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We don’t know the amount offered, but it is in the region of $4mn, there a significant reasons less to go ahead with the merger. Let’s be honest, CERP is cash constrained. But, with $4mn extra that could be all the difference in the world.
I think this could swing the vote IMHO
Bynari: I think the CERP RNS (delayed until 0759) probably shows CERP were taken by surprise by Predator's cheeky RNS at 0700am. I think the CERP response this morning was a very polite diplomatic, 'get lost as the offer is way too low and what was the point of you guys issuing such a silly RNS just before our merger vote'
Starchild
Columbus Energy Res
Update on Inniss-Trinity CO2 Project
RNS Number : 7402T
Columbus Energy Resources PLC
22 July 2020
22 July 2020
COLUMBUS ENERGY RESOURCES PLC
("Columbus" or the "Company")
Update on Inniss-Trinity CO2 Project
Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, provides the following update about the Inniss-Trinity CO2 pilot project.
The Company notes that Predator Oil & Gas Holdings Limited ("Predator"), its joint venture partner in the CO2 pilot project, has put out an RNS stating that it had made on offer to purchase the Company's interest in the Inniss-Trinity field (the "Offer").
Pursuant to the proposed merger with Bahamas Petroleum Company plc ("BPC") announced on 11 June 2020 and in accordance with the Scheme Document dated 30 June 2020 (the "Merger"), it is a condition of the Merger that the Company does not dispose of any material asset other than in a manner consistent with that disclosed to BPC (the "Conditions").
As previously disclosed, Predator has the right to purchase the Company's interest in the Inniss-Trinity field for US$4.2m by 30 September 2020 (the "Option"). Given the Offer was not consistent with the Option, the Company did not accept the Offer. Furthermore, given acceptance of the Offer would potentially put the Company in breach of the Conditions of the Merger, the Company advised Predator, at the time it received the Offer, that it had no intention of accepting the Offer and made Predator aware of the Conditions.
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
https://tinyurl.com/y3jlh2uk
If CERP SH said NO to the BPC vote, instead accepted PRD's offer, at say $2m, CERP would have the cash to carry on.... let LK do his thing. Cash is King in these uncertain times.
Partner with PRD to increase production as a long term arrangement.
I now have twelve share bashers on "Filters" so my bb reading is confined to the sensible posters.
I think the merger will definitely go ahead and as the Covid-19 pandemic subsides and economic activity increases worldwide the oil price will recover to a useful level - this should encourage investment and underpin the merger.
But of course none of us knows the future (Covid19 underlined this fact) so I could be wrong, however I remain fully invested for the recovery and I see no sensible reason to sell.
Bahamas Pet/Columbus merger timescales & Appendix 1 - (EXPECTED TIMETABLE OF PRINCIPAL EVENTS)
https://tinyurl.com/y4v7legj
Rickierich
Sun 19:18
Posts: 152
Price: 1.825
Yes
No
Abstain
Chairman vote on your behalf
So phone your brokers and choose chairman to vote on your behalf.
Halifax telephone number is +44 (0)1132701154
Barclay's telephone number is 0800 279 3667
Forget the price the Merger is 0.803 CERp shares for 1 BPC share. Price does not matter in this merger.
It is AIM. They can make up the results of the votes. Like they just make up the share price.
....the general feeling is the vote has gone through over there............!
note the SP........:)
Over here, we'll follow, and wait Fosho.......... :)
All the best (on Irene and Bullys' vote ......... lol :()
offer with the same terms - 2.67p/CERP share ?? if so that would buy 1.1BPC shares are current prices as opposed to 0.803
regardless, I would expect a buy out of 2.67p to be rejected by more than 50% unless the company was going to the wall and the SWP was all an elaborate hoax.
The SoA requires a 75% acceptance by CERP shareholders. If they do not get that then BPC will make a takeover offer with the same terms but that only requires 51% acceptance for them to take control. For both parties the SoA is a administratively cheaper way of merging the companies. If BPC need to make a takeover offer to get control of CERP they would have to account for it as a separate company with external shareholders until they reached a 90% acceptance and could compulsorily buy out the remaining 10%. Once they exceed 50% they would announce they were delisting the CERP shares to encourage the remaining shareholders to take up their offer. No advice intended, just expounding a possible reason for a SoA rather than takeover.
The "sheeple" is a new one Irene...... !
Obvs he wont, S2 hasn't been drilled yet............ :)
All the best (keep up hun :)
Irene............... only me...... :)
what are the decline rates at SWP..............?
All the best (Goudron is being water flooded miles away :)
With my 8.5m shares
Razor.. MC was 95% water cut so likely around 20-50BOPD
ok, thanks
All the best.
yes MC.
Razorman, forgive me but...........!
LC SWP have been handed over to the S2 drill, are you waiting on MC results?
All the best (Voted for the merger yesterday BTW :)
Obadhia - it would be interesting to see how a take over would work, I would expect they would need to improve on the 2.67 pence per Columbus Share. But I cant see BPC doing that.
I think that change in tact would put us firmly in the shop window. All i am focused on now is the seeing those Saffron test results, then putting a fair value on the company after that.
It may of course come down to this: -
BPC reserves the right to elect (subject to the consent of the Panel) to implement the Merger by way of a Takeover
Offer at any time before the Scheme becomes Effective, or following its withdrawal, in which case additional
documents will be posted to Columbus Shareholders. In such event, the Merger will be implemented on the same
terms, so far as applicable, as those which would apply to the Scheme, subject to appropriate amendments,
including (without limitation and subject to the consent of the Panel) the inclusion of an acceptance condition set
at 90 per cent. (or such lesser percentage (being more than 50 per cent.) as BPC may determine) of the shares
to which such offer relates).
vote cast. lack of a credible explanation from the CERP BoD. I think this will be very close. Enough cloak and dagger, lets see those saffron 1 test results ASAP please...
A very good morning to you Hoffy71 . At last a guy that has got a level head. We need more guys like yourself for sure and completely agree with what you have written.The guys who have continuously bombarded this forum with their crap views, the reason I say crap views is because it has been the same repetitive posts over and over again. Some did not even hold shares in either company. When I seen them use word like deramping I knew that it wasn’t a going to be the normal forum. Anyway my that’s my whinge complete. It’s going to be an interesting couple of weeks and I am eager to see what way the merger goes. I hope it goes through, but if it doesn’t, either way will not impact on my life. I hold both shares and will continue to do so.
Good morning everyone
I’m in a happy mood as I purchased more shares in BPC and CERP yesterday. Even if the price goes down until the votes, I personally believe things will be substantially improved for all shareholders when the yes vote goes through.
I was not playing possum yesterday, however I decided to avoid posting anything more last night on the emotive matter of the merger.
HARRY: let’s move on. What will be will be. I looked back at all my posts since June and the only one I regret was implying the potential use of a GERBIL in one of my put-downs to you. That was a bit below the belt. Sorry, man-hugs and sweet wet kisses in a slurpy puppy dog platonic kind of way.
Starchild
xxx
You will probably find that the people who have made up their minds and bought do not feel the need to defend their positions, buy and hold. What is the point of defending your position, which begs the question why all the noise on here.
I saw the comment that LK is irreplaceable. Obviously BPC didn't think so because he has been given a NED role whilst the rest of the CERP Board is disposed of. I have read what he is expected to do in the new organisation but it sounds like "window dressing" and I expect to see him moved out before this year is over.