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I have mentioned this before.
When Cluff did a farm out with Shell back in February 2018, very briefly the price spiked to 5p.
We could do with them putting an offer in. If they want our assets I think they need to gauge the collaboration between both parties and start at 2p
3 days ago I posted a message " 19 days for someone else to step in and make a better offer."
I have just read what I posted.
I typed my message 3 days ago and pressed post without reading it
I think what I meant to put was 19 days before someone else puts in a better offer than they where thinking of putting in. If that makes sense.
It’s a pity this behind the scenes acttiity couldn’t be mapped for the last year or so because it absolutely stinks rotten imo
Oil, these forms can be confusing and can all seem the same in the heat of a takeover. Here's my understanding of the reporting under the takeover code.
8.1's for disclosure by the offeror or someone working in concert with the offeror of positons in the offeree company.
8.2's for disclosure of positions held by the offeree including BOD etc.
8.3's for disclosure of opening positions and dealings by anyone with 1% or more.
8.4's for disclosure of opening positions and dealings by concert parties.
8.5's for disclosure of opening positions and dealings by exempt principal traders i.e. marker makers etc.
These forms can tell us quite a lot. Particularly, as Greenwolf alluded to, the forms released last week relating to the takeover of DELT.
Stifel Nicolaus and Peel Hunt both released 8.5's detailing their dealings in DELT shares, as exempt principal traders. There notifications stated they were "Dealing in a client serving capacity"
Stifel dealings
11th bought 2.9m sold 2.3m
14th bought 3.4m sold 3.8m
15th bought 653k sold 500k
Peel dealings
11th bought 3m sold 4m
14th bought 114k sold 39k
15th bought 100k sold 82k
They will say they were just trying to maintain an orderly market. However IMO their actions stifled the action on the 11th and surpressed the market the rest of the week.
More curiously is the Lombard Odier notifications. They sold 21m DELT shares over the week reporting these on 8.3's as a holder with 1% or more:
Lombard dealings
11th sold 15m
14th sold 6m
However with them not being a market maker, they weren't trying to maintain an orderly market. So, what was there motivation? It looks like the takeover panel had the same questions.
On Wednesday Lombard had to notify the market again of these exact same dealings, however this time via an 8(DD) which stated they were "acting in concert with Independent Oil & Gas Plc" and that "The Panel Executive has agreed on an ex-parte basis that the dealings below have no Code consequences."
So now we know that they are acting in concert with IOG and IMO their actions stifled the action on the 11th and surpressed the market the rest of the week.
Is it any wonder the share price seemed so weak last week.
Anyway, things seemed perfectly orderly on Friday with a nice natural rise in SP. Amazing what an intervention from the takeover panel can do!
Hopefully this can continue to rise this week. Offer or no offer.
GLA
MT1
Spot on Mike , what offer?
Thanks green wolf. These t/o forms could soon confuse me.
Yes, 8.5s have been quite telling this week - Friday 11th pm caught MMs by surprise and they struggled to hold it on Monday. It's been held all week but I suspect once there is a sniff of a bid, it will start to rise (hopefully....).
Oilriches - if you put "Disclosure forms takeover panel" into your search engine and go onto the Takeover Panels website there's some useful info on there.
GLA.
Mike007
Patience
Better offer what is the offer????
19 days for someone else to step in and make a better offer.
Thanks j1sof
They have 19 days
Out of all the M&A in oil and gas.....this deal is a perfect fit. Question is will the offer materialise next week.
MajorThomas1
I agree.
I am sure a deal will be done, with someone, but hope small share holders wont be sold out by the BOD
Major Thomas. What do the 8.5 form do?
IMO a deal will come.
Stifel Nicolaus, Deltic joint broker and Peel hunt, IOG joint broker both helped keep a lid on the DELT share price last week. Just look through the form 8.5s they've reported.
That tells me both IOG and DELT want this deal. Just a matter of what price and what conditions.
What were you expecting draft it might not even lead to a bid
There are no leaks in the press at all.