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Remember seeing this statement couple of years back as a shareholder sad to see whats happened to shareholders but not boc he will walk away with decent gold handshake.
You have another choice rather than accept the 3p WV offer - sell at market price today. Personally I feel the market is being extremely generous with the current bid.
Such an awfully long cut and paste RNS to state the obvious that BOC, his mob and any investors apart from WV are completely f**ked, but please don't sell as soon you can have 3p as reward for your patience or maybe a tooth fairy will come along and offer 6p, twice the offer on the table, but they cant guarantee that either, so from BOCs last RNS saying dont sell what have they achieved exactly.
Banks have all the say now what if they pull the plug Algeria is why we were all in here but long long way away anyone think this can survive ?
There are defiantly a number of oil companies in talks with PCI (not hedge fund looking to make a quick buck or reduce loses) about buying all or part of the business. Not sure what is going to happen but PCI (ain tsila) has real long term value.
Nicol how do you think it will play out.gl
RNS Translation: "WorldView is correct we are up s*** creek with our finances and we can't pay our debt bills. They are correct we are only hanging on as long as the banks don't wind us up. We think this offer creates uncertainty but can't say why, but we would like to give the shareholders our certain believe that we are uncertain about what to do, so please don't sell. In the interim, we have enough cash to pay our salaries for a little while until the banks or WV get fed up of waiting and eventually sack us. In short - if we don't do anything, we think we get to keep our jobs for a bit."
Based on these factors the Board has concluded that it is not possible to give a firm recommendation to all Petroceltic Shareholders at this time to either accept or reject the Offer once made.
xk150 - well currently PCI's debt in the bond market can be bought for 35c/$1. This is very cheap. The 3p offer is materially higher than the current market rate for the debt. If you as shareholders do not accept WV's offer, then they will simply go to the bond holders (a la Afren) and buy the company through the debtholders, meaning your £25,000 will be worth exactly 0p. You have three choices in my opinion: sell now at 10p, receive 3p by accepting WV's offer, or receive 0p by doing neither. I know what I'd be doing.
How much is the debt? How great is Ain T potential? How was the debt built up?
Like the cut if your jib sir This needs payment from Egypy a little good fortune and if we can survive a bit longer Algeria the saviour GLA
May I respond again to Rhambo. I am not a high poster, i note you are in the thousands. From those I have read I cannot determine if you hold Petroceltic stock or just like commenting. I do, and my holding may well cost me £25,000 but, and it is a but , I do not believe that this company has a worth of 3p! In my opinion, WV just want to buy on the very cheap. Well, they will not get my shares. I am aware of the Debt PCI have and can see problems in the immediate future with such a low oil price, however, with a fair wind, and much luck, others may well see more value than is being illustrated in the WV offer, afterall, the company has some attractive activities and potentials, not least Italy. They just need to find a way to go forward in the months ahead, because, in time, I do not know when, the oil price will start to recover. A good Hold for me.
You seem to want this to fold and a lot of people to lose there money sound like a nice chap
The market didn't agree with me on AFR either for a time
Market doesn't seem to agree with you does it ?
You could be talking many years if at all for that though... and you are discounting the massive debt pile, so it doesn't matter if the asset is worth 40p if the company's debt outweighs that. How will the company clear the debt and return value to shareholders? The company has already said it's worth ~0p and best case scenario a buyout at 3p (which may still not be enough to save it at current POO). 9.5p to sell looks a steal at the moment for those looking to preserve capital, it has echoes of AFR here.
On my stocks live chart. Interesting. ..still happy with my punt down 50% though
In answer to Rhambo, perhaps it is because the price is already too low when compared to the long term value. Too many willing to talk down. If the Banks can continue support then we will see a more realistic value emerge. The Algerian asset has a value, some would think, of at least 40p so, as long as World View are stopped taking our company for fire sale value, we may yet see value from better bids. For me, having been in for 10 years, I am staying to the end...or should I say the new beginning?
Clearly the mm's are holding stock at much higher levels than this and they want to palm it off onto unsuspecting punters hoping for a 10p bid that will not come.
Am I missing something here? Board issues RNS saying equity worth ~0p, offer "may" come off at 3p... price is currently 9p. This has to be one of the best shorts out there at the moment, gains are somewhere between 66% and 100%?! No idea why this is still at 9p, anyone have any reason for it?
It's now 3p or potential 0p if banks pull the plug Interim results clearly state concerns over reliance on bank support to be a going concern Five more months trading at low oil prices won't have improved PCI's financial position and it's had those five months to pull a rabbit out the hat before worldview offer
240 offer was on the table just over a year ago Algerian assets alone valued at over that two years ago Worldview destroying this
The asset may well be world class but all the rampers are conveniently forgetting the debt millstone is worth a lot more the other way. company isn't just valued on its assets but also its debts. people were warned that the 180p valuation stuff was nonsense. well, now the proof has been harshly delivered.
Agree with some of what you say but only WV value it at 3p no one else it's still a world class asset management failed