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Interesting first post.
Danielson my own opinion is a rights issue won't happen, but if it did happen I think it would only be if Premier can work Renegotiation of the Deal with BP. You have to think longterm but is the deal worth what it was to us... Not really. BP know this so think they will sort some kind of a better deal for us!!
When will we see the rights issue?
I’ve said it before but I’ll say it again, my main ho,don’t is rockrose energy
Currently 22kboepd exit 2020 at 30k. 80M 2p reserves (inc cotton )370M in cash and no debt with an Mcap of 100M, you couldnt make it up.
And before anyone mentions decoms we have tax paid on £2B so have 40% tax relief minimum on all decom costs, not due until 2030.
Why pmo went for sheerwater for $650 M is beyond me, they could have literally taken RRE for free, or even been paid to take rockrose. £300M would buy it with £370m cash on the balance sheet.
An acquisition like that is a game changer for PMO.
First, company will be re valuated. No danger of 10$ oil anymore.
Old news, that's anything but correct. There is some value to the acquisition at last years prices, not this years and none of it is hedged.
I like pmo, think they are bloody unlucky and before CV ravaged the stock price I thought the deal was ok albeit we were waiting on the details of the prospectus to put fair value on it. Let's assume your right that shares will be eaten up, at what price. Surely all lenders are now happy with the SP being lower, as it gets them more shares. Consider 1 thing, if there are 1.7billion shares in circulation, how long before we see a pound again
OIL My basic understanding of this is that as long as you take part in the rights issue then your not getting diluted. Yes you have to have the money to do this but if the money raised is then going on to strengthen the company increasing value then its not a bad thing. Unless you don't have the money to put in!!
oiluser this is yesterday news. Sp was raising since 1 April, now only 35% of normal valuation.
Acquisition adds a lot of value as well, placing shares will be eaten in no time.
Hi kennigt
At 50p, pmo will issue another 850million shares to cover the proposed acquisitions. There will be no shortage of PMO shares to go around. I dont even want to think what quantities of shares will be issued at 32p. But it's a lot.
IMHO of course.
PMO sp will go up on Tuesday.
Panic is over. Now, slow return to normality. CV is not the end of the world. Will go away in time.
Those who want to top up at 15p again, missed the bus. Just look how it jumped yesterday from 28 to 33 in the morning, with whole uncertainty in mind. MM do not like investors to make monies, and PMO is one of the most wanted shares. Daily amount says that. For that reason, sp will trace back to reasonable levels, as this company is no Angus or UKOG, it produces 75000 pbd.
More oil cuts
@Amena__Bakr