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Rhambo, I don't think I've seen a post with so many misleading statements as your 8:21 post, I'd be careful of disappearing up your own shorts :-)) if I were you. Despite the situation here investors need to be very weary of of the motives of certain posters in this company ATM, there seems a concerted effort to make today's RNS by SKYE as bad, it's anything but bad, if SKYE's intentions were as some have suggested here today they most certainly would not have released today's RNS. Be very wary of these posters they most certainly are not here for your benefit. JMSM.
Apologies for earlier outburst
Rhambo Exactly, the equity holders are not in a good position and should not see this announcement as a positive. The only positive I can see here is that the market is currently being over generous to holders with the current price if they wanted to escape with something rather than nothing.
@thesonandheir Good point, hadn't thought of that. Skye may want to go to the bondholders and get the whole business on the cheap rather than accept the 3p. Either way the retail punter is increasingly looking like they will get nothing for their equity.
3p materially OVERvalues Petroceltic, because the equity is worthless with the company in breach of its bond covenants. If shareholders won't sell, WV will simply go to the bondholders to offer them 35c/$1 and take control over company, leaving all shareholders with 0p. Very poor move by "Skye Investments" I note of Melrose infamy (not a good track record) which decreases the chance of a rescue deal going through now.
@hugs Was merely pointing out that these guys have a lot of experience in distressed debt scenarios. My guess would be they want the assets but are willing to deal with the banks instead of letting WV take the full shebang. No need for the insults just because you have lost money, have reported your post.
Guess this is going to 0p then.
Well sourced, gets more intriguing by the day
Whats your point here? People are only saying that they wont sell to VW yet you have to be negative about everything horrible person
http://www.skyeig.com Doesn't look like a particularly reputable investment firm IMO. They say they make their money by buying up credit card debt for pennies on the dollar.
Thank you
Maybe WV will double the price to 6p now and the sell price will go to 12p or so, who knows, clearly there are lots of shady goings on in the background with PCI, maybe the far east company will make a counter bid and it will be better for all those that are left, maybe then they will only lose half a shirt
Thanks for sharing that
www.investegate.co.uk
The Company announces its firm intention not to accept the Offer which it regards as substantially undervaluing Petroceltic and will not consider any further offers unless significantly increased. Ends
Excuse me where did you hear that?
Funny old game, now Skye Investments have said after all this time they will not sell their 19.25% share unless a substantially improved offer from WV is forthcoming, somebody is going to make a shed load of money this morning and it looks like the PIs that panic sold have been fleeced yet again, and they say the market s not rigged, yeah right
Sorry for the lad who just sold 20 k what a decision
Your a bit cheeky calling people fools probably had £100 in it and now being a smart arse
I've sold now the last rns did it. A fool and his money is easily parted ha.gla
Never in a million years is it a fare offer this company was looking to make money when it bought in at 130
Missed the answer. How much in the ground at Ain T? How did the debt grow, too many dry holes?
I actually believe oil price has bottomed and although a retest of recent lows or close is possible feel oil price at recovery stage question is will the Banks be prepared continue with funding and life support long enough to keep the wolves from the door.
I got out of here when the were still a quid a share. (ish ). I have no position long or short. But I think this is Afren2 only Afren had a better chance of survival because it was in $70 a BoO territory. It hurts to sell, but I think that 3p is a fair offer. a very fair one. other than that it could be most likely zero, or if oil recovers. …god knows. For what it's worth, I'd take the lifeboat where its there and don't look back. GLA and DYOR….. best of luck
Think I remember the same thing how could they have got this so wrong