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I would think an RNS has to be released by 8am tomorrow.
I think the BoD would get lynched if there was a back room deal to agree an increased offer behind closed doors today.
dana,
Agree, has always been the case that late institutional arrival signaled this would not be an easy ride for Viaro. Question is, will RRE have to release an RNS today, stating failure to reach >75%. If so, expect Viaro to 'drag' out any talk of improved offer, with the hope that 'chicken sellers' are snapped up by Viaro ..... Viaro will also be seeking Irrevocable Undertaking from others to get their revised offer over the line at second time of asking..... New offer, if forthcoming will need to start with a '2' at least.
Risk of Viaro walking, I would hope is very low as I understand that if so they are unable to make another offer of 12 months ( could be 6, not sure) will need to check.
Could be on for an interesting end to the day and an even more interesting week.
aimo
MTSparky, I wouldn't expect the SP to drop back at all.
I cannot see the offeror dropping out if there is a no vote, they have spent millions on this, cash in bank now higher, oil and gas prices up and the prospect of a North Sea deal in the offing.
My belief is that one or two large holders that are not part of the concert party have said borrocks, you're not having this for less than the cash in the bank, there's 25,000 barrels of oil a day coming in here, and you're not having them for less tan nothing.
We will see in good time, but I would like to think that right now they are 'discussing' what level of bid would be acceptable to the intransigent investors, only the key players, as the private investors that are still here are clearly hoping for more, me included.
Tick..... tock....
It would be nice if they were negotiating on an acceptable price! We will see.
TXP seems interesting, they've done very well this year. That's usually the kind of thing that make me think I've missed the boat. I do remember looking at them in the past though and I think at that point I was worried about the low market cap = too much volatility.
Yes I would have expected announcement by now. Normally it would be pre prepared and ready to go.
I would expect the shares to be suspended temporarily if there is a problem
I wonder if some frantic discussions are happening as we speak?
All speculation we shall see soon enough.
As for txp things are moving well well and the gas price is moving up really well.
If we hit (when?) Gas at chinook I can see us moving over £1 in the blink of an eye.
I shall check out TXP and see how I feel. RRE have been my best investment and unfortunately there were a few serious duds, so I'm feeling a bit burned by the whole experience and a little too involved in energy. Although I do believe gas and oil, to a shorter term extent, have a strong future. It's one of those moments where investment goes away to soon because of the social context rather than the reality of societies needs.
Shouldn't we have seen some results by now?!
Interesting day ahead for sure. I sold out last week after it was clear no higher offer was forthcoming. You would assume the SP would drop back to £12/sh (ish) if the result is a rejection but I really have no clue for sure.
i81,
"If the deal isn't approved then the share price will fall..."
But then you need to ask yourself, if so, how low and for how long ? With CoH estimated at >£24/share atm any possible fall will be bought into swiftly, let alone by Viaro et al. Higher offer will come if not passed at the first hurdle imo.
Viaro NEED RRE imo to be their cornerstone of NS expansion and growth so deal will be done. Too many large institutions have entered at >1840p for there not to be any mileage in it for them.
For me, the interesting question is, who will be on Viaro acquisition list next? Because one, or more are almost certain to follow in double quick time with both Brent and NatGas strengthening.
Not long to wait ..... atb
aimo.
Hi Dana. If the deal isn't approved then the share price will fall if no higher bid was made?
The result of the vote will be interesting.
https://www.youtube.com/watch?v=Y9znA_dwjHw
By no means a foregone conclusion.
It only takes a couple of big holders to hang out for more money.
If you look at what the cash position must be now compared with the offer date, and oil and gas prices, together with the prospective North Sea deal that may be lined up, why would the big boys accept this figure?
Only three hours to wait and to buy in. Not a big risk play imho.
IamNotAnAnalist Thanks for your kind words, tomorrow will be interesting.
I have been fairly lucky this year in a difficult market, but have managed up 600% so far this year. If you are interested, click on my name and scroll down to my Weekend musings post on the 25th July. The thread is worth a read. Still lots of potential there and it's all about timing. If TXP hits gas at Chinook which spudded on Thursday there is room for a bit of growth, Shell drilled the same hole in 1959 and hit huge gas but nobody wanted it then, and the official chance of success is 50% and they are always ultra-conservative. DYOR as always. You may like to look at one or two of my other choices on various threads.
As for selling your remaining RRE shares, we get a few days to do this according to the timetable, but if there has to be an offer rather than a confirmation of the scheme, I wouldn't be in a rush to sell! Compare notes tomorrow.
Dana
Court Meeting 11.00 a.m. on 17 August 2020
General Meeting 11.10 a.m. on 17 August 2020 (4)
The following dates are indicative only and are subject to change depending, among other things, on the date upon which (i) the Conditions to the Scheme are satisfied or (if capable of waiver) waived; (ii) the Court sanctions the Scheme and (iii) the Court Order is delivered to the Registrar of Companies. RockRose will give notice of the date and time of the Court Hearing, once known, by issuing an announcement through a Regulatory Information Service.
Court Hearing On or around 24 August 2020 ("D") (5)
Last day of dealings in RockRose Shares D+1 (5)
Scheme Record Time 6.00 p.m. on D+1 (5)
Suspension of dealings in and disablement of CREST of RockRose Shares By 8.00 a.m. on D+2 (5)
Effective Date of the Scheme By 8.00 a.m. on D+2 (5)
Delisting and cancellation of admission to trading of RockRose Shares By 8.00 a.m. on D+3 (5)
Latest date for dispatch of cheques and crediting of CREST for cash consideration due under the Scheme 14 days after the Effective Date
Long Stop Date 11.59 p.m. on 28 February 2021 (6)
I think there's a significant gap between delisting and actual payment to shareholders.
If it passes I'm hoping I can sell mine before delisting.
Wow Dana, and here's me sitting here like an idiot. I need you managing my meagre funds.
Those documents are quite incomprehensible even if you reread them multiple times so I can understand some misunderstanding.
I shall watch the RNSs roll out on Monday with interest. And if the vote does pass will be trying to sell my shares asap...I think totally worth the wager too (not the spread bet one though).
IAm NotAnAnalyst
You are quite right - the document was badly worded, it was indeed the deadline for the form, not the date of the GM!
My misinterpretation.
Not to worry, the result on Monday will be interesting.
IG Index spread bet was £18.66 to buy in before the close today.
It would be a brave man to do that
I played the safe bet and bought £20 k worth at £18.45 today which is only really gambling the stamp duty.
Happy to say that the holding that I sold six weeks ago has performed 25% in the interim.
Worth a small wager.
The assumption seems to be that it will go through on the nod on Monday.
I think it's a case of 'let's see'.
The scheme makes provision for an offer to be made if the scheme 75% criterion is not met.
It's a binary result. If the 75% is met then I get £18.50 for the shares that I bought with ease for £18.45 this week.
If it doesn't, an offer should come in at North of £20.
Worth a small bet.
IG Index want you to pay £18.66 to get in on a spread bet buy.
Monday will be interesting.
Have a good weekend all.
Assuming the vote goes through on Monday, what happens to the shares held by existing shareholders? Will they be automatically compensated on delisting or will we have to sell them before then?
As I still haven’t received any documentation, does anyone know how I will be able to find out about the result of the vote on Monday. I’m guessing someone may post it here, but is there anywhere official that this will be posted.
That doesn't mention about a meeting today. What it says is I think you have to nominate a proxy or vote in advance by 11 today.
If you look at the scheme, there was a General Meeting at 11.10 this morning.
https://uk.advfn.com/stock-market/london/rockrose-energy-RRE/share-news/RockRose-Energy-plc-Publication-and-Posting-of-Sch/82908749
I was wondering what the result was?
I was hoping they'd already had the conversations with major holders to understand if they'd support the offer. But either they have the answer they want, and the vote will be successful, or they just accept they may lose then give it another go.
PoO and gas had increased a fair bit since the bid so I'd think on that basis those shareholders who were favourable may have modified their calculations a bit and demand more.
Not long to wait now though.
Should Viaro be forced to up their offer, I can not see it not starting with a '2'.
I can almost hear the chatter of Viaro representatives sounding out major holders prepared to vote against the offer, see how much is needed get them over the line.
Viaro clearly need RRE to be their foundation into the NSCS .... so question is, at what price ? Has to be close to CoH if nothing else.
aimo
The big boys are with you :-) ... RNS's show they are still interested at 1842p too
I'm with you on this.
I put £10k in this morning at a price of 18.4548.
If the deal just goes through, I will get £18.50.
I have only speculated the stamp duty of £50.
If the deal is knocked back by a 25% minority, then they will have to drop the deal or I would think a minimum of £22.50 if you look at the increased amount of cash in the bank and increased oil prices since the offer.
I might buy more tomorrow, after TXP jumps on the news of the spud, the rig was inspected and approved today.