The 18th November deadline is subject to share conversion approval on 1st. We don't think this will happen as Simon was probably busy in the Rosbunker boardroom last week, the lawyers are now just finalising the details and putting together the RNS for tomorrow morning. Perhaps we will open at 30p? IMHO of course.
Still no official response or "advice" from the Company - so it's good that the posters here have been discussing the issue and making our own minds up what to do. Always a useful resource to bounce ideas and suggestions.
Maybe the RNS paperwork blew away in the wind and rain we're experiencing? Hopefully it said something along the lines of "Belphar can boll....go swivel...yeah that's the word I was thinking of....or come back with an offer north of 40 pence per share".
At 30p we can probably start talking but 22p is derisory and clearly a typing error in some paperwork as a gentleman (and I use the term quite loosely based upon his activities so far) who knows the terminal business from his other interest should be able to do some simple maths and determine fair value. The European business and Baltic Top are not "distressed", we're not about to take a silly offer waaaay below fair value. Rosbunker, whilst an elephant in the room, a cloud hanging over the company or whatever imagery you choose to use... is not priced in at 22p. I can't help thinking this is a backdoor way of getting hold of our 50% of that too.
Whatever happens, it's only 4 DAYS until the EGM and at least the loan note issue can be put to bed, one way or another.
The next applicable deadline is 5pm on 18th November. By then Belphar have to either announce a firm intention to make an offer for PAN or announce that it does not intend to make an offer. That's rule 2.7 of the City Code for Takeovers and Mergers ("the Code").
Friday 1st November - 11:00 am - EGM and vote on loan note conversion to shares. Monday 18th November - 5:00pm - Deadline for Belphar offer under rule 2.7 of the Code.
Well I think / hope that Simon has had the weekend to work things out as to what he is going to say to advise us to do . As it was him who said do not sell your Shares at this stage. ( So we SHOULD expect a RNS Monday or Tuesday. I really feel for the Guy.
'We shall defend our island, whatever the cost may be, we shall fight on the beaches, we shall fight on the landing grounds, we shall fight in the fields and in the streets, we shall fight in the hills; we shall never surrender' None of the other platforms holds a candle to LSE and few boards to PAN. We have passionate and pro-active holders like Pantastic, Clainy et al. If we PI's can't influence the vote then we can never be accused of watching it happen and doing nothing. We have one of the very few chances to tip a fine balance - use your vote and make it count. Or do you want to be a lamb for a lifetime?? Nice round up Pantastic.
Yes, that smokeyjoe seems to have sand in his knickers.
He claimed our roll call of investors was premature. No it's not. Proxy forms have to be posted and arrived before the meeting next Friday (maybe 48 hrs before) so unless you're going to attend the meeting in person, time is ticking out.
You could agree with smokeyjoe that this share conversion has nothing to do with anything and is irrelevant. It is true that it's not the main issue here, the possible takeover at 22p is - but reducing the number of 'under the counter' shares these guys can get hold of weakens their position. It doesn't make or break the takeover but helps.
If we are accused of not being big enough to make a difference you have to consider whether the remaining (on side) institutions are going to vote in favour of the conversion. They hold a large number of shares - but we don't know how they will vote. One would hope it would depend on the price they paid for their shares and their target price and their opinion of whether they are likely to achieve their target or whether 22p is cut and run time.
Here's the list: -
Hurley 20.18% - traitors Alpcot - sold out to Belphar 20.18
Shareholders who so far haven't bent over when Belphar unzipped are: -
If they all vote against it, Belphar won't get their 75% majority required for the resolution to be passed to get the share conversion. Even if every other shareholder, big or small votes in favour.
Simon Escott holds 4.61% and we don't know if his stance on the conversion has changed - he would have been voting in favour originally.
This share conversion really can be swayed one way or another with just a few % votes here, depending on which institutions like the taste of arabic baby batter and which are prepared to put up a fight.
smokeyjoe on advfn is allowed his own opinions, but I still believe us retail punters who are long time loyal and long suffering can actually make a difference here.
Even if this was a much longer shot than the above shows it to be - I'd still be in for giving it a try as I'm one of those people who, when it all gets messy and nasty, will fight to the end rather than flounce off like some kind of limp wristed nancy.
Cheers for the kind comments clainy, but many people who know me would laugh if you said I talked sense! I'm flattered!
I must say that the LSE board is a much nicer place to post your thoughts and comments. As you have seen over on ADVFN boy have I ****ed off Smoking Joe. Sometimes I despair at how some people expect to make money on the Stock market. Still You and Sisy talk sense so I will stay on here.
According to the 1993 Robert Redford film "Indecent Proposal", everything has a price. Remember the script? IMDB helped me out...here goes...
David: I guess there's limits to what money can buy. John: Not many. Diana: Well some things aren't for sale. John: Such as? Diana: Well you can't buy people. John: That's naive, Diana. I buy people every day. Diana: In business, maybe, but you can't buy people not when real emotions are involved. John: So you're saying you can't buy love? That's a bit of a cliché don't you think? Diana: It's absolutely true. John: Is it? What do you think? David: I agree with Diana. John: You do? Well let's test the cliché. Suppose... I were to offer you one million dollars for one night with your wife.
Ok.. so what is Pantsy going on about?
Well...according to Belphar Limited, PAN's price is 22p per share. Twenty two new English pence.
Without the share conversion and assuming no further issues of shares, we have 106,325,110 shares in issue (not a lot by AIM standards) and that means the price of PAN according to this one cheeky chappy is £23.39m. Just over 23 million quid.
The acquisition RNS for Dan Balt (before recent pump improvements) stated the rebuild cost to be $42m (current exchange rate, £26m). Just for something identical to the original Dan Balt, not our improved Dan Balt and not with a business attached to it with deals from Oil Majors and Monjasa. Just this one asset - £3m more than what Belphar are offering for Dan Balt, PBI, Baltic Top and our half share of Rosbunker.
Sisyphus and I and I am sure many others here value the whole company somewhat higher than £23m even without Rosbunker sorted out and possibly without Rosbunker existing at all.
Don't post your answers here, it's your own business, but I imagine we all have a price per share where we would walk away and take the money. Or a nice lump sum to disappear. Imagine that, a PAN discussion board without my relentless witless banter. I have a price, you have a price. If we are absolutely honest.
For me it's waaaaay above 22p per share. Just think about that if you're thinking recent news is not a big deal.
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