Member Info for cureboy

Abit of respite from all the selling? I take it Artemis are out and it’s now up to the board to work with Lombard to realise the true value here.

When the oil prices bounce expect them to bounce hard.

As long as your money isn’t in tourism, hospitality or aviation it won’t be too bad.

Please can someone in the know tell me broadly how the production costs are made up?

Now a production company. Great news.

DRS - agreed, their average will be around the 60p mark, I think they’re probably buying more at this level to bring it down even further.

Yes that’s right Italian. I take this emails with a pinch of salt and they don’t give much away anyway! The board are obviously confident they can drive the business back to 2017 levels so let’s see, it’s a growing market with lots of opportunities for them to exploit. I was convinced a bid was coming for around £1.20 though so don’t listen to me too much either!

If I was being cynical what if closure of the FSP was a way to encourage a swift takeover at around 70p which Lombard would probably be in favour of and I dare say some of the BOD who mostly average around 35p. Tidy little profit all round at a price a suitor would be very happy with.

Didn’t they double their holding from 5% to 10% when the sp was around 40p? And their recent purchase of £4m was at 34p. So by my estimate their average will be around 45p mark. If someone has more accurate data please share. So we could see hostile takeover bids around the 70p mark which might prove difficult to turn down.

Time for the bod to announce the new contract wins they’ve been holding back then!

For reasons unknown, they said they wouldn’t discuss anything that was ‘price sensitive’ at the AGM...and they didn’t. It was purely product demos. Probably bound by the FSP.

Excellent news!

They’ll be producing 2000-2500bopd next year then a major will come along and buy them out.

Good signs here, UKOG already at 1000bopd minimum then? IOW to come in 2020 and they’ll be comfortably doubling that.

Similar story the past few weeks Ewan, seems price is being kept subdued so shares can be hoovered up on the cheap.

Very interesting because one of the main reasons for the oversell was the dividend being suspended. This is pretty big news, thanks for sharing. Let’s see how it goes at the AGM.

It’s time the BoD put some of their hard earned into it, this will reassure everyone and light a torch paper to the sp.

"...the EOIs are from credible potential buyers and
at a price level that shareholders could find attractive..."
II's are invested here over £1, so you have to be thinking £1.20 minimum, but who knows with a bidding war.

Interesting update on the FSP that is buried within the Annual Statement:

"As disclosed in the Strategic Review, during the year the Board
received a preliminary unsolicited approach from a US-based
investor with regard to an offer for the Company and a number
of preliminary unsolicited expressions of interest (“EOIs”) from
other parties. The Board therefore resolved to facilitate a review
of these expressions of interest by commencing a formal sales
process (“FSP”) as announced on 29 July 2019. The Board has
carefully reviewed each of the expressions of interest and has
concluded that the EOIs are from credible potential buyers and
at a price level that shareholders could find attractive.
Accordingly, the Board has now made more information
available to a short list of those potential buyers via a
dataroom and has committed to the management team
delivering a presentation to each of those potential buyers on
the prospects of the Group. The Board expects this process to
take approximately six weeks to conclude before selection of a
final, smaller number of potential buyers to take forward to a
final stage of the process. As previously advised, the Board
reiterates that there can be no certainty that any offer will be
forthcoming or the terms of any such offer."

Sounds positive.

Good to have some input from those on the inside Ewan, we all want to see Proactis prosper. Since April it’s been a steady flow of good news, let’s hope for more contract wins and a positive impact from BePayd. Surprised we’ve not had any news on the recent ReThink event, surely some contracts were won there.