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I'd definitely take it (55p) but that is because I want to buy other stock elsewhere - which just goes to show why take-overs can occur "so low" (II's have different POV's regarding value and investment criteria) and why people like AA try and "chance" it?
I will definitely be selling in early NY or post two "appraisal" wells anyway - whichever is the earlier - regardless of price for the above reason?
I hear a lot of people sighing happily but I reserve the right to may still pop in after then to "critique" the management!
All IMHO and DYOR.
If gas prices are anywhere near future prices then iog will make huge amounts especially when Southwark comes online as all unhedged. But the world economy will be in serious trouble. Most large gas users will be put out of business and the poor will not be able to use gas central heating at all. Sadly only the Russians can stop this and don’t think they will.
Sorry that should read 'in a few months'.
Next year and at a 5 p/e, the market cap should be well past £1, actually a lot lot more that one £ a share.
You may not have to worry about that scenario at all cos it still has a long way to go before reaching those sort of levels and it's in no hurry to even get back to 40p.
No way would I accept 55p for a company making on the few months approx $2.2m net a day translating into approx £630m a year. 55p no thanks
LOG would take that Imho
If AA comes knocking at 55p or more I think most would sell and move on??
Thoughts?
Apologies if they are convertible loan notes (just woke up, lol) so will not need cash to convert but again, give way price and they will have to get rid of certain shares so as not to exceed 30%.
All IMHO and DYOR.
I certainly don't think they'll have the authority to "sell short", equally they will need the cash to purchase them as well and I doubt they will want to exceed 30% holdings either, lol!
So a bit of "clever" financial instrument required to help them with this conundrum.
What twat designed this corporate structure / balance sheet - eh?!
But wtfdik - cue David S complaining about people who "aren't engineers" not having a clue and moaning, lol.
All IMHO, DYOR.
The holder of the convertible notes are the administrators of London Oil and Gas. Unlikely they would sell short but at some stage they will exercise their right to convert the notes into shares.
Explains who the seller is then
And why this stock is the only Gas stock not to have 2 3 bagged
Its a containt drag with such a complicated share structures in place
The £11.4M loan notes convertible at £0.19 are worth £21.6M to LOG at the current share price of about £0.36, so they are hardly likely to accept £11.4M and the cancellation of the option to convert (maturity October 2024).
That's a good idea
At a value of only 11m I would rather IOG just paid the loan off and cancelled the loan notes instead of diluting the company further and the value of our shares as a consequence. Surely with the cash flowing in from production (including Southwark soon) that should pose no great problem.
So potentially freebies to sell if not done already??
Sorry convert the unsecured loan stock into shares
No LOG can convert them anytime in the future into shares at 19p each.
Are we saying these are the shares being sold?? Freebies??
Equates to approx 12% of issued shares.
Thanks everyone for the reply’s past and future
This is relates to the resolution of London Oil & Gas. The amount is mentioned in notes 7 and 10 the year-end accounts published in a RNS in March 2022. I cannot see in the 2019 RNS any time limit on their conversion.
They were originally 2018 and were exchanged in 2019 into long term non interest bearing convertible at 19p a share.
That beggars belief. Are you 100% sure.
Excuse me 60 million shares
Just reading old rns of 2019 I’m pretty sure those 60000 million shares. Have to be converted in threee years well the date they were issued three years ago have lapsed