Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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Ok, i see where i went wrong. The presentation shows the andrews field delivering 1billion by 2025 whereas the announcement states 1billion fcf by end 2023. The figure to end 2023 includes additional fcf from tolmount.
Was the pmo statement about 1billion fcf for all assets under consideration including the backdated free cash flow and in my understanding the tolmount additional 25% due to flow in 2021 onwards. Im happy to be wrong if tolmount was not included. Ive looked at slide and it implies that 1billion fcf is derived from it over next 5/6 years including 2019.
Wonder if they’ve made a pr error , as all the vague newspaper articles talked about further debt up for sale, undisclosed etc, but in black and white they are under the 25% and cannot block any s.o.a. In the courts.
Maybe aimed at some of the other debt holders rather than the twitchy crew, but as TD stated in the telecon, the backing of the majority of the debt holders was irrevocable. And last stated was 75.15%
Just a thought.... wouldn't it be sweet justice if the FCA prevented ARCM from voting on the deal as punishment because they failed to disclose their short position as they were required to do . In other words, if you dont play by the rules, then you are disqualified from playing the game .
First observation is that they admit that they only have 18.75% of the debt . 455m of the 2.4b. Assume because most of the senior debt has already been paid off, the latest debt figure of just under 2b , the stakeholders will have been paid off pro rata.
Using a UK pr company Greenbrook. Not addressed adequately the biggest elephant in the room on the lack of disclosure on the short position, and why on the sale of Zama news they stopped shorting in July and why once they realised that the BP assets were in play they suddenly disclosed the position. Greenbrook we know you’re reading this board...,
Expect a few random posters now , who should be entitling their reunion dinner, telling us how they are so lost and unsure that they’ve sold out..,
I cannot see that TD or Rose will have miscalculated the cash flow forecasts from the BP asset purchases as alledged by ARCM.If the mgt in pmo are good at one thing, its getting the numbers right. Also, all the other creditors appear to agree with the sums. ARCM will not prevail on this futile resistance.
You can find info here on current short positions (but only positions for companies which actually know that they are meant to declare this, I should add!!) http://www.shortics.com/premier%20oil%20plc
Anyone know if any other creditors also have short positions in PMO? Seems ARCM are the only ones with an interest in the SP dropping.
*forgot to state the well know, position built up in secret
Love the quote:
“Now the hedge fund [ACRM] has published a series of questions about the plan which it calls on the firm to respond to with “full and transparent responses”.
say the shorters who built up the largest bet against a company in Europe!
https://www.cityam.com/premier-oil-creditor-doubles-down-on-opposition-to-acquisition-plan/