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I preferred the PVE assets in, even with the dilution, but I cannot pretend to know how much better, or worse, we are now. That would require me to have a far bigger brain and expend an awful lot of effort, for something i can have an opinion on, but not influence. For me, the bottom line is that the bod would not have bothered with CORO, if they had nothing to pick up cheap in Indonesia. I am definitely a buyer.
K3, the key point is that the deal looks much worse. I admit, I was a moaner regarding the dilution, but given where we are, this isn't what I wanted to happen. I am trying to put a sunny face on it, but until I see what the SE Asia offering is, I cannot. The saving grace is *if* the SE Asia offer is good, then the OO will be more valuable. Proportionally.
I regret that PVE assets will not be included in CORO now, but at least there will be 200m fewer shares issued.
obone, if you read my posts here you will see that I�m a defender of this share. My main point is that I will be in it for the 2-5 year journey, like Sound and Echo. Like everyone else, I don�t know the details, but I bet it will be exciting. Day to day share price here, excluding suspensions, won�t matter a jot when I do get my shares...all about the future potential and the journey for me. I�m also of the mind set that whatever I might say will have absolutely no impact on this share...
It�s grating on a B.B. when a non-share holders posts to knock a share to get his price entry lower.
Gemstar, Yes, sums up the (non-) deal. 4.5 months in suspension for us. Another month goes on....no Indo deal on the table... PVE have reneged - we know who - The B.B. police will ban me if lsaid what I feel about him. All the bod, hangers on and paid dampers have had three expensive evenings. I did not participate and wrote back to invite and told them to spend the money on another gas well. No reply of course. So far the BOD have played their hand badly...wasting money and associated trust. The game is not yet over but my analogy with chess -is a poor opening but can advantage be gained by the queen & king .
More than happy to see the share price massacred. Haven�t bought any yet! Means I get more for my money because I am almost certainly going to buy into the third of the Holy Trinity.
Interesting take on the Sound board �'I simply see this as sugar coating a poo pill. Fact is the pve assets were the jewel for Coro, revenue bringing and valuable. We�re left with a much weaker much more speculative SEA exploration punt or play, much higher risk and I�m frankly surprised JP wants to take us back there. I can see that sp getting a spanking on readmission. Playing out as seemed likely to me since the last pve drill result rns.' And 'Joe, my feeling is that value of what was lost through PVE leaving the merger is not countered sufficiently by the lower level of dilution / no of shares'
Depends on the finance strategy and details of number of new shares if different, first aquisition in indo, could there be a re think??
What do people think? Higher or lower?
JP has not orchestrated this for s h its and giggles im afraid, just got to suck up the 2 sou producing assets and a handful of licenses that will probably never get drilled, just hope indo comes off for us all, you never know
The funding would still be there, so it would be wrong to suggest no Sou, no funding.
MrBasse - point taken but I think we had a future with our original strategy - clearly not glitzy (or risky enough) with our slowly but safe Italian fields coming on stream. Pure gas, 90% well head price offtake to Shell. Expert ex-ENI local knowledge. We had two (smallish) production fields with another going into production soon. A few others being developed but a bit longer off than anticipated.
MrBasse - point taken but I think we had a future with our original strategy - clearly not glitzy (or risky enough) with our slowly but safe Italian fields coming on stream. Pure gas, 90% well head price offtake to Shell. Expert ex-ENI local knowledge. We had two (smallish) production fields with another going into production soon. A few others being developed but a bit longer off than anticipated.
Boone, you got the subject title right, but are missing the point - no Sou, no cash, no board, no future
Sound shareholders get their free SRON shares offloading their duff Italian fields. Good for them ! Us SRON PI get dilution and an Indonesian unicorn. Bad for us !
Morning all, sound holder here, surprised we haven't been kept in the loop regarding po pulling out, could the Coro deal be falling apart? Our last foray into indo ended in disaster, but lack of funds and experience was to blame
Fair enough... tbh it doesn't look like a great deal from SRON POV. I think SOU holders should be a lot more grateful for this deal than they are but hey-ho. Onwards and upwards to Indo and beyond. I'm still not 100% convinced it's the place to be tho...
I agree. I didn't say they would though, I said they should. There is zero value there worthy of diluting existing holders. The deal would look much better with an asset sale to PVE, say and a complete focus on SE Asia. I intend to lobby Masterman and Parson (well, i'll send them an email) and express such a view. Problem is PVE can just vote through whatever they like. Its a total sham. I didn't understand the shareholding structure when i purchased. It's all my own fault.
They won't be pulling out of SOU - the SOU assets are c r a p but the SEAsia strategy is 100% JP (and the new Indo guy is ex-SOU)... Really don't see SRON pulling the plug on the entire thing.
We need to pull out of the SOU deal as well. No value in that transaction, particularly now reduced synergies will lead to increased cost base.
I like the idea of less dilution, but the rest is just a pacifier imo....no extra news there, but had to make it sound better:) is
Less dilution, more focus on the big plays in Indonesia Well done Sara and board
2nd March. A further announcement will be made once the Company has published its Supplementary AIM Admission Document, which it expects to do by 2 March 2018 when an update on the Company's planned �13.4million funding will also be provided, at which time the Company expects that the suspension of trading in its shares, announced on 23 February 2018, will be lifted.
So we don't get Selva but duff Sound fields. Should have pulled out of Sound deal as well. No Indonesian announcement to mitigate. Instead of three ritzy, expensive parties should have put effort into deal.