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Still a bargain at these prices and I can see the price moving up to 35p range in next few weeks as we roll further into March.
Another company undergoing a similar situation to PMO is Mothercare [MTC] which is also changing its debt into equity, and the new shares there start trading soon. Very similar conceptually to PMO situation, but this time on the British high street. MTC are jettisoning all their retail locations, and have gone internet only; plus there's a major deal signed with Boots to provide babycare products etc within all Boots stores.
I think these debt for equity deals, when properly pulled off - e.g. PMO and MTC, are well worth supporting and offer us investors a chance to get in at the bottom again before recovery takes hold and the share prices mushroom. Have a look, DYOR.
“pursue international growth” a Euphemism for making the same mistakes and get in debt again!
Lol.
PMO has paid for TD's mistake and now that's in the past. However, the future looks good as PMO will re-emerge as the largest independent oil and gas producer among UK stocks.
“The new company will be much better placed than Premier, with a stronger balance sheet enabling it to pursue international growth and commit to a near-term dividend,” James Carmichael, an analyst at Berenberg, said in an email on Tuesday. There’s also a “very strong board that is being put in place.”
Can’t beat a reverse takeover, ha, ha’
No more PMO.
Tullow 2022 bond has to be refinanced this year. It current trades in low 90s at a yield of 14 per cent. The 2025 bond trades in low 80s at a yield of 14 percent.
The bank debt is not the issue. It’s not to refinance the 21 convert and 22 bond. Hi f they have to pay a coupon of 14% plus then that will kill free cashflow and limit capex. Tullow is a sitting duck. The production is declining and they can’t drill as cash is being used to repair balance sheet. They are running the biz for creditors and balance sheet repair at the moment and not for equity holders. If they had cash they would be drilling Guyana. Why are they not? Cos they don’t have a pot to **** in and are being instructed by banks to sell assets and repair the balance sheet.
Better sell first thing before it becomes a rout!
Buy Tullow, debt sorted just need final bank sign off on 10th March. No rights issue required or Black Night to save the company as this lame duck needed.
AIMO