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Can someone remind me when was the last day of submitting our vote on the proposed deal with Medco?
I have been checking on my share-trading account but no info appears under the corporate action section.
Thanks!
P.S. Of course I am voting NO
:)
I didn’t even know there was a drill ongoing in Mexico? What is going on here?!
Ok ..well good to see your still here ..appreciated all the posts in the past along with other posters also...back to being a waiting game then! at least pmo looks to be start moving..gl also
If the Offer gets rejected and Medco say bye bye we are not increasing what happens next ? Hopefully soco come back ?
Nope, still alive an kicking.... unlike the SP atm
Nothing to see here as the saying goes. Don't expect to see any fireworks anytime soon imo.
So just looking at other opportunities while this one is in sleep mode.
gla
Surely you would expect it to increase? With the institutions buying at 55 and above? And if offer gets rejected? Has New KOTB left us?
What’s the expected share price?
Soco will not make an offer for the company.
I feel this bid has similariities with the Elf bid for Tricentrol Plc which was triumphed by Arco in 1988. Patience will pay dividends here.
"It is possible that Medco could up it's offer but given its behaviour so far I suspect it was only ever interested in a bargain basement asset grab...."
Medco could easily add another 10p and still get a bargain basement price.
That 10p would imo bring over a few more institutions for a quick deal imo.
If you think the deal will fail and is withdrawn would it not be wise to sell now.
Romeike appreciate your comment and i complety agree, I also see Medco as being a very stubborn party to deal with from what we have heard of them so far.
My original plan was if the deal was to fall through I could hopefully buy back mid 40’s but I think there will be other party’s involved now they have seen what a sell out the BOD are so would be surprised if Ophir isn’t sold one way or another.
Before you add over much consider that as Medcos advisors and backers withdraw their interest as it becomes obvious a vote isn't going to happen the share price is likely to fall away somewhat while the dust settles. While the activists and others can scupper this deal, there is no guarantee that the seemingly discredited board will play ball.
It is possible that Medco could up it's offer but given its behaviour so far I suspect it was only ever interested in a bargain basement asset grab.
This doesn’t look to be going for 55p. Tempted to put a few quid back in here. I’d be happy for the deal to fall through completely, 55p is robbery and this whole situation wants investigating.
Remember this deal was sold on the back of all time lows for our SP ...
The Acquisition represents a premium of approximately:
65.7 per cent. to the closing price of 33.20 pence per Ophir Share on 28 December 2018 (being the last Business Day before the announcement of Medco’s possible offer for Ophir);
61.2 per cent. to the volume weighted average share price for the one-month period ended 28 December 2018 (being the last Business Day before the announcement of Medco’s possible offer for Ophir) of 34.13 pence per Ophir Share;
43.3 per cent. to the volume weighted average share price for the three-month period ended 28 December 2018 (being the last Business Day before the announcement of Medco’s possible offer for Ophir) of 38.38 pence per Ophir Share.
-----------------------------
Be interesting to see what premium anyone else would add, given our volume weighted average for current :
20 VWA days is 53.8p
50 VWA days is 49.2p
100 VWA days is 46p
65.7% to our 20 day VWA would now be 89p
61% to our 50 day VWA would now be 79p
43.3% to our 100 day VWA would now be 66p
Appears as if this will go down to the wire before the 55p offer document appears .... Wednesday 27th, 'd' day.
Or possibly an improved offer from Medco before then ?
The board (for their own ends) will need to convince Medco that 55p will no longer cut it.
gla
LC,
Well the information and letters that have recently surfaced explain a lot.
It appears the BoD are in the process of buying time to possibly save their own skins. Both from an employment and legal point of view and not to get the offer improved.
The much delayed vote looks like it will go up until the wire before we have the GM date. Not sure, but I would guess Ophir have up to 28 days to arrange a date from the offer ( need to check).
Certain members of our board may well be extremely concerned how things are panning out atm.
LC, as time goes on, your BOLD TYPE is looking more appropriate as days / weeks go by.
gla
Following on from Bill Scrader's history, if you look at the Medco CEO, Roberto Lorato he also worked in a number of similar countries, West Africa, Russia and Indonesia... Plus, he was the President of VICO Indonesia which is a BP, ENI joint venture between 2003-2006, just when Bill Schrader was BP President of Indonesia as he left in 2004 ..... these two must know each other
Isabel Dos Santos, richest woman in Africa.
Plus, flurry of buys over the 55p t/o offer price adds to the intrigue.
Sand Grove Capital 17.40% now !
I assume that Petrus have other shareholders aligned with their view. Which may mean the deal could be in trouble, Sand Grove has been actively acquiring shares around 55p so they could be in agreement. Based on the strength of language in the letter the current members of the board surely won’t survive if the bid fails ....: this acquisition just got more interesting
Good read
Will he take any notice ?
https://petrusadvisers.com/media/letter_to_bill_schrader_19_february_2019_final.pdf