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...is due to currency and inflation.
Tom, we know the mpnu deal is reverse takeover from the Seplat proposal. They knew at the time it would be cash deal and their lawyers will have written the proposal. You then have to ask why it's an rto when it's a cash deal and that's why I quoted handbook below.
Nigerian market has risen and so has Seplat share price in Nigeria. But Naira is down by more than half against dollar and pound. So much of rise
Nigerian main market, just for interest is at an all time high up 40% this year which shows a lot of confidence in Nigeria at this time
Seplat is up 120% over past 12 months in Lagos compared with about 60% increase in London
https://afx.kwayisi.org/ngx/seplat.html
SP is around £2.30 in Lagos. One wonders why?
Looking good again today maybe news coming very soon
It has been increased, but not by as much as they'd hoped. Note the comment about Nigeria failing to meet previous quotas.
"Based on that it has given Nigeria a 2024 target of 1.5 million barrels per day (bpd), Angola one of 1.11 million bpd and Congo a target of 277,000 bpd, OPEC+ said in the statement.
In June it had been agreed, pending the assessments by the consultancies, that Angola could produce 1.28 million bpd and Nigeria 1.38 mln bpd and possibly as much as 1.58 million bpd.
Both have failed to meet previous quotas hurt by underinvestment and security issues.
Congo’s target for 2024 is roughly in line with what was agreed in June."
https://businessday.ng/energy/article/opec-caps-nigerias-oil-output-at-1-5mbd-in-new-quota-allocation/
Sorry my computer has gone wonky
the missing bit "**************"
"an rto involves a smaller quoted co taking over a larger unquoted co by a share for **************"so i dont think it applies here,this is a cash deal
I had to Google.
So I think the reason why it's a reverse takeover is not because of the size of the transaction (no shares are being issued), but because acquisition
"results in a fundamental change in the business".
Quoted from here:
https://www.handbook.fca.org.uk/handbook/LR/5/6.html
Considering our S/C is 770m will it still be deemed as a reverse takeover if we only pay a nominal sum which is less than our S/C thanks
Notice that Nigeria's 'quota' has been increased.....
Nice chart forming 1.3175p to buy
Thanks for posting Bismarck
A new broom sweeps clean exactly what i was rhinking,not long now
Perhaps he sacked the old board simply because of the obstruction they were causing to the deal?
Is this what we are waiting for?
New board who will sign agreement with Exxonn?
https://dailypost.ng/2023/11/27/tinubu-appoints-new-board-management-team-for-nnpcl-full-list/
Article says appointed from December 1st.
Miniscule spread again seems they want your shares
With today's news that Equinor are selling their assets we have three (3) super-majors that are engaging in fully legitimate transactions that all parties (seller, buyer, country) have agreed upon.
ENI
Equnior
Exxonmobil
I'd argue the risk that NNPC (via the state) strong-arms Exxonmobil into submission and agreeing upon a transaction outside of the original contract just to "please the state" is increasingly slim. Let's all keep in mind, NNPC/"the state" would lose any case in arbitration in a heart-beat: this is not a legal grey-area, it's very clear.
Well ADVFN and HALIFAX share dealing service have all 3 as buys i tend to go with Halifax 99% .Just had a feeling over the last few days something may have been going on Trek mentioned as such the other day.News soon lets hope
Https://www.thecable.ng/norwegian-oil-firm-equinor-to-exit-nigeria-sell-business-to-chappal-energies
(Seplat deal mentioned but no news)
https://www.upstreamonline.com/finance/equinor-strikes-deal-to-sell-nigeria-assets-to-local-player-but-will-it-be-scuppered-/2-1-1562534
Equinor has struck a deal to sell its entire Nigerian upstream business, including a key stake in Chevron's big Agbami oilfield in OML 128, to indigenous player Chappal Energies.
However, the agreement has the potential to be scuppered because it is subject to preemption rights.
Well was that a buy or a sell 3000000 trade is a surprise
That's an incredible 78% premium on LSE price. The shares have the same nominal value I assume?
Woops correction 2310 NGN