Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Maybe another TXP
My thoughts exactly - just hope it goes through and looking forward to the spudding of Perservance in December. Hope it will be 8-10p on spud annoucement.
Willec it’s a great move for both companies more so BPC. I’ve been holding BPC shares for over 2 years when the merger was announced I purchased CERP shares also. It gave me added security knowing CERP was onboard. I like Leo Koot, his background and work ethic. I prefer him to Simon Potter to be honest. Leo staying onboard after the merger will strengthen the company. What you have to do is stay positive and don’t react to Bully, who holds no stock, and his band of merry followers.
Thebhoys - What am I missing here? This merger looks very interesting and looking forward to a strong sp this year after the merger ith so much up for offer. It seems to me nearly 99% oef the people here think we are doomed to fail. Why? This looks like a great move by Leo does it not?
Leo Koot is irreplaceable. I see Bully and his band of merry men are still talking a load of crap. It’s quite unbelievable really that you have the audacity to keep spurting out the same old she it. You certainly have the credentials to put Jackanory to shame.
Im in both shares, by chance - then the merger.
I liked both companies as separate and different plays for their own merits.
BPC have enabled access to $36m in funds from various sources, with reduced fees in market - $25m required to drill P#1 - with contingency.
That's not enough spare for another drill, but enough to inject $5m into fast tracking CERP, surely its a double win
CERP assets pushed to production plus a massive prospect in Bahamas for holders here, a cash cow of BPC holders.
If Bahamas drill success, massive further CERP investment is also expected, as Major will take over in Bahamas and it will be free carry going forward , so all BPC/CERP funds directed to CERP assets for benefit of one company if merger success.
If drill a duster then CERP will have already had $5m invested and on the way.
I get the many different positions and takes on this- each to their own - but this seems like a good deal to me with both my hats on.
I still have time for Leo and I would want him to stay to recover this company and deliver on his promises
Remember saffron extended test results are long overdue. I guess it’s on hold while the merger goes through. Just re-watched Thursdays BPC webinar. Eytan Uliel Said they did extensive due diligence on saffron and SWP. He’s seemed very pleased with picking us up on the cheap. In a no vote I expect the extensive testing data to be released. Anyone else think that could give us a post failed merger SP boost? BPC have been banging on that they need the diversified asset base to secure II funding. I wonder if BPC have such a near term inflection point? Also from the three interviews I’ve watched, ive got a read on the type of people who run BPC - I certainly don’t trust them. I’ve decided, voting no in the morning.
Fully agree. Like I said many times before, the bigs have ran out of patience and forced a big move like this. LK wanted to go alone, I have zero doubt, and ultimately may have been given the choice to either make a big merger, like with BPC, or move on. He chose the former, though I believe he wanted to continue with CERP as is. Just my POV.
Also agree he is easily replaceable; how ever likeable the man is, however much he implemented...it did not drive the SP. Many mistakes were made, including some vanity mistakes
When you think back to where Columbus were at the point of announcing these 'merger' talks - Saffron declared successful, top quality 11m proven reserve, superb no-risk follow up S2 drill organised, no oil no payment, all to play at within SWP, a confident Predator/TI result pending, huge optimism for WNZ and Goudron water injection into 2 years and close to pay off - plus the frequently mentioned $2m cash held to at least cover the next 6 months - it's surely all guns blazing for the remaining 2 years of the 5 year plan.
So why why why, at this stage, divert, gamble recklessly on someone else's project when Koot, the veteran, who can boast some of the best contacts within the oil industry fails to organise a solus way forward or even attract other propositions.
As I've said before I believe PIs are casualties of Koot's personal ambition and if the 'NOs' win it I certainly wouldn't want him to remain at CERP. He is certainly not irreplaceable.
HL is noon Tues 21/7
HL deadline is noon tomorrow.
My broker email said the votes needed submitted by the 20th July.
if the merger doesnt happen... would the share price recover?
The BoD would have to put aside their differences,
1) release a unanimous statement to declare their mutual love for each other,
2) release the test results for Saffron,
3) drill Saffron 2
4) probably make some further cuts/redundancies or secure more funding
5) get that pompous Nigel Farage esq snake oil salesman Andrew Monk to stop revelling in his own smugness and broker an acceptable buy out.
I intend to decide tomorrow... 9m votes.
I have asked CERP to explain what assumptions were made to support this statement in the recently posted Q&A “ In the event the Perseverance well result is ambiguous, the Board's view is that by that time the combined business will be better placed than if Columbus didn't undertake the merger.” where i am at right now i think they have made loads of positive assumptions about BPC and their funding - to fit with their personal agenda's - lets now forget the BoD severance packages are very tidy... when you consider the companies performance over the past 3 years.
Scarface/Razorman, voted No yesterday with my 3.25m although I share the thought that this will go through.
My reasoning? I don't believe an alternative deal was sought with the necessary passion and that the deal with BPC suited Koot's ambitions first and foremost, retail investors interests a poor second. Have we seen any testimonial talk re Gordon S, like thanking him for his service etc as per normal? No, which confirms the rumour of internal strife and a far from a harmonious board re this decision. We gambled and won on a 45% chance (we'd found what we were looking for!), I dislike the thought of a further 2 to 1 against gamble.
Razorman. If I was CEO of BPC and I was confident about the value of my assets... And I had waited 10 years to get to this stage... I don't think I would suddenly look to spend money that I haven't got from oil sales from my one single asset one another company.
Also, any of us could have bought BPC for 1p back in march if we were at all interested. So why pay more now.
https://oilnow.gy/featured/suriname-deepwater-becoming-more-attractive-as-guyana-remains-stuck-in-political-conflict/
LK with his connections and BPC with offshore drilling expertise. Might be something for the future?
what made you vote no in the end?
Scarface - im still on the fence with my votes...
i think a no vote might actually be well received..
we have saffron flow tests, and saffron two ready to be drilled.
Couple million shares on the Against side of the vote. Left it to the very last minute...but expecting the merger will go through as planned anyway.
Either way let's see what happens.
2/2 ..............
If you have a regular investment in place on your Columbus shares, please note that this will not be automatically updated as a result of this Scheme. You will need to log online or call us to amend the regular investment instruction in the Bahamas shares.
Should you retain your holding of Columbus shares we will update you in due course upon receipt of any further information from the Company.
Should you wish to find more information about the Scheme, please visit the Columbus website, https://columbus-erp.com/
Hope that's of some use to someone ;o)
GLA
Hi fellow share holders, just found this buried in my Halifax account. There's a few dates and bits that I don't believe have been spoken about yet, so for the uninformed like myself, I've copied and pasted the whole message below without edits or omissions:
COLUMBUS ENERGY RESOURCES PLC - Important Information
Merger with Bahamas Petroleum Company.
0.803 of a New Bahamas Petroleum Company (Bahamas) Ordinary share for each Columbus Energy Resources (Columbus) Ordinary share held.
On 11th June 2020, Columbus and Bahamas announced they had reached an agreement on the terms of a recommended Merger for Bahamas to acquire the entire issued, and to be issued share capital of Columbus. The Merger will be implemented by way of a Court sanctioned Scheme of Arrangement.
The Scheme Price represents a premium of approximately 11 percent to the Columbus Closing Price on 10th June 2020, this being the last Business Day prior to announcement of the Scheme.
The Directors of Columbus, having been so advised by VSA Capital, consider the financial terms of the Scheme to be fair and reasonable.
The Scheme is subject to shareholder approval at a General Meeting and Court approval at a Court Meeting both to be held 27th July 2020. The Scheme will then be subject to Court sanctioning at a Court Hearing to be held on 5th August 2020.
In addition, the Scheme is also subject to Bahamas shareholder approval at the Extraordinary General Meeting to be held on 24th July 2020.
Following such approval the Scheme is expected to become effective on the 7th August 2020.
Prior to the Scheme becoming effective, an application will be made to the London Stock Exchange (LSE) for the cancellation of listing of the Columbus shares on the Alternative Investment Market (AIM).
Subsequently, the last day of dealings in Columbus shares is expected to be 6th August 2020.
The New Bahamas shares are expected to be credited to your account on or after 10th August 2020. Please note we will only communicate to you again if the terms of the event change. You will not receive a communication when the New shares have been credited to your account.
Following completion of the Scheme, the enlarged Company will be known as Bahamas Petroleum Company PLC.
The New Bahamas shares will be admitted to trading on AIM on 10th August 2020 under the ticker code 'BPC'.
Unless you hold your shares in a ShareBuilder account, no fractions of shares will be issued. Any resulting cash entitlements will be dealt with in accordance with our Terms & Conditions.
If your Columbus shares form part of a TradePlan, please note this Scheme will result in the TradePlan being deleted. You will need to log online or call us to set up a new TradePlan in the Bahamas shares.
................ 1/2
You are pathetic Irene
Glad I can cheer up your sad little existance - how is nursey going Irene.