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Brexit is relevant as much as it affects the gbp value. Usd-gbp moved a lot when no deal taken off the table. Gbp now falling back.

Makes sense to wait until gbp-usd is more stable before making an offer. Likely that our suitors work in USD whereas offer will be in gbp.

If it is cash only, (I've not checked in detail) then could imply couple of things.

a) they want out quickly. No messing around with shares in other company

b) possibly by restricting in this way is intended to ensure that only their preferred bidder(s) are eligible. Might suggest this is a done deal all along..oxy??

I think the broker note/news update circulated might be on the money. That suggested they are expecting bids by end of October or first week of Nov.

Both of these make sense. Nov would be 28 days after Rns mas o menos. 31st nice round number.

Any ideas why serious bidders would not start buying up shares on the market? Would be effectively giving themselves a discount and getting voting rights to further their cause.

Not sure this is the right question. Don't think they could give a monkeys. As long as they get a sale somewhere above 20p they'll all do very well financially.

Given the options they have their interests are not aligned with long term shareholders who bought in much higher.

I think 30's would be good result, high 20's acceptable to most. Less than 25p and they've sold us down the river.

In theory we shouldn't. We're so close on extra CPO5 drills and should've already progressed putamayo seismic that should be good to go there too.

The proximity of potential huge gains is a reason some investors on here have voiced discontent with the sale.

We might see hostile bids. think management would need to take on debt to speed up drilling and do some.share buybacks to protect the sp.

They should've arguably already done this . The fact they didn't suggests there has been a gentleman's agreement with Oxy since way back. I'm any case, JW xferring his options pretty much confirms a sale will happen

Thanks for this summary. Excellent!

The 37p figure has been widely quoted. A table was provided at the time of the FSP on the financial times. This was from Stiflel. The 37p was for current producing resources, oxy obligations, the oba and CPO5 upside ONLY. nothing in that 37p for Putamayo upside. Overall figure was actually 64p.

37p may also have been quoted elsewhere from other sources (not sure where).

I'm not saying we'll get 64p but does highlight the challenge (and disparities) in pricing Amer - and perhaps explains why share price is being maintained near the M&P offer.

Incidentally, I agree that should be in the range of 25-35p.

Think this is a good point. The recent resources update essentially upped CPO5 price while reducing Plat. I suspect there might be a ROFR and the resource change could've been a way to maximise return. Pay more for CPO5 and we'll discount plat. That way when ROFR is taken, the overall deal for buyer is better.

100% agree with this, pp. Think just a case of people moving money in as we approach news. I think news could be any day now.

At this rate, we'll run out of money just keeping up with all the UKog rns's.

Yesterday's Rns states:
Ordinary Shares will only be receivable under the LTIP awards to the extent vesting conditions have been met.

I take this to mean the options have been xferred. These can be taken later according to the terms of the conditions as per any sale price,. The specific calculation looks like will be complicated.

As a follow up to my own post below I think today's rns is very significant. A concern for me has been whether the FSP would yield a final result - it could have been a way to fend off a hostile approach and no more. Parex, I think, did a review last year for their llanos assets but in the end found no buyer after 6 months.

The rns today, to me, suggests that we will see a result. Management seem confident that they have (or will get) bids that are acceptable to themselves and big holders. There was a danger that if no deal was done that we might drop back down to the low teens exposing us to hostile bids. Shorter term traders would've been reticent to come in for fear of being trapped in such a scenario. The rns today rules this out, so I would expect going forward there to be more interest.

In other words, game-on!

Well this is what I've found. Not able to find any from 2017 that others mention are due to vest in December this year.

Question is what happens to options that have not yet vested come the time of a sale? Depends on negotiation with company that buys/mergers?

By the xfer, to me at least, seems that he's expecting to cash in the options which is suggestive of a sale?

14,294,136 xferred Oct 2019

Date Amount granted Vesting date base price Total held at this point
April 2019 7,060,108 April 2022 13,83p 23,756,136
April 2018 5,484,028 April 2021 16.61p 16,696,028
2017 unable to find
April 2016 4,200,000 May 2019 27.5p 24,340,000

In relation to the awards to directors, half of the Awards are subject to an absolute total shareholder return performance condition whereby 30% of this portion will vest if 10% compound annual returns are achieved, measured at the end of the three-year performance period and 100% will vest if 20% compound annual returns are achieved, with straight line vesting between these points. The base price for the share price growth is 16.61p being the average market price for the 3 trading days prior to the grant (calculated as the average volume weighted average price (VWAP) over the period).

Half of the Awards to directors are subject to a comparative total shareholder return performance condition whereby 30% of this portion will vest at median performance, measured against the comparator group at the end of the three-year performance period and 100% will vest at upper quartile performance, with straight line vesting between these points.

The quote below is from an rns from April 2018. Base price for some of the options award is 16.6p.

Will look through the rns to try and get a better angle on the options history.

In relation to the awards to directors, half of the Awards are subject to an absolute total shareholder return performance condition whereby 30% of this portion will vest if 10% compound annual returns are achieved, measured at the end of the three-year performance period and 100% will vest if 20% compound annual returns are achieved, with straight line vesting between these points. The base price for the share price growth is 16.61p being the average market price for the 3 trading days prior to the grant (calculated as the average volume weighted average price (VWAP) over the period).

Half of the Awards to directors are subject to a comparative total shareholder return performance condition whereby 30% of this portion will vest at median performance, measured against the comparator group at the end of the three-year performance period and 100% will vest at upper quartile performance, with straight line vesting between these points.

Anyone know the conditions that need to be met re the options and the implications of him taking them

Thanks for posting pp. Interesting doc

Think this question has been raised before on here. Think on acceptance of an offer the shares would be suspended then sometime later the money would just be credited to your account.

Although, I suspect that will end up with some form of part share / cash offer in which case the cash part would be credited and then you'd get shares in the other company (perhaps gte)

Glad the clarification came. Bet Hugh has a few more grey hairs this morning.

Emphasises the need for us to crack on. Up the efforts on marketing Inishkea to others if our major is not coming though. Needs a deadline. Inishkea is a company maker on its own.

Congratulations to all those who managed to get in at this price.

Clarity on what "phasing out" means is the key. Eog have just tweeted the text of the UN speech. Could do with a formal comment, although might not be possible until they themselves get clarity

Looks like implication here is that the other blocks will be dropped and they will progress just Inishkea? Suppose this will take some time to renegotiate. I expect an RNS from the company in response to the government announcement re oil. I would expect EoG to pull the site surveys for the other blocks. Knowing Hugh this will present an opportunity to re-process existing data for gas only prospects!

Inevitably some delay in the farm out, although bizarrely might actually increase interest in and value of Inshikea.

Do companies need to pay for licences? If not, raises the question why they'd spend money on Amer assets when they can pick other acreage up for free