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"maybe a special issuing of shares, maybe a cancellation of the 37m shares involved"
thats how short squeezes normally end historically from my experience, a new placing at an agreed price to let the shorters out in a way that conveniently benefits the company, new shares normally issued at a higher price over the original issue price but not in the sky high prices of the boom. This allows the share to return to a state of an "orderly market" and trading to continue.
not all but most i have watched in the past end up suspended in the meantime while new placing is arranged.
use the famous example of VW that went up >500% over a couple of days temporarily, it soon fell again and people only made money if they sold in to the rise. many lost alot if they bought in to it.
Just make the most of it, and good luck :)
It'll be interesting to see what happens this coming week, it's all fun and games with PET
kdickson24 Jan '20 - 15:20 - 12960 of 12961
Moneyintransit attended the court case this afternoon and also managed to catch up afterwards with Mr Fayad. Here is a summary of his notes.
COURT CASE NOTES
- Current ruling is continued, which means a further extension.
- Chase Nominees is a completely innocent bystander in this case.
- Mr Fayad and Mr Mehraik both attended (Mr Tamraz excused himself for medical reasons).
- Petrel's solicitor stated (and judge agreed) that all defendants had consented with last week's ruling.
- Mr Fayad had prepared a lengthy statement, read out by Petrel's solicitor, which the judge accepted to hear, and agreed with Mr Fayad that he would make this statement a sworn affidavit today.
- There was never any intention to sell, and in fact Mr Fayad is a victim of a dishonest action by the lender which is understand to be EYPC.
In the hall, after the court session, Mr Fayad and Mr Mehraik were waiting on the various solicitors grouped together to discuss further.
So I took my chances and approached him, telling him that I was an interested Petrel shareholder and that we had met at the EGM.
Mr Fayad was very friendly, and we had a quick chat.
I told him that all of this was rather unfortunate, but the overall and most important question for us shareholders is if the Asset transfer will still go ahead.
He told me that this was certainly still the intention, and that is why he was there, to help sort out the issues.
I said that as a shareholder I was concerned that the 2nd Tranche of 64 million shares had not been paid yet.
He said that they had offered to pay these shares, but that Jim [Finn] had told them that first this current issue has to be sorted!
He emphasized that he was the victim of of a dishonest action - "as I also mentioned in my affidavit".
He thought that the group of solicitors (a few yards away, discussing) were trying to see if it was possible to arrange a meeting this afternoon with Jim/John (and Fayad/Mehriak) to see if they can find a solution. He said "maybe a special issuing of shares, maybe a cancellation of the 37m shares involved"
When I thanked him for his time, he emphasized again that they were willing to pay the 2nd tranche, that they really want "to help Petrel" (his words), and he then actually asked me to share this with other shareholders I know.
SHAREHOLDERS WILL FOLLOW THAT VALUE.
JT added that, for the foreseeable future, the current Board will have full control of the Board. But it WILL become a very different company. You can't expect that current Board will remain dominant. There WILL be more appointments to the Board. Tamraz said they won't be looking for resignations, they're happy with the board, but they want to bring in certain further other expertise.
Q: Does Mr Tamraz think that the company will go strongly in the next year?
A: Mr Tamraz re-emphasized that this was the intent. By bringing in important Assets, this should push the share price up. JT added that this is exactly why they recommend this proposal to the shareholders.
Q: (repeat of earlier one) Is the Tamraz group now committed to NOT INCREASE their 51%?
A: Again, he said he didn't need to. JT explained that such hypothetical situation would require a repeat of the same full process as the current take-over.
Q & A SESSION
Q: What is the impact on existing Shareholders?
A: They will carry on with the values of the new Assets we should have, and the effect that will have on the Market, which has already started to put additional value to the price since [the Group] they came in, and that was without them being precise yet on the assets. They are now ready they think with 90 days with a precise Asset. Nomad advised them to not be precise yet, but it will be proven Reserves.
Q: Could there ever be a situation where us shareholders HAVE to sell? e.g. a bigger Take Over later?
A: (JT) That's exactly why we are meeting here today at this EGM - to avoid such a situation. They want to evolve Petrel, and bring the Shareholders along. It could involve more of these EGM's, because the Assets are EXTREMELY BIG. The intention is to keep the LISTING.
Q: Which Petrel Asset is the most important?
A: Mr Teeling and Mr Horgan know much more about Ireland so they can better talk about that. For Iraq, they think they have an added value for Petrel - Iraq has a very big potential. Iraq is also talking about bringing a pipeline to "Aqaba"? on the Red Sea (2 Billion barrels a day) which Tamraz are looking at. Ghana - Ghana is very interesting. They have very good relationships in Ghana. He thinks they will develop that.He also met 2 days ago the President of Republic of Congo who are looking at investments that they will bring to Petrel, and the Angola President is also close. In Iraq they have a good relationship with the Government now. Relationships are extremely important in ME and Africa.
Q: What’s happening with BLOCK6?
A: JT stated that after all those years that have passed by, the legal status has to be uncertain now but the new Petrel structure puts us in a far-far better position with the Iraqi Government. He added that there had to be questions about the strength of our claim, but having said that, they are not aware of anybody's attempt on Block 6 (after the meeting JT gave the impression that things were pointing more to possibilities on other fields in Iraq)
Tamraz also mentioned they had already talked about Block 6 with the Iraqi's.
Q: Is it possible that “other” Tamraz related companies might buy further shares?
A: Mr Tamraz said that this was NOT their intention and that we should be clear about their intention. We don't want to take this public company for, say 75%, as that wouldn't make sense. We want to bring in Assets with a value on the Market so that it is reflected. 51% is enough to stop other companies wanting to step in when they see the quality of the Assets we bring in. Any asset they bring into Petrel will be a minimum of £100 million (pounds), so we don't need to buy more shares. We need to have their [Petrel’s] shares in the Market reflect the value of the Assets, and therefore the 49% SHAREHOLDERS WILL FOLLOW THAT VALUE.
JT added that, for the foreseeable future, the current Bo
REGARDING the FIRST ASSET
• They think within 90 days they will have something to share with the Market but regulations prevented them from giving any further update today
• The Assets are there - they are just waiting on formalities (lots of paperwork and some technical work) and approvals to be in place before they can present any detail to the public
• Once that is in place, they will bring this first asset, worth AT LEAST £100 million into Petrel
• Impression from at least one attendee was to “expect proven reserves” in relation to the asset
• The process of bringing in that £100 million+ asset will involve a Proposal to the Board and will require another EGM
• They have no intention for a further dilution of shares.
FUTURE ASSETS and DIRECTION
• After this initial asset, they want to bring further SIGNIFICANT assets into the company in several phases
• They want to be involved in both Upstream and Downstream
• Right now they are looking at both upstream and downstream opportunities, including a PIPELINE, but don't want to present this to us until its very specific
• Further persons, with significant knowledge of working in China, Russia and Iraq, will be brought into the Board
• They want to develop our Ghana interests and say they have excellent contacts there
• Excellent contacts too in Iraq where the chances for this new Petrel are "far-far-better"
• The new board will talk soon about some marketing to be done
• John Teeling stated “Remember, with the Marketing machine behind Tamraz, after today Petrel is now no longer exposed to just Ireland/UK, it will now have Global exposure".
MAIN BULLET POINTS from EGM
• Around 25 shareholders were present. No press appeared to be there
• The proposal was passed with 99.9% (approx. 8k votes against)
• Tamraz and Fayad came over as very reliable men, and trustworthy (according to shareholders who met them face-to-face later)
• None of the original Board personally knew any of the individuals from the Tamraz group
• It was the Tamraz Group that approached Petrel, indicating they were interested in using the company as a Vehicle to be developed
• The intention is to really grow this LISTED company and to keep this as a listed company
• Absolutely no plans to take it over as a private company
• They have no intention at all to take more than the 51%
• Existing shareholders will fully profit from the growth
• Tamraz spoke about his background (in a very modest way apparently) - largest stockholder of a Top 20 US bank, active in Middle East and Europe for the past 40 years in Natural Resources, Oil and Gas
• Also gave short summary of enormous projects successfully achieved – SUMED and BTC pipelines, Tamoil with its 3000 gas-stations & associated refineries, etc)
• Tamraz stated that their involvement in Natural Resource/Oil/Gas had always been private for them, until now
• They decided to go public (i.e. listed) now, so they were looking for a Vehicle with a background in Oil and Gas where they could get enough shares themselves so that they could put some HUGE assets into the Vehicle (i.e. Petrel Resources), and they have now reached this point
• Following this EGM, they will be working with the present management on certain assets to be in: Oil Reserves, Gas, and some Natural Resources, in a step-by-step way.
Market Makers you mean.
The market with decide tomorrow
Let's just wait and see I would take just A percentage increase or 2. That's it.
Slow n steady wins the race.