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To think I used to count serious hedge fund managers among my enemies and now I have angry sock puppets popping up to have a go. Heavy sigh
Batman help! the share price is down 6.98% already this morning any explanation - please don't make it too long winded or complicated though?
Ref Linksdean on II
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu on Tuesday revealed that the Federal Government has begun tracking of Nigeria’s crude oil production to ensure the perennial challenge of theft was tackled.
Batman - sounds like a job for you and Robin that is if you can drag him out of the Batcave - didn't know he was a secret drinker, is he old enough, whatever, for heaven's sake don't let him drive the Batmobile. May I say we the shareholders have every confidence in you, as a genuine shareholder yourself, to successfully investigate these thefts the details of which will enable us in Europe all the better to calculate Eroton's current percentage revenue losses from their oil/gas holdings in the Niger Delta - certainly better than relying, as you have already pointed out, on miscellaneous local newspaper reports. Go to work Dynamic Duo!
Whats weird is that the sells are automated ones then the buys are fairly similar in size... it’s as if someone had set a stop loss of 29p which got triggered..
unlikely you'll find out anything in next few days re this morning's price action. Unfortunately, this is well within the common boundaries of how dozens and dozens of AIM resource names trade. Wait for the close
I still don't understand the price action...if you are a seller do you engage with yesterday's buyer who was paying 30p...or do come in the next day and smack 28p bid first thing? Its all very strange and continues to underline why I am in equal amounts optimistic about SLE and confused by recent price action! There almost seems to be a vested interest in preventing the SP from rising...I'm sure as usual we'll find out in a few days why the SP has pulled back!
yeah, they're making me look a bit of a mug for writing my previous post, but let's see where we close....
few sells this morning......27.2 on the bid, 28.40 on the ask.....
· The boards of Medco, Medco Global and Ophir are pleased to
announce that they have reached agreement on the terms of a recommended
acquisition pursuant to which Medco Global will acquire the entire issued and
to be issued ordinary share capital of Ophir (other than any ordinary shares
held by Ophir in treasury) (the "Acquisition"). It is anticipated that the
Acquisition will be implemented by way of a Court-sanctioned scheme of
arrangement under Part 26 of the Companies Act 2006.
· Under the terms of the Acquisition, which is subject to the
Conditions and further terms set out in Appendix I to this Announcement and to
be set out in the Scheme Document, Ophir Shareholders will be entitled to
receive:
for each Ophir Share: 55 pence in cash
· The Acquisition values the entire issued and to be issued share
capital of Ophir at approximately £390.6 million.
· The Acquisition represents a premium of approximately:
o 65.7 per cent. to the closing price of 33.20 pence per Ophir Share on 28
December 2018
This is the second takeover of a prominent UK small cap oil E&P after Faroe Petroleum in just the last couple of months, and while Faroe is pretty boring North Sea-focused, Ophir is more frontier-style company, with assets in developing Asia and Africa. Mergers and Acquisitions in the oil and gas patch is already a major theme in equity markets this year due in part to relatively steady commodity prices, but mainly due to the fact that investment by the majors and mini-majors over the past 10 years has continued to decline outside of special areas like Alaska, and the continued relative cheapness of listed development companies like Faroe and Ophir as institutional investors have abandoned the sector.
i'm not suggesting this backdrop necessarily makes any particular name, San Leon or otherwise, a target per se, but I do say that hedge funds and certain institutions tend to hunt in packs and when/if they decide that a couple of successful (both deals made good money for the hedge funds who were willing to take a bit of liquidity risk) takeouts constitute a trend that requires them to have exposure, it can act as a catalyst for anything from sector re-valuation to the tail wagging the dog. Anyway, can't hurt.....
I'm not celebrating anything, i assure you Jacko91. i am merely redressing the balance against misrepresentations on this board of the recent direction of our sp. nonetheless like PC01, i think the percentage move now off our lows of last year, coming as it does following confirmation that Sun Trust are dropping their hand and that we are moving to get the requisite approval for the SBB, is significant. that's all.
But not that much significantly above a price on 8th October of 28.96p or beating recent high of 31.2 p back 30th April. A bit deluded to start celebrating a 'buy back' as a major turning point. It might have more effect in near future, let's hope so.
'The company announces a potentially significant SBB and the share price goes.....effectively nowhere. Why?' well MP, i thought i just clarified this with Nigerian Sid. not strictly correct, as we're up more than 26% since before Xmas.
Like being attacked by an angry sock puppet
I think Mary Poppins with a T you are potentially guilty of misrepresentation ...the SP has risen from 23p to 30p since early December...which is 30%...i don't own any shares that have done that over the same time period. However, It is as ever convenient to choose what dates you look at...as we also reached 30p in November... whereupon we can say SLE shares have done nothing over the past 2 months...or we can go back to a more sensible date - say the July / August lows when all the nonsense about STT was doing the rounds...the reality is simple...the SBB is coming unless a creditor of the company objects over the next week. As per countless previous emails, and responding to TimB's comment - the sums simply don't add up as to where the company will be able to buy large quantities (or 5%+) of the company's equity) without a sharply higher SP...i think a 30% rally in the past 6 weeks is a good enough start.
BR,
'Utterly redundant history'........The company announces a potentially significant SBB and the share price goes.....effectively nowhere. Why? Because, due to the 'utterly redundant history' of the company, no one believes a word management says (and is two suspensions in less than two years an AIM record?).
Anyway, I have a job to do. You continue posting endlessly from your batcave.
No, TB, I think what PC means is that someone may be building a position at these levels in the hopes that the company does initiate a buyback and, due to tight conditions, produces something of a squeeze in the shares resulting in the company paying increasingly higher prices in the market(a very possible outcome as has already been described here). In such an event, this current buyer would likely then be able to 'turn' his position in the market for a tidy profit. Maybe not the kind of market activity longer-term holders might want to see, but perfectly common when a company begins a material buyback. PC was just using a shorthand expression 'offer the company' for what this mystery buyer would effectively be doing. Of course if someone is building a position of some size, it could just as easily be someone like most of us, who sees the medium-term value and loves the fact that by early Feb, the company will have his back!
No foul.
Do you think they will "offer the company" at less than they paid? What's your point? A buy is a buy on a rising stock.
Or someone being sensible and hoarding some stock to be able to offer the company...Feb 8th I think we agreed?
it would appear so
Chunky delayed trade of 430,000 @ 29.80p - £128k just popped up.
Someone’s a building.....
Holy Leons! time to get back to the Batcave for a glass of some proper Batpinot (eg.Chambolle Musigny). ps. actually this is down to the 'Nigerian Sid' effect - no sooner does he appear and off we go again...
Ha, I'm Batman! Suck it, Al!
A+B: Batman/Robin the dynamic duo - good aggressive work by both of you, the SP seems to have cleared 30p, you must be in for a promotion - my holding 7200 (ex 720000) is albeit slowly increasing in value! Robin can check that out from my posting history, it seems that is what he does, having said that do either of you own SLE shares?
Best of luck to long term shareholders - still looking for min 34p during Feb?
Unfortunately, market makers don't allow the bodies to be cleared away; they prefer to hang them around the neck of the company, like an albatross. More positive movement before we see this cos worth in the share price.
buy first thing?