Member Info for 4Corners

And u know this how? Are we on reddit?

Plenty of movement happened, just not in this stock :)

@GB - SF owns 30% and their friends own 20%, thus controlling 50% of the votes.

I hope that was not an intentional trick question :)
The company is controlled by SF buddy

The comforting factor to an extent is that Mazoui and Horizon Energy, who have aligned with SF currently, rejected the 10p bid. But again, not sure what they agreements are struck behind the scenes.

You have a good week too!

Of course I have read it. They don't really make any solid arguments. though Agree that Tim getting paid when he was fired was a sour deal. Yet the improvements on cost side have been delivered under the watch of the old board. The new contracts they announced recently, I bet that the tenders were submitted before this new board came in. At the time they negotiated the bank deal, things were super uncertain, that it was perhaps the best deal they could get. They weren't given the time to do a capital increase, and got replaced, because clearly SF did not want to participate in a rights issue (for reasons unknown, but will certainly unfold in due course). The old board was also cooperating with Zakher Marine to save on costs (as far as we know), and ZM is being sold to Adnoc currently (as per November news)

Have you read the hostile offer letter?

Listen, I am on your side, and I am hoping that I am proven wrong. I just don't have enough comfort in this board that they will do right by the minority shareholders. I will change my stance based on the outcome of the bank discussions.

My problem is that a bidder who tried to acquire the company on the cheap is in FULL control of the board! Hence, I am expecting negative surprises on the bank discussion, with an outcome that is likely to favour SF (at the expense of minority), confirming my current thesis that the board is 'owned' by SF. If that is not the case, this is worth 5-7x current prices in my view, on a conservative scenario

I agree they can't extend forever, and I would like to think that GMS defaulting is bad for all shareholders, including SF. What if defaulting on the debt is not negative for SF? I am just wary of what happened with previous UAE based companies listed in London.....the common factor was the majority or controlling shareholder and lousy corporate governance.
ADCB is the lead bank on the deal, judging from Companies House documents, and they are coming off a rough year with NMC (making the bank the other common factor with NMC).

Yes, I meant the odds of them agreeing to something this month seem low. Obviously I am happy if they do agree on something this month and I am proven wrong.

Likely we are looking at couple of months as they drag this one out. SF probably wants to buy some time to crater the share price and make a bid again at 10p (or even lower, who knows). Part of the "frustrate minority shareholders" playbook

Totally agreed....or unless therr is a bid

Well.....the demand dried up as well which is why it fell, and there is no sustained demand unless things are clear

Need very strong news that exposes value (or the lack of) for the shares to have sustained high (or low) prices. Else, its just a function of random demand/supply, as was the case on Friday.

Couple of large blocks traded though.

As anticipated by AA2020, another one month extension....the countdown is now 28 days

Thats me trying to buyout the company below 5 :)
On a serious note we need GMS to do a GME

So is mine in the last 10min - just means that someone 'sold' it to my bid rather than me 'buying' from the offer. You do realize that if you buy, someone is selling :)

That was a sizeable stampede....likely to continue till there is a proper announcement from the BoD regarding how to turn around this business. Even then, the illiquid nature of this baby means it may not move in the short term.
Looks like most of us are buying, but would be even better if there was a way to coordinate a fight with SF if the need arises.

Looks that way. There is only one winner in a trade....lets hope its the buyer in this case

And getting cheaper by the hour to buy it out