Member Info for LONGWAIT

I agree with you, ps, that the delay in completing the transfer cannot be explained by the riots in Hong Kong.
What puzzles me most is why HSBC has not rejected the payment.
If they are requesting certain information and APEC cannot provide it, what is the point of leaving the payment in the system?
Furthermore, if the assignment of shares to APEC is undone, would APEC not cancel the payment?
The fact they haven't canceled it suggests either that they want to go ahead or they are just covering themselves against a charge of breach of contract.
If APEC have told HSBC they will provide it, how long is HSBC prepared to wait?

I had half a mind to curl up in my freezer and maintain my silence.
Like Biffa, I've been saying that the price is being manipulated, even if I couldn't explain it as well as he does.
The argument about the share price seems to be between those who agree with the analysts that the share price is absurdly low and those who think the analysts must be wrong because the share price is so much lower than their valuations.
It seems to me that the latter camp are allowing the share price to determine their estimation of the value of the company.
I agree with Biffa that the manipulation is being facilitated by lack of investor interest, but is it reasonable to suppose that that lack of interest will continue indefinitely?
If the share price remains in the 40s for the next few years and the price-earnings ratio falls to two, how many posters really think the price would stay that low?

SG's prediction of 250p looks conservative compared with Mooncheese's.

It's interesting to read the divergence of views here.
According to one poster, Hugh is a 'waste of space and a has-been' and some posters are actually saying that no-one will farm in.
I remember posters writing off JOG because of a long period of silence from the company.
They said it was obvious that the management didn't know what they were doing.
The share price has since trebled.

'I think that any FOA with another party will take much longer to achieve and that the Chinese money would have arrived by then.'

The length of time it would take to negotiate another farm-out is what worries me.
TOR said that he won't have difficulty raising more money, but he may need more money just to be able to extend negotiations beyond February 2020.
I agree that he should forgo his salary so as to make the existing cash last longer.
Of course, we could hear tomorrow that the transfer has cleared, but why?
What would have changed to make that happen that couldn't have been done before the final backstop?
I wonder what Goldman Sachs think.
What about the institutions who bought at 25p?

You mean, Anovas, that while PVR and a major are finalizing a farm-out agreement, the transfer could be completed and PVR would be obligated to go ahead with APEC?

I'm shocked not to see my name appear on your list, ps, but then you did say, 'Not Longwait'!

'APEC's and Providence's hands until the money issue is resolved.'

{Manyana)

'... hands are tied ...' ?

I think there are now, or about to be, 658 million shares, Manyana.

The share price reached 12p when it looked as though the money was coming and it's now below 4p when the money has finally failed to arrive.

If they could find another farminee, there would be a big spike.

If.

'Exclusivity removed.'

Now we'll see what kind of alternative deal is available.

A private investor took a 9.8 percent stake in JOG when it was selling for just above its cash value of 60p per share, with its assets valued at almost nothing.

Why didn't the institutions buy?

Answer: because the private investor was smarter.

Because even if the bidders thought it could be worth 100p per share, it looks like a distress sale and they know that with the share price where it is, it would be difficult for the BOD to say that they wouldn't recommend the offer if it were only half that amount, and difficult for shareholders to turn down such an offer too.

It looks to me like a good opportunity for an interested company to pick up assets at a bargain price and provide some much-needed relief to SOU's BOD and long-suffering investors at the same time.

There seems to be something missing after the word 'disconnected,' PC.

I'm not saying it's not worth 100p per share.
I don't know what it's worth, except that it must be worth more than 25p per share.
What I said was that a bid 'is unlikely to be as high as 100p per share.'

Every time I or another poster points out that TE-5 is worth about 25p per share, someone objects that a bidder would expect a discount for some reason or other.

Any prospective bidder, however, KNOWS that it is worth about that much and that, therefore, if it were to bid 50p per share for the whole of Tendrara, it would be getting the rest of Tendrara for just 25p per share.

Now, I know that there are plenty of posters who think that there is no gas there, but I'm taking the view that Rothschild haven't been pretending to market Tendrara, the poster who claimed that a director told him there were more than ten interested parties wasn't making it up, and that the director who said that the interested parties were satisfied with SOU's technical work wasn't making that up either.

It seems very unlikely, therefore, that the interested parties share the views of the conspiracy theorists - and it is their views that count.

If there is a bid, it should be a reasonable one, but I agree with most posters that it is unlikely to be as high as 100p per share.

'I am still sticking with £1 per share or thereabouts, but only should we receive a credible bid. '

(JTF)

'A credible bid IMHO is around the £1 per share level.'

(JTF)

If you substitute the second statement for the last part of the first statement, you get:

'I am still sticking with £1 per share or thereabouts, but only should we receive around £1 per share. '

'I am still sticking with £1 per share or thereabouts, but only should we receive a credible bid. '

(JTF)

'The company is seeking new cash while it awaits a loan from Chinese partner, Apec Energy Enterprises.'

NOT more backstops?

What do you mean by a credible bid, JTF?