On of Britain’s most aggressive hedge funds has taken a significant stake in the State-owned banks Permanent TSB, according to the Sunday Times. Toscafund Asset Management paid up to €30m for a 3.4 per cent stake. Toscafund was founded by Martin Hughes, know as the Rottweiler because of his aggressive tactics.
With the demise of Providence Resources looking all too probable and with the adverse Aurelian appeal in February, OF had better butter up KPMG and get the Accounts signed pronto. If PVR goes, the SLE carry value of €46m will I assume be worthless and I cant imagine that KPMG could not insist on a provision of £13m plus costs for Aurelian.
Could this be the same 'Angel' that last week advised it's clients to buy Circle Oil two days before Circle put out a statement that it's shares were likely to be worth little or nothing (their words) following a strategic review?
• San Leon Energy (LON:SLE – SUSP) – OML 18 Update: Today the Company discloses that it has secured 5.75% economic interest in OML 18. The Company now needs to continue to make significant progress in a short space of time in order to complete the acquisition of the SunTrust share, which will bring the net economic interest to 9.72% (5.40% working interest).
Tosca must be confident..for the full placement to go ahead..to issue this sort of cash the deal must be good, has to be transformational as sle have stated, and has to be the world class asset as sle have also stated.
1,736,000mill barrels for the month inc gas@ 56,000bpd.. 45% is 781,200 barrels..if the deal had concluded by now that's 75,934 barrels to sle with their 9.72%
Mw..134,992 barrels 65% cash sweep from Mw production..87,745 barrels to sle
75,934+87,745=163,679 barrels to sle for the month of may if the deal had concluded by now
even @$50 per barrel wow!!..who says this aint a transformational deal for sle
But..5.75% is 44,919+87,745=132,664 barrels for the month defo transformational to sle
17%pa on $173Mill is $29.41mill pa for 4 years ie around $117.64 mill
plus service contract..etc etc..yep!! it is a great deal for sle with a current Mc of 18mill..
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