Thanks for the clarification. Still very good news, as I'm sure we all agree. It is a massive vote of confidence for them to more than double their holding. IMO Fidelity tends to be a long-term investor and good solid investors such as them reduce the volatility of the share price. Let us hope that we get some news soon about the other new Institutional Investors.
BlackRock is a big outfit, managing $3,500 Billion worth of assets, approximately 6% of all tradeable assets in the world. Holdings are very diverse, including direct investment in property, in which there is a portfolio of approx 200 Medical Centres. The average value of a medical centre is in the £3.5 to £4 million range, some being as large as £20 million. The property boys don't invest in Oil shares, except their own money. Property boys do diverse things ranging from being Partners of Knight Frank supervising new developments such as the Bon Accord Centre in Aberdeen for Land Securities when it's being built, and more mundane things like building ten houses on the surplus land in the garden, It's an interesting business to be in. People like Dong need property boys to supervise construction contracts such as the £3 Billion being invested in offshore wind farms around the UK. Hope that helps.
If you take the time to look at the RNS, J P Morgan now has 5,549,549 shares, which at the placing price of £2.55 would imply an investment of £14.15 million, approximately 35% of the entire placing. This level of investment is a fantastic vote of confidence for TC and the team. I hope it makes the press. My favourite restaurants in the City are Sweetings (excellent salmon and cucumber sandwiches) and The Jamaica Inn (The Jampot) very good for school type food.
Thanks for your lateral thinking and fresh vision on PMG Strategy, It is entirely possible that Dana and PMG are keeping the powder dry on releasing the Pharos news until they have jointly maximised their position on ownership of Pharos and various other companies! Have you tried Harrington's for pie mash and eels?. The best one used to be in the Wandsworth Road, but now you have to go to Tooting Broadway.
Just speculating as to what has been in the public domain since 2011. So old news. BBC Scotland 4/09/ 2011
Faroe petroleum founder eyes London Stock Exchange
Mr Stewart said Faroe is growing by acquiring assets but was vulnerable to takeover Continue reading the main story Faroe shares climb after oil find Faroe starts new drilling phase Faroe to abandon Lagavulin well Faroe Petroleum could move into the bigger league of the main London Stock Exchange within the next two years.
Chief executive Graham Stewart told BBC Radio Scotland that is his intention.
However, he is holding off until the company can enter the market in the mid-range, where it could be part of the FTSE 250.
The Aberdeen-based oil exploration company has been trading on the Alternative Investment Market in London since floating in 2003.
Mr Stewart, who founded Faroe Petroleum in 1998, said the firm is growing by acquiring assets, but conceded the company is vulnerable to takeover.
"That's always a concern - how far along the road can we get before that happens - but we hope we can go a long way further than we've got so far," he said.
Also speaking on the Business Scotland programme on BBC Radio Scotland, Alec Carstairs, an energy expert with Ernst and Young in Aberdeen, underlined that smaller oil and gas companies are vulnerable to takeover in the current market, following the takeover of Venture Production and Dana Petroleum in the past two years.
Continue reading the main story “ Start Quote
We're drilling a portfolio, and by the nature of exploration, there will be more disappointments than successes”
Graham Stewart Faroe Petroleum He said share price volatility and difficulty with financing has added to the woes of smaller operators in particular, according to the consultancy firm's latest business barometer.
Mr Stewart said that Faroe's portfolio of assets - worth more than £100m, according to 2010 accounts - across UK, Norwegian and Faroes waters has not extended to bids for blocks west of Greenland, because the cost of insurance bonds are too high for a smaller driller.
The lead in Greenland is being taken by Edinburgh-based Cairn Energy, which has partners able to provide that reassurance to the local administration, and it faces criticism from environmental activists for taking risks in untested Arctic waters.
"It's an approach the Greenlandic ministry have taken to ensure that, should anything go wrong, those responsible are financially able to put it right," said Mr Stewart.
"They've introduced quite punitive financial burdens on anybody who comes in.
"That does restrict the number companies they may get, and unfortunately, at this stage, we're one of the companies that hasn't yet found a way to resolve that."
Surprise element Speaking on Radio Scotland less than a fortnight after announcing very positive drilling news from the Fulla field, but only two
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