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@aimboy on twitter posted full PVE official detail https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTDYC5Aq%2ByhaZsOF8ke92GA%3D%3D PVE will still vote for the deal and have 100 million SRON shares. Despite pulling out of taking 200 million shares for PVE gas fields.
That�s a big cash vote of confidence by CIP.
That's good to hear Marco and chums still going ahead and all set for the re-list, tomorrow maybe. Still think losing PVO will mean sp doesn't start well but we'll see. Indonesia - maybe some news could be released but doubtful a completed deal imo
Current Price 97.50p +0.00p +0.00% Bid Price Offer Price 95.00p 100.00p High Price Low Price Open Price 97.50p 97.50p 97.50p Shares Traded Last Trade Market Cap (m) 0 06:41:12 53.63 CIP Merchant Capital Ltd Further update on Investment in Saffron Energy plc Intraday Cip Merchant Chart Intraday Cip Merchant Chart 05/03/2018 3:20pm UK Regulatory (RNS & others) TIDMCIP RNS Number : 7356G CIP Merchant Capital Ltd 05 March 2018 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. 5 March 2018 CIP MERCHANT CAPITAL LIMITED ("CIP Merchant Capital" or the "Company") Further update on Investment in Saffron Energy plc Further to the Company's announcements of 22 January 2018 and 28 February 2018, the Company is pleased to provide the following update regarding its first investment. As per Saffron Energy plc's ("Saffron") announcement of 28 February 2018, Saffron has confirmed that it has made significant progress on a number of acquisitions in South East Asia that are consistent with its multi Tcf exploration gas strategy and that it has withdrawn, by mutual consent with Po Valley Energy Limited ("Po Valley"), from the acquisition of Po Valley Operations Limited ("PVO") (the "Po Valley Acquisition"). The Company believes that the revised transaction continues to represent an attractive investment proposition and accordingly, the Company is pleased to announce that it has re-confirmed to Saffron its second subscription of GBP5,438,862 as set out in its announcement of 22 January 2018 (the "Investment Announcement"). Resulting interest in Saffron As at the date of this announcement, following completion of the initial investment of GBP561,138 as set out in the Investment Announcement, the Company is currently interested in approximately 7.0% of Saffron's issued share capital. Subject to, inter alia, Saffron issuing a revised admission document, Saffron's shareholders approving the proposals at its general meeting and completion of the proposals, the Company will then be interested in 150,684,929 Saffron Shares representing approximately 21.0% of Saffron's then enlarged share capital. As a result of Saffron no longer proceeding with the Po Valley Acquisition, the 200,000,000 Saffron Shares to be issued to Po Valley as consideration for POV will now not be issued and therefore, whilst the number of Saffron Shares held by the Company on completion will not change, its resulting interest in Saffron's enlarged share capital will increase. As set out in the Investment Announcement, on completion the Company will also be interested in 68,493,150 warrants in Saffron. The Company also confirms that it is deeme
Cipp merchant capital bang 5.5m in.
HI chameleon1!! I think some folks just want a chance to be proved to be clever, right or something like that. It either works, so they can gloat, or it does not work, so they just disappear until their next chance. Not bothered. Anyone who sells from here will be able to watch from the sidelines. Out of action, as it were. Very unusual to have a company with a massive lump of cash in the bank, profitable, with free cash flow, a country with an energy gap and a growing population, that is crying out for investment, a hugely prospective and abundant source of hydrocarbons and a chairman with an army of retail investors and a cornerstone institution. Oh, and one of the directors is the son of the ex-president who brought democracy to Indonesia and who can open doors that other companies cannot even find. Gemstar says he knows nothing about Indonesia, but always sells out when he story changes. Post-it note on the monitor, I think. Message Gemstar in 3-4 weeks. :-)
So why are you posting here and with a strong sell opinion, don't understand some folk
Don't worry, I assumed it was a joke Personally baled at 5.5p . My no 1 investment motto is - if the story changes, sell
Gemstar, we have a PR company. Why not just email them. ------------ Don't waste your time. Just some advice from some who has wasted a great deal of thiers.
Gemstar, if Tom was ever capable of getting anything right, then Rivington would have been a resounding success. If you only know one thing about Indonesia, please forgive me for not having 100% confidence in any of your opinions thereto. :-))
Looks as tho Tom did well, baling last April As far as I can see, Sron is taking over some second rate Italian assets ,in order to have Mr Parsons come aboard with some untested project in Indonesia The only thing I know about Indonesia is that Nat Rothschild lost his investors shirts there not so long ago, vowing never again
thanks Gemstar for SA article. �Mutual� spin was fake.Lost Trust in BOD & paid pumpers. Three glitzy expensive evenings. Still puzzled PVE did not check out tax situation before agreeing deal. Too long in suspension.Maybe deal with gas finds in could have been restructured if not for tax situation. Sound shareholders still getting shares - need to pull out of deal altogether.
Gemstar, I�d invest your money elsewhere if I were you.....👍
Gemstar, we have a PR company. Why not just email them. Details on the SRON website.
Do we actually have to read the South African press to know wtf is going on here? 'JOHANNESBURG (miningweekly.com) � Australia-based gas producer Po Valley on Thursday announced that it would retain its northern Italy gas assets, after a deal with UK firm Saffron Energy for the sale of Po Valley Operation (PVO) was terminated. The transaction formed part of a broader three-way commercial deal to create a large European oil and gas business and from which Saffron intends to expand its interests to include South East Asian oil and gas assets. ASX-listed Po Valley reported on Thursday that the decision to terminate the transaction, announced in January this year, was mutual and followed discussions between the companies' tax advisers and the Australian Taxation Office (ATO). The sticking point was the 200-million shares in Saffron that Po Valley would receive for its northern Italy operations. Po Valley reported that its tax advisers were of the view that a favourable class ruling to grant demerger relief to Po Valley shareholders would be unlikely for the in-specie distribution of these shares. Further, BDO Corporate Finance that was tasked with delivering an independent experts report was of the view that the transaction was �neither fair, nor reasonable�, particularly as a result of the independent experts� valuation of the Selva and Teodorico gasfields.'
Yes Pablo. I could think of other things I would prefer to have got wrong. I will still buy, though.
I've asked Andrew Dennan to reconsider attaching warrants @6.57p to the OO shares. IMO that would make it more attractive and might still rescue the OO. If there isn't any other 'meaty' deals, and why should there be at such short notice, the re-list isn't going to be a pretty sight. Pity you were wrong about PVE
Yes. Kev,
Hmmm. RNS early next week? I hope it has some meat on it.
Out suspension EXPECTED today if AIM addendum document produced. Once again, have to wait. IMO bettter to stay in suspension until Indo purchase. NB take off of Wallace & Grommit: what, no cheese
...guess it wil keep a cold Friday interesting
Joe Creed and other Sound energy holders with allocated issue Saffron/Coro, are possibly waiting to see how the plans and S.P. pans out before deciding to add or sell their freebies, as a Sound Energy sop from Badile disappointment. My preference is IRG/ECHO over Coro to top up. Turner Popes recent fund raising at 4.38p plus warrants shows confidence from big investors the rest of us long term Sounders with burnt fingers at the time, remember Gerry Orbells Indonesia duster with Sound years ago. Hopefully B.O.D. Sara with James Parsons can make a success of new company.
I remain committed too Kev, preferring to keep faith with the BoD and the prospects of acquisition in SE Asia. I was though disappointed to lose the PVE part of the deal. I'm a holder and a buyer, but I shall be looking for my faith to be rewarded and to see some positive SP progression during H1 2018. GLA.
Off early to bed as tomorrow will be THE day:)
Don't do yourself down K3, I'm sure your brain is bigger than most! As for influencing. The only thing we can influence is our own decisions in the market. I've tried doing my shareholder bit with Masterman, to no avail. Couldn't care less. It's not worth wasting one's time with the PR business they've engaged with. I'm not a buyer until some rabbits are pulled. Maybe they will.