Member Info for Medjed

You can sell as soon as it resumes trading. Hopefully before 31 October as pre RNS.

They want the full $12m drilling costs when drilling never happened. They will be laughed out of court. Max 50% settlement but even that’s too high I doubt they will get that much.

Let CNOOC take EME to court/arbitration. That will take ages, EME should easily be able to sell its MAKO stake well before then.

1️⃣ Legal Process & Timeline

• If CNOOC took this to arbitration or court (likely under the contract’s governing law — often English law or Chinese maritime law), timelines could be:

• Arbitration (likely scenario): 12–24 months to reach a binding award.

• Court (slower): 2–3 years including appeals.

• However, oilfield disputes of this kind are usually settled out of court to avoid delays and costs — often within 6–12 months of serious negotiations starting.

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2️⃣ Typical Settlement Percentages

• In offshore drilling disputes, if a rig or services were mobilized but never used, contractors often recover:

• Mobilization & standby fees (~25–40% of total contract value).

• Possibly some cancellation penalties written into the contract.

• They rarely succeed in claiming 100% of the drilling day-rates if no drilling was performed.

• Industry practice in similar disputes usually lands in the 30–50% range of the claimed costs.

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3️⃣ Reasonable Range for EME vs. CNOOC

• If CNOOC is claiming US$12m full cost:

• Worst case (if CNOOC wins outright): ~$12m.

• Likely settlement: ~$3.5m – $6m (30–50%).

• Best case (if EME proves contract allowed cancellation at limited cost):

Pied, post up your AI’s analysis then. We dont trust yours. Sorry

;)

Piper scaremongering again.

Would lenders call in the loan to gain stake of Mako themselves?

The structure of EME’s Convertible Loan Note (CLN) makes it unlikely that the lenders would call the loan immediately, for these reasons:

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1️⃣ Repayment Tied to Sale Proceeds

• The May 2023 CLN amendment explicitly links repayment to proceeds from the sale of EME’s 8.5% Mako stake.

• That means the lender’s primary method of recovering funds is through the sale of the stake, not by forcing cash repayment from EME’s other resources.

• Since Mako is the only major monetizable asset, lenders cannot practically demand repayment from EME’s cash reserves, because there is little or no other liquidity.

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2️⃣ Lender Options

• Forced Sale / Accelerated Sale:

The lender can require that EME completes the sale faster. They don’t automatically take ownership of the stake; they enforce the CLN’s security to ensure repayment.

• Seizure / Ownership Transfer:

If EME fails to comply with repayment obligations, the lender could enforce their first-ranking security over the Mako interest. This would legally transfer control of the stake to the lender, who could then sell it to a third party.

⸻

3️⃣ Practical Likelihood

• Given that repayment is tied to Mako proceeds, calling the loan early doesn’t provide an advantage unless the lender expects a distressed situation that would allow them to get the stake below market value.

• If the lender calls the loan now, they may pressure EME into a rushed or distressed sale, but the loan amendments appear designed to protect both sides until a formal farm-down or sale is completed.

Have to agree with Kando, from other takeovers I have seen the share price never quite reaches the offer price even if it is very very close.

I would love to be wrong as my average is 32p, I could (try to) sell in a flash to break even.

"You forgot it’s drowning $1.6 B of debt it can’t cope with"

So? Worley's debt is $1.36B and it is thriving. Its all about FCF. Wood needs to make its business lean to make FCF positive, then the $1.6B debt shouldn't be a problem. In any case with the recent $0.275B asset sales their debit is now $1.325B almost identical to Worley.

Business almost identical to Worley. Should succeed without Sidara.

"If the vote is t to next year will they remove the suspension on the shares on the FTSE?"

Yes I think so. The suspension was tied to late publication of accounts. Now hopefully, since the BOD seem so desperate for this deal, they will publish accounts before 31 October 2025 so as to not breach that clause (although it can be extended if Sidara agree).

So hopefully it will resume trading before that date.

Those who bought below 30p won’t have to wait too long to pull a profit.

It should start trading again by 31st October once accounts are released and shoot straight up to near 30p on open.

Commiserations to shorters who shorted under 30p. Oops!

No one’s gone anywhere the share is suspended 😂

Good luck with ‘strong sell’ 😉

Or maybe just cut and paste today's RNS :)

Kando, of course they will recommend it, that only means they are open to starting the bidding process because they have been told (by the lenders and the II probably) that they have to sell the company. Doesn't mean 30p is acceptable, or final.

If they rejected even a potential offer that would have signalled they are not willing to sell the company.

"what more can be done in 24hrs that hasn't been done over the past year"

Some secretary needs to edit that PDF 30p to some other amount lol.

"minded to accept the offer" is just a standard industry phrase as far as I can tell. It means we're not rejecting you outright, we do want to sell lets go to the next stage and start negotiating. I think too much has been read into it.

They are double stuck now. They lowered the offer stupidly when even 35p was too low, now they will have to raise it back up to have any chance of a 'YES' vote. They made themselves look stupid now. Amateurs.

Extending by 3 days here, a day there, embarrassing. This is getting silly now.

That is a good point. Whilst Sidara are dithering Wood have disposed of $165m of assets more than 1/2 of Sidara’s entire 30p offer ($266m)

They better hurry up or their 30p may actually be fair value 🤣

According to Chatgpt they wasted $11m so far for 6 months of M&A deal costs, in order to save 5p from the offer, ie $44m

Minus $11m they only saved $33m

Pathetic 🤣

This is looking really embarrassing now. This isn't some market place bargaining.

Surely before putting in an offer where 85% of serious word class institutions are involved you find out the offer level that could be accepted and put in a serious offer.

Instead this insulting offer is just time wasting, and they cant even make it firm for almost 4 months, then it will be rejected, then round again we go.

Don't they want to wrap this up quickly?

Or do they love throwing away their own money?

No support for the 30p offer? Oh dear.

That’s ok, no need to take all day. Easy fix, just add a 0 on the end 🤣