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They raised extra
Sounds like book is closed so probably just Listing Authority red tape.
Paperwork struggling to close book?
31Jul Been pushed due to extra paperwork
Will get a good bounce with their involvement. Shame they're so unresponsive when trying to open an account or bothering to give details about the UOG raise.
Expecting a nice run
Are you expecting a rush to get onboard? The directors are black belt and have the knowledge, connections and £3m to play with. Mcap expected to be close to cash in bank on opening? Excellent opportunity to get on board at sensible levels. The two assets they are sitting on aren't anything to get carried away with but with spare cash and the circles they move around in, they could surprise with a new licence/projects.
UOG Group up and running Give us a shout for the add @alexios1201
Relist 24Jul I heard
Further to the announcement by the Company on 9 May 2017 regarding the intended acquisition of UOG Holdings Plc (the "Acquisition") the Board is pleased to announce that it is currently working on the prospectus and on agreeing the eligibility with the UK Listing Authority. Following approval and publication of the prospectus, the Company's existing listing will be cancelled and an application for the enlarged share capital to be admitted to the Official List and to trading on the main market for listed securities of the London Stock Exchange will be made. As under the Listing Rules the Acquisition was classified as a reverse takeover it resulted in the suspension of the Company's shares from listing and trading pending publication of a prospectus and accordingly the Company's ordinary shares will remain suspended until such time as the prospectus is published. The Company will make further announcements in due course.
at 3p
You can easily research the two projects currently held by UOG. Taking these assets and the directors reputations into consideration, what valuation do you put on a listed UOG? Im struggling to see any added value in this for SEN holders unless there is another asset or project in the offing which will be used to attract the new investors. Like you say, existing UOG shareholders will want to see something for listing their company by way of a big chunk of new shares and options. Investors pumping money in will want a big slice of the action too. Unless the valuation of new business is considerably higher than £5m, existing SEN holders will be lucky to get back what they put in at 5p per share. I'd like to think there is a juicy new project being used to draw new investors and a £9m valuation could have £3m share for new investors, £3m for existing directors/shareholders of UOG and £3m for SEN holders. Giving a realistic opening price of 11p Doubling original SEN IPO price. A £9m valuation isn't ridiculous if you look what ECHO is commanding at the moment.
But what do you think the placees get - shares in Senterra What do we say, £3m raised by issuing 200m shares at 1.5p Or issuing 150m shares at 2p Or issuing 100m shares at 3p Or issuing 50m shares at 6p It all depends on the assets held but the MCap will be worth say £5m but with 220m shares in issue giving an SP of 2.27p. On top of these shares issued, many will be held by united I suspect so without knowing the value of the assets, this is the bit that will identify the price the placees wish to pay for the assets held. The majority of the monies will go to united to cover the assets and they will hold warrants valued higher to both refinance future projects and give them an incentive. That is my view But you have to remember there will be considerably much higher shares in issue which I think you were missing out from your scenario.
but is that 3mill cash being talked about in the newspaper article not coming into Senterra if they RTO? just popping out to the shops
draft I suspect united oil & gas may want to have some holding in Senterra so you need to look at the prospectus to see how much of the new company the existing SEN shareholders will hold. Definitely will not get anywhere near 11p in my view but the SP does depend on the value of the assets held by united and how many placing shares and at what price the placing is done at. Clearly there will be considerably more shares issued but I suspect it will be 6 months before you know. But really pleased for all holders as this is great news. I was in at the IPO but sold out at 4.25p as things were moving slow but it is still on my watch list.
United Oil & Gas, the explorer which is plotting a listing in London, is looking to raise around £3m as part of a share placing in tandem with its reverse takeover of Senterra Energy, the Sunday Independent understands. The company has interests in the UK and has just agreed a deal to take a stake in a field in Italy. The funds will be used to cover its share of drilling costs as it seeks to drill wells at both prospects in the next nine months. Chief executive Brian Larkin would not confirm how much money the company is looking to raise but said the firm was "enthusiastic to get under way". He told the Sunday Independent that the company is: "Looking to build our portfolio and...evaluating options in a number of regions. "We wouldn't rule out Africa or South America, we have experience there. Our model is to identify low cost, low-risk licenses which have near term activity. At present, the most attractive assets have been in the UK and Europe." United was set up by Larkin, who has held production, development and exploration roles at Tullow Oil and commercial and finance positions at Providence Resources, and technical director Jonathan Leather, who has worked for Tullow and Shell. "We'd like to build an oil company with a range of assets, production, development and exploration. But, our job is to deliver value, if at some stage, an offer came along that made sense to monetise a single license or sell the whole company, then ultimately you have to look at that. It's our vision, but it's not our company. We have to deliver for the shareholders," Larkin said. The UK asset is at and around the Waddock Cross Field in Essex, which previously was in production. United is eyeing opportunities to re-start production on foot of new data.
If this relists with that cash as per the article we will be over 11p hopefully!
is this a good deal? what do you all think>?
Good find rigor. The guys at the helm seem the real deal, their connections, reputation and experience should carry quite a premium.
Article from Sunday Independent http://www.independent.ie/business/irish/united-oil-gas-set-for-3m-fundraiser-35712053.html United Oil & Gas, the explorer which is plotting a listing in London, is looking to raise around £3m as part of a share placing in tandem with its reverse takeover of Senterra Energy, the Sunday Independent understands. The company has interests in the UK and has just agreed a deal to take a stake in a field in Italy. The funds will be used to cover its share of drilling costs as it seeks to drill wells at both prospects in the next nine months. Chief executive Brian Larkin would not confirm how much money the company is looking to raise but said the firm was "enthusiastic to get under way". He told the Sunday Independent that the company is: "Looking to build our portfolio and...evaluating options in a number of regions. "We wouldn't rule out Africa or South America, we have experience there. Our model is to identify low cost, low-risk licenses which have near term activity. At present, the most attractive assets have been in the UK and Europe." United was set up by Larkin, who has held production, development and exploration roles at Tullow Oil and commercial and finance positions at Providence Resources, and technical director Jonathan Leather, who has worked for Tullow and Shell. "We'd like to build an oil company with a range of assets, production, development and exploration. But, our job is to deliver value, if at some stage, an offer came along that made sense to monetise a single license or sell the whole company, then ultimately you have to look at that. It's our vision, but it's not our company. We have to deliver for the shareholders," Larkin said. The UK asset is at and around the Waddock Cross Field in Essex, which previously was in production. United is eyeing opportunities to re-start production on foot of new data.
will dilute themselves to oblivion - the opposite probably and i think the shareholders you mention carry some clout
I'm keeping an open mind until admission doc is out. Seems a bit light but perhaps we're missing something.
Most RTO's ive been involved in, taking the risk in buying and holding a shell was handsomely rewarded if an RTO occurred, it doesn't feel UOG are bringing enough to the table for existing holders to be rewarded for either buying retail or helping raise the funds during the initial IPO. You may as well buy on relisting if it relists below 2.75p Optiva may be on the board but I don't think they are considerable shareholders so they don't care how much its diluted as they will be able to take place in the placing (presumably discounted) The following persons, directly or indirectly, will at Admission have an interest in the issuer’s capital or voting rights which is notifiable under UK law; The Founder – 7.41% Sebastian Marr – 7.41% Momentous Investing – 3.54% Momentous Trading – 3.54% Lachab Abdelatif – 3.54% Jub Capital – 5.19% Portmann Capital Management Limited – 3.70% Dowgate Capital Stockbrokers Limited – 5.56% Peel Hunt LLP – 3.70% The founder being Optiva.
There's an ongoing plan to acquire more licences etc so scope to increase shareholder value by having more exploration/development opportunities. We get the benefit of their experience and contacts (Tullow, Shell, PVR etc). Optiva guys are on the BOD so you'd think they're aligned with us. Some food for thought at this stage but need a prospectus/admission doc to go over with a fine tooth comb.
gorilla, given your research, what do you think UOG are bringing to the table to add value for existing SEN holders. SEN currently £0.75m mcap, UOG want to raise cash to fund their 40% of the Podere Maiar-1, planned for October 2017, £1m-£2m, heavily diluting LTH's They will also want their own shares to the value of what they think UOG is worth £1m? Potentially this dilutes existing holders by 75% meaning mcap will have to be min £4m just to break even!!!! Do you think the current assets/projects and goodwill is worth £4m on paper once relisted????