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Pete, good question. As this deal stands at almost an additional 1 billion shares issued, those being for the deal and Director options, this deal doesn’t represent good value. This is compounded further by the fact, as far as we know, BPC will still pursue the CLN and the convertible loans from the family office investor.
If we add to this there will also be a requirement to raise some funds to develop CERP, how much we don’t know, so then this is starting to sound like death spiral financing. If they don’t raise or identify the funds for CERP development before P#1 is drilled then you risk P#1 being a duster and then raising with a sp that is absolutely smashed to pieces. This is definitely death spiral financing.
I feel BPC could have got a better ratio if this deal had been done later, mitigating dilution. I would also like to know how CERP will be funded to unlock any potential it may have and where this will be focussed to achieve something like 3k or 4k bopd and then this may be worthwhile.
Can we also expect any CERP actual oil in place to be leveraged to mitigate against any of the dilution spoken about previously.
This isn’t much to ask of a company is it? Where’s the plan!
I think the poster meant pie orifice.
Did someone really just portray that Malcy was the "oil oracle" ?
I needed a good laugh, and that was just what the doctor ordered.
Jim,
Do you accept that CERP bring more to the newco than merely 560 bopd or do you dismis out of hand the rest of their business?
Thanks
Jimtheknow: I don't need to defend myself but you do with your repeated cr+p. You have no facts other an opinion on your part that you know better than:
1. The unanimous opinion of 2 BODs
2. Malcy the oil oracle
3. the investment decisions of of a pension fund (Mersey)
4. the investment decisions of J Finn
I believe you do not know better than these respected institutions, and if you profess to do so, it is because you have a major conflict of interest so kindly get lost. Not interested to debate..
Starchild
Star, you continue to undermine your credibility. You attack me and not my facts and then what makes you even less credible is you post your assumptions about a situation as if they are correct and facts - this is not the case.
Your assumptions about the companies that have disclosed positions are exactly that. Your assumption is that these are investment decisions based on the fortunes of a company, i contest that with my own assumption. I assume these investment companies are not investing in the potential of BPC or CERP but more the market anomaly and potential arbitrage situation that occurred. A sharp investment manager will have likely seized upon a win-win situation that appeared in the market and this could have been any two companies.
As for the two BoD argument I can make an assumption as well. Mine is that the CERP BoD were likely to vote for anything that marginally better than selling out at around 2p a share and BPC BoD want to ensure the gravy train continued if P#1 fails.
These are assumptions and not facts.
CERP production of 560 bopd is a fact.
18 wells to abandon in Spain is a fact.
The markets have not taken kindly to this deal and think the merged company will be stronger after as the SP has slid day after day since the announcement.
These are all verifiable facts.
Stop attacking me and pull apart my facts and people will stop skipping by your essays and might even start to read them. Stop boring people and start educating and informing people.
Jimtheknow: you are talking sh+te with your posts since the merger proposal. To have a difference of opinion which can be debated in a polite, honorable and decent way is fine. What you have bombard this forum with is cr+p. Do you really have the ego to believe you know better than:
1. The unanimous opinion of 2 BODs
2. Malcy the oil oracle
3. the investment decisions of of a pension fund (Mersey)
4. the investment decisions of J Finn
You do not and neither do your cronies who I allege have major conflicts of interests in recent postings . For example Bully1985 who admitted to having no shares and willfully talking the SP down for gain.
Watch this space next 2 days
Starchild
Star, PoC, All I post are facts and should I ever post misleading or incorrect facts I 100% expect to be pulled up in these and corrected. Do you know what, I can’t recall a time anyone has.
I would urge people to read all the 100+ pages of the document that can be found on CERP’s website outlining this deal - I have. You don’t have to get too far into that document and you’ll read about CERP’s 18 well abandoning liabilities in Spain that will be required, or CERP’s 2018 and 2019 production. Net revenues. It’s all there.
If these metrics and business making qualities were so good and compelling why have BPC never stated these?
I, like you, can make assumptions on why this deal could possibly be ok but rather than me making assumptions I want my board to tell me what the plans are.
And to make those plans more credible and to quash the apparent greed and self trimming-ness of this whole debacle they should withdraw Resolution 3 at the earliest possible opportunity. As it stands they are asking us to make assumptions and have blind faith, well that doesn’t really work when it appears they are not in the trenches with us. It just looks like snake speak with forked tongue.
That is the shameful thing in this whole process.
Your mind is fixed by your second guessing , and assumptions. It bears no relation to the facts. I'm afraid you do not understand the situation, or are unable to take on board the strategy at play here. That is all I can say.
Jimtheknow: you are talking sh+te with your posts since the merger proposal. To have a difference of opinion which can be debated in a polite, honorable and decent way is fine. What you have bombard this forum with is cr+p. Be assured I am in no panic. Watch next 2 days.
IMHO
Starchild
PoC, this share will absolutely go up as we approach drilling in December - unless the board are lying to us about being ready to drill and we don’t. I believe they will drill so no issues there from me.
Acquiring CERP puts a ceiling on any rise though and if the drill returns dust, it’ll have an almost identical result on the sp.
What’s the point in buying CERP now then?
Jimintheknow, you are second guessing a lot in the facts. There is a whole new dynamic at play for CERP assets once they are inserted into BPC with the financial backing it has to unlock those assets at multiples of today's valuation. To ignore this, is baffling, considering the info that has been presented by both BPC and CERP in relation to the reasons for the merger. It is one of the reasons why BPC has got CERP at such a low valuation, imho dyor,
Star, you appear in total panic that some of the posts on here might actually seriously influence the outcome of a vote and you constantly manipulate the truth to try and paint a good picture for your own benefits. What you are actually doing is reinforcing and cementing the comments I put on because all I’m doing is posting what I see as unpleasant facts people should be aware of e.g. indisputable facts like CERP’s poxy 560 bopd production, and you accuse us of deramping. You’re doing my job for me in highlighting what is bad about this deal, you’re actually agreeing with me but don’t appear to see it. It’s not deramping, it’s unpleasant facts about the deal - well done for seeing this.
As for good intentions. I point all this out because I think BPC were on a better path without this deal, at this price, at this time. So yes I am doing my bit to help others.
Now I think your intentions aren’t so good as you don’t appear to want people to speak about some of these facts, why? I’m not sure. The most plausible reason I can think is you went in heavy on CERP when it initially dipped after the announcement of the bad deal and you took advantage of a situation that occurred. My guess is you’re very much porcelain committed to this merger coming off as if it doesn’t CERP are up the creek without a paddle and 1p will look good for them if they manage to maintain that after a failed bad merger attempt.
I have never said I will not vote yes to this deal, only that on the facts that are available now this represents a bad move, or certainly a move that could be bettered at a later date - if CERP are able to survive that long?
Starchild, Agree, second that.
The Bhoys, they just love the sound of their own voices even though it's crap they spout. Empty vessels make the loudest noise.
Thehboys, the reason I post negativity is for members of the public who occasionally read this forum to get insights. The BoDs cannot defend themselves without RNSs and interviews. I'm trying to level the playing field from unfair unfounded criticism and fake news.
Do you understand my point of view? I am extremely angry
Starchild
It’s all just small talk and a whole load of Bull ha. I keep saying this” you cannot take these ppl seriously.” If you give these individuals a second thought you really need to evaluate your mental state. In all my 56 years have never came across anything like it. I cringe at some of the posts and feel embarrassed for the individuals posting them. It’s negativity on top of negativity. By the way I voted yes and yes. Have a good day all.
1p, 2p, 3p, 4p, 5p..it's all irrelevant for Perseverance whether pre-drill or post drill, and multi oil discoveries. If you wait for 1p or 2p and don't get it, then it's a bust straight away while you sit and watch the sp go up in the pre-drill build up and results. If you are happy to pay today's 2.4p and are in for the drill build up to 6-10p then what's not to like, imo, dyor.
Desparado, you hit the nail on the head
And that is clearly why you spend time and effort to talk it down. I would buy more at that price too but dont spend all day ****ging of the share and the board.
Post merger /takeover going through, I'm not sure how these people will exist when the sp moves northwards in anticipation of the Perseverance drill. No doubt they will be slapping themselves on the back for all their wisdom and prowess at backing a winner, which of course is laughable, but I guess they have to believe themselves, as no one else can.
Bully1985 has no credibility. He has admitted having no shares in CERP or BPC. It has been proven he has posted fake news. (click on my name to events at the weekend) So why does he spend all day posting on CERP and BPC forums?
Starchild
Have you noticed how they subtly mention another company in their posts as well to increase interest in that particular company? They deramp this share, then mention another company a few posts later to try and entice people to that company. It’s laughable and predictable.
It really amazes me how a handful of people can get away with constantly spouting negative posts about a company, its board and its potential, repeatedly almost hourly while feeding off each other’s posts. They have one objective disguised as discontent for the BPC/CERP merger: To talk the share price down. Most of these regular posters unlikely have any shares in the company and are not doing this exercise out of concern for fellow human beings, but out of alleged greed. Why else would they spend all day doing so? Don’t they have something more productive to do? For example, they keep replying to the thread 1'.8p next stop' to highlight their wish for shorting. This is shameful.
The SP appears relatively stable today and creeping up (at the time I write this post). Possibly in anticipation of Eytan Uliel’s Proactive presentation at 6pm tomorrow in case news emerges or current news is clarified. I really hope justice will be served to these folks when the SP moves the other way they hoped. Karma.
Starchild