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Pci 3.5p
I accept that de listing is a risk, but in the past I have had several shares that for what ever reason, have delisted. One is about to be taken over and I will receive proceeds and a second is about to return to AIM. As I said earlier, the offer is so low that I am happy to take the risk. Assuming the shares are not cancelled....the greatest risk, you would still own the shares even if you have difficulty trading them. In that event as things progress they may at some time have a greater value!
It looks as though there are some people who want to trade at 3.5p, which is a large premium to the recommended bid by Worldview. The 32,400 just printed is my buy, but I still have over 350,000 to go to close my short. See below: If anyone wants to sell their PCI shares at 3.5p, please get your broker to contact Ken at Cambell O'Connor (tel 00 353 (1) 679 1969). Non-negotiable on price, sorry. I am short from a lot higher up, so happy to pay a slight premium to the bid price to release funds immediately, rather than wait for the takeover process to complete. WShak
Your main shareholders and directors are telling you to accept its over sorry we need to face facts
Delisted only if 90% achieved though? I'll have to read it again this evening.
If you read the RNS it's state the company will be de listed I don't mean to be negative ad I will lose a fortune myself but don't think you have a choice
While this was a risk itself I don't think anyone could have really prepared for such a collapse. *However, if I bite the bullet now I'll probably get a couple of grand. Thats like a plaster on a fire. My final risk assumption for PCI is that the WV do not achieve the 90% and a valid restructuring plan is agreed and in doing so the company remains listed. I could live with that for the next few years.
Think you need to bite the bullet same as me totally gutted at this as first gas getting closer incompetence of the highest level should be prosecuted for what they have done
As impractical as this may be to some I will hold my position. Due to the incompetency and arrogance of the board I am more than likely going to lose all of my investment. However taking an opposing view to everything the BOD has stated or recommended has been proven to be the correct stance. So, I see this having a strong possibility of getting crumbs on the floor or very slim possibility of getting tiny slice. Either way I'm ****ed.
So if you don't accept what happens have you bitten your nose off to spite your face and get nothing ?
Thanks for replies. More total investment is c.£30k. So am i right in saying that if I do not take action my vote will be registered as not accepting the 3p offer? Unfortunately emotion is deeply attached to this decision.
Good points to consider, although I am ignoring all BOC & Board recommendations anyway. How ironic that the first piece of good news in ages (good drilling results) comes on top of a board recommendation for investors to flee the sinking ship. Having made a complete and utter cock-up for the past 4 years or so I think it prudent to do the exact opposite of what they say. I am not going to cry over losing £30 to a pathetic cash offer now, having already faced up to and written off my original investment in this shambolic outfit. I wonder if BOC & Co have already opted to sell their shares????
If Worldview get over 90 per cent acceptance they can compulsorily buy your shares off you at 3 pence If they get less than this then you stay as a minority shareholder in PCI and have certain legal protection from being abused by majority shareholders
What a sorry state of affairs for shareholders and to think Boc and board were made an offer in the 600 million euros region for company by Dragon oil not so long ago utter incompetence from boc and board.
Having read the latest circular from PCI and the Sunny Hill one again, I am still not selling. I will therefore follow Alan Parsley, who in the circular, has also stated that he does not intend to sell. I am aware of the risks but, having held for 10 years and built up a significant value, the sale value to me is just too small. What ever happens, I will be able carry a useful tax loss to set against my more attractive investments.
That has to be the funniest posts I've seen in a long time WShak, do you not think that people would have sold their shares at 7p pre suspension if they thought Worldview was going to get their way? JMSM.
Guys, I am set to lose a small fortune here. If I do not take action and do not sell what is likely to happen? *I realise some of you will say to accept the 3p off etc. I have chosen not to.
I'm not invested here thought this may be of interest to shareholders. From Malcy. The words rock and hard place come to mind for the PCI board as they struggle with their advisors to recommend the best for shareholders. Made more difficult by the examinership, which process might lead to liquidation or a total recapitalisation with a near total loss of equity. Faced with this, the board seems to have had little choice but to tell shareholders to accept the offer and it must be remembered that this includes Robert Adair who was vehemently opposed to the bid in the first place. Having said all that it seems extremely unlikely that Worldview, even if they want it, will get their 90%, many shareholders, particularly long-standing smaller ones will be might irked to be ordered to submit to the Russkis. If that was to happen then it all goes back to the Examiner who will have to find a way of sorting the situation out. This may lead to Worldview finally triumphing but maybe someone else may appear, after all when the strategic review was being conducted there were other interested parties in the data room. May will probably end up seeing the denouement for PCI one way or another…
If anyone wants to sell their PCI shares at 3.5p, please get your broker to contact Ken at Cambell O'Connor (tel 00 353 (1) 679 1969). Non-negotiable on price, sorry. I am short from a lot higher up, so happy to pay a slight premium to the bid price to release funds immediately, rather than wait for the takeover process to complete. WShak
Some good advice given regarding selling but a lot of people thought Algerian gas field was too big to lose
Those that didn't sell can't say they were not warned by myself and others here for several weeks before suspension . I looked like Afren 2 . No harm gambling on a bearish bet . I got out early and did not short it . Take the 3p .... Hard to believe !
Pci used to own the percentage in Algeria as of next week it will all be gone
Petroceltic International PLC (LON:PCI) has now recommended that shareholders accept the 3p per share offer from activist major shareholder Worldview Capital.The oil and gas firm previously dismissed the offer which values the group at £6.4mln.Now, however, Petroceltic faces an examinership hearing in the High Court of Ireland on Friday. The hearing presents the possibility of a winding up order or some other outcomes that could leave minor shareholders without any value in the company, it said in a statement.Petroceltic owes around US$232.5mln, and it has failed to secure a refinancing.Worldview applied in March to the court to have Petroceltic put into examinership, which is a bankruptcy protection status broadly equivalent to America’s ‘Chapter 11 bankruptcy’.Worldview’s Economic Recovery Fund in March acquired 69.44% of Petroceltic’s debt under its senior bank facility at what it described as a ‘significant discount’ to face value – before selling 32% of Petroceltic’s debt to an independent third party investor.As the group’s largest shareholder and a significant debt holder, Worldview is in a very strong position.Petroceltic’s capitulation comes as the development drilling makes headway at the 38.25% owned world class Ain Tsila gas project in Algeria.Yesterday, Petroceltic told investors that the AT-10 well, the first of up to 24 planned wells, has been completed. It was drilled to a depth of 2,005 metres, and penetrated a 61 metre gas and condensate zone.Analysis of the well results indicated that AT-10 is in line with the pre-drill prognosis, and the anticipated offtake rates are comparable to certain previous wells which delivered flow rates of 30mln cubic feet per day during testing, Petroceltic said.Petroceltic owns 38.25% of Ain Tsila, alongside partners Enel (with 18.375%) and Algeria’s state-backed Sonatrach which owns 43.375%.The Ain Tsila development is designed to establish a plateau production rate of 355mln cubic feet per day.
Anyway last word from me, it goes without saying the choice here is between 0p or 3p so no brainier. I'll leave you guys to it now, please open your minds to a bearish view next time, it could save you some money. Atb all of you (yes, all of you)
No just your over sensitivity and irrational behaviour. Compare your response to a guy called goldenflyingduck on the EKF board when I told him I am shorting his stock. Chalk and cheese.