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Where did I say beware of voting no ? You have clearly made up your own mind and that is your right, allow others to make up theirs.
The worst case? We have been sha*fted and sore already. Not much more hurts Wjmflp
RKH will love a post like yours saying 'beware of voting no'. You will see from my post I do not put any spin for others. If you want to accept that is your choice. Do not try and scare others with a 'nothing if you don't view. Regards Wjmflp
Oil price Down again today doesn't give us much bargaining power......looks to me rkh only show in town
Everybody will make their own decision as is their right, all I would urge is that people consider carefully the worst case repercussions of rejecting this deal, they may be very real and may leave all us PIs with nothing. I am disappointed with the timing and terms but better to have a decent holding in something which we can then wait for recovery rather than nothing at all
By NBL/Rig/Insurers. Where will this money go if we are merged/to as it could be substantial and worth quite a bit on the sp. Too late is the swap/merger is done RKH will get it. Wjmflp
And I include myself in this: To sit and do nothing whilst other people/companies make off with my hard earned. My opinion is that others (may) have conspired to ensure the demise of FOGL and the naivity of the BoD is staggering. Even we amateurs know not to compromise cash flow/requirements. How often have good companies gone to the wall because someone 'owes them money'. Good companies with good order books turning a profit and suddenly there is a cash call and they go to the ones who owe them and they find that they are not meeting their timescales for payment and all of a sudden a good company goes straight down the swanny. I shall be voting. If others sit around and think others will do it for them the vote will go through unchallenged. Wjmflp
I am sure you did, you are one of the people I would rely on on here to read and understand every word of the rns, so I accept what you are saying, Noble have agreed to defer the debt pending resolution of the insurance claim etc, do you think they could change their mind and sink fogl by calling it in ?
Please see section titled fogl current trading position towards bottom of most recent rns.
Come on noble....let's get a Dutch auction going
You are correct,forgot about that my friend
If you read the bottom section of the fogl rns where the numbers are they say they are confident they have.
Did they have enough cash to make it to the end of next year. Looks like they haven't and the BODs were misinforming Shareholders about this, that's why we are where we are today.....getting sold out on the cheap. If this is the case and can be proved, I can see a few BODs facing quizzing about misinforming Shareholders and poss jail sentences.
Ants pants There are some merits of rkh offer.with rkh sinking more cash in ,it makes it more likely that production will start.we will get increased value when oil price rises and good issy result. Is there enough time for rights issue before cash runs out and we go bust . presumably the bod not in favour of rights issue and would drag their heels and make it as awkward as possible. ...
I am broadly in favour but after Izzy2 results and with the Zeb CPR in the public domain. Then perhaps the valuation would be a fairer one. Otherwise a small rights issue would seem the better option.
I know there are plenty of sensible posters out there some of whom I hope may answer this. According to the RNS fogl are confident they have enough cash to pay their debts and keep going to end of next year. Would a small rights issue to raise say £10m and diluting the existing share capital by around 20% not also be an option. This would give fogl the operating cash to sit securely, for a couple of years if necessary until sentiment and the oil price picks up and we can get decent value for our discoveries or a more extensive rights issue becomes possible at a much higher sp.
Shaggymac I agree wholeheartedly with you. As far as I can see rkh have us by short and curlys If there are other options that would give us a better outcome I am certainly open to them.
I'm in favour of the merger - a nifty two step plan to transition into the NFB well done Tim et al - the SFB was and probably still is worth a try. Hopefully we will survive - what do we need to know about Chatham? - Shanus any chance of one of your excellent summaries on this please?
But would you still sell out on a Merger if Isobel/Elaine are still being explored and you haven't got the CPR for Zebedee or Isobel/Elaine yet. We know that there has been indications of a big find there. Just need to get to TD and get the figures etc.
Peter 308 From what I can see our options are very limited.if we don't accept the deal we go bust,unless we can get an offer from somewhere else. I personally have 445 k shares much as would love to veto the deal and sack bod.it looks like rkh is only option.
the oil is in the top level like the first drill so we do not have to wait for full TD to inject some excitement into this uncertain situation.
So its usually a case of do nothing if you agree with the merger?
Is the get out of jail card, without it we could have ended up in a fire sail or in the hands of the liquidators,especially if Issy failed for whatever reason. The purchase of Argos by Noble would indicate that they are serious about getting a foothold in the NFB and if that is the case, FOGL are presenting themselves as the ideal opportunity and may force thier hand to make a bid if Issy is the success we are all hoping for. From a RKH shareholder point of view i don't think they would be to disappointed as it would mean they have another major player to secure the development of the NFB.
Eegbvi, so if you say Fogl can't do it....how does RKH get away with it.......before it is cleared by FIG
I'm with youinvest and they certainly let you know, of any cooperative actions