MMs will move the price to create liquidity, it is still effectively demand and supply that drives the SP. Also both a Rights Issue and Open offer ussually mean that you need to own shares to benifet, although with a rights issue you can sell on those rights rather than taking them up yourself.
So for every share you hold on the Record-Date, you are entitled to buy 1.9 shares at the same price as the placing shares although holders can apply for as many as they like but will only be guaranteed 1.9 shares for every share held.
The reason, in my opinion, that private investors are getting such a generous allowance is that at the minute, PI's own only 22% of the Company (dispensation granted till later this year), and there is a requirement for at least 25% of shares to be held by Private Investors - looks like a good deal for PI's whether buying in the open market or in the Open Offer.
All IMO
MMs will move the price to create liquidity, it is still effectively demand and supply that drives the SP. Also both a Rights Issue and Open offer ussually mean that you need to own shares to benifet, although with a rights issue you can sell on those rights rather than taking them uk yourself.
So for every share you hold on the Record-Date, you are entitled to buy 1.9 shares at the same price as the placing shares although holders can apply for as many as they like but will only be guaranteed 1.9 shares for every share held.
The reason, in my opinion, that private investors are getting such a generous allowance is that at the minute, PI's own only 22% of the Company (dispensation granted till later this year), and there is a requirement for at least 25% of shares to be held by Private Investors - looks like a good deal for PI's whether buying in the open market or in the Open Offer.
All IMO
Crowfoot, at no time did I say flipping placing shares Was or wasn't common. I am fully aware how this works. I am also aware that the practice of forward selling those shares before they hit the market can still happen (despite what some may tell us) although not anywhere near as common as it used to be. All that said, I think that we will shortly see confirmation of the placing being completed, likely oversubscribed and will see a steady rise in the short to medium term.
Shekhar, there is no flaring because the well will be shut in to test the systems before bring her back on line, likely within the next day or so - no big deal, certain parts of the plant trip occasionally and they will go through normal checks and procedures before starting her up again.
From memory, and I may be wrong but they swapped to the upper ESP earlier this year before sorting out the issues with the lower one - I dont suppose we know if they reverted to the lower one and this one has tripped or were they still using the upper one ????
Yes, the timing does seem rather suspect and will no doubt give the conspiracy theorists something to shout about, and no doubt the bitter and twisted old men a bit of ammo to cast fear - but this looks to be pretty routine and will be likely be up and running one way or the other soon enough.
FWIW, this is still too high risk for me, albeit high reward if the votes on restructuring dont get the green light and a Plan-b evolves - so each to their own. For old times sake I wish investors all the best for tomorrows vote as well as the court hearing (whenever that is).
Guys, this is a Placing, not a Rights Issue or an Open offer - PI's will not be able to participate at the placing price, except in the open market and anywhere near the placing price will soon be history (in my opinion) - I suggest if you do not know the difference then maybe do a bit of research is in order.
I would expect to see another RNS by mid afternoon stating - Completion of Accelearated Bookbuild" or words to that effect, from there I think that we will start to see a steady rise as longer term holders start to see the real value here.
The placing will still certainly go ahead, the open offer might get scrapped as investors could then just buy on the open market.
Could be quite a few reasons they sold, interestingly or by coincidence they reduced to just 2.99%, just below the 3% where they no longer have to declare any further reduction that may have already happened over the last few days.
I sold out after realising that I didnt think that I could trust a word Gareth said. He went on interview last year and said that RMS had orders for (from memory) for around 25% of the machine capacity and they were already selling into the Health Service. This spiked the SP and allowed a lot of people to pocket a lot of money by selling (including senior management). The Company later said (via RNS) that they have no orders. To me this was a blatant lie which should be investigated as Gareth refuses to answer or comment on the reason he said this.
Surely no one really expected a 3 year extention to be signed just now. Even when the current situation about ownership is resolved, any extention will, in my opinion be a year with maybe 2 one year options - and that includes if the Bond Holders end up with 95% of the Company or not. It is unlikely that the AM will have any contract lined up and a good chance that she will end up as scrap once she is finished West of Shetlands, so I do not really see BW not agreeing to some sort of extention to keep her working.
Mcadder and other - ref the Aoka Mizu - that's pure nonsense and piffle, your figure 25k to 75k is not correct, not even close. Those saying the AM will replace the Foinavon for BP - that's a non-starter for so many reasons. I also dont think the AM could work anywhere else in the UK, Norway etc due to the clampdown on flaring consent on new projects. Bluewater, in my opinion, would snap Hurricanes hand off for an extention.
Mcadder and other - ref the Aoka Mizu - that's pure nonsense and piffle, your figure 25k to 75k is not correct, not even close. Those saying the AM will replace the Fiinavon for BP - that's a non-starter for so many reasons. I also dont think the AM could work anywhere else in the UK, Norway etc due to the clampdown on flaring consent on new projects. Bluewater, in my opinion, would snap Hurricanes hand off for an extention.
SK, no they didnt because most of them were scumbags like you, and I wasn't invested there either. .
If you listened to the hearing, the QC talked about the EGM and the AGM being on the same day for both practical reasons and that it should be after the next hearing on the 11th (now postponed) so that it is the longer term shareholders that will vote on the EGM proposals. Well neither of those reasons hold up anymore. There is no reason why the EGM cannot be held on the same day as the shareholders meeting that the judge has ordered to happen - and that is what, in my opinion, share holders should be pushing for.
If you listened to the hearing, the QC talked about the EGM and the AGM being on the same day for both practical reasons and that it should be after the next hearing on the 11th (now postponed) so that it is the longer term shareholders that will vote on the EGM proposals. Well neither of those reasons hold up anymore. There is no reason why the EGM cannot be held on the same day as shareholders meeting that the judge has ordered to happen - and that is what, in my opinion, share holders should be pushing for.
Well said mate.
Captain, there is no reason to suspend this share during the court hearing, and I would be very surprised if we get the normal AGM running commentary on here , because anyone commentating, tweeting, reporting, recording or taking screen shots will be in contempt of court.
Roro, that's not what this is about. The requested GM next month is to remove the NEDs. The hearing this morning is about the restructuring. Maybe do a bit of research before commenting as it may mislead others.
Anyone had confirmation that CA are being represented tomorrow or not - I think that CA need a big hitter on this one as a few well meaning PIs may not be enough to persuade the judge.
Apologies if this info is already out there as I am only half following the shenanigans at the minute.
Cheers again
Ceb
Anyone had confirmation that CA are being reprented tomorrow or not - I think that CA need a big hitter on this one as a few well meaning PIs may not be enough to persuade the judge.
Apologies if this info is already out there as I am only half following the shenanigans at the minute.
Cheers again
Ceb