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I sold out yesterday
Nursing 3k loss.
I've stuck with s delisted company before and you can only sell if the company offers to buy you out. When they did it wasn't in my favour.
O am really disappointed more about wanting to invest in the UK plc idea, but took funds and put in US company.
I've never had to sell at loss before.
Another bunch of Directors to be put on my Bargepole list when considering future investments
I'll be voting against as well. I'd rather stick my shares in the bottom drawer for a few years. The company is debt free! We have regular profitable income. We have prospects. We have (for our size) substantial tax-loss cover to off-set against future profits. We are not going bust any time soon!! LOL What we don't have is a decent proactive bunch of directions to drive the company forward so there is an even better story to tell and then the market may wake up! Instead they are happy to ditch small investors as they will still keep their jobs and maybe get a bonus for pushing this through. Petrichor are not offering us 4.5p for charitable reasons! They are doing it as they see the value.
There doesn't seem to be any sign of purchases in the market. Though I guess someone could be gathering what becomes available without it showing at the moment, but not apparent yet. They have to announce any purchases (think anyone over 1% in offer period) and I think it is stricter timelines when in an offer period. But what is the point they are actually bought, if someone gathering a "bulk purchase". My guess is they'll sit tight now. But who knows.
I have already told my broker to vote against this deal.
Thanks gerhart, if they are buying in the market, do they have to make regular announcements as to their holding? 1% increments perhaps?
Min of 75% required to cross the line. I think Petrichor own about 48% at moment, and have total of other confirmed backers for 14.23%. So as I understand it, they need just under 13% more. Not a lot, so they will probably do it. But think, while lots are being sold to MMs, most ordinary investors will hold to see what happens. Don't think MMs will hand theirs over until last minute either. So will probably happen....but stranger things. Given they own 48% already Petrichor really only have to make a higher offer for half the company value. I still think - and they know it - offer well under values the Co current known value etc, and future potential.
With their 44% and irrevocable commitments from EDR directors of 2.69% and UJO & Harbour of 11.53%, that takes them to 58% plus whatever they can by in the market, is it not a done deal or is the threshold higher?
We all know that BoDs always have close contact with biggest shareholders and will be influenced by them in a way that small investors never can. Only natural.
But I think this cheap take over now also puts the Aurora Production purchase into perspective. Their assets didn't seem exciting, so why bother. But when it was stated that they had tax losses of about GBP90 million that should be available to offset tax on future profits, I thought - interesting. Clearly the BoD can see a good profitable future, and able to make use of the tax cover.
But clearly our biggest investor also saw a use for the tax cover and perhaps encouraged the board to grab it for its value, with the intent of a later offer for whole of us. And that offer not fully valuing our assets, not reflected currently in share price.
A decent BoD would have rejected the offer for whole of EDR, saying it doesn't fully reflect value - regardless of share price and left it for us to decide ourselves. Instead, they played up the offer value against recent closing prices. But I guess they will keep their management jobs, maybe with a bonus for nodding it through, or get a golden send off if they are surplus to requirements later on. So bugger the small investors.
So I'm still crossing my fingers that someone will buy up as much as they can before the vote and stay as a minority shareholder or force a decent offer, which will still return a profit to them. Or make an offer themselves that our current major shareholder sees as too good to refuse.
Here's hoping / dreaming!
I totally agree. I’m in at 7p and never sold because I had faith in the company. This unelected prime minister let the company down when he unturned on Liz Truss’s fracking go ahead. When I saw the massive sp increase I was excited because I thought the company had released excellent results. I ever for one moment thought they were selling the company. I’m gutted!
i’ve lost shedloads on egdon and igas before that but i don’t blame mark abbott and his team for selling out. they must be utterly ****ed off with government attitudes towards u.k. onshore o & g exploration even after the warnings about energy security coming from the invasion of ukraine. after a while you get a headache from banging your head against a brick wall. i’d like to thank him for his efforts over the years.
obviously heyco are getting a bargain even at a huge premium to the sp and it says something about british entrepreneurs that they couldn’t recognise the potential. i suspect the big investors can’t see through the deadening green fog. but it won’t be until energy poverty, energy reliability and energy security fills the headlines as much as climate change that we’ll see the necessity of supporting projects like wressle and, more importantly, shale gas exploration.
What a grate statement.
So my average is 5.5p.
Just saw news now.
Let's hope some speculative waves.
Ouch. And so disappointed. Been here since 2016 and didn't sell in September.
I bought to invest in UK plc.... Ooofff. Ok nay sayers let me have it.
Congratulations to all speculators buying in over the last few months, great to see!
Sorry; George Yates' associate companies actually owned 43.76% of Egdon before today's offer, not quite what I posted below.
I see that Heyco, Petricor and / or George Yates' associate companies owned 43.876% of Egdon before today's offer, so the acquisition of Harbour Energy's and UJO's shares will definitely get them over the 50% hurdle. This may explain why Egdon's 4.35p SP is less than the 4.5p bid price, So, IMO it's pretty well a "done deal". According to UJO's 2021 accounts, they own 13 million Egdon shares, or about 2.52 % of the company. At 4.5p, those shares are now worth £585,000. That's not a bad return for UJo on shares which seem to have cost them only about 1.25p each. I hope they remembered to convert any outstanding warrants!
shouldn't of egfon of said they was in advance talks about a buy out. .. so many lths loyal to this firm...then get **** on from great high by selling up.... that would of surported shre price...
anybody
gg
RNS take over ...Egdon Resources has agreed to an all-cash takeover offer from Petrichor Partners at 4.5p per share. This values the oil and gas explorer and producer at around GBP26.6 million. The offer price is a 96% above yesterday close.
Well down again with this little AIM oilier.
Thank GOD I sliced the last top up back mid August 2022 .
No more new Aim shares for me its just throwing money away.
The BOD should be ashamed that someone is offering nearly twice the current share price for the company. Just shows how they have been sitting on their best feature instead of proactively working for share holders . Instead of selling the family silver they should use this as a wake up call . Looks like more indigenous fuel supply is being bought by a foreign country.
As at 31.07.22 Petrichor owned 43.76% of the shares, assuming that hasnt changed, they are paying £13.9m for 56.21% of a company that had £5.5m cash as at 31.01.23 - what a fantastic deal for PP.
4.5p significantly undervalues Egdon imo
It was 7p on false promises and was an artificial price. 4.5p is a mega deal
Molokai - my thoughts, exactly ... Just the the other day, given the prospect of a Lab or Lab/Lib government next year, I was thinking of selling my stake in EDR. So I suppose beggars can't be choosers, I'll take the hit, but at least it's not such a bad hit. What's the chance of anyone else making a higher bid? Ok, stop laughing.
I have been watching Edgon for a while but never got round to investing. However I have been in this situation before with Bacanora. They accepted a cash offer of 67p despite sitting on one of the biggest Lithium deposits in the World and the shares having been 155p at one time. Is it because they can overnight realise all their assets and retire millionaires? No more hassle or worries? Never mind about the LTHs
My avg is 6p…. and I’d basically given up on this one for a year or two…. But considering we were 7p only 7 months ago 4.5p does seem underwhelming.
Think I’ll see how the next few weeks pan out before hitting the sell button.
Re bacanora….so was I, problem here is that I suspect quite a few holders bought in above 4.5p and will be nursing a crystallised loss…..hence ensuring the DOB jokers have the best price….