Member Info for antigua18

It doesn’t change anything Kenni, it’s dilution pure and simple. Once they are issued there’s no going back, short of buybacks which in my view never pays off for shareholders. Rather have a divi any day.
Also share consolidation is also a waste of time as value won’t change just gives an illusion of a higher share price. Many Lth’s will feel robbed of future uplift/profit.
Seems like the company is keen to wipe away existing shareholders like something they’ve stepped in, or that’s how it feels.

I fail to see how you can say the extra shares are a red herring. They are extremely relevant to the future however rosey you think it will be. All future value will be shared between 2.7 bil shares compared to 900mil at present (Approx) Difficult for anyone with high averages to swallow I would say.
Yes I think Pmo will survive but at a high cost. Some Pi’s will have lost a lot of money here which will be difficult to recover.

Don’t worry Jono, big Tone’s been on the phone. He’s informed me he has found an old asset called Shergar, saddled up and ready to go, says it represents a good deal for shareholders at 200 mill and should come good in 4 years or so.
I said “thanks Toney, you’ve pulled another tortoises out the hat”

Agreed, I always believed we would come good. The start of the year everything was going well, then COVID, Zama stalling and subsequent poo crash which we probably would have got through OK but the timing of the refinance has done the most damage. How could anyone get a good deal when everything’s gone to ****. I think he should have held back on the Bp stuff until share price recovered but guess it’s not that simple if commitments have been signed.

I personally feel a little less angry today as it doesn’t do any good to obsess about something I can’t control. Just have to wait and see how this plays out.
As you say hopefully we have all missed something.

Grippa, you’ve always been Pmo’s biggest fan, but it’s sad that even you have questions.
As critical as I’ve been of TD in the past I am very surprised he has allowed this to happen. Pmo for all its faults has always seemed a solid play in the past.
Undoubtedly there is more gone on than we know.

All that said, it’s now history. We’ve been shafted but have to move on (for our own health)
It does represent a good opportunity for new investors, however I would suggest that anyone investing to take profit Every so often and don’t be fooled into holding for the jam tomorrow as I’ve been here for years and still waiting. Lol

GLA for the coming weeks

Steal, it’s not as simple as that. Technically your right of coarse but the market doesn’t always see it like that as other measures often counter that. Such as weak management.
Also giving away such a large portion of shares to the creditors will deprive all current shareholders of future upswing by a 3rd. All for a poxy 200m or there abouts.

I don’t know but serious questions should be asked. How can they talk to half the shareholders before the other half. We don’t know what’s been discussed but it’s reasonable to suggest it must have been enough info for them to give their backing which clearly put us Pi’s at a disadvantage.

Indeed. The word they should have used Is stakeholders, but have let the cat out of the bag and said shareholders. That’s potentially serious since any discussion before the announcement has to be classed as insider knowledge. IMHO

Interesting, they admitted talking to major shareholders before the announcement. I’m no expert but that’s some admission seeing as it would give them the ability to profit from the announcement, could it be considered insider trading?
Hardly a level playing field for the rest of us.

SK you’ve been on here for an age, like a doddering old fart at family gatherings.
Mad as a box of frogs but funny as hell. :-)
Wish you well on the health front and I’m sure you will earn a few coins on this share when given the chance..

Depends on how ruthless the creditors are, they could make a good return breaking the company up.
However unlikely it’s a risk if the refinance fails.

Sorry, moan

Yeah, what do I have to main about, losing all my profits and massive dilution. Lol

Td needs to suspend the share before anymore potential damage and to give them time to work everything out as he did before the Eon deal. Something he should have done when he announced the other day.

Well put Alfa, seems a point some don’t understand. It may of coarse be worse case but given how this share has been knocked about over the years it stands a high probability.
This is now a massive risk to anyone invested.

Megla, I agree that most including myself didn’t realise how bad things were. I thought wrongly that we had made it through the worst as it stood. It could be interpreted that we have been misled. Serious questions that need answering on that front.
I suppose the warning signs were there in the delay to securing an agreement. If only I had trusted my instinct and sold. Lol

I suppose it depends on how this chain of events is perceived, to me it’s a disaster for the reasons I have given as a long term investor. To others it represents an opportunity.
Trying to ram this deal through at any cost has materially damaged the company. He should have paused at least until Zama is sold.
Giving Arcm the bribe was another sign of his desperation. Not something you would think of doing when going on to negotiate with the rest of the creditors. Also weren’t we supposed to be ok this year with our hedges yet now we are locked in this position where we can’t survive unless this deal goes through. A complete shambles mostly of Td’s making.

Megla, yes it will reset the company but the only losers here are the shareholders. TD knew this was coming and has allowed himself to be boxed in. He should have waited for the share price to recover before pursuing this reckless coarse. Going from 900mil shares to around 2.7bil shares is a disaster in my view. What about anyone who bought over a pound, when are we going to get back up to those heady heights with all those extra shares sloshing around.

What happens if oil drops back into the 30’s or shorters launch an attack, Td left this company wide open and he has to go.
IMHO

It’s clear that the Pmo have lost the battle with the creditors. Let’s be clear, this is an absolute disaster for the company and more importantly the long term shareholders. They will survive but that’s it (in my view)
In fairness It’s not all Td’s fault given the current climate, however timing of this is latest fiasco is.
Normally buying the assets would be ok but pushing ahead whilst negotiating re-finance with depressed share price is unforgivable. His drive to secure this deal has crippled the company and is at total odds of providing shareholder value.

Arcm have provided a master class over TD, they succeeded in stalling the Bp deal long enough to get to this point. Every penny drop we suffer from here is giving away more and more shares.

Question is, will anyone step in and snap Pmo up for a pittance.