Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Essentially they just sold their agreement for £3.5m plus whatever profit they had in the shares they held if the offer had stayed at 55p.
Not a bad days work really for them
Yep that’s how I read it also! I think the games a bogie now! SDX ENERGY, GENEL ENERGY, TRINITY AND SOCO INTERNATIONAL is where I’m focusing my efforts ... specially while RRE is suspended
Well given sandgrove have given irrevocable agreements to vote for the takeover (thats how i read the RNS) I would humbly suggest this is now a done deal
As a company, over the time it has taken to get to this stage since Medco's inital formal offer, we have made more in cash by producing / selling our oil ... so in effect they are making no "increased" offer at all .... afaic.
Absolute p**s take, lol
Saying its 73% @ december 28th sp,
Yes because they run this to the ground
Make it 73% @ march 20th price and we got a deal........
Absolute joke Davstock .
What a joke Raising it by 2.5p, what's the point?
Ahh yes I completely agree, I just thought I had missed some news.
Lets hope you right LC
Still hold a few here , de risked a few weeks ago , but no regrets, made a profit,
Thanks for help on the way.
It hasn't failed, Luck counts is pointing out that a number of IIs and Hedge Funds now own a significant chunk (mostly bought at around 53-56p) - it's unlikely they'd do this to just sell at 55p so LC is supposing (sensibly) that those large holders are going to object (or apply upwards pressure) in some way.
The vote can't fail until it is voted down or Medco recindes it's offer...
Has it failed? I can’t find any news?
I would be over the moon to get back in at 45p please.
I suppose that could work, whatever happens though Ophir is going to be an Indonesian or at least South East Asian company either way
Oilboil
If deal fails we get to keep our company! The shares drop but we have more to gain in the longer term
I don't see a viable alternative - the current path isn't working, and no-one else looks like wanting to open their wallet and buy instead.
I don't want to sell at 55p - it would be a disaster - but I don't see what happens next if the deal falls
Anyone know what the timetable is for the takeover? When is the vote taking place etc???
Hi Oilboil .......Sand Grove 21% has been critical of the takeover for being undervalue and along with Goldman at 9% both have been active since the announcement to increase their positions buying around 54-56p mark ..... these two shareholders alone can now block the deal.... I doubt they have been acquiring at these prices to sell at 55p..... what makes you believe it will be accepted ?
I can't see the vote failing, the share volatility has died down and no one else has appeared with a better offer. 8 days from today Ophir will be no more
What will happen if the vote fails ? will it be back the same old failed management to run the business ? its clearly evident this BoD is unable to deliver any real increase in shareholder value.
We need Sand Grove and Co to install a new management team to establish a sustainable business or attract realistic bids. The Ophir staff must be completely demotivated after years of poor management and this bid process.
If you can get paid of the Egyptian government, I consider that as risky as Kurdistan producers.
OPHR drills offshore wells that are very expensive and very risky. I will definitely avoid it. I prefer Transglobe Energy (TGL) instead that drills onshore low cost wells in Canada and Egypt while generating free cash flow, trading less than 2 times its annual cash flow and giving 4% dividend.
Would it make sense for premier oil to make a bid for Ophir? North Sea and south east Asia are pmos main plays. Then they both have Mexico interests. I’m in Pmo and would sell Zama in a heart beat to buy Ophir with an extra 29k boepd at cheap opex. To me that would make slot of sense instead of bidding for expensive chevron assets.
I hope this vote fails and the BOD goes with it, they talk of maximizing shareholder value why don't they reject the offer and resign and let the Petrus recommended directors take over .....
They talk of 55p delivering upfront value in cash, the share price was above this level until June 2018 after which point the BoD gave little guidance on future plans except at the mid-year results when they said they would move to Asia and find a quality CEO. The uncertainty drove the price down, the assets under the right management would be hugely cash generative. Which would have driven the SP back to the analyst predictions 80-90p.
Note 5 in the results they have already incurred $8.0 million on the Medco transaction ! they incurred less on acquiring Santos $6.5 million.
The talk about reducing costs but unit per barrel increased $11.47 in 2017 to $11.67.
Production was above guidance due to Premier's work in Vietnam.
Per the CFO the company is unable to pay dividends or perform a share buy back due to a lack of distributed reserves, so there won't be any payout prior to a takeover.
So frustrated with this investment - high quality assets, low quality management
What's going on with this company?
Not sure if I should sell the rest of my holdings or buy more???
I can’t beleive the bod have the cheek to say 55p is representing fair share holder value after results as strong as that, it’s absolutely shocking. I hope the deal falls through and I will be piling straight back in