Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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at 151.8 pps ... up 0.01% in its ownership ...
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DNO is still buying stock at 152pps. It bought its BIG chunk at 125pps. It will not want to sell its entire load for 100pps as the loss would be pretty disastrous. DNO needs "new" oil ... its current inventory is good but rather politically unstable. DNO also has a 10% finger in the latest Faroe drill ...
It's all become rather messy. I was hoping that a white knight would emerge BUT with all the uncertainty going on ...
I have to say, if I was DNO BOD, the thought of a 50 million pound pay-off plus keeping jobs, benefits etc would be rather attractive ...
Let's see ...
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Isn't it best to sell out here and buy up stocks that have fallen creation recent weeks. Shareholders here have done well with all the volatility we have seen with oil. If DNO pull out surely this will fall to around £1? I bet DNO regret the offer now, they could have gone for a lower price. Interesting to see what happens here
Trades showing up dated October and November? Not seen that before anywhere....
They should be concerned about the Turkish threats to Kurdistan!!!
Never mind Faroe!!!!
Hostile bidders for UK oil firm are told to stump up ??900m?? https://www.dailymxxl.co.uk/money/markets/article-6499863/Hostile-bidders-UK-oil-firm-told-stump-900m.html?ito=amp_whatsapp_share-toptop
DNO haven’t come across very well in this sorry mess! They don’t appear to be the sitting around the table type! I don’t think they will come back with a better offer ! I don’t think the TO will go through! I hope they as I believe 2-2.25 will do it but ..... I would actually prefer for the offer not to go through! With 20KBOPD to look forward up from next month, reduced capex and some dividends to look forward to, this is one of the best oil plays in AIM. They can take their 152 and stick it where the sun doesn’t shine! I’m keeping all my shares !
The fish munchers are trying to get Faroe on the cheap.
Yes...they will have to raise their offer if they are still interested, as people can sell for a few pence more and others are still buying for a few pence more. Not long to go as the festive season will soon blow a hole in the trading calendar. So it's make your mind up time for DNO.
Is it not the case that if the 152p offer isn't accepted by 02/01, DNO have to go away and not come back for 12 months? It would be ludicrous if anyone accepted that offer when the SP is actually higher than the offer price at the moment. Best outcome is a counter-offer I think.
Don’t know but the EU leaders will tell you! I suspect their full & final offer is about to change too!!
Assuming few takers at 152p at the first close date of 2 Jan they will surely increase their offer price to get a recommendation from the Faroe Board? I would guess 180p however with so much going on a Faroe it’s a difficult target for DNO. GLA.
When is a full & final offer not a full & final offer?
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This is throwback to the days of hostile E&P bids of the 80s & 90s! Great stuff.
Faroe Chairman’s quote basically saying “pay up” and DNO criticising the Faroe mgt and their track record, salary packages, asset sales etc etc and then saying they want them all to stay?!
Surely the advisors now sit round a table and thrash out a deal for a higher offer price? No question that DNO need the diversification of assets away from Kurdistan region. Oil rich but so unstable. One ISIS incursion there and the DNO share price hits the skids.
Far better to tell DNO to feck off so that we can enjoy the benefits of Faroe's ongoing development. A much higher sale price is likely to be available in the short to medium term. Anyone who sells out at this level is clearly a complete moron. If DNO come back at 250p then we can maybe talk, although my preference would be for a bidding war won by someone else. Why should be miss out to solve DNO's problems?
I think so as well. Make a nice little Christmas bonus!
JH77, thanks for the information. My guess is that they will have to raise their offer in order to receive at leat 57% acceptance.
In brief...It cannot make a new offer in the event of this one becoming time expired. However it can increase the present offer prior to its lapse date if it so desires.
I am not that familiar with the procedures, when a company makes a bid for another. Will DNO not be able to raise their bid above 152p? If the bid lapses, will they have to wait 12 months before they can come with another bid?
" DNO notes that if its Offer lapses, it cannot make a new offer for another 12
months (subject to the exceptions in the Code) and there can be no assurances as
to DNOs long-term ambitions. What it can make assurances about is that DNO
will redouble efforts to achieve board representation for the owners of Faroe to
ensure improvement of corporate governance practices, to ensure greater
shareholder say on pay, to ensure greater scrutiny and proper oversight of
further dilutive actions, including generous options awards to directors, and to
ensure implementation of a culture of shareholder value creation."
Could get interesting if the present price is held or continues to make modest incremental improvements up to close of play Friday. Would motivate DNO to either put up or shut up.
Why would anyone accept 152p per share when the current SP is already above that figure? If you were minded to sell, why not do it now at a higher price? I expect Faroe will issue an RNS today pointing this out and again making it clear that this offer is derisory.
Good point.
Why would anyone accept 152p per share when the current SP is already above that figure? If you were minded to sell, why not do it now at a higher price? I expect Faroe will issue an RNS today pointing this out and again making it clear that this offer is derisory.
I agree but many, many here bought in when the sp was around 75pps which was only last July. A 100% uplift is rather attractive AND also the bod has been paying itself rather handsomely - whatever the sp.
I would be looking for 175/200pps at least..
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DNO have offered 152p per share, offer closes January 2nd. They need to get 57.5% of the issued capital. I will be very surprised that they achieve this.
DNO already have 28% of the shares at a knock down price so even if they offered £2 the average is still low to buy the whole company.If the bid went through at 1.52p the average would be around 1.38p,cant see that happening.