Member Info for bandit1

Line drawn under EFW contract costs despite scare stories which is a positive although company highlights risks remain before completely exiting later this year. Seems that additional hit had to be taken on some contracts which had been priced as loss leaders which has had an adverse impact on loss of �244m. With new debt facilities there is breathing space to consolidate this year and start to rebuild business under new operating model which will ensure contracts are properly priced, project managed and delivered. New investors needed at low PE who see this as a 3-year recovery play although I won.'t be surprised by a muted reaction on the markets today as some short-term traders bought last week expecting exit. in my view this report should be viewed with relief rather than excitement as a long term investor.

Big rise on low volume suggests to me that hedgies have placed some large buy orders to reduce their positions. Look out for late trades today. News may be filtering out that the results are as expected with a line drawn under EFW with no significant impact.

Bluemoon - it depends on the acceptance condition within the offer document. Sometimes 50%, often 75%, sometimes 90% if the bidder wants 100% as they can invoke compulsory purchase for remaining 10% under Company Law. Crown are an investor, not owner/manager so in my view will sit on 29.7% and cash in with the rest of us when the wells spud and hopefully deliver for us.

I would suggest that you ignore delayed trades as they could be buys or sells and we will probably never know and indeed as Manufave has pointed out they are already embedded in the price. The RNS was a teaser in that it has dangled the carrot such that it is likely that there will be periodic special divs to those on the register at the times of the announcements so make sure you are a shareholder and not simply spreadbetting!! Now, the Irish courts could give the nod at any time and indeed the company could be given the solvency nod at any time. We don't know if the quarterly payments will be respected on time but we have some form of security. So, given that the carrot has been now been dangled we all have a choice. Do we stick around on the share register and wait for the next announcement or do we cash in now and take the money off the table. I think I will stick around as this price level does not reflect future value potential if we continue to receive quarterly payments from our new best friends not to mention other meaty revenue streams. Exciting times are many months of boredom!!

Hi Moneyhawk - I agree that it was more than a little odd to announce that there was a placing planned at a premium to the suspended price, to keep the suspension in place ( one assumes until the JV terms are finalized) then do nothing! I think this is what most shareholders in BMR ( myself included) have come to expect sadly with a weak CEO at the helm. I invested in here as a hedge when the JV was announced and whilst the market is not doing JLP any favours currently, I am sure that fair value will be recognized in the fullness of time. AB had no pressure to announce an intended private placing when he did as the share was suspended and still is, so he risks having more egg splattered all over his face. There must have been reasons in his little mind for doing so, perhaps to leverage ACI or Leon in negotiations? Who knows but hopefully all will be revealed by the end of April!!

Well, I am pleased that the operational performance is picking up which will put a floor under the price and I sense that it will slowly drift upwards over the next few months. From the brief comment about Williamson I sense that relations are worse than poor with the Tanzanian govt and there is stalemate. That is baked into the price now in my opinion and we just need to continue to improve performance and move on from Tanzania as it is probably taking up too much management time relative to the value it is destroying!

I haven't posted on here for some months after an attempt ( failed) to encourage the company to communicate honestly with shareholders over the seized parcel. Something is not right here and the share price and market sentiment reflects the level of obfuscation here. I accept that the bottom-line impact of the seized parcel is not a company breaker by any means however when debt levels are high, performance is no better than average and a company asset is seized by the government with no explanation from the company, this will only create doubt and negative sentiment. I am a holder here only because I sold at a higher level end of last year and bought back in low 70's expecting this to bounce when they resolve covenants, improve production performance and clarify the seized parcel. Clarity on covenants has not moved the needle as yet but the upside still looks promising given that we are near a 5-year low of 60p, but IMO management need to get their act together as they are underperforming in a major way at the moment.

There are some ex-estate agents who post on here daily ( you know who you are) who clearly have an agenda to knock PB at each and every opportunity. They do not own shares by their own admission. I filtered them some time ago as I have no wish to read their attempts to disparage the company and any poster/shareholder who has a positive view on the company. I sense that they are in denial that their profession is being ripped apart by new entrants which is not before time. The industry is largely unregulated and intelligent people know that. Some professionals are ARICS qualified, experienced and knowledgeable. Many are unqualified, inexperienced and do not offer either a good service or value for money. Anyone could open an agency in the past and make money but that is changing. Those negative individuals clearly have an inferiority complex which is apparent from their posts and they cannot bear to see the company which is leading the disruption of their profession to succeed. I have a significant long term investment here which I am excited about but look in only infrequently now due to those sad individuals who have spoiled this Board in their constant attempts to shout down any positivity. Others, I see, are experiencing the same verbage from those who cannot walk upright due to the size of the chips on their shoulders.

Inexperienced investors sometimes do not appreciate that market makers have much greater transparency of orders and sometimes will see an opportunity when they are aware of some chunky sells that they know they can fill with chunky buys perhaps later in the day. So, drop with the sell orders which also spooks others to sell at the reduced price then lift to complete the buy orders having collected some shares on the cheap which they sell at the increased bid. Happens all the time and this is what could have happened yesterday and will probably happen tomorrow........ I have been in here for around a year now with little happening but nice to see volume pickup and next week we enter the Qtr within which we spud at Etinde so I fully. Expect we will see others join the party in anticipation. It would be nice to know how far our free carry takes us but our CEO will save that for forthcoming RNS's I suspect.

Hi Peakview - market is still down circa 10% since the start of 2018 and there is a lot of rotation going on with investors derisking. At times like this I tend to try and ignore the daily moves and focus on the underlying performance of the business and the fact that it is a lot cheaper at these prices than 6 months ago, yes, but will return to these levels and above when the market and sentiment recovers. My sense is that the Brexit effect is and will continue to be a drag on the U.K. until such time as we make positive progress on new trade deals and investors realize that the U.K economy will continue to grow and prosper free from the EC and the huge bills and regulation which comes with it. If you are a long-term investor you will make a good return here I believe. The announcement of a well regarded replacement CEO will help too but I am relaxed taking a longer term view. Short-term trading opportunities also exist here i think if people have the capital and time to exploit it as the price is moving around a bit.

Cyberduck - you have shown your true colors yet again. You don't own shares here yet you appear to spend a lot of time on here posting data often with a negative slant. You rarely post elsewhere which tells a story in itself. A significant investment has been made by a serious investment group who are very smart people, the Board has been enhanced by the addition of experienced NED's and the overseas performance is looking promising. Yet, all you want to highlight is a miss on trading. Now - that is why I have called you out in the past and why I believe you are an idiot. I spend only a few minutes each week on here as I am too busy with other stuff but enough to know what your objective is. Yes I am invested and when I decide to sell in 5,10 or 20 years time I expect I will regarded handsomely. You are now on filter as I find you tiresome.

I suspect that this will apply most of the day........

Trying to keep a sense of proportion here I would be happy if we close on 110p at end of day. Remember that all shorts won't buy to close their positions today. They may close over many weeks and also don't be surprised if some open new shorts on spikes because that is what they do for a living. I won't complain however if I am wide of the mark!

Christoski - professional investors do not buy through 30% then wait for the Panel to knock on their door forcing them to make a mandatory offer. They will be acutely aware that if they intended to make an offer ( I don't believe they do) they would have to have the offer document ready to go BEFORE they crossed the threshold. To do otherwise is very unwise. I have worked on many offers and have had dealings with the Takeover Panel in days gone by. COC also know tha fair value is a long way north of here and north of 45p so they would have to offer upwards of 60p to secure enough acceptances. This is not done lightly so won't happen in my opinion. Notwithstanding, still keen to know who is building up this stake.

Christoski - there is no doubt that others are buying and COC have stopped short of 30%. The Takeover Code is crystal clear and the The Takeover Panel ensures that any party and/or those acting in concert must make an offer to all shareholders should they acquire more than 30% of a Plc. This rule is sacrosanct. I am interested in finding out who is buying at the moment as that may give us a clue as to what may happen next. It may simply be institutional buying as the prospect of drilling commencing later this year and the reality is dawning that the undervaluation here will not last forever.

Downbutnotout - just wanted to ensure I did not perpetuate your dim thread title! Yes, you are missing something - a brain!!

My2penneth - UT was 87.9p on price monitoring extension so a 25.75% rise with only 4 mins trading left following the fantastic RNS. This site is good for chat but prices are all over the place most of the time so I ignore this site as far as prices are concerned and use IG index for all prices which is usually spot on.

Stockabc - not seen the exercise price announced so assume you have been made aware from other sources. Regardless, I am very satisfied with the announcement and the significance of the new debt lebvels agreed giving significant breathing space and certainty and the term shows that the lenders were very keen to help IRV turn itself around which must be good for everyone except those who want the company to fail!! What will be interesting will be market activity in coming days, weeks and months. We have the renewed confidence shown by the lenders to support the company to recovery from a very low share price and PE, the 10m or so shares held by the shorts some of which will be offloaded dependent on the movement in price tomorrow and in coming days and the activity of the warrant holders if indeed the exercise is lower than the current price all potentially happening together. I am very pleased that the Board decided to issue the announcment before the shorts could act and I have no doubt that this was intentional and will give them and others tonight to decide their strategy tomorrow am. Who knows what will happen to the price but I am pretty sure that there will be a lot of demand for the shares tomorrow. Good day for those who have showed faith here.

MSN - thanks for posting the updated list. Are you teasing us about the entity which acquired JPM's holding off market? I do not share your view that COC will take their holding over 30% but one of us will be right.

AENDJO - as we all can see with today's price moves the tug of war which I alluded to last week continues unabated. I agree with others that more shorts may have been opened by some this week but I suspect on hope rather than inside information. I am sure that the management team are keeping advisers on a tight leash given the appetite for information and misinformation. Levels of speculation on any share in a situation like this is always at its greatest in the days leading up to any timeline and some people will be proved right and some wrong. No official information has been released for some time but something has changed your opinion it seems from your recent posts compared with last week - no? I continue to believe that the positive impact of a good financing deal being announced in a week or so beats the potential downside from any short term hit from dilution which of course may be short-lived if all other information released is encouraging, given the current maker cap.