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5t November SP was 19.5 BoD advice to shareholders was do nothing. You gotta laugh :)
Votes
Just pledged my 200,000 to no vote.
Is it 75% of the votes or 75% of the shares?
Moneylender I get back on that squash court followed by a few pints next time I am down - Will drag Glenn along as well. great job mate
Thank you
CHoppy: ML’s email in his earlier message:
“I might add that several people have pledged on BB's and I would prefer an email confirmation, so I ask if you have pledged your support please confirm with a quick Email to Moneylender@gmx.com all I want is nubmers to make life easy. lol
”
what's your email again ML - I'm in
Thank you, Moneylender. You’re doing a great job here.
100m shares is over 8% which means over 24% would have to be in favour to neutralise this (provided that everyone does indeed vote). Clearly some Institutionals will need to vote against too, but I imagine that some of them (those who are longer-term, value investors) will indeed vote against the current bid.
I can’t answer Margaret’s question but it raised another for me: can market-makers vote their shares in these circumstances? Surely they are conflicted.
Just sent this to the info email address:
Hello,
I imagine you will have a number of emails from disgruntled PI’s who have looked at Amerisur as a company with a good investment opportunity in spite of the markets determination to lower the share price to an unjustifiably low price of £ 0.12.
Its not so long ago that the board offered shares in the business at £ 0.25, yet now even after the excellent OXY deal, increase in bopd, increasing bank balances, zero debt, increased pipeline traffic and the ‘Ocean of Oil’, they have now decided that the company is actually worth almost 30% less.
I am not expecting a reply but, rest assured, I will be using my 1/1200th of the shares in Amerisur I own to vote this deal down. I know a great deal of other PI’s who feel the same and we may just garner enough support to show our board our collective disdain at their support for this deal and scupper this abomination of an offer. To quote our Baird... ‘something is rotten in the state of Denmark’
OK, I didnt need to add the last bit...
Yes I do well spotted, the count is nearing 100M shares.
Note to self dont post after going to the pub!!
As advised by others, it's unlikely that Geo will be buying in the open market at this stage to hedge against the deal failing, they simply have the commitment of stock from the disclosed holders.Therefore, what happens to all the stock that's been dumped this week, do the market makers hold these, and therefore very long, until conclusion. If the deal fails, does that not create a huge overhang of stock?
you meant 100M, right?
Great work. One option might be to go throught the declared interest Rns and make contact with the smaller iis toake them aware that there is a significant group of PIs who will be voting against?
Great work. One option might be to go throught the declared interest Rns and make contact with the smaller iis toake them aware that there is a significant group of PIs who will be voting against?
Evening all
A terrific respose from everyone who are dissatisfied withthis situation.
This could not come at a worse time for me as I have just bought another house
and am in the middle of a full renovation job.
I have done a rough calculation this evening and we are just under 100k pledged. I might add that several people have pledged on BB's and I would prefer an email confirmation, so I ask if you have pledged your support please confirm with a quick Email to Moneylender@gmx.com all I want is nubmers to make life easy. lol
Where do we go from here is the next question, anyone know a corporate lawyer that can help or press contacts and even institution contacts.
I have not had time to reed the Seekingalpha article yet although a quick scan
looks like we are worth double the offer!!
Probably! But, going off the form book, Niles, are you really surprised?
Frankly, I can't understand anybody selling at this level and at this moment unless they badly need the cash. I regard this as almost riskless, with the chance of a big upside. With all the uncertainties about the economy/recession et al why take a chance? Sure, we all have shares we would like to buy but they all carry risks. I'm sitting on mine and prepared to watch.
Have these ****ing ****s done this just to get the options?
I'm sure you guys are right, I was just guessing and look for anything that might signal a II resistance. I suppose the nearest we have to it is Hermes continuing to accumulate, though they are probably on the same strategy as ODDO.
Just considering where the first kick out at GC might come from, if any, thinking back both the Rex Harbour issues and potential Michinoko revolt were actually initially highlighted in the FT - maybe they'll do a piece.
I’m pretty certain it’s a special sits fund with an M&A strategy (as I mentioned yesterday).
So I agree, desoc
I hope is significant but I have noticed them coming in at similar stage in other sales. They get a guaranteed few % monies in a couple of months, benefit from any increase and, of course, have a small risk of of it all falling through. I remember they did same for Monetise.
The RNS from management shows a steely determination for this apparent self-destruction: this was clear from the fatuous announcements about premium and, more importantly, the arrangements surrounding irrevocability of votes. The BoD and their appointees will now be corralling other Institutionals to join them, I suspect. We need some Institutionals to back the “no” vote. Or, of course, a counter-bid. I agree with the poster who implied that Oxy may well already have been appeased. But where is Sinopec or CNOOC or similar?
I am still bewildered as to why this apparent firesale was necessary. Even if the BoD walked, forewent any rights to future awards and left someone else to pick up the management, surely the upside for them personally would have been far superior given their holdings? Is this entire situation really based on the wishes of the controller of the largest shareholder?
So many unanswered questions.
I remain half bemused, half flabbergasted and half angry. And that’s a lot of halves....
Makes me wonder if the MM's are factoring in discontent among a "growing" number of PI's here and hedging their bets just in case the deal is voted down? SP certainly offering a healthy discount to the buy-out price currently!
ODDO's purchasing could very well be significant, just announced another 2.3 million.
If they are acting on behalf of a client, that clien may also be approaching II's top commit blocks of shares. Early day and they may simply be taking as punt but still it's support.