I received this email from arcm this morning. Seems like the game is up for ARCM. "M will vote against Premier Oil’s Scheme proposal at the creditors’ meetings today as it believes the proposed acquisitions expose the Company and its stakeholders to significant incremental risks. As a majority of creditors have already contractually locked themselves into voting in favour of the Scheme proposal, we would expect that the requisite majorities for the scheme vote will be obtained."
RE: There are about 65 MILLION people in this country and10 Feb 2020 16:19
Everyone needs to calm down, compared to "normal flu" , the corona virus is mild..... "The World Health Organization estimates that worldwide, annual influenza epidemics result in about 3-5 million cases of severe illness and about 250,000 to 500,000 deaths. Its all Media hype- just something else to blame the foreigners for IMO
I agree. Ever since Michael Fish got it badly wrong, every storm forecast has been overly exaggerated. Nothing compared to the storm to be faced by ARCM on their day of reckoning. " The" perfect" storm!
I would be up for that although I suspect we might find huge legal hurdles to establish that we have a claim, unlike investors in any of ARCM's funds who may incur very large losses on their investments due to ARCM's negligence in not disclosing their short ( as they were required to do) and poor judgement in taking out in the first place
Given the huge (and admitted) undeclared record short by ARCM that has not only attracted huge publicity but undoubtedly distorted the market for pmo shares for such a prolonged period, it is absolutely inconceivable they will not find against them and impose a huge and record fine or other such significant penalty e.g. withdraw their license to trade in UK shares . The FCA must protect the rules of the market.
Lets face it, all of the other creditors know this is good deal which is why they have all signed up for it and they also know what ARCM are up to, ie no good but themselves , to everyone esle's detriment.The market also likes it which is why the PMO sp has held up so well despite poo dropping. TD can do nothing about the poo, but he is building a world class E&P Oil business and addressing the debt issue brilliantly. Utilising the tax losses of £4bn by swapping UK revenues for Mexican revenues , is a master stroke. This deal is transnational which everyone bar ARMC knows it is, which is why they are against it. Vote YES
In reality none of us know how this will play out. In the end though, the fundamentals of pmo will win through so long as the macro situation holds up ie World economy, corona virus concerns and of course poo. None the less I believe the cards are in pmo's favour. As we have all said, not long to wait to see the final episode of this huge business soap opera. Would make great veiwing! GLA.