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Traders not willing to 'risk' holding over the weekend lol. Surprised to see as HoagyC noted, that the many majors are also down. I think the 'bots are simply taking quick profits and clearing off- seagull stylee. Personally i'm expecting a rip tide between rising POO and bat soup virus. Far easier to 'seagull' than buy and hold. The ii's are imo just walking this down to snap them up later. We'll see thuogh.
Have a good weekend all.
ATCHOO !
In recent weeks we have covered the attempts by Premier Oil to change the terms of its debts, which would involve holders of its retail bonds, included in our Income Portfolio, receiving a higher rate of interest for a longer term.
There has been progress since we reported the proposed restructuring four weeks ago but there are still more hurdles the company must surmount if the bond terms are to be changed.
A big step was taken when creditors approved the changes by the required majorities on Feb 12. This was despite the opposition of a hedge fund, Asia Research & Capital Management (ARCM), which owns a significant amount of Premier’s debt.
However, before the “scheme of arrangement” by which the restructuring will be carried out can take effect, a court has to give its agreement. At the hearing, scheduled for March 17, ARCM plans to argue its case against Premier’s plans vigorously.
The hedge fund believes schemes of arrangement should not be used to make changes to contracts such as bond terms unless a company’s survival is at risk. It also believes the transactions Premier intends to make in conjunction with the debt restructuring will make it a much riskier business.
Will its attempt to derail the deal succeed? A spokesman for Premier said it was rare for courts to reject schemes of arrangement but not unknown.
Whenever a court case is involved, we must acknowledge some uncertainty about the outcome. Hence holders of the retail bonds at this stage cannot assume that the interest rate and maturity date will change as intended. We will report again after the court hearing.
Beerbull, the Telegraph just regurgitating the same old ARCM line.
Big boys, Shell and BP both down on the month/week and also down just under 2%, today. Not just PMO
Telegraph article re refinancing maybe have a negative effect. IMO same old stuff, but I guess a bit unsettling for weak holders.
Still lurking..... same old gradual decline.....on negligible volume.
Few other ( if any) companies with a mcap approaching 1 billion would see this regularly if ever.
It will turn but I'm wondering if any large scale shorter is having a malevolent influence.
Gla lth's