London Capital and Finance

Yes bail in the e mail signed off is {text removed by MSE Forum Team}.

It appears LCF are still making modifications to their literature. Maybe a good idea to advise who has old hard copies and when you received it and if it has a updated ref I recall going on line and seeing a brochure on the loan end but need to check if I made a PDF of it

Jelli wrote: »

Ah, I already have that! OK, give me an hour or two.

If you're happy to share them with any personal info redacted it would be useful to make available to others who are following the blog & Facebook Action group.

This is a old post just appaered on the LCF bondholders ( Independent Oil & Gas clarifies position as FCA investigates LCF) and not sure if anybody here has seen it as I cant recall it being posted .
I am not that computer savvy so not sure if this link works so have posted the article . Note LOC buffer link with LCF

https%3A%2F%2Fuk.webfg.com%2Fnews%2Faim-bulletin%2Findependent-oil-gas-clarifies-position-as-fca-investigates-lc

The AIM-traded firm said there was no direct relationship between LCF and itself.
It reported that the FCA had required that LCF not - without the prior consent of the FCA) - deal in any way with its assets, and needed to cease conducting all regulated activity.
“Independent Oil & Gas wishes to clarify that LCF is not a shareholder in Independent’s primary financial backer, London Oil & Gas (LOG),” the Independent board said in its statement.
“LOG is a borrower from LCF and LOG is also a lender to IOG amongst other companies.”
Under the total of £38.55m loan facility agreements signed between Independent and LOG between December 2015 and September 2018, sums owed by IOG to LOG are only repayable within 36 months of their drawdown, and there was no mechanism under which LOG could demand early repayment save in an event of default by the company.
Independent said it had to date drawn a total of £30.7m under the LOG facilities, of which £0.7m was held in cash and £3.05m was due to be repaid in the next six months.
The firm said it currently had further availability under the LOG facilities of £7.85m.
LOG had reportedly re-confirmed to Independent on Friday that all sums agreed to be lent remained available, and LOG had not received any call on any of its funds from LCF.
“The company is monitoring the situation with regard to LCF and LOG carefully and continues to progress its current forward funding plans as per its 29 November 2018 announcement,” the board added.

Sledger wrote: »

when the FCA froze assets anybody got a idea as to the extent of this ie was LOC and other LCF buffer companies frozen

Is LOG even regulated by the FDA? I can't see any statement on their website to say that they are.

If they are not regulated, and not obviously carrying out a regulated activity, would the FCA have any power tov take action against them, v leaving aside whether they would have grounds to?