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Because the guys running the show have been preparing the company to sell and earn a pretty penny from it.
Ophir does not need Medco
We could hit 55p without them
This board has thrown in the towel WHY
The company is in good shape , cash flow good , assets good, WHY SELL........
Seems like the board have given up acting in the interests of the shareholders and just working on their exit plans.
Having read the annual report again I think they receive 12 months notice plus cash out any options. At the end of Dec 2017, the CFO had 560k options plus a salary of £325k ..... so walks away with over £600k .... the CEO isn't too dissimilar.
I thought the lowest adviser estimate was 58p ..... how do you justify accepting a low bid.
What I don't understand is why are the board giving in so easily? They could and should be managing this a lot better than they are. The board will all profit massively from a takeover at any price.
They have been desperate of sell since last summer.
Thanks for the emails. I’ve sent my views, not that it will even get read.
Hi LC
Everything you say is spot on
Absolute disgrace if this goes at 55p
Am ok just , but feel for you man
I lost a packet with Max, but thru no fault of my own,
I was on a loss here , but managed to average down by luck , with funds off another,
But is this a done deal ,
I would rather no sale, as i think you ,
Heres hoping the big guns say NO..............
GL
Perhaps today's RNS was a feeler to see who would bite for 55p? Not long till we find out.
An interesting day today, seems Booth and co are happy to sell the business at what is a relatively bargain price. As others have said the IIs will have the final say. All to play for yet.
Medco will not table a higher offer as our board has probably suggested 55p. Truly disgraceful.
big buys happy days
It only needs our 3 major holders with over 30% of the votes to agree a price and they only need another 20% of the remaining 70% to also accept the deal ..... and we are sold !
The RNS discloses the potential agreed price at 55p per share, this gives a clear base for any other interested party to step in. I have not carried out detailed analysis but will be interesting to see what other partners (Shell) paid for their share of the Tanzania assets. Unfortunately if no one else steps in it looks likely to be a done deal unless major II objections.
Any one seen a similar short term extension? I was in Cove a few years ago but cannot recall how the bidding developed. Good luck all.
Relying on II's to get my shirt back; doesn't seem encouraging. Would prefer Ophir to rebuild itself and hold for a few year.
Artemis 1.84%
Standard Life 7.11%
Dimensional Fund 1.84%
Norges Bank 2.37%
Legal & General 5.22%
Ruffer LLP 1.15%
River and Mercantile Asset 1.24%
Nomura International 2.644%(-2.644% ?)
Prudential Plc / M&G 9.31%
State Street Global 1.1169%
Carlson Capital 2.525%
Schroders plc 0.686%
FMR LLC / FIL Ltd 7.13%
The Vanguard Group 2.95%
BlackRock 3.46%
Barclays 1.25% (short 1.26%)
Petrus Advisers 3.13%
Azvalor 8.325%
Bybrook Capital 4.36%
Hotchkis & Wiley 13.7%
Carlson Capital 2.375%
Total declared = +84%
Recent large 8.3's over 250,000 shares
Bybrook Capital added a straight 3,500,000 shares at 44.2563 on 11th !! note ADDED
Prudential Plc / M&G added +800,000 shares at 43.87 on Friday !! note ADDED
Petrus Advisers added +880,000 shares at 44.71 and 45.00 on Friday !! note ADDED
Azvalor added +300,000 shares at 43.46 and 44.86 on Monday !! note ADDED
Azvalor added +1,100,000 shares at 44.84 on Tuesday !! note ADDED
Azvalor added +835,000 shares at 44.66 on Wednesday 16th !! note ADDED
Azvalor added +490,000 shares at 43.03 on Thursday 17th !! note ADDED
Azvalor added +260,000 shares at 44.87 on Friday 18th !! note ADDED
Prudential / M&G added +450,000 shares at 44.9 and 44.96 on 18th !! note ADDED
Azvalor added +266,000 shares at 45.72 on Monday 21st !! note ADDED
Blackrock added +270,000 shares at 45.62 and 45.45 on Wed 23rd !! note ADDED
Petrus added +3,600,000 shares at +46 on Friday 25th !! note ADDED
Bybrook added +438,000 shares at 48.9 on Monday 28th !! note ADDED
Artemis 1.84%
Standard Life 7.11%
Dimensional Fund 1.84%
Norges Bank 2.37%
Legal & General 5.22%
Ruffer LLP 1.15%
River and Mercantile Asset 1.24%
Nomura International 2.644%(-2.644% ?)
Prudential Plc / M&G 9.31%
State Street Global 1.1169%
Carlson Capital 2.525%
Schroders plc 0.686%
FMR LLC / FIL Ltd 7.13%
The Vanguard Group 2.95%
BlackRock 3.46%
Barclays 1.25% (short 1.26%)
Petrus Advisers 3.13%
Azvalor 8.325%
Bybrook Capital 4.36%
Hotchkis & Wiley 13.7%
Carlson Capital 2.375%
Total declared = +84%
Recent large 8.3's over 250,000 shares
Bybrook Capital added a straight 3,500,000 shares at 44.2563 on 11th !! note ADDED
Prudential Plc / M&G added +800,000 shares at 43.87 on Friday !! note ADDED
Petrus Advisers added +880,000 shares at 44.71 and 45.00 on Friday !! note ADDED
Azvalor added +300,000 shares at 43.46 and 44.86 on Monday !! note ADDED
Azvalor added +1,100,000 shares at 44.84 on Tuesday !! note ADDED
Azvalor added +835,000 shares at 44.66 on Wednesday 16th !! note ADDED
Azvalor added +490,000 shares at 43.03 on Thursday 17th !! note ADDED
Azvalor added +260,000 shares at 44.87 on Friday 18th !! note ADDED
Prudential / M&G added +450,000 shares at 44.9 and 44.96 on 18th !! note ADDED
Azvalor added +266,000 shares at 45.72 on Monday 21st !! note ADDED
Blackrock added +270,000 shares at 45.62 and 45.45 on Wed 23rd !! note ADDED
Azvalor added +3,600,000 shares at +46 on Friday 25th !! note ADDED
Bybrook added +438,000 shares at 48.9 on Monday 28th !! note ADDED
Need to check directors pay packet on buy out, vested options....
I have seen bad deals go through because directors cash in free options.
55p must be still a baseline offer and i expect Medco to table higher as i cant see it flying with sharehllders who most will have lost money, many significantly.
What an absolute sell out, can’t see this getting much traction surely?
“Advanced talks” not necessarily the same as done deal imo. If you reject 48p after good results, and broker estimates up to 90p, it makes absolutely no sense to settle at 55p. Stitch up or brainless..
I said yesterday it wasn’t likely to be an offer of 60p+ This looks like it will have the support of BOD and ultimately shareholders. Sorry for those who’ve owned a long time. But with market volatility as it is, I doubt 55p will be improved upon.
Massive volume on them as well. Says something about the level of offer.
Did you guys buy in above the current share price? If so, then I understand your frustration.
I for one am reasonably happy with this offer as I'm making more than 20% on my investment in the last couple of months. It could of course have been better.
Any hope of a counterbid ?
The circus has obviously not left the town yet.
How can another 6.5p in addition to the previous offer is taken this take-over s**t approach into advanced discussions!?!?!?
Please AB, show them the door and let this end now.
Looking very promising now imo. SP responding positively. Glad I didn't bottle out early doors.
IANAA,
"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..."
-----------------------
Sound like they want to distribute all the cash in the company and then sell the assets for 55p.