Member Info for chinch

Anyone else think that AA will walk away?

Thx Flex - so I take it our BOD are going hell for leather for an acquisition…….. then again maybe not……. Let’s see what happens next week.

ATB

Just re-read the rns on 12th July where the Kist offer became public knowledge.

Just on my take, there looks to have been exchange of info in the form of an NDA and our BOD looks like they are willing to discuss terms. Therefore, it might suggest that both parties want a deal but just need to work on the price. Having read it again I do think that some agreement will be reached. Of course AA is not going to offer his best price if he thinks he can get away with It - who would?

Therefore, we have a very interesting couple of days coming up for all parties inc SH, II, Kist, SQZ etc.

Looking forward to the next instalment…..

Wow newk - something defo happening behind the scenes….

For me Newk this all comes down to whether AA wants the deal. The fact that he’s come back twice would probably suggest that he does. Thx to you the figures are known and should be out there so we can all see that the offer falls well below what we as SH want and also don’t forget the BOD with all their share options.

Very tricky situation but it should have never have come to this as our BOD should have been more proactive over the last 5 years. If they don’t get the right deal then they only have themselves to blame.

Not long to go now and let’s hope for the best.

Same here

From what I can see here ( I do hold a relatively small holding) is that Egypt is ticking over. This asset provides income and keeps the business afloat.

The jewels in the crown are Maria and Jamaica. If either or both of these were to come off then the everyone inc SH should be happy.

Happy to wait and see what happens.

All in my own opinion.

Hope they try UOG. Licence in the North Sea which they have 100% ownership of and will probably looking to sell, producing assets in Egypt and a potential gold mine in Jamaica.

However our board are not that dynamic……

All O&G companies are down today - wouldn’t read too much into the drop

I agree D220. SQZ just showing that company is undervalued but producing 30,000 in July.

But newk this is the sort of guy we are dealing with. A A should up his deal shortly and I just have the feeling that it will be accepted by sh. Weak management has cost us…..

Thx d220 and that’s what I would accept

Just as a poll for anyone reading this BB - if Kist offered £4 total who would want to accept?

Totally agree Sasa and it’s what every sh wants. However I just cannot see our bod acting any differently to what they have done over the last 5 yrs since bkr. If they say they will not overpay for a deal that effectively rules us out of a deal as with gas prices so high company valuations should be higher now than they were previously.

Perhaps people will feel that if a deal is done then it does not reflect the true value. Don’t forget the 2.5 yrs of wf tax which if there was then to be a labour government would probably stay indefinitely.

Looking at all the headwinds I’m all for a deal as that is the best way of optomizing sh value. Unfortunately our bod you will struggle to see this. More than happy to be proven wrong so bod over to you….

That’s the big question in all this newk. Yes we are very undervalued which we know but it’s what the market values us at. There are plenty of companies out there that should be rated a lot higher but for various reasons aren’t.

My fear is that no deal will happen and AA walks away with an ageing bod just being able to do what they like and protect their own interests by way of additional shares. Bod have said they don’t want to go to main market yet but AA would take us into the 250.

People will have different views of course but important not to let the sp slip if no deal happens which I can’t see. Then we are back to square one…..

Atb

I think that’s fair or a bit higher. Problem is no one knows what is round the corner. Ukraine ceasefire, oil ad gas go down to normal? Who knows? Only thing I am a bit weary of is losing thousands and no deal. Sp would go back to sub £3 especially if Eigg is a duster.

Sorry for my ignorance but where are we at the moment in all this? Whose move is it next? Are we waiting for AA to come back with a better offer or do we think that our boards are talking?

Sasa I echo your comments and people forget that the SP has risen from 25p a few years back when I bought in to a high of about £4.23. I wish every one of my shares had done this and would be ordering my new Ferrari!

It s clear and obvious that the KIST offer has caught our BOD off guard but they shouldn't have been surprised as NEWK has been saying this for months that with all the cash in the bank we were ripe for a takeover. Although I have not sold one share and reinvested all my divs into new shares, I would share the incredible frustration of posters on here and twitter about our BOD actively managing the business. It looks like we are in a right mess now and we should have been the ones that should have approached KIST in the first place....

Over the years they have delivered on the SP and just starting on the Divs but have failed in their statement to acquire other businesses in the North Sea despite stating this year after year. They even gave up licences abroad and now the WFT has come about they are going to start looking, you guessed it, abroad. A complete U turn due to WFT. There must be hundreds of Companies out there that we could take over and run that are producers. I'm in UOG and they have a market cap of just £14m but with potentially jaw breaking assets in N Sea and hold a full license in Jamaica. With already producing assets in Egypt this would surely be a perfect fit even though it is only small but has great potential.

I feel that if AA wants this he will be up the bid accordingly until we get to a situation where our BOD will accept and recommend to SH's. Why o why we never approached KIST is beyond me and shows weakness that AA has picked up on.

Lets see what this results in but I'd be really interested to know how much AA wants SQZ which of course we as PI will never know. If he wants if that badly up your bid!

ATB

Labour and the greens want a higher permanent tax rate of 70%. Caroline Lucas says we have one of the lowest tax rates on O&G companies in the world.

Even if the tories are imploding be careful what you wish for by voting for an alternative. Opposition parties will start nationalising and raid profitable companies to fund their plans.

Thought there was bad news coming due to the recent price drop. Somebody knew.

Funny how SP doesn’t go up on drill success but gets hammered on a duster…..