'I've been buying GKP 6.25% bonds in decent size again today.
Interestingly, I had to pay 42.75c for the first couple of clips, but then supply died up and I had to pay 44.5c for the last lot. The 13% are better bid as well, at over 70c.
Apparently, there are few sizeable buyers in the market, with one particular hedge fund looking to buy significant chunks at the right price.
The recent placing seems to have given me a lot more comfort than other bondholders, as I'd have thought the fact that GKP could raise money at all would be good news. The major shareholders who put in the bulk of the funds won't have done so without a clear plan for an exit, and I'd expect directors to be dancing to their tune. They certainly won't want to hand over all of the equity to bottom fishers like me in 24 months if the debt can't be repaid.
I quite like Kurdistan as an oil play at the moment. If buying equity, I'd go for GENEL, but I'm happy to own GKP bonds at these prices.'
well thanks for that not so subtle deramp ... Sorry investment advice lol ,,,, didn't we just hear over $100 m in funds, production re started and expecting payments ??? All other oilys increasing production and rns all over the place saying regular payments soon ?? Yet you give us 2 weeks before we start panicking rofpmsl stop pretending your an investor and give us a break ffs !!! Hey and your not the only one here but you all stand out like a sore thumb.. Tell you what I'll do since Nost has all but lost his 1st bet for the rampers I'll bet you £100 to a charity of winners choice we don't see an rns about a rights issue before mid May ! If your right I will pay my debt gladly and never post on this board again !! So what you say ???? You feeling lucky punk ????
We’re fully confident that we’ll receive payments for our production and exports in line with our contractual terms,” Mossavar-Rahmani said, stopping short of providing a timeline like Genel. “The operating companies in Kurdistan have made it quite clear that future investments will be driven by the timing and extent of payments. And it’s in the interest of all parties that these investments be made.”
Instead, further deals are likely to look entirely different from Shell-BG, and to focus on the small and mid-cap sectors. Smaller companies in financial distress will be snapped up, and a few lucky explorers such as Gulf Keystone in Kurdish Iraq will eventually be bought out when politics and valuations align.
Bankruptcy ? means GENEL is following GKP ? GKP is producing almost 40KBP , regular payments will start soon and all political problems with bagdad will be solved also soon as you can see 95% of kurdistan is free and safe.
I really do not see this as being imminent (and i would take imminent to be 2015). The share price needs support of further payments for production. The next instalment of similar amount to that received in late Feb will come IMHO this week or, slightly more likely, next week and when the next one comes in circa another 2 months after that then the market will start to believe there is a developing regularity to the payment cycle. I do not see great likelihood of any more material payments from the KRG in the near future. Some semblance of regular payments should see the share price re-base a worthwhile amount higher than current levels, but ultimately it will take a reveal of NM's box contents to re-base materially higher and open up the pathway to GKP sale. If the regular payment cycle does not start to reveal itself by the end of April (give or take a few days as this is the Middle East we are talking about) then expect announcement of a rights issue in the first half of May as that will be the only way to keep the wolves from the door!
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