That wouldn't be too bad result at all for some people (even if I wouldn't like it). They offered 8c for a share that had been down to lows of 2.2c per share in the prior year. That'd be about 1.8p per share here on the same basis. Or you could say they offered about the highest price that share had been in the past year. That'd be about 2.5p here.
Hopefully this is all irrelevant anyway and the Chinese are going to do exactly what they've stated and drill for some all and make us/them some money.
Hi all, haven't posted on here for months yet I still hold 500,000 ish shares av around 5p ish. I'd sort of wrote these shares off after years of lies with that Aussie twat PL. Then came the clueless RSR, you invest on there info and look where it gets you. Anyway the Chinese, fingers crossed we get carried along and can salvage some of our investments back. The thing here that concerns me is that I held shares in a company called Bullabulling last year. Nortons backed by the Chinese turned up offered a pathetic price to buy out shareholders, people caved because they wanted to delist from the asx/aim and of cause we were all shafted. Hope the same doesn't happen here. Good luck to all invested here. Good luck to Rig as well.
Sorry, wasn't paying attention and skim read, I understand your point now. Looks like it is 75% but with loads of caveats on ASX (some of which I'm not sure they'd manage. The hangover is making the reading slow and painful so I gave up :p).
All compulsory purchase refers to is that when a company owns 90% of the stock - as in a takeover situation and probably after delisting - whether or not you actually want to sell your shares to the company trying to take you over, once there are only 10% of minority holders left you are required by law to sell your shares - hence the term compulsory purchase. Anyway, Saturday night. On my way out. Speak later.
Devils advocate Let’s just assume that the major shareholders had also had enough of pl rsr and his cronies and they were made to buy Texas as it was a chain around rrl neck and draining resources also the drilling company was do nothing all day and not hitting targets so they bought that and they were not breaking no employment rules by getting rid of them. All of them now they come under their managers eyes and they can replace what individuals they need to each and every day then we start to getting everybody focus with a new plan of action and finance. Targets start to be met bopd start been produced easy yes then what happens to the share price. who knows time will tell but how the can the new people be as bad as pl if they want all the cake it’s because pl give them it and then all rig members need to pay into a fund to take it to court.
I didn't say 65% to delist, I said when it gets to about 65% the threat of being too close to 75% makes shareholders cave in in my experience. I had a look on ASX and thought it was same as UK,75% to delist. 90% is for compulsory purchase which is something entirely different, you don't need to compulsory purchase to delist. I know I've been there. Happy to be proved wrong if things are different in this case.
They'd need 90% (not 65%) to do that under ASX regs. I do agree though that it would be helpful if they could somehow address the concern/paranoia/worry that most of us have some degree of., which is quite likely to be completely unfounded, albeit understandable. Now how they could actually do this (to the extent we'd all feel assured) is a trickier question to answer!
We can only hope you are right for all of our sakes. But I do not like being put in a position where the new owners take over majority control of the company at a lot cheaper than they would pay on the open market and then we are at their mercy. It fees like a takeover by stealth. I have been in this situation before, where a company looked like it was about to turnaround then a competitor came in and took us out for a low ball offer which due to dirty tactics we had no choice. Some tried to make a stand but the truth is once somebody owns over say 65% they've got you by the short and curlies. They send letters to all shareholders starting that they only need an other 10% and then they will delist the company from all exchanges. No-one wants to be left holding shares in a delisted company so most people cave in at that point. Until the Chinese make some effort to address this concern I don't see how we can afford to just assume everything will be fine. That's my main issue here. I have no worries about the Chinese being able to do a better job of getting oil out of the ground than those that went before them. But who will be the beneficiaries?
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