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Thanks for all the responses so far. I’m sure there’ll be many others who won’t be on the bulletin boards and some Institutionals who will vote down this deal.
Please do contact your broker when the papers come through and please vote! I’ve found it to be pretty easy before.
Best wishes, all
(PS, as other have mentioned, maybe a counter-bid arrives next week and we avoid a vote for now, but I’m not holding my breath.)
I have just over 1 million - I'm up for a fight, if there's one going!
DavidWK - your shares carry more weight than you realise and the many PI's like you can focus minds and perhaps encourage an activist investor or competitive bidder.
The BoD will have to muster 540,000 votes to counter yours, and there are some PI's with millions and perhaps hundreds like you.
I spoke to the finance director of a big company a few years ago when they were going through financial turmoil, SP collapsing and was advised that as well as the headline shareholders there were a large number of shareholding institutions with non-disclosable % holdings who were very significant as a group. Lets not forget the big shareholders do not own this company, nor do the BoD, we all do.
Thank you. I only have 180,000 but me too hope the little ones will make a difference.
249252 votes say NO NO NO to this offer
Hi DWK, as previous post I'm in with 200,000 shares not a great deal but every little he!ps. Will basically do anything now that might frustrate and f**k the pile of ****e bod.
I have 0.016% me and a pal.
Can we start a list with PI voting against this deal to see if we can get 15%?
The thing that most people forget is that the company does not need to be sold...yet.
The company produces oil and revenue. It has no debts. It is still expanding. It is still discovering. It is still increasing the pipeline transport capacity. It is still targeting 20k bopd by end of 2020.
So why should we accept a pity offer of 19.21p per share for the sakes of the BOD while we can refuse this deal and wait another year to sell the company for 50p or more per shares. If you want to sell your shares, just do it now in the open market.
I recommend all PI in their best interest not to accept this offer, which does not represent a fair and reasonable value of the company.
We’re all irritated by what’s happened
Are we going to just accept this or fight back
Plenty of others ****ed off on ADVFN
threeputt - it is the BoDs fault, totally and absolutely as they should have knuckled down and made something of the company, that's was their duty whilst accepting huge salaries and lining themselves up with substantial benefits.
They should never have needed to launch the process, you need to wake up man, you're being stitched up to facilitate someone else's aspirations.
For all who are saying this is a derisory offer, unless there is a counter offer then all those companies doing their due diligence didn't think it was worth more, how can that be the boards fault ?
While I was hoping for more I'm nonetheless not surprised at the offer, I don't however believe this is over yet.
Minho...... darned Spanish predictive text.... minute!
I suppose 19p is fair for a company with non-producing assets, zero pending exploration and no cash in the bank? Hang on a Minho, this is Amerisur in Columbia yeah.....reminds me a little of the stitch up in Ithaca! Modern day "stand and deliver" imho
Thanks, spyburn: good of you!
By the time the vote comes around I’d expect the “irrevocables” and GeoPark will have at least 40% between them. Then we need all the dissenting PIs and Institutionals to be at least 13.5% of all shares in order to defeat the proposal. Perhaps this is stating the obvious. It’s tough, but not impossible to vote this down, but I take gettingpoorer’s point.
Please do vote, everyone.
I have 600k and I’m sure there are plenty more PIs around this level summed together.
We need to vote against these pigs.
I would second Caution Y Blast as CFO having met him at the AGM.
Particularly ****ed off as I used to work for Alex Snow years ago when he had the hunger to do a great deal.
Unless we have a counter offer I would suggest that's it , we've been stitched up. PI's get angry and have idea's but without the big players on board imo it's a fruitless exercise , just creates a lot of work for someone.
I think AIM is one market to avoid , I certainly will be. It's no better than a Casino , and at 57 I don't fancy putting my retirement into the hands of spivs.
Anybody who says go invest in Lloyds , or L&G , i.e.. boring stocks is probably very young and naive. AIM is not for older guys , we cannot afford the risks.
I doubt it will actually exist in 25 years time , maybe my lifetime , as it just keeps ripping the public off , and , and , ....getting away with it.
I had a stock a few years ago that I had invested 1k in. They had cooked the books and it went bust overnight. A very rich client who was invested told me it was either a multi bagger or a scam.
It turned into a scam obviously. I never heard another thing about it once the shares were gone , along with investors cash etc etc.
So these guys are very clever individuals robbing the public with no one to answer to.
The FCA are a joke as are the FSA , unless they are dealing with the Utilities.
Rant over , not surprised but a bit disappointed all the same.
Happy w/end guys , and as one poster said , be happy if you have good health .
I got 200,000 shares if this gathers any momentum.
...so we need 10% to call a poll for a resolution. I can muster about 0.6%: me and a pal.
Anyone?
From Thomson Reuters web page:
https://uk.practicallaw.thomsonreuters.com/5-613-3685?transitionType=Default&contextData=(sc.Default)&firstPage=true&bhcp=1
“Minority shareholders' rights vary depending on the percentage of shares/voting rights they hold in the company, as follows:
At least 5%: right to:
apply to court to prevent the conversion of a public company into a private company;
call a general meeting;
require the circulation of a written resolution to shareholders (in private companies); and
require the passing of a resolution at an annual general meeting (AGM) of a public company.
At least 10%: right to call for a poll vote on a resolution.
More than 10%: right to prevent a meeting being held on short notice (in private companies).
15%: right to apply to the court to cancel a variation of class rights, provided such shareholders did not consent to, or vote in favour of, the variation.
More than 25%: right to prevent the passing of a special resolution.”
...to put forward a special resolution for the removal of the BoD? I would genuinely put myself forward for the CFO role.