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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 !!!!
Kamaririad, of course it is, but nothing new - they are just complying with Rule 2.11 of the Takeover Code - Read this evenings RNS, then the RNS on the 02nd Nov and then the TO-Code and it explains it.
I suspect Monday will see a load of 8.3 disclosures - possibly including Rob Trice unless he bailed earlier - my money is on him still holding his shares here.
Nope, the Special Divi will come from the Cash so why on earth are you adding them together - makes no sense.
Plus the tax"losses" were in the billions, the 370million in yesterdays RNS were the potential absolute maximum that those losses could be worth to any suitor.
First 8.5 declaration RNS this morning - a few more to follow I suspect, plus 8 3s for those holding 1% plus under the TO Code in the coming days
Haggis, if you drop by the Fry-Inn Chippie later then someone will no doubt give you an update on the time-line bidders and offer price. ;-)
Haggis, from what I gather, the chaps that cheekily kicked this off with a 7.7p offer will officially participate in the FSP - so no hostile TO from them in the near term at least - so I cannot see this being wrapped up in a few weeks. But it will mean that once we do go into the formal process - will will see exactly who is invested and all those holding a position and are sat just below the normal 3% disclosure threshold will need to declare their positions and dealings.
The Company will surely shortly release official timing for the FSP which will trigger multiple 8.3 and 8.5 disclosures - interesting times.
There is absolutely nothing in the RNS to suggest that CRS would be happy with anything close to 7.7p sale price. In fact knowing what RB is like, he would nit except anywhere near that for his 29%. CRS are also not the bidder as this would have to be declared - although a low-bid to trigger a FSP will certainly suit them.
Those reading the whole RNS will note that the Company are saying potentially 9p per share could be returned to shareholders over the next 2.5years - do it really expect this to happen - no chance but it is a good starting place to get shareholders back on side to help fend off an aggressive takeover - which then may may involve CRS.
Timings for the FSP will be interesting, even though participants ID will be protected.
BritNRG would be better using the cash they owe to buy up as many MNRG shares as possible at those low prices (or as many as they can without pushing the price too high - thats a no brained IMO. MNRG Market Cap is 850k at current SP - but are owed over 1 million by BritNRG - crazy.
Correct, MNRG own 12% of BritNRG worth a couple of Million at least. The Italian Waste to Energy Plant should go live soon and start generating cash. Happy days - and then the extra million from this mornings hearing - only a fraction of this is reflected in the current MC.