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I think what’s more interesting about their behaviour is that they stopped abruptly in July of this year, just before the for sale sign went up at Zama, and farm out announcement for Sea Lion. And now it’s all public does it speed up the exit of AHL and Whitebox? Good business for GS and MS writing such a chunk of cfds...
Tr1 buy some tullow today. You know I only tell you when its going to make you alot of money. Dont sell pmo obviously just with spare cash
Why is it such a big issue. Their into pmo since feb 2017.
This is a huge issue and can't pass without some answers. I cannot understand how this position has not been reported as required. Investors are entitled to this information to ensure full disclosure which is why the regulations are in place as protection. I really do hope this matter can be cleared up soon
Maybe more from the ST reporter, I hope so. Its great that we have a free press in this country. We'll done ST.
So if this is not a CFD, and the declaration would suggest its not. Then has someone lent this huge amount of stock ? Too big for B&G as they’re listed @ 14%. A few of the major holders must be in on it ?
Thanks to you , ribeye, plebs and others for the thoughts. Complex issue and needs discussion. Cheers all
The Sunday Times has a strong track record of ‘scoops’ in the oil sector that are the harbinger of big news/moves. If these ARCM ****ers think they a big fish, there’s always big fish in the sea.....
I smell a shirt squeeze coming on and Golman Sachs are the top predator here. It’s just possible that GS’s position is actually a genuine long position designed to dry up the free float and royally **** the big shorter.
Given that ARCM are a major lender to PMO, if they get utterly ****ed and the thieving ******s end up in the poor house or top themselves.....there’ll be some poetry with that their justice.
The Porsche short squeeze is the kind of fisting I’m dreaming of.
How the **** anyone can build a 20% short position and keep it secret is a CRIMINAL matter as far as I’m concerned.
Have they gone public with their short to make it more effective? Seeing as the SP has gathered momentum recently. Maybe they didn’t have an explicit choice but could have not resisted any changes which meant it became public knowledge. Prompts the question- under what circumstances are shorts not required to declare? And how common is this?
There's strong momentum behind this share now. The shorts are closing and soon they will all for the door imo.
Then BOOM !!
GL all and we done for holding onto the most shorted share on the FTSE250. You will be well rewarded imo as operationally, Pmo has not set a foot wrong. You can't keep a good company down for ever !
You’d think Baillie Gifford should be able to use this to their advantage being the dominant long...?
Poor souls getting nervous, lets hope they close and FO and take the likes of GS and MS with them.
ARCM's notes are due 2021....that's 18 months away .... and PMO can easily pay them off from asset sales and cash generation.
Raising new
If ARCM don't reduce their short position soon, they could get fingers badly burned once Zama sale is announced. Sp could rocket over £1.
Pmo will not have any probs raising new finance from lenders as in much stronger financial position now.
Or desperation as if Zamia comes in above expectations, and debt keeps getting paid down at a decent rate, they will get squeezed out the short VW style, as still 18 months til maturity.....?
No corruption and manipulation there then, and the FCA know about it keh. Its blackmail ffs.
amazing story - so if PMO bung them a nice fat fee, they will stop shorting the stock ?
whats the difference between ARCM and Tony Soprano saying "its a nice little business you got here".
Maybe they see an equity raise for SL & consequently shorting us. If they are privy to a fund raise i would think what they are doing is illegal.
You’re right oiluser there was a Bloomberg article in September saying lenders wanted an equity raise to Give them fees to make up for the lowerinterest rates being negotiated because there should be less debt to cover. Previous article didn’t mention the size of the short. A rights issue would also allow them to cover back their short at a reduced rate. Shots over the bow for now. Let’s see what the Zama bids bring to the table and as I said earlier good news that white box finally reducing...
The article in question is from september. Its not new news.
You could well be right oiluser.
Wonder what the fallout will be in the next few days. Look at what happened with the last scare story about a raise.
PMO have to get approval for projects from lenders as per agreement in 2017. This is about SL sanction and development.
It’s all a bit odd, so am I right that a company who loaned PMO 380m has been shorting the stock to force the share price down, so they can force them into further debt at no doubt a high rate of interest!
That can’t be right, I must be missing something as that seems highly unethical and dodgy to say the least as they would be privy to all sorts of information that the general public would not.
LTT
Well spotted Plebleens.
I think it stinks. They were happy to lend/extend on last refinance. What’s changed?
We are paying debt down and have earmarked zama sale to pay down debt and now decide they want us to raise capital!
Sounds like they know the gravy train is coming to an end and they are trying to impair the company.
Scumbags !!!!!
Hope poo spikes and they get burned.
I think its all notified as this relates to cfd,s that ms and gs have been issuing for months or longer. I think article is timed to scare pi,s and has nothing to do with any problem with pmo. Likely pmo will reduce debt considerably after zama sale. Or lenders worried about additional risk with SL. Im worried about SL and have been for years. It was bought too high. All exposure is to pmo side
Thanks for posting. I'm slightly troubled by this development. Sounds like theres some falling out for reasons that are not clear. Some assurance from pmo would be helpful rather than " no comment"
Courtesy of lots of sense on ii , still doesn’t explain why they haven’t disclosed til now....also all part of contract negotiations, when you know you’re going to get less of a cut the next time Round.....
Ok, found the story behind it. I’m surprised it has only been made public yesterday by FCA
Premier Oil’s Key Lender Takes 17% Short Position on Shares
ARCM has $380 million of company’s $2.5 billion loans due 2021
Oil explorer is resisting creditors’ demands to raise capitalBy Luca Casiraghi and Antonio Vanuzzo
(Bloomberg) – Asia Research & Capital Management, the largest lender to Premier Oil Plc, is hedging its exposure to the company with a 16.8% short on the company’s shares.
ARCM’s position on the London-listed exploration firm dates from July and was made public on Wednesday in data published by U.K. financial watchdog the FCA. The hedge fund started by Perry Capital’s former Asia head Alp Ercil, started shorting the company in 2017, and it’s been steadily increasing the position since September 2018.
ARCM also has $380 million of exposure to the company’s $2.5 billion in loans that are due to mature in May 2021, according to people familiar with the matter.
Premier Oil has been talking to creditors including ARCM, Citigroup Inc., Deutsche Bank AG, Fortress Investment Group and Varde Investment Partners over ways to reduce debts amid volatile oil prices. The company is resisting lenders’ requests to raise about $500 million of new capital, while ARCM opposes any potential extension of the debt beyond 2021, the people said.
Officials at Premier Oil and ARCM declined to comment on the disclosure and on the negotiations.