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OK so let's say that they get another offer. Unless they can pay off all their debts with it and have plenty left over they are still worthless are are still insolvent right?
is now only for the very brave. gl
Statement re Oilexco North Sea Ltd. TIDMOIL RNS Number : 4641P Oilexco Incorporated 25 March 2009 ? PRESS RELEASE Oilexco North Sea Limited Update Calgary, Canada, March 25, 2009 - Oilexco Incorporated ("Oilexco") (TSX-V: OIL; LSE: OIL) has been advised by the Administrators of Oilexco North Sea Limited (ONSL) that the Administrators have entered into a contract for Premier Oil to acquire all the shares of ONSL for $505 million subject to a Company arrangement with the creditors, failing which Premier will acquire the business and assets of ONSL for $415 million. Oilexco understands the sale price is less than the amount owed by ONSL to its creditors and that the total consideration payable to Oilexco under the Share Acquisition Agreement is $1. As a result, Oilexco will not receive funds in excess of $1 from the sale which is expected to close in late May. Oilexco remains in CCAA as announced on February 5, 2009 and will continue to provide the market with timely updates. About the Company Oilexco is an oil and gas exploration and production company. Oilexco Inc. shares are listed for trading on the London Stock Exchange (LSE) and the Toronto Stock Exchange (TSX- V) under the symbol "OIL". Forward Looking Statements This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which ar
Hi can anyone explain how a company in administration can trade on the LSE, surely if the company is in admin then the shares should be suspened,new to all this malarky anyone care to explain
thanks for advice. just got too greedy me thinks. i thought this would continue to rise today. espicially after seeing the volume of buys in relation to sells. as pat says in his post all very murky. this company has over $1billion dollars of assets and was sold for less than half this. does anyone have any news yet on oil shareholders and what wil happen? is it worth getting back in at a lower sp? any advice welcome from some of the more experienced in here.
Depends what the scenario is.This company is insolvent!. I cannot understand though why the current deal has attracted so much publicity because it is a bad offer. If it was insolvent and a company like Woolies ended up like fair enough -but therte are assets here that are earners and worth something. All very murky and has been said how is it that big shareholders would sell out for nothing. The SP should continue to fall until there is a proper offer -it is worth between 2p and 5p a share. Pat
Am I missing something here ! shares in issue are less than market cap Info please.
I had a similar experience with SOLG a good while back. Only difference I held on too long...and then sold. Bought at 18p..then it fell...and fell....sold at 2p after watching it drop 4ever thinking it can't go lower...only to see it bounce back to 14p a few weeks after I sold. Well lots of lessons learnt. 1. a Company is never TOO good to fall. 2. Sell around 10% loss 3.NEVER MARRY YOUR SHARES Classic mistake though but hey... Upwards from here (for me I mean not OIL)
I was in on an average 8p, had the chance to sell twice at 15p and thought nah this will continue to rise. Boy was i wrong. Got out at roughly 7.6p average. Could have made a nice proit on this. Done exactly the same with lloyds when they were up at 70 odd p. Lesson learned big time today!!
down 55% in us and canada
done the same myself , in at 12.60p, and 10 minutes later out at 12p. sticking to the ftse 350 here in future, been shafted too often lately, 40% + spreads, companies going bankrupt left right and center, Enough!
unreal, someone just bought 25000 at 12p, when all the trades above and below are around 7p
WHAT HAPPENED HERE? im out down a couple of hundered for the day. Made the same mistake with lloyds a few weeks ago, held on to long. Might come back in if they drop again. NIGHTMARE!!!!!!
im in now worth a punt at these prices just leave them for a while and hope all goes well
bought @13 as well to low to back out now.
brought these at 13 this morning when loads of buys where happening and takeover announced, then felt nervous about the deal so managed to sell at 12 a few hours later and cut my loses. My God, what a lucky sell that was! Hope all those in get their rewards. It's far to nerve wracking for me.
just sh1t. "We are all in the gutter..." but some of us are looking at decent shares. Penny shares are a nonsense.
I said at lunchtime when there was a temp SP was at 9.5p that I was hovering over the BUY button but didn't go for it as something said dont do it. I'm now showing 5.5 - 5.9. Thanks goodness for that!
these was 6 months ago now u can buy em for 5p lol