it is funny when I comment you ask why I am commenting and when I don't for a few hours you ask where I am. You will se that I normally comment in the evenings and I never comment when the board gets flooded, there really is no point when nobody sees your post
You really don't know me at all if you think that I am miffed because the price has gone up, I am delighted and hope that those who are stuck at higher averages and have lost loads can get some of their losses back. I am sure you remember that I had said that I believed we would be fluctuating between 0.15 and 0.30 till the EGM and was surprised that we had got stuck at the lower level so good to see some activity. As I explained yesterday I would only consider buying back if I saw a chance for a multibagger and we are still a hell of a long way from the 0.80-1 p that has been predicted for a long time now. I truly hope you get there and if you knew me at all you would know that I mean this 100%. I have too many other irons in the fire, but why would I hope that anyone on here loses money just so I can be right towards a lot of people who have no idea who I am. That is not the type of person I am, and you are welcome to repeat this post to anyone else who enquires to my whereabouts the rest of the day. may pop in tonight and give me assessment of the day, we'll see.
As for DP I love him commenting and discussing with a person he claims to have filtered long ago, becomes a bit tedious if he claims he cant see my replies but he still comments on them so I will refrain.
Good luck to all in her today, please make careful and right decisions!
For any newcomers, to save you trawling through the posts, here is what could be voted for this week coming. This is the post of MA, a respected, realistic poster. The calculation is based on genuine information - not his opinion - and it clearly shows what the value of the deal is to Sefton Resources. It will improve our net asset position by some considerable amount. Here it is:
Hi. I am on vacation and occasionally glance at this board (and others) these past 2 weeks. I have read some good comments, but mostly, utter rubbish from people who clearly have not joined up the dots between the EGM circular and the 2013 Annual Report, either through inability to read the numbers or to deliberately undermine the basis of the transaction. All of my research is based on the EGM Circular and the 2013 AR. It is actually quite simple as I see it.
IMVHPO, this is the summary of the deal.
Sefton EGM Deal Summary $M Notes
Cash 4.47 After SER repays BOW and other s-term debt ($3m over 3 years)
Asset Impairment Liability 1.9 Transferred to Tapia LLC (Note 13)
Debt Repayment 3.7 BOW Repaid in full
Minority Interest 1.375 20% Tapia LLC that SER retains
Total Deal Value to SER 11.445
The Total Deal Value is £6.73m without Kansas @ $1.7 = £1 MC 4.7.14 of SER is £1.22m (0.155p mid price) SP with this deal and without including the value of Kansas assets, the SER SP should be 0.855p mid price - 0.8p bid or 0.9p offer if the EGM Resolutions are approved.
If you want a more detailed breakdown, visit the link below
I normally do not offer an opinion about the SP. For me, given the circumstances and the manner that the BOD and the NOMAD has conducted itself since Jim Ellerton's departure from the Board, this deal appears to be the best that is being offered to shareholders. I have no idea if other deals were offered to the BOD and if they were better or not. As proposed on the EGM Circular then this deal allows Sefton a chance to start to develop Kansas pipeline and some wells without the Tapia baggage, despite the initial reduction in revenues and attendant costs. This was just strangling the company. Failure to agree EGM Resolutions = wipeout and for the vultures, an ultra cheap buy from a Chapter 11 situation, again, IMVHPO.
Hawker (supported through Sara Creek and Crest Petroleum -read the SEC 8k filings yourselves folks) seem to have prepared for not just the cost of the deal and the assumption of debt and asset impairment liabilities, but further funding for capex to increase production in a way SER failed to do for so long.
At least this deal offers shareholders something, which hitherto had not been visible for months. It is better than nothing at all.
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