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Some big sells going through today...

Agree Hound, it's why I keep pointing out that +10% is 15p on the nose. I think this is their limit and also why they have advertised counter-bids to be higher than this level to be considered i.e. higher than what the Patels are willing to bid, but what they'd be willing to accept. Another 2 weeks of trading before we find out if an increased bid or counter is going to land. All getting rather exciting. GLA

Sorry fellas I sold down 350k this morning in the 9.1-9.15p range so probably had something to do with the sp drop. Still have 125k to go. Will be back for some after the SHG vote if still in the 8's.

As much as I feel something relatively large is going to happen in the next 6 months (probably right after I sell out completely), I simply have no idea what's going on here. In SHG I can pick up a guaranteed 3.5% and an upside of at least 20% with a counter bid. In that period of time there's a decent chance this won't break back into the 9's and I can come back for 9-10m shares, which slightly more than double what I'd have if I sat here the whole time. The sp malaise is also not all about commodity prices. This company has always been under-valued against average Canadian peer metrics, and for it to be near £100m mcap right now is quite simply ridiculous. It's why I believe they should either look at new mgt, or sell up / merge with a bigger player. The market clearly has little confidence in our mgt team. Maybe not what people want to hear, but there's no other reason why we're penalised by such a large amount versus our peer group. GLA

Very promising to see Samson involved in driving up another bid. I can't imagine any new funds are here to make 5%, especially when the company is clearly worth 50% more. I think the Patels are going to realise they need to go with a higher bid otherwise they're toast (alongside a lot of the board). What should they do - add another 10-20% to their pathetic opening bid, or see their investment get rocked by a shareholder revolt plus the board being in a sticky situation?

If they don't have the money to push +15p then it wold be smart for them to be flogging the company to someone who will pay that amount. Then again I think they were always going to increase the bid to 15p, it's just a matter of whether someone else comes in over the top. GLA

By the way I've added a few more today. Not finished yet but expect to hit 6m shares. Kadavul, you can update your spreadsheet now as I'm at 5.9m already. Every little helps.

Let's hope we get a similar uplift on our bid. That amount would take us to circa 16.5p, which I think is the minimum for all holders to be happy and cash out. Hopefully the Patels (and their shady backers) see sense in doing this.

Is divi paid today?

ceed, i've thought the same thing. however it does require the t/o going through for anything to be offloaded. like many on here i'm thinking the bid is going to struggle, and the reason why a number of funds have entered the fray is they've seen an easy 15% when the patels up their bid to a minimum 15p. they patels have gone low so the +10% to their opening offer looks like a good deal, even though 15p is also a steal. reckon the market may capitulate at this number, which although ****ty, is far better than 13.65p. we'll find out soon enough i suppose. if the vote goes strongly against them, they may need to up the offer beyond 15p to get it over the line. or the chinese may swoop in and bid +16p knowing what needs to be offered in order to get their hands on the mines. i'm holding as it's a no lose situation either way. gla

Harrogate, I think a counter-offer could land any time from now (unless Hounddog is correct). Having said that I would imagine that any would be acquirer would want to get in before the 29th given the risk 13.65p may get over the line. Only another 3 weeks to go. Must admit I'm waking up every morning looking for an rns. Clock is close to running down now. GLA

Agree with Tony, it's going to be interesting to see the results and I don;t feel they;re going to be as bad as many believe they will be, and certainly not when considering the mcap is now £100m. Gas def a big anchor, however WTI has held above $70 and that's where we make most of our money. Very good value down here at the moment. I'm locked into SHG until the vote at the end of the month so happy for the sp to stay single digits for the next 6 weeks. Expecting a bump to the low - mid 9's from divi reinvestment given it's in bargain territory. Any gains above this level will depend on results and forward guidance / plans. GLA

Forgot to mention, thanks Kadavul and others who are keeping track of PI voting. You've been pushing / prompting brilliantly. I think we can get near 6% with just this board. If we can rally the other board social sites Twitter we may even be able to get another % or two. It all adds up and means we only need a few big IIs and funds to vote this down or force a higher bid. It's also a good message to other would be acquirers that anywhere near 13.65p won't be enough. I'll be annoyed with 16-18p but will vote for it just so the grubby Patels can't get their hands on our assets. GLA

Worth having it in writing fellas. You've got quite a few shares from memory Publican - we're going to need them. Only another 3 weeks until it's all over, or hopefully a counter lands. GLA

Selene f/o is smart. Good deal by the looks of things. Even smarter would be to raise £10m for drilling Penascola. This is a discovery and they shouldn't give away any more of it for a relatively small outlay on an appraisal well. Expecting a raise to come once the sp has kicked up a touch more. GLA

jesus mid 8's now and almost £100m mcap. last time we were around this level was early 2021. mgt really need to get their **** together and start telling the market of their plans. absolutely shocking how this company is being valued (and managed).

agree with everything mentioned here today. radio silence is a killer. lack of any updates as to plans for 2024 is par for the course wrt i3e, which happens to be ****. mgt never seem to get this, and the only way out for shareholders is a t/o. i've been saying this from 15p down to now. little to no comms. lack of focus on what the market needs and wants to know. disregard for pis.

i can only hope they are saying nothing due to a deal being close to finalising, which is why the debt hasn't been utilised to date. it could be nth sea acreage. or it could be a distressed buy in canada. the canadian option is def. the better of the two, but only if it's oil heavy. if it's gas then i think it could go down poorly. as for the nth sea, it may get a little bit of coverage but will need a bigger, credible partner to have any positive impact on the sp. for now, providing the divi is maintained then 9-11p is the likely channel unless there's a spike in commodity prices, which is unlikely for oil and very unlikely for gas.

either way it's a good income investment at the moment, providing they don't cut the divi. if they do this it will be absolutely disastrous for the sp and it will drop by whatever the amount they trim off the divi i.e. 20% reduction and the sp will be in the 7-8p range. mgt have been incredibly poor at investor engagement over the years. shame because they're pretty good in a number of other areas. glad i sold down over 4m shares when i did otherwise i'd be £300k poorer right now. say it all really. gla

"I think POG will go down next weeks to appr. 1900$ and people will be happy receiving the dividend + 13.5 pence in cash ;) .... after POG's downturn you can buy some miners 30% cheaper and this is nearly the same like an 16-17 pence -offer ... that's why i feel OK here"

kkkrrr, I agree, but would prefer to get a counter or increased bid to 15p, and then dump it all in another gold miner or two. Not sure PoG will hit $1900 but do think it could get down to 1950 or so - I believe there's a lot of support around this level. Either way, let's hope an improved offer lands soon - there's only another 3 weeks before we go to vote. GLA

I'm really hoping in the next few weeks we get a counter and this whole affair can be put to bed. It's disgusting, but the only way it fails is if we get a counter, or we all vote against. I'm confident we can get the votes, but I'd most definitely prefer +16p to land in the next 3 weeks. We're worth 20p all day, but I think anythings between 16-17p is going to get over the line. GLA

We've got 3 more weeks before we find out whether a counter offer is going to land. All very exciting as I believe this bid is going to fail and the Patels will come back with 15p on the next round - I think this is probably their limit. Big one is whether we get another company coming in over the top. I think they'll need to be starting at +16p to have a shot at taking out SHG. Let's keep voting 'No' as there's no way this company isn't worth far more than 13.65p in 6 months, and the Patels know it. GLA

Question, if this vote goes through at 13.65p are we locked in for months until the cash hits our accounts? From memory the sp normally goes up to around 1% of the offer price and you can sell, but would be good to know the ins and outs of what happens next should the offer be accepted. Never been holding a company up until the end.

Also, what is the normal course of action for an enhanced offer? Say the Patels increase their offer pre-vote, what is the usual re-set on timings and voting? Or, if they wait until the vote occurs and let's say it fails, do they have a chance to come back with an enhanced offer and we start again?

Still of course hoping for a counter and we all get to walk away dirty with 16p, rather than raging with 13.65p.

Answers to above appreciated.

reckon we must be breaching 5% by now. throw in a few iis and this bid is going down. i do hope the company is keeping an eye on these boards as there's probably quite a few people not on here who are voting against as well.

i'm leaning toward a similar position to publican where i think this was an opening salvo to either take the lot for peanuts, or draw out a better bid. i imagine any counter-offers will need to be above the 15p specified so expecting +16p if one arrives. i also think the patels may up their bid to at least 15p, which is what the company has specified as the next starting point for a bid to be supported. either way they're a bunch of c@nts starting this low and trying their arm at fleecing investors who have paid their salaries and for the assets whereby the company is now raking in cash. if they had bid 15p i'd be less dirty as it's closer to a level where most get their money back, and it means any counter-offers would need to be closer to 20p, which is closer to fair value. the brokers are down there with our bottom feeding bod. absolute ****roaches.