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That would make sense Blackfriars except the timing does not add up. The RNS was out at 11am but the shares did not move until 14.30
https://***************************/phoenix-group-holdings-plc-32.7-potential-upside-indicated-by-berenberg-bank/4121154889
this could be the reason. released an hour or so ago.
https://***************************/phoenix-group-holdings-plc-32.7-potential-upside-indicated-by-berenberg-bank/4121154889
(continued)
Gil Holzman, CEO of Eco Atlantic said to me that ‘this is a farm-out basin opener and as we knew and expected everyone will now rush to the Walvis Basin, after Chevron showed has signed up for this block. We are the largest acreage holder in the Basin and expected intensified exploration activity going forward’.
From Malcy's Blog today:
I have written quite a bit about Sintana in recent weeks and months, this dynamic company has been active in the Orange Basin and indeed Robert Bose has popped up as a director and investor in Challenger Energy Group. But it has now joined with Chevron in the Walvis Basin, ironically in a block where Exxon and Galp were involved a while ago. Also it’s Important to note that Bose and his fund (Charlestown Capital Partners) are a significant shareholders in Eco (this is how they first got introduced to Namibia).
But the big winner must be Eco Atlantic who have carefully built up a substantial portfolio in the Walvis Basin and as the long predicted dash for acreage here has finally got underway. The best way of showing it is via this map, where Eco are very strongly represented, their licences are in pale blue and they own 85% of each and are operators.
I bought 54K shares today at 8.62p and it is listed as a sell. Shows what a nonsense the buy/sell indication is. Best ignored
At least Gil has a lot of skin in the game and is focussed on delivering shareholder value. He said he was disappointed by the share price reaction to to the farm in and strong balance sheet. Made it clear that there would be no dilution going forward and his job was to educate the market to realise a much higher share price with many catalysts in the next 18 month and potentially a drill before year end.
Nearly all buys today but not moving the price back up. Implies a stock overhang which hopefully will clear.
Share price following the expected pattern. Initial spike up followed by small and impatient shareholders selling.
Institutions with a longer time frame will buy once the selling abates.
Good Summary, Haggis. I am glad somebody else reads the document.
I think they may struggle to get the 75% and fully expect better offers to emerge.
Daltry, read the offer document. C.A. has confirmed their approval
I would expect this to bounce around the 8p mark for a few hours as there will be selling by the impatient holders, however, once the sellers have gone I think we can reasonably expect the price to stabilise around 10p being a 20% discount to the 12.5p price.
I do think it likely that other bidders will now show their hand and we may ultimately achieve around the 14p level
Needs 75% shareholder approval to go ahead. Hopefully other parties waiting in the wings will now bid a little higher now the benchmark has been set.
The 12.5p could be made in full significantly earlier.
see below:
Enhanced Upside: There is a significant potential for upside to be delivered to Hurricane Shareholders, beyond that which could be realised as a standalone company, should Prax leverage Hurricane's accumulated tax losses to make production acquisitions in pursuit of its upstream growth strategy in the near to medium term. In this case, Hurricane Shareholders will receive 12.50 pence per share, assuming payment of the Supplementary Dividend Amount in full (by way of the Supplementary Dividend and/or Deferred Consideration Unit) and full value is delivered by the Deferred Consideration Units (including any balance of the Supplementary Dividend Amount not declared as a Supplementary Dividend).
12.5p If Lancaster continues to produce. Paid in installments with last payment Dec 2026.May flush out higher bids.
459000 shares Av. 14.9p
Edison upgrade their forecast. Say it deserves to be closer to 30
ttps://mail.yahoo.com/d/folders/4/messages/AArcdJFdwwaBY-9xkAy16BclJlE