Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
So significant number of interested parties but depends what you call significant and what premium will they pay on this price..thats the million dollar question as alot of II paid more than current price and would presumably want a far better price than current SP - but two possible buyers already ruled out (although as I understand the takeover code if someone else makes a firm offer they can change their mind...?). From the RNS also the possibility could end up with further dilution of some sort as all options being considered to strengthen balance sheet which although the RNS says '..believes that the Company has a secure future..' begs the question how is the balance sheet currently...would be nice to have some update on that side so we know how good/bad the situation is which will give an idea of where this is likely to go..
ENI vote passed unsuprisingly http://www.investegate.co.uk/Article.aspx?id=20110616180146P3D67
Out today if you havent seen it yet.. http://www.investegate.co.uk/Article.aspx?id=20110527120734PA7F3
Good article, confirms what long term holders know and good to know that they are not worried by the GPS non-payment doesnt appear to be a big issue to them and the last law suits would appear to be not far from being completed as well which will be nice for all concerned to be finally put to bed so as to speak. Only thing i would be interested in is whats happened with the Pokrovska 1 drill which was suspended due to weather a while back to be progressed early 2011 but so far not even a whisper of what is happening with it.
I think the 'rumours' of bids are just that, various people keep saying about a bid for CAD and i dont see it (although I'd be quite happy to be wrong at the right price) there will always be talk of bids for companies that are turned around and have potential and have a share price that looks to be an undervaluation. ENI i dont think would have just signed the deal they have if they had an idea that CAD was just about to be sold and they would have a fair idea if anyone did and i dont see SPQR Capital Holdings SA selling out currently. BWTFDIK
Whether or not aimfinder is spirt or traderfriend etc is one thing and if it is the same person then admin should do the right thing yet again and get rid of the idiot. Either way he has posted some rather ambitious targets and people should do there own research. BUT the fact of the matter mentioning PXS, PYC or SPMG or any other share similar that sprirt et al ramped and comparing it to CAD is no better than what they spirit did to ramp those shares. This doesnt compare to those for one moment - if you bother to look at the share this person is commenting on you will see they have millions in the bank, millions in payments coming in, oil flowing, drill to increase resources etc etc. I wont bother to post any more of the facts because it probably wont make much difference. GL to all genuine CAD investors
There is still potentially another 17 mill odd shares by my calcs that are to be shifted which will stay as a drag on the price for the forseeable future. good though that a large block has been shifted if that was the case yesterday
pasted here for those who havent seen it SUMMARY * At 20p share price, their market cap is 50% covered by hard cash in the bank * The other 50% of their market cap is covered by a large cash receivable they are due in instalments over the next 12 months (they received the first instalment earlier in January 2011 so it seems reasonably safe) * They have NO DEBT * They have not diluted the company by a single share since IPO despite all the troubles they had in 2009 and 2010 * They have producing gas assets in the Ukraine which are covering their company running expenses at the moment - this revenue should continue to increase substantially in 2011 * They have a large amount of contingent resources, which they plan to convert to proven/probable as much as possible by a new drilling programme in 2011/12. A promising drill is currently approaching target depth, it had to be suspended at Xmas due to severe weather but should be restarting very soon, and reporting on a strike within a few weeks hopefully. * They own 90-100% of most of their licences. * IPO in 2008 was at 230p, and if in the fullness of time (3-4 years) they manage to convert a large chunk of their resources to P2 status, and oil/gas prices stay high, then 230p may seem cheap - the IPO investors clearly thought it was anyway, less than 3 years ago * There is a recent, credible broker valuation of ONE HUNDRED AND TWENTY FIVE PEE right now. * The share is ISA-able! SO WHY IS THE S.P. SO DEPRESSED? * The former management were a bunch of shysters and made a dog's breakfast of it after IPO. There was a boardroom bloodbath in late 2009 and some much more competent people came on board, who have completely turned the company around from chaos into order... whilst successfully suing the former management and recently winning $4M in damages to add to the company's cash pile. * There were legal challenges to their licences, from raiders trying to seize valuable assets through the notoriously corrupt and bureaucratic Ukrainian courts. Rather than giving up, the new management fought, and in autumn 2010 they won. * Two hedge funds originally holding over 30% of the company decided to sell out in summer 2010 after the final boardroom battle (which the new management won). They have been selling ever since and holding the price down for months. It appears that they are now very close to being cleared out!! WHAT ARE THE DOWNSIDE RISKS? The only genuine significant risk is the political environment, Ukraine is clearly a ropey sort of place, the Government is autocratic and the system is corrupt. On the other hand a number of other Western-listed companies operate there successfully (despite the RPT debacle), and the Government has been making attempts to position the country as more investor-friendly.
One of the 5 mill trades was reversed out (so error made in price etc) they look like buys due to the price but no way to tell for definite. If it is infact QVT or HBK selling to someone... then it will be a good chunk of what was left to shift gone. Either way RNS should be not long away confirming % shifted if it is one of them. Good news as the price should then go to what this is really worth and when the increase production etc comes through we can see the sp move.
yeah thats for sure pi's who have been down for months along with the ii waiting for the chance to offload but myself i'm holding for target of around 42p and then will reassess once it gets there. at that point I will be 100% up and will probably take out initial investment and let the rest ride as could imho go higher longer term