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That's the Vallares press release I posted earlier, of course, but I've just noted that:
Assuming all Deferred Consideration Shares were released from escrow arrangements, Focus Investments would have held up to 28.1 per cent. I'm not clear if those escrow conditions were met but assume that they were. If Mehmet Karamehmet's holding has not changed over the years then today's RNS does not significantly change the position as far as I can see.
The idea at that time was that Vallares would take 50% of the 'new' company and that the 'old' Genel Enerji owners would be excluded from management of the new organisation:
https://www.cityam.com/rothschild-outguns-turks-oil-deal/ :
VALLARES, the investment vehicle set up by Nat Rothschild and former BP boss Tony Hayward, yesterday agreed a deal to buy Turkish oil giant Genel Enerji in a $2.1bn (£1.3bn)?transaction that sees the owners virtually frozen out of the management of the group. Vallares negotiated a share structure that sees both companies take an equal economic interest in the new company. But due to Genel only being offered suspended voting shares, it will have voting rights of just 30 per cent. The 10-strong board will only have two Genel representatives on it, both in lieu of major shareholders. Genel’s current chief executive Mehmet Sepil, who was fined £967,005 by the Financial Services Authority last year after he bought and sold shares in a joint venture partnership company with Heritage Oil using inside information, will not be on the board. Instead, Sepil will become president of the new group, and has nominated Genel general counsel Murat Yazici to represent him on the board. Genel’s majority owner Mehmet Karamehmet will be represented by his daughter, Gulsun Nazli Karamehmet Williams. The remainder of the board will be made up of eight Vallares representatives, including ex-Corus boss Jim Leng and George Rose, the former finance director at BAE Systems. Two more non-executive directors will be appointed after the merger. Advisers said last night that the group was anxious to avoid being compared to miner ENRC, where controlling Kazakh shareholders forced two non-executive directors off the board in an episode that raised concern in the City. “This was a condition of the deal,” said one adviser last night. “We wanted to avoid some sort of corporate finance discount.” In a statement released yesterday, Vallares non-executive chairman Rodney Chase said: “Genel Energy will have a majority of independent directors and is expected to be fully compliant with UK corporate governance rules from closing.” The all-share reverse takeover will create a combined business worth £2.6bn. The new company, Genel Energy PLC, aims to join the FTSE 100 by early 2012. Vallares will issue new shares worth $2.1bn at a price of £10 per share to buy 100 per cent of Genel, giving Vallares and Genel’s current owners equal stakes. Genel has stakes in two world-scale producing oil fields, a major gas cond
Yes thanks, Ocelot - I'm pasting your previous reply into this thread below so it all hangs together (and I can find it):
This is taken from p6 of a Vallares press release of 07/09/11:
(2) Mehmet Sepil?s beneficial interest in Vallares Shares (which will be held through Genel Holding and PRM) will
be 14.5 per cent. Mehmet Karamehmet?s beneficial interest in Vallares Shares will be held solely through Focus
Investments, in which he will hold a 100 per cent. beneficial interest.
https://www.genelenergy.com/media/1230/vallares_galapagos_announcement_20110907.pdf
From a court document dated 07/02/18:
(i) Karamehmet indirectly owns.100% of the beneficial interest of
Focus represented by its shares; (ii) Focus, in turns, owns 17.26% of voting ordinary shares in
Gene! Energy pie ("Gene!") and 23 .31 % of the Ordinary Shares of Gene!
What was his holding do we know???
Hawkey
He's never sold out, there's been no change in his holding during the time I've been following the stock, which is why today's RNS is so interesting.
Can’t find a holding anywhere...
Any ideas Ocelot??!
So just a thought... Someone who used to own the company and who sold for a lot of money bows buys back in on the cheap. I wonder what he knows....
Surely on a normal day 10% up...???
Hawkey
You've not mentioned Karamehmet, Hawkey, one of the joint founders of Genel and whose daughter sits on the board,
Might explain the strength back in the 180`s...Not sure why you'd say there couldn't be a TO...What is your thinking behind that?
Totally agree with JL...
Davey 65 million shares 23%
Biligin 55 million shares 20%
Daax 41 million shares 15%
Rothschild 22 million 8%
Focus 19 million 6.8%
Does this look about right...???
Hawkey
1. Karamehmet
2. Bilgin
3 Daax
4. Nat Rothschild
So who would like to take a stab at our top 5 holders???
Hawkey
It's the mushroom effect H! Zero chance of a t/o imo your sometime paymasters would not allow it. If there was a cat in hells chance of a t/o do you think the sp would be 150?
Shurrrely Shiirreley 160?
Yes. I'm not sure how this is regulated: it would seem far too easy for an individual or organisation to accumulate more than 30% by simply setting up separate entities.
So what's going on here then? At least this will/should support the sp....Cheap as chips @ 150p...Bid?
7.8% divi based on FX 1.28
The name of Focus rings a loud bell: think Davy AM are acting for Focus.
Ocelot - because Davy and Focus are separate entities they are surely each well short of any TO threshold? They are not viewed collectively in that context are they?
Focus is Karamehmet:
https://en.wikipedia.org/wiki/Mehmet_Emin_Karamehmet
There’s been a few ‘characters’ I’ll politely call them touting Gkp is being sold and suggesting some ridiculous figures. Whoever theses focus lot are I’m sure they are just taking advantage buying a few at these levels.
Even at £3.00, I dont think the main holders would do a deal. They have been holding for so long, they are definitely waiting for something (I am not sure what) and it is not make a few% on their current holdings (Especially as a lot of them have much higher acquisition costs).
My guess is that all these big boys are waiting for the gas. At present you get 6/7% yield, why would you rush and sell.
I cant see it happen but who knows??
Possibly, or it could be a defensive move, to let a bidder know they will have to pay up generously should they seek to make a move on the company.
There will be no bidder in the near future for any oil company in Iraq...we need to understand the geopolitics there and KRG has no authority to sanction or facilitating this ..it is a very different dynamics there but if you are talking about mergers..that is more feasible but not outright bids by any foreign identity...
This is Iraq and no one in history dares to take risk and history taught oil companies this.
Considerably higher, I think, Boyobach, but it would depend on whether the bidder would be satisfied with taking 50% + 1 share.
Well it would certainly be disappointing, Ocelot.
Based on recent average around 185 - the possible Focus acquisition price - we would be at perhaps 240 - 260 do you think?
Don't think a bidder would dislodge the principal holders at that price, who have stuck with the stock through thick and thin.