I don't want to get ahead of myself, but just to expand on carvegyber's reply, which sums things up nicely if it's a straightforward sale of the whole company, there are some other possibilities (and apologies if this is a bit tedious, but it's worth being aware should the discussions progress) :
- share deal = no cash, just a swap of GKP shares for shares in the new owner - cash/share deal = a hybrid of the two - farm in/out = business as usual, with a new partner on board to share costs. GKP shares remain as before - scheme of arrangement = new shares in acquirer (this option has been popular recently as it helps bidders avoid stamp duty, but I think Osborne is in the process of closing the loophole and in any case the tax avoidance part is only relevant for UK bidder companies).
GKP isn't subject to the UK Takeover Code, but does voluntarily mirror it, so if things progress as we would wish, we should start to see the Rule 8 disclosures that many will have noticed on Afren recently.
There are lots of details/variations on voting, requirement for s/h meetings, what constitutes a majority in the different voting scenarios etc. As I understand it most of this falls under Bermuda law re M&A, but I would need to confirm this is still the case.
If it's just an asset sale, as opposed to a sale of the whole company, there's no vote.
While interest may be welcome I cannot feel optimistic about a putative sale price as we need cash,have little income & now is not a great time for the oil industry.While our suitors may take the long view they know now is an opportune time to pick up GKP for a song.
form an orderly queue Exxon, Chevron, Marathon, Sinopec, Total, BP, CNOC, Gazprom, Lukoil, Petrochina, Shell, increase your reserves by 1.5bn - 15bn, no more exploration losses needed - seems like a bit of a no brainer (so long as I get £8 a shares please)
Does anyon know when the BOD's bonuses kick in hopefully at £20 a share haha
This is the time to top up here or hold.. Some people just don't know a good RNS when they see one. Only an idiot would sell out now and miss the big ride. GS would not have put out an RNS if the offers were mere conjecture... Get real guys n gals.. This SP is in recovery mode and we should see it rising as anticipation for offers come to fruition. A very strong buy IMHO that's why I've topped up even at these prices.. Bargain basement deal for those who can hold their nerve. GLA ... In the words of Warren Buffet ... "The stock market is a device for transferring money from the impatient to the patient." GLA n Buy/Hold/ DYOR Ye shall be rewarded soon!!:)
"Macquarie's Farrell named Hungarian oil company MOL Plc , Gulf Keystone's partner on the Shaikan and Akri-Bijeel blocks, as a likely bidder. Gulf Keystone has been reviewing options for its 20 percent stake in Akri-Bijeel since August.
However, a source close to the matter said MOL was not interested in buying Gulf Keystone.
State-owned oil companies could also be interested in purchasing the oil producer, two analysts said.
They added that even though large companies such as Chevron , Exxon Mobil and Total had the necessary firepower and regional exposure to make the buy, board approval would be difficult in the current oil market.
Exxon Mobil said it did not comment on market speculation. Chevron and Total did not immediately respond to requests for comment. (1 dollar = 0.6445 pound) (Editing by Ted Kerr and Maju Samuel)"
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