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Beerbull, I agree it's no brainer and these new assets will have paid for themselves in no time. That's why 41 out of 42 creditors like the new finance terms ( which are very affordable) and the SP has arisen accordingly. Great move by TD and Co.
Seems like at my are wasting their time and others with arcane questions which whatever the answers wouldn’t alter the strategic questions about these acquisitions. Surely odd to bring these up in public domain. Presumably it’s to create some doubt with other creditors but I imagine this is not the way these mattters are normally discussed so motivations suspect. Best just to ignore these questions I think and presumably Pmo will too.
Still sctaching my head over ARCM s action. Why did they not pick an 'easier' target like TLW ? I wonder if this hedgie is just a front for Peking who need oil, so they will wear down companies with bombast and funny tricks -at almost all costs. Hmmm . I like a good conspiracy.
Pelata, I posed some questions of my own to arcm, s pr company. They promised to get back to me but as yet all I have had are their questions to pmo. Seems like their pr is only designed to ask questions not answer them such as :why they think they are the only institution who say pmo have played this wrong, and now they are the only player to have a short above 0.5 per cent. Hmmm, make your conclusions!
Not sure if I’ve made this point before, but within 3 years PMO will have saved circa 200m usd in tax alone from the Bp purchase in addition to 1bn usd fcf generated.
ARCM have a lot to worry about. I wouldn't want to be in their position worrying about both Coronavirus and closing those shorts!
Possibly ARCM are correct and everyone else is wrong. Given they hold a huge short that was secretly built up? They *might* be slightly compromised shall we say :-)
Also, when was a hedge fund so keen on public statements? Maybe it’s their only option left? as the other creditors aren’t picking up the phone!
They really ought have picked a down day for oil to release the questions, and every asset is costed based on assumptions. Some of the assumptions are generous and most are average. But 6 months ago they would look different. 6 monts from now who knows, maybe cheap. ARCM are truly desperate. Probably installed bars on the windows in that HK highrise.
The tax loss point is v important. Swapping foreign revenues which are a long way of from being received (zama) for back dated UK revenues (North Sea purchases) on which no tax is paid on profits, is a master stroke of strategy. Brings forward debt repayment in quick time.
At least those questions have some validity (as opposed to the first bunch). Still, as I mentioned before, WoodMac valued these fields at more than PMO are paying not factoring in the tax losses.
Apols,.... CAN'T be wrong
41 out of 42 creditors, and the general market, be wrong, can they?
Looks like they very desperate lol
https://arcm-premieroilscheme.com/are-the-net-asset-values-for-the-proposed-acquisitions-based-on-realistic-assumptions/
Looks like they are digging in.......