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Thanks all I hope that is the reason and if so retract my earlier tirades
Agreed. Lombard are dumping O&G stocks ATM. Woodford is bust and many other II's are reducing O&G exposure.
Most likely a II exiting the market, have seen it before in multiple other stocks. Possibly getting out of the oil and gas sector. Or just lowering there %. Value will win out eventually.
Mike don't be under any illusion, Directors do not need to read these boards, remember the CEO is an Accountant and fully aware of what can and can't be done. Even though one or 2 trolls were rabbiting on about a Fund raise, was it really expected in early June? Remember it was presented to PI's as a fete accompli and had obviously been engineered many days before. As far as I am aware the AGM held on 22nd May had no mention of a fund raise to be instituted on 5th June.
Not sure if my views offend you or what could be happening behind the scenes??
If the directors are reading these boards
I want to register that I am extremely unhappy with what I am witnessing here it absolutely stinks in my opinion
What the heck is going on here it definitely defies any logic!!!!
I disagree, its too regular and in large chunks.
21-Nov-19 10:20:50 1.31 2,000,000 Sell* 1.30 1.35 26.20k O
21-Nov-19 09:59:43 1.31 2,000,000 Sell* 1.30 1.35 26.20k O
It doesn't have the scrutiny a Public co has.
Because it is a private company ?
......fly in the ointment is my view not Superoty's
BadA those are imo dribs and drabs, there are 1400m shares in issue.
I agree with Super.......the fly in the ointment is the presence of Cluff Energy (Africa). Could it be a vehicle to reverse into CLNR???
This is bored investors selling and MM's drop the price to create volume in periods that are baron of news. Shell are very keen to expand their fields and I suspect they are involved in the new farm out. This is a strong buy imo
I am not speculating but sitting tight and adding if funds are available. Not at all concerned. Everything is on track as far as I am concerned. Seen this before and sellers often lose out. What will be will be.
Thanks Fairdealer for your input. I do appreciate it.
Regards to this comment
If Large Investors lack confidence, would they not be off-loading? I believe they realise the Asset value that Shell want to be part of, and are greedy enough to get a bigger slice of the cake.
There has been some offloading for the last few months now, in groups of 10-15k etc. Would this not be a major investor offloading in drips and drans ?
BadA, the Articles of Association dictate, apart from Statutory Rules, how Company matters are managed and organised. The norm being where matters requiring Shareholder approval a simple Majority is sufficient.
We are hypothatising, but should a Buy Out/Going Private be proposed, valuations will be undertaken, often a value related to the SP on a given date + a nominal premium.
As an example if the scenario emerged in line with going Private, the Company could say an offer using yesterday's closing price plus say 10%.
If as suggested a Buy out does occur, it is in the interests of the Buyers to see the SP lower.
The decline in the SP could be a tactic to buy shares as cheap as possible. The fact PI's are unable to buy at present, lends weight to the strategy IMO.
If Large Investors lack confidence, would they not be off-loading? I believe they realise the Asset value that Shell want to be part of, and are greedy enough to get a bigger slice of the cake.
I am sitting tight and will keep under review over the following few months.
Strangely less than One month after resigning and apparently going into retirement Algy Cluff set up a new Company ( Cluff Energy (Africa) ) in collaboration with Michael Spencer. That Company is Private
im no epert but im guessing legally, even if i was the only shareholder left outside of the big boys, with 1 share that is currently worh, 0.000001p they would still have to buy that back off of me, before the company could go private ?
I agree something is afoot by the way, but im not willing to pull out becuase my average is low, hence i think if they do make an offer, i will be in profit.
Yes, i understand all that.
But i am a novice, so the question i ask is,
They have to make an offer to the shareholder for the company to go public, regardless who they are and how many shares they have ?
If the answer is yes, what price do you guess that they would offer or demand ?
Also, you mention
The placing was made at 1.75p, so institutions are under water including Michael Spencer, who incidentally has a higher average, he paid Algy Cluff in a side deal over 3p/share, for a considerable traunche.
It would be amazing if these Institutions are sitting idly by seeing their investment going South.
What would these people, ie Michael Spencer to do cushion their loss ?
Sell up now, average down, be willing for the company to go private so that they can negotiate a deal behind closed doors ?
Thanks again,
BadA read my experience. That Company was trading profitably after a number of years of development and consolidation and yet it was taken Private. A recommended ( usually by the BOD) offer is put to the PI's with the caveat, " A majority of Shareholders ( the Institutions) are going to Accept". Consequently Ordinary PI's are left with little or no option. If a PI Refuses/Does not Accept there are benchmarks where compulsion is put in place. Often the Benchmark is the Acceptance of 80+% of Shareholders.
Some points to remember. The placing was made at 1.75p, so institutions are under water including Michael Spencer, who incidentally has a higher average, he paid Algy Cluff in a side deal over 3p/share, for a considerable traunche.
It would be amazing if these Institutions are sitting idly by seeing their investment going South.
When the June Placing completed it was mentioned that the weight of Company Control had been taken away from Ordinary PI's.
The very fact Shell are on board, alone should have kept the SP much higher.
The cynic in me says mischief is afoot. Mike illustrates the difficulty/impossibility to purchased a small number of shares. Isnt this bizarre? Are MM's scooping up every available share? Has anyone attempted a dummy Sell?
The one issue is the comapany has no debt. It is cash rich, , most buyouts are because of debt ?
if we go from Public to Private they have to make an offer to the shareholders or not ?