcomed

Interested

3RNEST:
Skrill available now $1000


@Affordable rate

WhatsApp me below

Interested. Please confirm rate.

kemijohnson:
54$ btc available at N480

Your phone number is switch off. How can I contact you?

dablazor:
$98 Skrill still available. Escrow is allowed.

Interested.

Smooth Transaction. Thanks Kemi Johnson especially for sending first.

MrTease:
iNTERESTED

iNTERESTED

kemijohnson:
Neteller $100 still available at 430/$

Quick sale.

Neteller $3,000 for sale at 470