The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Here's the text, just in case the link gets removed.
ONE of Premier Oil’s top creditors, Deutsche Bank, on Friday publicly backed the company’s contested debt extension plan ahead of a high stakes clash with a hedge fund opposed to the proposal.
The German banking giant said a proposal to extend Premier’s debt repayments by two years had its “full support,” setting up a clash with the oiler’s largest lender ARCM, which is fighting the extension proposal.
Premier wants to move the repayment date of its $2.7 billion debt pile from 2021 to 2023 so it can buy gas fields in the North Sea. It said 40 out of its 41 lenders back the plan.
Hong Kong-based ARCM is fighting the extension proposal over fears the takeover will cripple the FTSE 250 firms ability to repay its debt. ARCM also has a giant short position in Premier.
A judge yesterday scheduled a court showdown in March to decide the issue.
Some of Premier’s creditors have been exiting their positions ahead of the debt battle.
US giant Prudential Financial, the second largest lender, is understood to have put its entire $160 million stake up for auction last month.
One source said $20 million had been sold and another claimed that Prudential had sold out completely. It declined to comment.
Barclays, another top lender, sold $90 million last month.
Please add my 58500shares with Selftrade, sale order placed @ 350p the last time we started this exercise . Thanks
My sale order of 59,500 @350p was placed on the Selftrade platform.
Add my 59000 shares
Listened to the whole webcast and thought it was so positive and I'm sure we will see quotes a few broker upgrades as all the big boys were there and I think they are now taking Premier serious, good days ahead I'm sure.
Just seen it on the pmo website and looks good to me very positive indeed
Thank you for the reply, I have held the shares for over 2 years and sitting on a nice profit, but I do not intend to sell them as all the signs are very positive. I believe they will be a takeover target in the New Year as they now have a good management team, the ability to purchase more properties and the jewel in the crown Wembley. Enjoy the ride.
Like you I am suprised, I think Quintain's first half figures are due on the 26th November, so will have to wait and see, personally I am in for the long haul as I beleive in this company and would expect the shares to be over £1 in the next 6 months or so. I can only see an upside.
RNS Number : 9061P Terra Catalyst Fund 31 October 2012 31 October 2012 TERRA CATALYST FUND LIMITED (the "Company") Disposal of Interest The Company announces that, yesterday, together with other funds under the management of Laxey Partners Limited, the Company disposed of its entire holding in Quintain Estates & Development plc ("Quintain"), amounting to 17,856,169 ordinary shares in Quintain, through an on-market transaction. The gross proceeds of the transaction amounted to approximately £9.46 million, equivalent to a price of 53p per share. The closing price per Quintain share on 29 October 2012 was 53p per share. The net proceeds of this realisation will be returned to shareholders in due course, in line with the Company's current investing policy. Until such time, there will not be a material effect on the Company. There were no profits attributable to these assets.
My own personal opinion is that the price has moved from 48p to 67p in a few days....therefore people are profit taking.... Most Brokers with a view have upped their target price to around 80p, so I beleive that the buyers will return in the future.
I am trying to find out who Sold/Bought, I know it was traded through Broker Charles Stanley, but I do not have any contacts there. I would have thought within 7 days there would be a regulatory disclosure notice confirming who were the participants involved. As soon as I know I will of course update you all here. I firmly believe that QED is still a strong buy as the upside with a re-rating of the Company could see the share price double overnight, I am looking at £2 per share, if they do not get taken over as there are mutterings that could happen as well. So hang on in there as it could be a stock that is going places