Member Info for JenniferE

No, but it doesn't include the payment for the top up shares either. Accrued interest 1.96% 1.96p, Top up shares 0.32 per £1 at 8.3p so deduct 2.66p, expect cash of 63.7p per £1 nominal.

The rate for the creditor shares is 1.58959 shares per £1 nominal, just got the message for eqi. The extra are the top up allocation.

That's very high, it could include your additional allocation.

FWIW my calculation based on the last information provided by PMO was that we would receive 64.4p and 1.59 shares per £1 nominal of bonds.
The top up allocation is based on your (or maybe brokers) holding in October.

To be fair interactive investor were one of the best, I manage to buy early on through them at 18.4p, I couldn't get a price through Equ until it was over 21p and I still can't get a quote from AJ Bell!

NOFEAR, I've been able to buy via ii and city index, can't buy on eqi and AJ Bell. Some brokers have their act together some don't!

They issued a supplementary prospectus from which it was very clear the shares would not be suspended on Monday!

They probably hold PMO debt which will shortly convert to equity and they are simply locking in profits.

This is a rather poorly written article. It states that Premier stakeholders will end up with 39% of Harbour, this is incorrect, the maximum is 23%. Ever worse it quotes Jeffries valuation of Harbour at $5 billion, clearly this is wrong as it would be 19.6p per shares yet a little further down it states Jeffries has a 30p per share valuation for Harbour! Which is it $5billion or 30p, they can't have both!

I see you can still pick up bonds at 83.5p, they convert into 64.5p cash + 1.6 shares ( variable), so the shares effectively cost 11.9p each. You could then go and short the shares locking in free money. I believe once creditors make their election before 22nd February then the bonds/ debt needs to be locked and can no longer be traded.
Personally I wouldn't do this as it ties up money and there is a risk on the deal failing but it could explain the share price weakness.

Soder,
Are you able to provide a link to where you are getting rcf trading prices? I wouldn't have expected there to be a price but if there is it's very interesting!

I believe in the long term value of the company but I would sell at 30p tomorrow! That isn't going to happen though and I doubt I'd be tempted to sell under that level. It could indeed fall to 12p after the merger especially if their is a lot of selling pressure but assuming there hasn't been major negative news then that would be an amazing buying opportunity rather than something to worry about! I'm confident this will be a winner, just not in the next couple of months!

By LTH I mean I hold until a share reaches what I consider fair value, I'm not a short term trader. I've bought PMO 26 times since October and have made no sales!

Hi Gusher80, I have been in and out of Premier oil lots of times over the years, my trade history just about crashes Interactive Investor there are so many trades. I was very lucky to have got out around 120p and have bought most of my recent shares after the merger was announced at around 12p although I have bought some at 19-20p as well. I'm expecting to shares to get close to their potential in the second half of the year when I'll be looking for 30-40p but that is likely to change with news flow and the oil price.

Gusher80, the creditor meeting isn't 6 weeks away it is on February 22. I have simply said it would be advantageous to us long term holders if creditors take cash instead of shares and to that end short term weakness in the share price would be advantageous. As I'm not going to sell in the next few weeks then it matters little to me if the share price is 15p or 25p. The less share that are in the hands of creditors the faster Harbour will achieve it's full share price potential.

Hi Gusher80,
I have a decent sized holding in PMO and am a long term holder. I have explained why I prefer the shares to fall over the next couple of weeks in my earlier posts. On other things I simply post the truth, it doesn't come with a ramping or deramping agenda! In any case whatever we post on here is going to have no impact on the share price but it may inform some people if they are prepared to listen!

There are valid reasons to short PMO, If I were receiving a few hundred million shares in a couple of months I'd be shorting now too. Shorting now is probably a good thing as it reduces the avalanche of shares that will arrive on the merger completing. They can't do any long term damage to the company and give long term holders the chance to buy cheap.

Hi Goodmann,

I doubt that the banks and bond specialists will be interested in the long term upside potential of the shares they will basically just want their money back. You have to remember they are the ones that pushed for the cash return in the first place. I suspect the way they will look at it is if they are almost certain to be able to get 8.4p per share then take shares if not then take cash. Obviously as a small shareholder the share option seems a no brainer but a lot can happen between now and the merger completing. Also, if you have a few hundred million shares to sell and other creditors are doing the same they you will probably have to accept a significant discount to the quoted price. If I were in their position I'd be looking seriously at the cash option around 15-16p!

Hi Goodmann,

I doubt that the banks and bond specialists will be interested in the long term upside potential of the shares they will basically just want their money back. You have to remember they are the ones that pushed for the cash return in the first place. I suspect the way they will look at it is if they are almost certain to be able to get 8.4p per share then take shares if not then take cash. Obviously as a small shareholder the share option seems a no brainer but a lot can happen between now and the merger completing. Also, if you have a few hundred million shares to sell and other creditors are doing the same they you will probably have to accept a significant discount to the quoted price. If I were in their position I'd be looking seriously at the cash option around 15-16p!

I'd rather see the share price falling over the next two weeks before the creditor meeting on 22nd. The more creditors that take cash the more of the company goes to us shareholders and the less of a share overhang there will be after the merger. With the current average volume of only 9 million shares a day I think the market will struggle to absorb 3.3billion shares and there is no way the creditor banks will want to be long term holders!