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With a slight rebuff by the BOD and ii's guess DNO are probably likely now to launch a hostile bid next and IMO within the next six months. Whilst they would want to gain control at the best price having to back off trying to get seats on the board first the price is likely to have to be north of £2.
Yes.. Common sense has prevailed.. It seems that DNO has realised that if it (perhaps) acquires FPM, it needs to maintain good relations with the current BoD.
The spud is the good news.. All that Graham touches seems to turn to gold, albeit black gold!
-- BB --
Full DNO RNS below :- Oslo, 27 August 2018 - DNO ASA, the Norwegian oil and gas operator, today announced the withdrawal of its request to Faroe Petroleum plc for a meeting of shareholders of the company in which it holds a 28.23 percent stake, and issued the following statement: DNO ASA withdraws the request for an Extraordinary General Meeting to consider its representation on Faroe Petroleum plc's board of directors and notes with deep disappointment Faroe Petroleum's repeated peremptory and disdainful attitude to such representation for, and therefore greater engagement with, its largest shareholder. DNO requested a meeting of shareholders to seek suitable representation on the board of directors of Faroe Petroleum and to raise concerns and dismay about the wider governance culture and shareholder value strategies of a company in which DNO has made a very substantial investment. Now that DNO has highlighted these matters via an Extraordinary General Meeting notice and given Faroe Petroleum's increasingly hostile public response on 16 August 2018, DNO will not pursue a meeting of shareholders at this time while it considers its position. Meanwhile, DNO hopes that Faroe Petroleum's directors will initiate without further delay a constructive dialogue with DNO, as they should with any large shareholder, on corporate governance culture and shareholder value strategies, including board composition. -- For further information, please contact: Media: media@dno.no Investors: investor.relations@dno.no Tel: +47 911 57 197
Spitting their dummy out today because Faroe won't play ball with board members..takeover battle to follow ? I wonder..
Great movement up from the low
I think we are just all waiting for developments while the MMs play ! Realistically, DNO can’t say or do anything before the general meeting results are known! I expect the company to confirm next week if the requisition of the meeting by DNO is valid and when the planned date will be (most likely by end of September) ... we should hear something from the DNO after the results of the meeting (one way or another ) ! From October onwards fireworks should start! I’ve seen a few situations similar to this with a number of other oilies and in some cases the activist investors would issue an open letter to other shareholders clarifying the situation ... I look forward to DNO telling us why we should vote for them to have a seat on the board of FPM!!!
This has been a pretty easy punt on a rise from 138p to todays price, but I see no real volume evident. I'm not complaining, all very welcome but would like to see some decent volume showing interest - or are we all just sitting waiting for developments whilst the MM's play?
Nice to see this heading up above £1.5 today after hitting 1.37 a few days ago ! Would like to see new 52 week highs before the General Meeting to set the scene for DNO !
Never mind market caps look at cash and cash equivalents they have access to ! On the 30th June 2018 they had $584 million cash $288 million shares in treasury They also have access to the bond markets and I belive renegotiated earlier this year ! They have the fire power if they wanted us they can have us ! At £2.5 / share I’m happy to move on but at significantly less than that, I would rather wait for 35,000 BOPD and cash my dividends!
DNO - Norwegian - market cap - GBP 1.74bn (Oslo bourse)
40.45% owned by RAK Petroleum - "from" Ras Al-Khaimah (UAE)
RAK - based in the UK - market cap - GBP 240 m (Oslo bourse)
35.2% owned by Mr Mossavar-Rahmani - who wants a seat on the Board of FPM.
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SO - DNO/Rak does have the money to buy FPM ... although not at a "wild" premium ...
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DNO bought the main tranche from Delek at a "bargain" 125p ... Delek (Israel) has Norges Bank as one its shareholders ...
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Let's hope that the Board of FPM has enough to stop any intrusion ...
Us PIs are completely outnumbered by the institutions ... but if we vote en masse, who knows.
Conversely, if you bought a HUGE chunk in 2016 at 60p and can see 200/250p on the horizon ...??
-- BB --
Don't disagree Workover, I will also vote against the resolutions. I'm purely tabling that our management have sat in a very cosy position for a number of years focusing on the MC, with no interest in the SP, whilst taking salaries and bonuses.
Lol, I shouldn't moan as I have been in the industry to many years and seen the bonuses even when companies are having a bad year.
DNO, rather than this man the board game, should play fair and put an offer on the table. With Chevron & Totals NS assets on the table Faroe could play the acquisition game - more shares, more II's - who knows.
Lets hope we don't get rogered!!!
Lol Mommur Be cared what you wish for indeed ! I’ve already decided to vote AGAINST ALL RESOLUTIONS! It never works out well for PIs ! Just look at BLVN when activist investors started joined the board! They got their hands on the cash ousted the management and retail investors got rogered !
Another cheap sell off to the seal munchers. As Malcy says YHBW
The share was 70p not too long ago.
Nov 2016 was a painful period for long term shareholders with the price down to 60p. It was basically a retreat back to purchase price for myself in 2010. I might add this was from a price retreat from over 200p.
Whilst my averaged up/down price on accumulating shares is sub 100p, its only now that things become interesting and the SP is in focus, rather than management treating this as a private company with little thought to shareholders.
My 120,000 tranche is delighted to welcome DNO to the fray!!!!
chin cheese ... chuckle!
Bertie I think 200p would be a p155 take!! We can get there on our own without a takeover by early 2019 IMO! 250p+ might just be enough to convince holders ! You are right! These were 70p but at that time oil was 40-50 / bbl Malcy is a paid ramper! He is a double chin cheese guzzling toad who gets paid for tips ! Don’t trust him
But the point is, most of us are PIs ... and are in it for profits, takeovers, reverse takeover etc etc ... politics? not so sure ...
If DNO + cohorts do get to the "magic" number ... and offer GBP 2 or 2.50 ... do we really have a say? It's the institutions who will really have the final say.
The share was 70p not too long ago ... and for a 500 million pound company, the potential for the institutions in a takeover is sizeable ...
Roll the die and see what happens ...
-- BB --
I have no doubt that they have 'allies' accumulating shares who will accept their offer, when it comes. Nominating directors is a classic tactic.
6 months from April 4th?
And yes - 28.23% currently ...
-- BB --
Dno can not buy more ( about 1.7% from memory) before they have to make a bid and they can not make a bid until 4th November if my memory is corrrct.
and up just 0.14% ...
hmmm ...
it's just a matter of time.
if DNO starts buying again ... then an offer will come ...
-- BB --
Agree Bert !! I hole heartedly believe FPM will not be around in 4-6 months time ! Shame because this is one of the best run oilies I own shares in! I just hope DNO don’t try to screw us with their offer!
I believe 6 months from April is ... September!
In April DNO said it would not make an offer for at least 6 months .... SO ....
Yep it’s on the cards IMO! DNO have made the first move and FPM Directors are on check! Your move Boss!!
28.23%