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I can't help read this and think there is something in the books we don't know about
"In light of its own due diligence and in compliance with its investment criteria, M&P confirms that it does not intend to make a competing offer for Amerisur."
They didn't have to make that statement about the due diligence.
Disappointing.
Seems M&P just looking to build a stake so can vote against and then pick up at 17p? Very odd that they would offer an initial bid of 17p but not be willing to go much higher. Seems fishy. At least got the message out early now re their intentions.
Do get a feeling that I'm being played here though!
Over on ADVFN Lucypop has drawn up a lengthly letter that she is encouraging other disgruntled PI to forward to FCA
I guess RTDA we were all waiting for a bid off M&P to potentially start a bidding war !
Why will there be a selloff? Geopark have tabled a formal bid recommended by the BoD not M&P.
Well - having had a little time to reflect !
* M&P know a higher bid is coming and have dropped out of the process.
* M&P are simply not interested.
No intention to bid. This will definitely see a big selloff on opening. Tough times for LTH. Dont follow the resident rampers. DYOR
I was waiting for will see this through to the end however, will take every decimal increase in the SP as possible, think I deserve it after having spent so much energy following and supporting AMER through an initial buy in at 55p!
Oh - No intent to bid !
I think if M&P they'll spend this week building a stake then announce next?
Not exactly setting the world alight with buys though. Went from 1.03 to 1.05 today.
I’ve just voted my 3.6m shares against.
I’m afraid if no counter-bid has yet been forthcoming, then I think such an action is now unlikely before the meeting. I’m hoping for an insufficient vote in favour, of course.
0 trades
87.50 -17.50 -16.67%
I thought I'd give it a couple of weeks to see if an improved bid materialised but I'm now out with funds going into SOLG & SRB. It's been quite depressing at times being a holder of AMER for the past 2-3 years seeing huge potential go unrealised lthough I am out with a profit, just a lot less than I hoped for.
My thanks go to the regulars, JtD, Colonel, BigBite and many others who have provided solid research and info, this has been one of the few boards to have eascaped the usual idiots and bull****.
Good luck here and with you future investments.
Which adds sweet FA to what we knew already...….it really is an utter disgrace that this shower has presided over this abject state of affairs......
Has anyone actually read this?????? Clakre should never ber allowed to chair the board of a listed company again - this is the biggest surrender document since Hitler forced the French to sign the surrender in WW2. You should read it because (1) Clarke explains in glowing detail the benefits to GEO &ONCG
(2) Foists the blame on institutions for requiring cash only deal and (3) provides multiple vague reasons as to why they want out: totally at odds with management-speak as recently as the interims:
"Whilst the Amerisur Directors believe in the future growth potential of Amerisur over the medium to long term, having considered the risks, particularly with regards to the operational challenges associated with delivering production growth from Amerisur’s discoveries, the inherent risks in exploration activities, and timescales associated with the realisation of value from Amerisur’s asset base, it considers that GeoPark Colombia’s proposal of 19.21 pence per share substantially recognises Amerisur’s growth potential, whilst providing certainty, in cash, to Amerisur Shareholders...."
And this paragraph on the Amerisur staff ….note the bit about organisational/structural changes (Wardle?)
"The Amerisur Board welcomes GeoPark’s recognition of the role of the existing Amerisur employees in the development of the Company and GeoPark’s commitment to safeguard the employment and pension rights of Amerisur’s employees in accordance with statutory and contractual requirements. The Amerisur Board notes GeoPark’s commitment to conduct a careful review to assess the extent of any organisational and structural changes and draw up detailed plans within three months of completion of the Transaction. The Amerisur Board is comforted by Geopark’s statement that any Amerisur employees affected by the review will be treated in a manner consistent with GeoPark’s high standards, culture and practices"
Without breaking seal of confessional, I have advised on a couple of high profile SoA takeover/merger transactions where the Board recommended (& gave irrevocables) for first offers that raised, like here, considerable disquiet about 'value'. In each case, when other offers appeared, the BoD irrevocables fell away. A similar thing could well happen here as GEO know full well the sweetheart deal they have got....I need to think further around the break fee but I don't see it as a major obstacle.
I’ve today voted against, be aware there is 2 votes one for court and the other for AGM. II made it very easy. I sold most of my holdings as I need to hedge against a big drop on a no sale outcome. Still my biggest single holding here but then I was nearly all in on this! If sale goes through at the derisory sale price I will have done reasonably well here but not as well as Our buyers!
hmmm.
Brokers generally collect all the For/Against voters, often via an electronic submission form and then submit as a job lot - check with your broker how to vote and "MOST INPORTANTLY" the cut off date for submissions.
It will be earlier than the official voting deadline.
Still time for an alternative offer to materialise, at this stage a bidder doesn't need to attract 75% of the votes, just 25% to start a battle for control. Don't assume nothing is going on behind the scenes, we really don't know and out BoD have never been arsed to tell us anything unless they had to. II's could have been approached already, it will be interesting to see in the selling II's ease off - they will if they think a better deal is likely
In order the do
It's really hard after years of investing with AMER to see friends / long term investors leaving in their droves ! how did it every come to this ?
Hard to know their view but arguably think that this wont get through at the current price
That's me done with 900,000 shares
Wait and see perhaps? While it counts for little I hold 300,000 shares and told HL to vote No as have many other small investors so just maybe the deal will be rejected. I think the chances of the deal being rejected quite low while more likely is a late opportunistic counter bid in low 20 something range. All we can do is sit and wait it out.
If there is a counter bid then the planned vote would go ahead unless it is pulled by the company. It would be unlikely to get 75% acceptances but those pledging their irrevocable votes would still vote for it. With the exception of Canacord they have to vote with Geopark until the y are released from that obligation. It would then be a fight to get to 50% in the timetable laid down by the Takeover Panel. If there is to be another offer that should come before the Court vote IMHO because there is no advantage to wait for the reason you suggest.