George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Hi AK57 -I'll pay closer attention when PMO or ARCM release a missive. This link you provided has (imo) a glaring inaccuracy and shows the limitations of the author. Reuters are head and shoulders above the usual tip sheets and web based "advisory" companies that infest the investment field. Reuters actually have reporters on the ground and their contacts are usually reliable even when not prepared to go on the record.
In the Reuters leak they suggested an offer of 72 cents to the dollar against a bid of 68 cents whilst this guy has said £157m @ 56.51 to the pound. It is still .72 to the pound. A mistake of c.£24m is hardly a rounding error.
I imagine he has just plagiarised the Reuters piece which I believe is accurate.
I accept the price of 68-72 as a guide because conveniently the Retail Bond closed at 71.08 which has the same maturity date and the rates aren't that far away to really mess up the indicative price.
It does say in the Reuters piece that ARCM "plans" to auction so they must have advertised it to potential bidders. It's all a game and you could even argue that they could pull the auction due to lack of response and use it as part of a tactic to suit their own ends.
We know something is going on but remain in the mushroom club.
Someone has tied their brain in a knot with that reporting! They are trying to sell $200m at 72c in the $! 72c maybe 56.51p but it isn't 56.51p in the £ it would still be 72p in the £!
“”On Friday, hedge fund ARCM (Premier’s biggest creditor), was scheduled to auction the oil company’s debt worth £157 million at 56.51 pence to the pound. The outcome of the sale, however, has not been disclosed so far. “”
https://invezz.com/news/2020/09/25/premier-oil-wants-its-debt-holders-to-extend-a-waiver-beyond-september-30th/
Any news about the outcome of the auction??
Sorry KenniGT but no it isn't! We need a deal signed and delivered asap and a hedge fund with a large short position is not looking at the interest of shareholders! Their previous suggestion was to sell off all our assets to pay the debt.
That is rather good:
ARCM prefers pursuing the alternative talks to Premier's
plan to raise capital, according to a source close to its
thinking.