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Is the "cherry" also means that they can buy off me and without my consent all non-voting deferred shares and pay me back £0.0001 for all of them? They are worthless anyway right?
New share better be worth substantially more than £26.69 :-(
And continue reading on page 83 of the final circular:
"Accordingly, it is proposed that, pursuant to the terms of the Subdivision, each Existing Ordinary
Share in existence as at the Subdivision Record Date will be subdivided into:
(a) one Ordinary Share with a nominal value of 0.0001 pence each; and
(b) one Non-Voting Deferred Share with a nominal value of 12.4999 pence each.
Non-Voting Deferred Share
The Non-Voting Deferred Shares will be effectively worthless. They will have no voting or dividend rights and, on a return of capital or on a winding up of the Company, will have the right to receive the amount paid up thereon only after holders of all Ordinary Shares have received, in aggregate, any amounts paid up on each Ordinary Share plus £10 million on each Ordinary Share.
The Non-Voting Deferred Shares will not give the holder the right to receive notice of, nor attend, speak or vote at, any general meeting of the Company.
No share certificates will be issued in respect of the Non-Voting Deferred Shares, nor will CREST accounts of Shareholders be credited in respect of any entitlement to Non-Voting Deferred Shares, nor will they be listed on the Official List or admitted to trading on the London Stock Exchange or any other investment exchange. As such, the Non-Voting Deferred Shares will not be transferable at any time (other than with the prior written consent of the Directors). The rights attaching to, and restrictions upon, the Non-Voting Deferred Shares are set out in Resolution 4 in the Notice of General Meeting."
Further down on page 235 is a large list of what we can't do with respect of those shares, no certificate, no dividends, no transfer of rights. And "cherry" on top:
"(vii) the Company shall have the irrevocable authority to appoint any person to execute on behalf of the holders of the Non-Voting Deferred Shares a transfer thereof and/or an agreement to transfer and/or to purchase the same and to execute any other documents which such person may consider necessary or desirable to effect such transfer and/orpurchase, in each case without obtaining the sanction of the holder(s) and for an aggregate payment of 0.0001 pence in respect of the total number of Non-Voting Deferred Shares being made in respect of such acquisition;".
Unless new ordinary share reach a current Pmo share price, we are totally screwed? Is it not better sell now buy later? Does anyone has an idea how much new share will be worth day one, month one?
So I was not surprised to see we will get our present share split into two shares:
1. Common share class at value of £0.0001
2. Non-voting deferred share at the remaining value £26.6899
I doubt these shares will remain at £0.0001 value for long. Question is what can be done with deferred shares? Can you trade them?
That would explain why the institutions are reducing number of shares and increasing other financial options :-/
Entertaining now myself with other options "what if". So what if merger takes place and all shareholders don't get 1 share to 1 share conversion, but £1 to £1 conversion? Hence dragging share artificially down means in new world you get less shares at normal value. Then all instructions who keep options instead of shares get shares at agreed value. That would mean distribution of wealth out of private investors hands to pay for the debt of PMO and not hurting institutions who lend them money. I really don't like this scenario, but wondering if it is possible and legal to do.
Remember 50% of H. E production is oil
I Initially thought the same but as far as I can see pmo production remains unhedged so allows us to capitalise on a rising oil price going forward, along with around 40kboepd of chrysaor production unhedged. It reads to me around 50% of harbour total production will be hedged at $58?
H. E OIL HEDGES ARE POOR. MAYBE ONLY $10 bbl profit. Pmo fairly valued imo
Don’t you just hate it when POO go’s up after the market closes. I agree Monday should have good start unless POO decides to go for another dip :-/
I will start a count down for the merger on Reddit. Hopefully we will be rewarded with new bananas for all pain we have endured from 2020.
Does anyone happen to know if the large shares after market being sold were shorts closing out. One for 23 million and another for 6 million
Currently nicely up this evening which should set us nicely up for a strong start on Monday
Last week Of trading before the merger! Am expecting fireworks.......
On December 15 i sold my 90,000 shares at a 70% loss at 21p and put the cash into Uranium stocks. Doubled my money since... still 30% down from initial PMO investment. But looks like uranium increase will outpace PMO .
Just showing off a bit here... but been refreshing.
Evening all - Simple question for many of you I am sure but why is this share price so shorted. Is it solely because those vipers think the price will drop or is it something to do with the creation of the new company and they are hedging somehow?
SK are you in for the long haul now or trading? I’m thinking 40p by year end so sitting tight. The hedging programme makes this one of the safest oil plays for the year imo
I did exactly that today, sold under-performing stock to top up my PMO holding today .
Todays court session was a rubber stamp exercise and the shares will not stay this low long. Wait till the dust settles on April 1st and see a lean, mean, money printing machine with no tax liabilities and plenty of potential positive RNS's. The closing of the shorts will free this to run and if there is a super cycle(im not sure I believe the IEA) then we are laughing....
GLA
thanks Stevo for clearing that up for me, I will sleep better tonight with this knowledge, gla.
Seriously thinking of selling some of my positions that are negative just to kill any loss made and more than make it up on PMO. Huge buys over sells and great opportunity to make some good returns here. Already have made a good gain having bought in with 100k shares at .22 which is fortunate and certainly here as LTH but can see more to come.Be interesting to come back to this post in a week from now!
Pearls
Long term value and short term sentiment dint always align. Plus some of the debt holders are selling their creditor shares ahead of 1 April by increasing their shorts.
Melquart and Mirabella have been selling over 5 million shares a day over last few days which is going to be negative to share price.
Try 6.5 and £ not $ imo
I think your valuation is wrong. According to this article, HE's anticipated valuation is $5bn.
Source: worldoil.com/news/2021/2/23/premier-oil-to-rejoin-uk-offshore-just-in-time-for-oil-price-surge
Outofideas
Thankfully this is not the case, the current pmo share price and market value is effectively the market valuing 5% of new Harbour.
As an example a PMO share price of 30p is valuing the new enlarged group at £5.4b, resulting in a market cap of pmo of E270m.
Have a look at Soders post for valuation analysis. Be comforted that two combined businesses generated EBITDA of over $2.3b in 2020 during the worst dip in oil prices for several decades. We also have current listed businesses such as Aker BP to compare valuations.
If the market thought the valuation of combined group was $2b the current share price would be 10p.
Somehow I don't think what you are expecting is likely to happen. I have had a similar experience with PDL. Albeit not being not a reverse takeover but big financiers coming to the rescue. Despite project fear from major de-rampers, overnight, the debt disappeared, the number of shares went from c800m to over 9Billion. The Mcap went up major holders declared and shares went up. SP now 1.6p , debt swap price 3.4p. Now might not be the time to press the sell button. DYOR
Regards
Neil
At 27.1 with 100k shares, and reserved 100k for any fluctuations on relist, if any
that's the problem, the stakeholders have already agreed to the merger, just hope we don't get sold down the river.
Hmmm, that would be robbery, wouldn't it? Which institutions involved in PMO would allow for it?