Member Info for itisagame

this is probably why JB is worried and has "one chance" to make his move.
he will be at 9.66% Friday so if he wanted he might be able to buy a few shares at low prices on results day (- results will be terrible we know that, will be all costs and a bulk of the claims and will be showing a lower loan book figure.) but as soon as any drop from the results is bought up the share is on the rise until October (because the market will see the end of JBs sales two weeks later, and October could see a wobble around the FCA claim backlog deadline) +/- any new unforeseen news.

If the company doesnt have any reason to be put into another closed period we may even see some more director buys.

If he puts a bid in and holds under 30% then its a minimum of the highest price he paid
(but its the same problem as debenhams had, if he bids his offer would have to include a way of repaying the bonds in full so to me this is unlikely)

the price he pays obtaining the stock off the open market will be higher then what he sold them at because of supply and demand...

plus obviously he would have to buy the bonds outright at full face value.

So him buying back a large chunk of stock from open market then using his stake to attempt to encourage the company to buy back bonds at half price would be the best option for him... If he wanted to put a bid in at a later time... but that also strengths the idea of an offer from any other company, unless he manages to get >25% again to secure him the potential prize.

but he will have to wait till hes finished selling his "irrevocable" order to make a bid.

"During an offer period, the offeror and persons acting in concert with it must not sell any securities in the offeree company except with the prior consent of the Panel and following 24 hours public notice that such sales might be made. "

but i kind of expect him to just buy back between 25-29%

if JB goes back to 30% then yes, he has to make a bid for the company.

https://www.thetakeoverpanel.org.uk/the-code/download-code

"The following is a brief summary of some of the most important Rules:

When a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced (30% of the voting rights of a company is treated by the Code as the level at which effective control is obtained).

When interests in shares carrying 10% or more of the voting rights of a class have been acquired by an offeror (i.e. a bidder) in the offer period and the previous 12 months, the offer must include a cash alternative for all shareholders of that class at the highest price paid by the offeror in that period. Further, if an offeror acquires for cash any interest in shares during the offer period, a cash alternative must be made available at that price at least."

2020-08-25T15:35:23.350 GBX 13 494320 64261.6 UT XLON

UT

These two add up to the 4.75m so are probably his sales (notice the BENC one appear again)
2020-08-25T15:41:05.000 GBX 13.11 2553337 334742.4807 Off-Book XLON
2020-08-25T13:06:13.000 GBX 12.886 2200000 283492 Off-Book XLON BENC

This is something different.
2020-08-24T16:06:22.000 GBX 12.46 2975000 370685 Off-Book XOFF N

was just about to say that, i think he might have his broker shift some in to a different account, or hold them to one side for him.

Weazel we know they have failed, we know there is zero £ in this based on the subsidiaries and assets (or liabilities depending on how you look at them), no one is buying this because they want a stake in a peaker plant.

this is just a low mcap company that has the *potential* to become a shell, for who knows what, as you have told us many times T&L dont want a real job and so are bound to want to do something with the listing, they are invested here too.

And yes it will need to raise capital to pay them their back pay and future salaries, they have not "worked" for free (we wasnt told they are on furlough anyway) the last 6 months and will want to be paid for it, if they are paid in shares or take it from the proceeds of a fund raise they will have to keep the listing alive.

Its A Low mcap & low liquidity speculative punt on a *potential* future shell company that is bound to have swings in share price.

I do appreciate the commentary that you have supplied to put things in perspective for newer investors here, they would be wise to take it in even if they dont like it.

i just had another thought........

If on Thursday night JB put a bid or offer in for the company .. then its in a closed period again.. and directors cant buy cheap stock again .. that would be another little pain the ass for them..

Probably physically and mentally knackered like the rest of us because of this and taking a nap for the night shift.

Why don’t we put a bid in mark?
20p a share for the lot.
Payment terms : 30 days after completion
And We will use the unrestricted cash in the companies coffers to pay for it, then we take a £5m bonus each.

Then we spend £500k buying a shell company and refloat it for £1b?

You in ?

:)

And what are zens existing Italy assets doing?

Fill in the blanks and correct the list but I tried to summarise what’s on the current “to do list” At Zen.
I’m still confused on which are the LOI acquisitions.
I still am not pro zen but there is just to much going on to ignore a potential rise off any completion news on any project, prove me wrong AC.

Tilapia
Tilapia I licence - Returned to SNPC subsidary.
AAOG Congo - company holds the $5.3m debt due from SNPC
Zenith Congo - setup to recieve the Tilapia II Licence.

Tilapia JV Kouilou
Furthermore, as announced on July 7, 2020, we are currently working to submit a parallel offer in partnership with a local company for a second licence in the vicinity of Tilapia.

PPE
PPE Manufacturing setup and sanasizer deal with refinary in ?poit noir?

Coro - Italy
Gone, Walked away.

Azerbaijan
??Handed back something about potential exploration??
??where the Zenith owned oil rigs are located??

Nigeria
As announced on June 16, 2020, the Company is participating in the 2020 Bid Round in the capacity of technical and financial partner to a Nigerian registered oil and gas company.

Tunisian Acquisition
currently awaiting final regulatory approval as publicly announced

as well as the successful acquisition of two oil production licenses currently being negotiated with a national oil authority in West Africa (as announced to the market on March 12, 2020).

"Zenith Netherlands") has signed a conditional sale and purchase agreement ("SPA") with KUFPEC (Tunisia) Limited ("Seller"), a 100% subsidiary of Kuwait Foreign Petroleum Exploration Company K.S.C.C, a subsidiary of the State of Kuwait's national oil company, for the acquisition of a working interest in, inter alia, the North Kairouan permit and the Sidi El Kilani Concession (the "Tunisian Acquisition"), which contains the Sidi El Kilani oilfield ("SLK").

Letter of Intent for US$2 million investment
signed a non-binding Letter of Intent ("LOI") with an Arab consortium of strategic institutional investors focused on African development opportunities, to provide an investment of US$2 million in Zenith's share capital at a price of 2.5 pence per Zenith common share (equivalent to approximately NOK 0.33 or CAD$0.043

JB has Already had an offer for 20.9p to buy him out.
So Just as good Of a chance of an offer from another party when he is out ....

An attempt to take control of the parent company by trying to win the support Of many small PI, while cashing out and selling to a 0% interest.

80% of PI buying won’t even vote, let alone vote one way or the other.
Still leaves ~30% of significant holders (I’ll include glen on that as per last rns)

Y
You will have to make an offer James. Or.. walk away..

Some cash set aside for results day. Just in case..
Once that’s out the way I’m pretty confident it will be a gradual rise till the end of his sales and in to October

He’s had ~£300-400m out of amigo since Selling at float and dividend payments. If he wants it back £1 / share seems fair, but I would take any of the 40/45/50/74/85/£1/£1.09 offers.

:)

I’d hate that job, it would take great patience.
Good luck to her, I had an answer when I emailed Before last results in around a day, but I bet it’s taking her a bit longer to get through the emails now :)

I can imagine, “I lost £30 trading your stock“, I Think this, I think that, blah blah blah, nag nag nag.