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LOGP MKT CAP 70M we own 25% LOGP = 17.5m. Soon there will be less shares around so really this should go up after the buy back.
I do not understand why people have been selling shares when of they wait a couple of weeks can get 36p
Has anyone changed their minds about the tender I was never going to sell. I think that they will announce some news that will re rate the sp, as the buisiness side is not priced into the sp.
With that RNs it looks like they think the sp will b above 36p by the end of the month.
Take the time to Vote NO if you feel like it. Just contact your nominee account holder and instruct them, that's what I've done but bizarrely I've accepted the offer for ALL my shares too. My average luckily was 28p anyway and I, like you, do believe the sp will go up after the tender but not immediately. GL
This whole business is a fiasco. I'm going to offer ALL my shares for tendering @ 36p AND Vote against the tender offer, hoping it is defeated. Please consider whether you want to instruct your nominee account holder to vote for or against the offer. If this is getting 10p back for each share I own I'm lost. Crazy man. I don't like the New Incentive Offer being dreamt up at the same time as the tender either. This is complicated but strikes me it's going to benefit the BOD quite a lot from the concentrated share position of the company, post tender.
http://www.seaenergy-plc.com/downloads/releases/2012/225771%20Sea%20Energy%20Tender%20Web.pdf Investec are making the tender offer and they will have 28.8% of the company. They then have the 'option' to sell the shares back to the company @ 36p for cancellation. Maybe they won't want to. Still reading circular.
PVR80% LOGP20%(but SEA have 25% of LOGP shares, therefore owning 5% Barryroe) http://www.irishexaminer.com/archives/2012/0707/business/one-billion-barrels-at-barryroe-oil-field-199982.html Link shows how much Barryroe is becoming to be valued at. With regards taking the 36p offer or not, the only debate is what will the sp be on the 25th July post tender. If this drops 10p or a bit less, we're going to look pretty stupid not taking the offer. If this is over 36p after tender we're also going to look stupid taking the offer. Personally, I think the company has been ill advised and has made a bad decision and will not be returning 10p per share to each shareholder which is what it wanted to do. 69m shares, give 10p for each share we own - £6.9m. This is surely not going to happen now. Perhaps there won't be the take up of 28.8%, perhaps there will. The whole thing is crazy and has left discerning shareholders with a logistical nightmare.
Worth 17.5m to sea nowand probablz rise to over 20m this week.
This sp will rise to 40p soon and then they will have wasted cash on this offer
I post without looking sometimes worth reading twice as it answers a lot of questions
Logp currently worth 15million, meaning the 6.9million is all thats excess in our sp - Fancy that!!
This SeaEnergy (SEA) matter is not simple to decide. The company is to buy in c. 28% of shareholdings tendered at 36p - although, given that some will not tender and assuming that I have read/understood this correctly, the actual redemption will be of the order of 30% of shareholdings. The problem is to value the residual holdings. There might be about 25p per share cash (net of tax?) and a holding in Lansdowne perhaps worth a further 25p per current SeaEnergy share (after allowing for tax?). Therefore one must ask oneself: Given that taking the cash will mean that a buy of SeaEnergy right now at 32p will yield a net of tender proceeds cost of, say, 30p, would one buy SeaEnergy right now? I guess the answer is yes since although Lansdowne has got problems ahead by the end of 2012 it also has the potential for great success - such that the value per SeaEnergy share of Lansdowne might be as much as 50p a share. I bought 100,000 at c. 32p this morning on the basis that tangible net asset value post the tender will be of the order of 50p per share
Not an easy one. I bought some more yesterday and will probably take the Tender Offer provided the SP is not already at 36p or above. If LOGP stays high, I expect the SEA SP to also be above 30P as with LOGP at 50P, this will be worth 30.6P per SEA share if the 28% are bought back and cancelled). The 10P giveback all depends on your point of view. Shares were trading at 25P on the day before the Announcement. With such a discount to NAV, a buyback of some description was a good plan imv.
This whole thing about the return to shareholders of £6.9m seems so simple yet I can't get my head round it. The share price rightly has risen and is getting nearer the strike price of 36p. Suppose it did, then what would they be returning to shareholders - nothing. They would simply be doing a share repurchase or buyback scheme - not uncommon, which just buys shares for cancellation. This process obviously concentrates the shares(as opposed to dilution) and makes the earnings per share go up and possible future divis might improve. The increase in earnings per share often heathily impacts directors salaries as they are seen to be benefiting the company and bonuses often depend on this earnings ratio. My stockbroker wants me to decide on the offer take-up by Thursday 19th 5pm but 'cause of hols I'll have to decide next Monday 16th. Probably go for sell as much as I can and end up they'll take just over 28.8% but I can't help but feeling something is not quite a simple giveaway with this. Where will the sp be after the 24th (the record date) perhaps it'll be down a bit but I would not be surprised to see this share within 2 weeks after being more than 36p Bid. Then where's the 10p - 'which equates to 10 pence per Ordinary Share in issue immediately prior to completion of the Tender Offer.' To me - something's not right. Might be best to hold, all the Director's 'kindly' are - they're no mugs.
I changed my mind and bought a few more this morning :) LOGP is flying and this is not really reflected in the SEA SP imv.
Re timeleines and how brokers will be handling things (HL) Dear xxxxxxxxxxxx Thank you for your message regarding Seaenergy. Upon receipt of the Tender Offer Circular from the Company we will write to and email all shareholders outlining their options and detail the procedure to accept the offer. We expect to receive the Circular early next week and we should therefore be contacting clients towards the end of next week, it is expected that our deadline will be 23 July 2012.
SeaEnergy, the offshore wind power firm has seen its stock rise sharply after announcing a tender offer for nearly 28 per cent of its stock. Shareholders could receive up to 6.9m pounds if they take up the company's offer of selling their holdings at 36p per share, a premium of 32.7 per cent over the closing price on July 5th. At 09:58 the stock was up 13.9 per cent.
My bet is yes, but I won't be buying any more as I don't want to be too overweight - I also have shares in LOGP so that makes it even more top heavy. Of course anything could happen.
Same here, sell all I can and then see how the rest go after end of July.
I will probably sell my 28.8% and bank some profit. With LOGP going the way it is, I would hope to make further profit on the remaining SEA shares later. It will be interesting to see what happens to the SP after the buyback. In theory it should dip, but it will highlight the discount to NAV even more, so anything could happen.
Thanks for discussing, I've been waiting for hours. So what do you think's best thing to do - sell as many as you can in the offer which will probably be about 30% of your holding?
Think you're missing the point. All shares are not getting 10p dividend. They are buying back 27% of shares at 36p because the board think that's a fair price. As there will be less shares left in theory they should still be worth 36p though no doubt market will discount again. Any further upside eg from LOGP will be shared amongst less shareholders.
given out to 69 million shares @ 10p per share???? But you lose your share so it's not like a special divi of 10p is it? Anyone?
Think I'm on the right tack?