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Last post: sparkyboy1, 19 Dec 2023 12:07
Very quiet here
I was under the understanding we where getting 4.50 for share?
The cash was in my broker's nominee account this morning.
It's definitely Fri 29th Sept for payment for our Egdon shares.
That might be the Friday after this one .
29th according to previous post.
Started: GreyPanther, 12 Sep 2023 16:43
Last post: GreyPanther, 14 Sep 2023 09:35
Halifax should receive 4.5p in cash for each of your shares on Friday 29th September, so you should get it soon after that, all being well. The timetable:
Scheme Record Time
6.00pm on 14 September 2023
Last day of dealings and transfers of Shares
14 September 2023
Effective Date of the Scheme
15 September 2023
Suspension of Dealings
7:30am on 15 September 2023
Last Date for Payment of Consideration to Scheme Shareholders
29 September 2023
What happen to share now, I hold with Halifax but never received anything.
Further to the announcement made by Egdon on 29 August 2023 in relation to the satisfaction of the NSTA Condition, Egdon is pleased to announce that at the Court Sanction Hearing held earlier today the High Court of Justice of England & Wales issued the Court Order sanctioning the Scheme.
Egdon hereby confirms that the Scheme Record Time for the Scheme will be 6.00 p.m. (London time) on 13 September 2023.
Subject to the Court Order being duly delivered to the Registrar of Companies, it is anticipated that the Scheme will become Effective on 14 September 2023. The last day of dealings in, and for the registration of transfers of, and disablement in CREST of, Egdon Shares, is expected to be tomorrow, 13 September 2023 and it is intended that dealings in Egdon Shares will be suspended with effect from 7.30 a.m. on 14 September 2023. It is intended that cancellation of the admission to trading of Egdon Shares on AIM will take effect from 7.00 a.m. on 15 September 2023.
If the Scheme becomes Effective on 14 September 2023, the last date for payment of the Consideration to Scheme Shareholders will be 28 September 2023.
Oh dear oh dear.
My rather oddly censored word was n*i* g* g*a*r*d*l*y !
if the petrichor deal completes in a few more weeks, can i assume that shareholders will definitely be receiving their *****rdly 4.5p per share before the end of september? thanks, gp
Just read todays rns, whoopy do!
The lack of trades following the RNS says it all! Loyal shareholders who have been with them for years stand to lose a lot of money. when they eventually pay 4.5p per share to take it private they will probably make a fortune for themselves.
Can the plug be pulled by the buyer at his late stage
Started: SlowRoll, 31 Jul 2023 11:37
Last post: SlowRoll, 31 Jul 2023 11:37
Change of govt. policy on oil and gas projects has it come too late for us? Fracking must be back on the agenda soon!
Started: GreyPanther, 18 Jun 2023 09:17
Last post: itsawrap, 10 Jul 2023 10:29
Morning GP, the consensus seems to be that the takeover price was on the low side if not cheap, perhaps that's because Heyco have no idea what's in the CPR other than the odd public hint dropped by Egdon. If we assume that that's true, it makes me wonder why UJO gave an irrevocable commitment to sell their EDR shares when the CPR could significantly increase the P1 & P2 potential of Wressle. Like you, I am a little concerned it's taking so long, let's hope it's worth the wait!
Hi itsawrap. It's only a blind guess, but I'm assuming that neither Egdon nor Heyco know what's in the CPR yet. if they did, I assume they might possibly have released it once they had shareholder approval for the takeover. I'm left wondering why it's taking so long to produce what should be a fairly straight forward report. All the best, GP
I would like to know if Heyco/PP, Egdon's largest shareholder, had sight of the CPR (draft or final) before making the bid or are they rolling the dice?
I think the Directors will with hold any additional news until after they have taken our shares.
They should not have accepted deal until after all information out in public, in my view.
Have we been told formally by Egdon or the Wressle partners when we can expect to see the new CPR from ERCE? I believe June has been mentioned but I can't find the relevant RNS, Anyway, it seems to me that if the CPR results come out in June or maybe just before the Petrichor deal concludes, then it could perhaps be argued that the result won't be a huge improvement on ERCE's last CPR. IMO this might mean that Egdon would be able to say to their shareholders "What a good deal we've secured for you at 4.5p per share". Or not, perhaps. On the other hand, if the CPR is delayed for a technical or even a commercial reason, then perhaps we can conclude that it contains excellent results in terms of additional Wressle reserves. We shall see!
Started: Cottill, 9 Jul 2023 11:41
Last post: Cottill, 9 Jul 2023 11:41
Having been invested in this company for sometime. I stuck with them as I had faith and a desire to develop the company. I am underwater now and feel let down and abandoned by them. I guess the lesson is never invest in an aim company.
Started: GreyPanther, 14 Jun 2023 08:34
Last post: GreyPanther, 14 Jun 2023 08:34
Union Jack’s $16 million RNS (issued today) has arrived a bit faster than I'd expected. It means $2.5 million of gross income from Wressle in the 35 days since UJO's $15 million announcement on 10 May. It also means that the field has produced $40 million of gross income since coming on stream, which is pretty good IMHO. The latest $2.5 million of gross income divided by 35 is about $71,430 per day before deducting the operating costs. This is not bad either, since the price of oil and the £/$ exchange rate haven’t exactly been working in our favour lately. The well is still belting it out, not far short of 800 bopd of dry oil. Long may it continue!
Started: GreyPanther, 4 Jun 2023 09:09
Last post: itsawrap, 8 Jun 2023 15:43
Armada - nav's from last accounts for each company
How did you get to that NAV?
Hi itsawrap. Thanks, that's an interesting comparison. But wouldn't the NAV of all three Wressle particpants increase, but not by the same amounts? Since UJO have 40%, compared with EDR's and EOG's 30%, I'd expect UJO's NAV to increase more than EDR's and EOG's
UJO nav 31.12.22 £23m - mcap £29.4m - 128% of nav
EOG nav 31.07.22 £11m - mcap £14.9m - 135% of nav
EDR nav 31.07.22 £31m - takeover £26.6m - 86% of nav
GP, is it correct to say that if the CPR shows a significant increase in recoverable reserves, EDRs NAV would increase?
The release of the Wressle CPR must be imminent as we've been told it will appear sometime in June. If that's the case, it must already exist as a draft report. I assume that Egdon, and perhaps their partners too, have already been advised how it looks. A delay in releasing it until after Heyco's takeover has been been completed or (remotely possible I guess) it fails, may tell us that it's looking good. If it's not much better than ERCE's earlier CPR then Egdon won't delay it as they'll probably want the Heyco T/O to look like a great deal for shareholders - which IMO it isn't!
Started: Cottill, 8 Jun 2023 14:22
Last post: Cottill, 8 Jun 2023 14:22
I sincerely hope shareholders vote against it, but I don’t hold much hope.
Started: GreyPanther, 6 Jun 2023 15:05
Last post: GreyPanther, 6 Jun 2023 15:08
Sorry! The local planning authority is Lincolnshire County Council, not North Lincs as it was at Wressle.
I don't think we've been told much about the original well proposal but, bearing in mind how hard it usually is to find and negotiate for a well site that's anywhere near the intended down hole target, I'd assumed that NK would be a deviated well. So I'm left wondering if the planning inspector is inexperienced in oil-related matters, or maybe a bit of a twit, that he has decided to decline a deviated well. Let's hope that it doesn't take too long to get a new proposal submitted, and that the local authority - i assume it's North Lincs as at Wressle - will approve it this time.
Last post: busters, 31 May 2023 20:09
As at 1/11/22 Harbour holding was 8.53% .
Is this a new position?
Last post: itsawrap, 31 May 2023 16:00
I've been here since 2014. This company is worth a lot more than what we're being offered and they know it. I will be voting against the offer
Started: Pboo, 26 May 2023 07:10
Last post: Pboo, 26 May 2023 07:10
Including 270,000 ordinary shares held by Susan Abbott, the wife of Mark Abbott, 90,000 ordinary shares held by Richard Abbott, the son of Mark Abbott, 100,000 ordinary shares held by Catherine Abbott, the daughter of Mark Abbott and 5,200 ordinary shares held by Gwendoline Mary Abbott, the mother of Mark Abbott.
Started: Gerhart, 19 May 2023 13:56
Last post: Tonno1944, 22 May 2023 11:38
I did more or less the same. Can only presume that Mr A has a highly lucrative contract of employment lined up.
The current 4.35p SP suggests, to me anyway, that the market is expecting Heyco's 4.5p bid will be successful. They held over 40% before announcing it, which is presumably why they made such a disappointingly low 4.5p offer. I'm now kicking myself that I didn't sell more of my holding during the temporary lifting of the fracking moratorium. As it was, I sold only 17% of what I then held at about 7.8p, expecting the SP to go still higher. I should have sold the lot, but I guess you can't win 'em all.
Further RNSes - so there are clearly people, already holding, taking positions that a better offer is on the cards.... Hope they're right! I'll be holding out for more.
Interesting .. Odey Asset Management took a sizeable stake in IGAS last summer if I remember correctly - looking to capitalise on a relaxation of fracking legislation .. pretty sure they sold out after Truss resigned, and the susequent U Turn on fracking policy by Sunak.
Those disclosures today by Odey Asset Management look interesting. They, or someone they act for, opening or increasing long positions. Am I reading that right?
So like some of us here, believe the current offer well undervalues us.
Meant to say 30% of the Wressle oilfield.
Will Petrichor still be allowed to buy more shares off the MM now that an offer is on the table, would seem logical to snap up as many as they can below the offer price!
Europa (EOG) still got 30% WN, with their low M Cap maybe they will be the next take-over target.
Started: MF2017, 19 May 2023 06:15
Last post: MF2017, 19 May 2023 10:02
It seems like a done deal, but there's Aim space for complete let down and investible sp drop if it didn't happen.
The difference on my holding would have been 500ish GBP. I wanted certainty and saw another opportunity.
To those who hold and wait - GLA
The trades at 4.3p are sells
MF2017, why didn’t you wait for 4.5p? All the buys at 4.3p are punters who want the extra 0.2p.
That’s 4.65% return in a short space of time.
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.
Started: Gerhart, 18 May 2023 09:07
Last post: SonsofGwalia, 18 May 2023 17:54
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?
Started: MF2017, 17 May 2023 16:37
Last post: Cottill, 17 May 2023 19:25
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!
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.
Started: MarktheSpark, 17 May 2023 17:13
Last post: MarktheSpark, 17 May 2023 17:13
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.
Started: NigelHaemoglobin, 17 May 2023 16:07
Last post: rpg7, 17 May 2023 16:55
What a grate statement.
Congratulations to all speculators buying in over the last few months, great to see!
Started: itsawrap, 17 May 2023 10:15
Last post: GreyPanther, 17 May 2023 14:07
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!
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
Started: gogetter, 17 May 2023 13:10
Last post: gogetter, 17 May 2023 13:10
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
Started: biglad0001, 17 May 2023 07:09
Last post: Paddyfriel, 17 May 2023 09:43
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.
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….
I was in bacanora, something similar happened over there, not happy about this even though I am in profit.