Member Info for Cebo-456

Are they done selling ??? - I don't think anyone on here really knows - or will they continue to sell down if the SP raises a couple of pence, and the liquidity allows them to offloads without dropping the SP further.
The bottom line is no one on here knows what the settlement will be - nor how much will end up coming back to the Company - which also means that no one can work out the true Value of the Company or where the SP should be. A low ball offer also means the remaining IP, which some put a relatively high value on, is reduced considerably. Why would anyone now buy or license the technology when they can settle in Court for a fraction of what it would cost them if they went through the "proper" channels.

DWStudios, no you are not correct - they reduced to 13.69 % on Friday - quite possibly less if they are contuing to sell - they held just less than 20% before rapidly selling around the time of the first settlement RNS (crossing the 17% threshold on the 6th declaring on the 10th). If they are still selling it will be a slower rate than before to avoid crashing the SP into the 20's.
The sooner the Company disclose a ball park figure they are expecting (rather than saying its towards the lower end of the guidance - what guidance?) the better.
LOAM are not distressed sellers, they know the likely settlement more so than anyone on here - my question is that if they expect 250million to come back to Nano then why are they selling when the MC is 110-130 million - that is a Red Flag in anyones book.
NOANs actions suggest somewhere between 50-100million after costs. My opinion only.

DWStudios, no you are not correct - they reduced to 13.69 % on Friday - quite possibly less if they are contuing to sell - they held just less than 20% before rapidly selling around the time of the first settlement RNS (crossing the 17% threshold on the 6th declaring on the 10th). If they are still selling it will be a slower rate than before to avoid crashing the SP into the 20's.
The sooner the Company disclose a ball park figure they are expecting (rather than saying its towards the lower end of the guidance - what guidance?) the better.
LOAM are not distressed sellers, they know the likely settlement more so than anyone on here - my question is that if they expect 250million to come back to Nano then why are they selling when the MC is 110-130 million - that is a Red Flag in anyones book.
NOANs actions suggest somewhere between 50-100million after costs. My opinion only.

The FCA are underfunded and toothless and unlikely that they would be able to pin anything on Lombard Odier. But I do agree that the time between the two RNS's gave them ample time and liquidity to reduce substantially. Another question is - have they stopped selling or are we looking at another RNS Mon/Tue to tell us they have gone <14 or even 13%.
Unlike anyone on this BB, Lombard will have a pretty good idea of what the settlement is likely to be - would the really be sellers at those levels if they thought there was going to be 150million coming back to Nano after costs.

Hawi, good posts and you are correct that no one knows the final figure that will be agreed - not so sure when you say no-one reads the full RNs - I suspect that lombard have a better idea than most on the likely settlement and certainly will have read and researched every peice of info available before reducing their exposure. They are not a distressed seller and the fact that they appear to have stopped selling for now may suggest that they think the SP is about right- for now. Time will tell

Gino, One post or 100 post it matters not, - although if you looked back a little bit further, I have voiced my opinion on Nano periodically over the last 4-5 years, sometimes calling it correctly, sometimes not.

LO selling down is a Big Red Flag. Those boy rarely get it wrong- particularly as they were inside not so long ago.

Not personally interested in debating the Scottish Independence part of the thread, although if they do go that way then I hope the Shetland Islanders do the same and get their own independence fae Scotland and a lot of oil to boot. Joking aside - those that are spouting about CA breching regs by pulling the motion are talking nonsense - CA are on the inside, they have more info than the average Retail Investor - but they are not trading at the minute - so above board.
And someone should tell the PM and half of this b-board that Hurricane are not operating in the North Sea (it's the UKCS) - thats for Andy :-)

Get real guys - the BoD will at the end ofvyhe FSP recommend what they think is the best bid or say that after they recieved multiple interests that none matched what they think the company is worth. If that were the case then any suitor could then try a hostile takeover - this would only come from an entity not involved in the FSP and as such had not been given info to conduct their DD, or someone involved in the FSP once the process was declared over. Steiffel will let the BoD know what firm bids they have recieved if any, and recommend them to the SH. This could be a cash bid, combination of Cash and Shares or just shares in the new Company. I also wouldn't rule out an RTO with some company wanting a listing which alone would be worth 10's of $millions - that, with the Cash in Hand, $20 millions of equipment Sat in a warehouse - plus other assets isn't far off the current MC. Add that to future production and the value of the tax credits and you then see why there has been a huge amount if interest.

Top Trade, correct in that there will be no public bidding war, but it will not be a sealed bid type situation either - and any suitor will no doubt be given the chance to uo their bid if it isn't the "best" one.
Expecting the sale "to be complete" in 28 days is totally unrealistic- try 3-6 months after shareholders have rubber-stamped any recommended offer that the BoD make.

Jfall", of course it is unreasonable to expect to know who may be in the frame - that just is never going to happen in any FSP situation. Any suitors may be dealing with Huuricane direct for all the DD info they need but they will be dealing direct with Steiffel when talking offers. Asking hurricane to nail down any timeline is equally unrealistic at this stage - why would they put this out when there is so many working parts.

Albie, just because Hurricane didn't get the warm fuzzy feeling from the regulator doesn't mean that others won't be able to - the regulator would likely be asking for more assurances that finances were in place for all eventualities to develop the field to fruition, not least the much needed gas solution. I expect that any buyer will have already provisionally have had those discussions with the relevant authorities - if indeed that is what they plan to do with the Company.

Gloucester, agree - I think that the BoD will only recommend a bid if its somewhere around the 12p level. Those hoping or speculating that they will get between 14-20p may be slightly disappointed - multiple suitors may push the price up slightly. Just my opinion but 12-13p max seems about where we will end up.

Littened - thats correct, the NoMad will always insist on those caveats and are always in the RNS's when any company going into a FSP.

Has RB at CrS highlighted this technicality in the timing for their own means - and any thoughts that the special dividend everyone is expecting may not be a divi but instead a share buy back??? maybe agreeing to buy the ones that Crystal Amber want or need to cash in on.

Maybe, although it may indicate tanker availability and/or juggling weather windows this time of the year.

Strange, for the last couple of years RB has always replied to the many emails that I have sent within a day or so of receiving them, and never swerved any direct questions. If he is now under the radar it may be because he cannot answer the questions, either because of legal reasons or by doing so would divulge how he intends to play this one.

Any suitor could well come up with a solution to flaring that the regulator would look at favourably and then they could drill P8 - but I don't think that's the plan.
But more likely an independent consortium RTO - use Hurricane as a shell, and pick up a producer- Even better the Foinavon wells from BP for zero up front cost (I may be wrong but I believe the risers are still down there and ready to go) - Drain Hurricane one well and then move the FPSO across - and use the tax credits on the Foinavon Wells that were from memory producing something like 15k-20k barrels a day.
Pretty sure there are quite a few suitors number crunching just now - particularly if it reduces their EPL bill - which looks good up front but will result in very little being paid back to the treasury.

Not seen anything to suggest a share Buyback is on the cards although it wouldn't do any harm (be better if they had thought about this when the SP was a couple of pence though).
It simply means that they have a pot of cash that they are going to reduce by giving a Special Divi in Q1 23.

It should have probably have been sent out last week - Hurricane probably wondering why they haven't recieved more notifications from from anyone holding above 1% - and realising it was possibly because they forgot to officially notify the SHs that they were in a FSP. Doh !!!!