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You ask what have we, as shareholders, got in the last 5 years...!?
Loads.
Loads of 15% spikes up. Loads of frightening falls.
Loads of expectation.
Loads of false hopes.
Loads of money locked in for too long missing out else ( our fault to some extent).
Every time we see the sun rising something bad slaps us down.
This all , in a circuitous route, because of Solan.
And now another new dawn..... apart from covid hangover, ARCM, debt, oil at the mercy of some loonies.
Yep, golden days.
And you think this board will help you to make decision? I think you made decision already.
Kenni, I bought a small amount of the equity on Friday and hold the retail bond from a couple of months back. No agenda if that’s what you’re alluding to, simply trying to debate what happens next to figure how whether to increase my holding or not.
rash... bloody spell checker
AM lol, you are like a rush.
You claimed oil price will go down - wrong.
You claimed PMO SP will go down - wrong.
Recent I mean days, I am here since crisis started. 15p I was buying seeing potential. When you bought in since March?
"Melga, so you another new poster here in recent time"
Just like yourself, Kenni boy.
Melga, so you another new poster here in recent time. I assume you want to get in. Correct?
What good debt deals has he negotiated? The last refinancing ended up with an increased coupon in the debt and millions of shares going being issued to its creditors.
This time around, ARCM have taking 80m shares for practically nothing. The interest rate on the debt is now going to be upwards of 8% following the extension to the maturities and the company is still to agree covenant waivers, what will they demand?
You could argue they were a victim of circumstances, the original oil price crash and now COVID, but the deals have simply not been good for equity holders.
Over the last 3 years premier have paid $600m in cash interest costs, yet shareholders have had nothing. Not a great record by any stretch of the imagination.
Mega, that's always the risk (company profits heading disproportionately to the creditors) when you can't pay off your debts by maturity. Especially when selling a product with a highly variable prices. However the CEO has negotiated good debt deals before and hopefully can do it again. If so then with a fair wind over the next few years we should see the back of a major part of this debt.
Good point AK57, more specifically I think the question should be, what will the creditors demand in order to waive covenant tests?! PMO have said they’re talking, but do those talks include sweeteners such as equity warrants to ensure the deal gets rubber stamped?!
If they do offer sweeteners along side the increased coupon, it once again raises the question of whether the company is solely for fun for the benefit of its creditors?
.....and so "Other creditors" will therefore not have any leverage to "increased interest rate or equity deal or a combination" and ergo no "Blood in the water"................. :)
A lot of that was C 'n P, my bad.............. :)
All the best (looking good here :)
Looking forward to Solan back up above 10,000 boepd Q3 . After all the write downs the Solan boe cost will be very interesting and production fills the gap left by Huntingdon .
Will be also interesting on the Tolmount purchase and if still pursued .
Positive next 6 months all things being equal .
There is no existing agreement presently to extend finance apart from ARCM being in agreement .
The creditors ' Sweetener will be to support the new deal and extend financing .
Pressure will be applied as TD needs the above .
Agreed the man in Turkey behind ARCM needs to be made an example of .
TD got a cracking deal out of BP agreed .
Iraq renews its full commitment to OPEC+ decisions
06 Jun 2020 | Vienna, Austria, 6 June 2020--Iraq has renewed its full commitment to the oil production adjustments decisions reached in April 2020 by OPEC Members Countries and non-OPEC oil producing countries participating in the Declaration of Cooperation, noting the importance of team spirit and joint efforts to achieve stability and balance in the global oil market
I don't think TD buckled, this is a cracking deal for PMO.
Don't think you can just alter contracts like that................!
the ARCM "sweetener" was on the bases of a drop of the court appeal...............!
unless the other creditors can lever such pressure, which I don't know if they can, it's all plain sailing now.................!
All the best (ARCM still should not get away with what they did :)
Other creditors in my opinion will approve the deal after pushing for a 'Sweetheart ' deal possibly increased interest rate or equity deal or a combination . They have seen TD buckle so there's ' Blood in the water '.
will premier reach similar agreements with other creditors to support the deal (BT assets acquisition)?
what do you think?