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I liked you caution re investing. How do you view a company with 75% of the shares are held by half a dozen II's?
After all the fears and fluff, we've had a sensible RNS in a language I can understand. I'm not expecting a quick profit but my shares will stay in my bottom drawer until next year end when I believe they will be twice today's value. Meanwhile I always enjoy this BB and a bit of worrying stops boredom.
Bon Noel
Look at the Director buying over the past year or more. At 19p they ALL make a bomb! No wonder they opted for a cash deal regardless of investors. Take a note of their names, guys
Seems to me that there's a fair chance that this so-called deal will not succeed. If thE PI's vote of circa 5% for No remains and River and Mercantile's recent purchase suggests they will also say No, it will only take 3 or 4 more ii's to block the deal. Would it be open to GeoPark to increase their bid?
Who the hell is hoovering up all the sells - and why?
On the basis that there is no more immediate news, it seems likely that the SP must drift lower since there are always sellers wanting cash or out, while most buyers will wait for confirmatory news before investing any significant amount. That said, if the price gets into the twenties I shall be buying as the value becomes absurdly high.
Agree, Casapinos. A sensible view. I have not sold and will not sell because I take a year's view on all this huff and puff. If I had been brilliant, I'd have sold when it was over 50p but I didn't so that's that. I'm in for the long haul but quietly confident.
Seems we only have two possibilities: 1 the BOD have sold the company unnecessarily and at below value or 2. The BOD have mislead everyone as to the value of the assets. I do hope some forceful shareholders can be present at the meeting to demand an explanation for the BOD's actions.
Disappointed not to flow more, but a flow is a flow. As usual in such circumstances, wild over-reaction with price over-shoot. I will sit tight and let the exploration steadily unfold - as it will. More drilling to come and steady cash flow. Could be a lot worse.
Moneylender, any chance you might send a note to MandP telling them of the votes you have been promised as a NO and intimating that a better offer might well succeed?
I'm not at all sure that the Mand P offer isn't better than the GeoPark deal. M and P offered less cash, for sure, but their shares are doing well and they promised to move from Aim to the main exchange. Curious that they haven't said any more, their initial offer contained the right to adjust if another party came in to the ring. I'm powerless like all of us, but there's a nasty smell ...
The big thing next , is when a bid comes for Spirit. Now that Will be interesting!
Moneylender, we are all grateful for your lead on collecting votes and doubly so at a difficult time for you. Once you have the tally may be we can all come to some agreement as to a way forward.
As a starter, we might inform the Board of the strength of discontent - the likely number voting against - and ask for a full explanation of their actions. That would be simple and cost nothing.
I've considered the situation as described by Superdad, and the way I see it is that Geopark have such a sweet deal they will not want to back off. If we NO voters say we would accept an improved offer of (say) 24p, I think they will come back with 22p. That wouldn't be a fortune but it's better than what's on offer right now.
However, it is right to consider the more difficult situation of the whole Board resigning en mass. But would they? They have lot to lose as well. I have no doubt at all that an interim management would be formed and the big shareholders would insist on it.
My opinion is that the key thing is to mass enough votes. We can then present our case to the present Board. or at an EGM.
Thanks for the analysis, Porsche. I'll keep my old car and lock away the shares for a rainy day.
Frankly, I can't understand anybody selling at this level and at this moment unless they badly need the cash. I regard this as almost riskless, with the chance of a big upside. With all the uncertainties about the economy/recession et al why take a chance? Sure, we all have shares we would like to buy but they all carry risks. I'm sitting on mine and prepared to watch.
My 136,000 is for NO.
Now that Asset and Mercantile seem to have picked up 5% of the votes, the games afoot!
I'm with you and will check if my shares are in Crest.
Is there no possibility of setting up a shareholders committee to investigate (1) what other bids were on the table above the 17p original offer (2) why accept any bids at this price when the alternative is to run a profitable company better. There are a lot of unanswered questions and we need a legal mind with the clout of a sizeable number of shareholders behind him.