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Looks like the BOD are seriously considering an increased offer of 55p
"At the request of Ophir, the Takeover Panel has consented to an extension of the deadline for Medco Global to either announce a firm intention to make an offer for Ophir or announce that it does not intend to make an offer for Ophir, until 5.00 pm on 31 January 2019. The parties are in advanced negotiations with a view to agreeing a recommended transaction at 55 pence per Ophir ordinary share in cash."
shocking for LTH's
That shouldn't matter though should it? After any dividend announcement it will go ex-div, then the price would drop to 55p - dividend...
Medco has reserved the right to reduce this possible offer price by the amount of any dividend (or other distribution) which is subsequently paid or becomes payable by Ophir to its shareholders.
At the request of Ophir, the Takeover Panel has consented to an extension of the deadline for Medco Global to either announce a firm intention to make an offer for Ophir or announce that it does not intend to make an offer for Ophir, until 5.00 pm on 31 January 2019. The parties are in advanced negotiations with a view to agreeing a recommended transaction at 55 pence per Ophir ordinary share in cash.
In accordance with Rule 2.6(a) of the Code, Medco Global is now required, by not later than 5.00 pm on 31 January 2019, to either announce a firm intention to make an offer for Ophir in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Ophir, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
This deadline may be extended further with the consent of the Takeover Panel, at Ophir's request, in accordance with Rule 2.6(c) of the Code.
Although discussions between Ophir and Medco are ongoing, this announcement does not amount to a firm intention to make an offer under Rule 2.7 of the Code and there can be no certainty that a firm offer will be made. A further announcement will be made as and when appropriate.
Medco has reserved the right to reduce this possible offer price by the amount of any dividend (or other distribution) which is subsequently paid or becomes payable by Ophir to its shareholders.
This announcement is being made with the agreement of Medco and Medco Global.
Hmm, I wonder why the SP has not shot up to 55p!
I think that will do it for the institutions
"The parties are in advanced negotiations with a view to agreeing a recommended transaction at 55 pence per Ophir ordinary share in cash."
Deadline extended. Discussing 55p bid
I sense a no bid outcome
tbh at todays share price with forward looking prospects and production OPHR could be a win win
bid say 60-70 - WIN for short term holders (sadly not for long term holders)
no bid - WIN simply because of forward looking potential (good for long term holders)
Interesting article over on ADVFN posted about an hour ago, a mention of 70p by Medco by some analyst. Perhaps I was wrong...
The critical thing for medco is finding a price that is acceptable to institutions. So I think they're doing the rounds with the relevant IIs and if they can get acceptance for over 50% of the shares they will present the Board with a fait accompli. As DNO did with FPM. In which case, the RNS announcing that could land at any time tomorrow, or even Tuesday morning. I personally think the institutions will prefer to lock in a reasonable shrt term proft now, rather than take a loss on an immediate sale, or accept capital for deployment being locked up in Ophir for some indeterminate time. But there's lots of ifs in my speculation.
I think that Medco, will try another low offer and use the boards rejection as an easy exit route from negotiations.
Two parties are probably too far apart for their to be a deal .... thoughts of +70p was but a faint hope of mine.
Just keep producing, farm out Mexico and bringing in the cash with a special 15p dividend to ease the disappointment will done fine.
Then again, who knows
aimo
gla
Apologies all I put Medco time zone as behind us when they are of course ahead of us. The fact they have 7 hours in hand actually gives me more confidence that may be taking this to the wire and a bid might still be forthcoming. Anyway, whatever tomorrow holds, I wish you all the best of luck.
Good points Simms. I suppose it depends if negotiations are going down to the wire or not, and who else might be involved trying to buy any assets in any alternative non-takeover deal. I hope for an RNS in the morning and if not then I guess the share price will tell us pretty quickly what the prospects are!
Bear in mind not only does Medco need to put in an offer but the OE BOD need to review it and a regulatory statement would need to be put out. That takes time, at least hours. My view given the deadline is that offer or not has come over weekend for board to consider over their sunday roasts and any rns should probably come tomorrow morning. If there is no rns in morning i suspect medco have walked away and not because they do not want but the price OE and longterm holders want is too high. However lwte hope for a 60p + offer and see how that settles.
The bid has to be in by 5pm UK time on the 28th, which would be midnight in Indonesia. So they'll either submit earlier, during their market hrs, and I assume announce that immediately or stay late and OPHR would announce it. I'm assuming once a bid came in they'd have to RNS pretty quickly. Good luck all, I hope many of those who lost shirts at least get arms back!
That's certainly true. I've bought back in recently after ulosing me shirt on this some years back. Hoping to get one sleeve back. I'm guessin a bid of about 60p or no bid at all.
Will be interesting tomorrow, long term holders will be the losers as always. GLA
Indonesia are 7 hours ahead of UK. Any thoughts on how that time difference will affect a possible bid tomorrow which needs to be made by 10am their time. Same time their trading hours open.)
After the shenanigans with Faroe... Anything is possible...
-- BB--
We sold 20% of Tanzania to pavilion energy for $1.3 B? Or was that included the farm out to shell? Tanzania has to be valued at an absolute minimum of $200M as a stand alone asset. SEA $400M Mexico acerage I’m not sure but as it’s the new hot spot those blocks say $50M? Total (conservative)value of $650 for Ophir £492M (70p per share).
Why have we not poked any holes in these blocks given the huge potential there?
Would obviously love to see 70p offer but unfortunately just cannot see it happening. Personally I think Medco are a bunch of time wasters and their game plan (if indeed they had one) was odd from the outset. My prediction? No offer, and I would be happier with that outcome. I won't bet on it as it's just my gut instinct. I certainly hope I am wrong though.