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I can only think it was Arcm’s game plan all along and possibly approached companies looking to buy assets on the cheap. It all comes down to proving it though.
Arcm definitely seem to have been working against the best interests of PMO and given the total capitulation by the BOD suggests something strange is or has gone on.

I’m amazed that Pmo haven’t even bothered to explain themselves as to how we got to this position/mess. They owe shareholders an explanation and although we may not like it, they should give us one non the less. It’s their duty!
IMHO

Always something kicking off on here, especially when waiting for news.

GH, please can you throw us an RNS tomorrow to help focus the minds again. The kids are getting bored.

It should have been a large percentage of profits they made rather than the token fine. Hardly likely to discourage anyone else from doing the same.

I also find it strange. It could just be down to them fleshing out their valuation as the MRE is likely to be lower than expected initially, hence why the Hav value is conservative and why the ascribe higher valuation to other assets.

Agreed Bamps, it’s just the valuation seems high given the cautious value attached to Hav

The only issue that concerns me is that they attribute value to our other holdings. If Ggp don’t find the grades in it recent drilling’s then is the share price going to take a big hit due to the anticipation.
It doesn’t affect what we are finding in Hav though.

Sorry didn’t realise we needed your permission

Question is, Is he leaving because he doesn’t like the deal or is he being forced out.

Also I would like to say my previous comment isn’t a criticism of people wanting to move on or looking for positives

Sorry but I wouldn’t take much notice of what IR says. It’s their job to calm you down and tell you anything to get you off the phone. Pmo haven’t got many predictions right up to now.

Listen to what Tony said about it:

"There is significant industrial, commercial and financial logic to creating an independent oil and gas company of this size with a leading position in the UK North Sea. The transaction will also provide the Combined Group with a solid foundation from which to pursue a fully funded international growth strategy."

He can’t even bring himself to recommend it or say it will brings rewards to shareholders. He is clearly distancing himself from the board.
This is a shotgun marriage and the detail is yet to be heard.

Pmo is still a viable company that has been caught out by events. No reason if the creditors reject they wouldn’t convert a portion to equity and then dump when poo increases, thus leaving the company to service the debt.
Can’t see it being the first choice and depends what they would make the most on.

Big mistake in my mind was Pmo paying off Arcm, slap in the face for the more loyal creditors added to them trying to force the Bp deal through on them. Td lost focus trying to grow the business when he should have put 100% into the refinance and winning them over.

If we knew the percentages and it was just over the 45% then it’s game over and no alternative other than to accept, however if it were closer to the 75% then we would have a fighting chance to reject and hope for a better deal or go back to before without the Bp deal.

Td said the large creditors had indicated agreement and that they had over 45%, but the question remains, was it 46% or closer to the 75%.
As I said before, if we new the numbers we have a better indication of what may happen. Only problem is Pmo don’t want us to know

Lots of sensible post this morning, on all sides. Makes a change from all the bickering of late.

Don’t be so sure Phil, things could just as easily go the other way. It depends on who would reject it.
Don’t underestimate creditors ability for self preservation. Can’t imagine anyone wants to go down the administrative route.

Yes unfortunately it’s a dead share short term, although things could get interesting if another party came to the table or the deal gets rejected. Pmo never seem to take the easy route.

Totally agree Phil, everything has turned on its head. One thing on its own would have been ok but all three at the same time. Lessons to be learned I suppose and chalk it up as life kicking us in the balls and reminding us how quickly things can go wrong.

Agreed Devon, TD explained that the creditors put together a committee to represent their interests So I’m surprised it didn’t get the requisite votes. I would like to know what the numbers were regarding the vote. We know they had over 45%, but how close were they to the 75%
I suspect we will never know

We as shareholders need answers. Why was everything rosy a month ago only to go tits up. All management has to do is explain what happened. Then we can make our minds up whether to stay or jump.
Up to now we have traded one lot of uncertainty for another.

Unfortunately kenni the law regards creditors as investors and shareholders as gamblers. In any other walk of life it would be classed as theft but in world of finance it’s called fair game, and that’s a shareholders place, there to be milked.