Member Info for Banburyboy

KiJ - this is binary winding up or low ball offer.
Winding up too risky as receivers have to get best deal for creditors which could end up meaning a shop by shop auction.
All the action is brutal and we now have the "concert" in command of the majority of shares who will nod through a low ball offer.

Morrisons see the need to avoid insolvency as it means they can't cherry pick sites they want.
A low ball offer 1p to 5p and shareholder agreement means for £3 -15m they are guaranteed what they want and can hive off the rest.
My money is on a little value to shareholders but not much as it suits our major partner.
Banbury

Dnd - is the seller out ? . The 7% seller is the same as yesterday's 5% buyer. Clear as mud and not sure enough to call 3p. Hope you are right though !

This feels dodgy the 5% buyer yesterday has the shareholder listed as Pershing nominees. The 7% seller today has the shareholder listed as Pershing nominees. Clear as mud !

Thanks KiJa. Not a big investor
Was upbeat on Monday but think the game is nearly up and little or no value will be 2p max most likely nil.
I first brought in at 9p and averaged down in the first drop to 1p. Sold two thirds at 3.44p. Stand to lose £800 if we go belly up and 4p will get me out at evens !

CDF do you know which ones are nominees and can't decide to buy and sell . So Hargreaves lansdown (who hold mine) and which ones hold the shares in their own right and can sell in their own right.

These guys Pershing Nominees got in at 11.5p on 17th December for 20 million shares. Looks like they sold most for around 1p.
Sorry to say if they are bailing I'm not holding out much hope for my last few shares.
What I don't like is the lack of buying holding RNSs. Clearly parties friendly to I'm assuming the preferred purchaser (Morrisons ?) are sub dividing to avoid disclosure thresholds.
The share holders will vote 90% to agree the proposed deal even though it wipes them out.
Not quite Turkeys voting for Xmas but a stich up by playing fast and loose with rules.
Sky has ridiculous stories re debt being sold to hedge funds which is rubbish. The real story I suspect is the mobilisation taking place to secure a preferred outcome to the detrement of the majority of PIs. I thought this stuff was constrained to AIM but begining to wonder. Where's the Sky reporter if you are reading :)

Spec - well done on being a new owner.
I think the broad tenure here is new owners have arrived for twenty years with high hopes allways dashed. Will it go up from 0.375p for you the form book says no.
I think the concern is future financing will it be available and at what cost.
Brave person to get in now

NQM and Londoner - thanks.
Really informed posts have learnt a lot and understand the Shell question.
Albeit not sure I understand the deal which looks complicated.

Morrisons and there proxys will need 50% to nod through a sale that gives nothing to shareholders.
Given latest volume and SP they probably have that and clearly won't sell. I think some duplicitous actions re holdings disclosure.
Theoretically if they have 50% they will just reject a 10p Amazon offer.
I think the Boards little or no value was designed to increase stock for there preferred bidders who we know have been buying for weeks as you could sell any amount on the move up to 4p. Really surprised they can get away with this.

My understanding is we are the opperator of four concessions. We have 50% interest in two 27% and 20% in the other two.
Our share they suggest is 37k to 43k barrells of oil equivelent per day.
On the face of it double our North Sea share.
Production costs low.
The issue is 65% is gas and the price is fixed very low. This is the piece I don't get. So
How low is the price ?
Who buys it Shell ? Is that the catch
How long is it fixed for ?
Without the gas pricing arrangement this would look a lot better.
Grateful for any information from posters on the gas issue and if I've got it right ?

Should add $146m is 2022 earn out at 50% of any sale over $52. After that by year CNE shares drops to 40% / 30% /20% / nil.

NoQM - I concur if production at Catcher / kraken is 90% of 2021 level (reasonable decline) oil remai s $100. I calculate our earn out from Waldorf is $146m. Add to Eygpt which Co are bullish on and residual cash $400m and this looks to good to be true

Can someone repost the cash position please.
Doing some research on Waldorf earn out in 2022.
The 2021 earn out was $76m to be paid June.
Brent averaged $70.68 for the year. With CNE getting 60% of anything over $52 per barrel implies production 18572 bopd or 6,779.000.

Miminimum production 2022 is 3.947.000. At $100 average and 50% of anything over $52. This is $94m to Cairn.
Assuming production decline is 10% which seems reasonable we would get another $52m.
So earn out in total $146m all to bottom line.
Add this to cash, Egypt, Senegal contingent payment. This is cheap

As the sex pistols said its a Swindell.

I'm staying put. Two thoughts :
- debt equity swap needs shareholder approval probably explains buying and floor of last few weeks. Disappointed no holdings RNS may be sharp practices.
- I see value and if anyone else does they will strike now. Possibly too late if shares are in Morrisons or their proxies hands!!

NOMOL - you first said that on the 8th April when the price was 3.18p. You sold out on fears then.
I think others had and still have concerns I to sold some and limited my exposure.
A common view is this is a binary bet. It goes bust or survives and goes up.
It's nearly eight weeks since the sky article. 2 weeks plus since you sold out. New stores are opening at pace, rents being paid, the virus moving on and folks using their car less and shopping local.
To many on here the binary bet is looking a bit more hopeful. Appreciate the warning but like many on here know the risk and happy to see this through.

I'm researching with a view to invest here.
Italy power and Tunisia oil look really promising.
Trying to find more about Congo and difficult to decipher from RNS. Can anyone advise ?
Is it Congo or DRC. The last named is really risky. Many thanks Banbury

Two ridiculous posts. That's from August 21 and ancient history.

Offered 5.2 to sell and the went to auction.
Waiting for the we know no reason RNS