Member Info for MTSparky

Not sure who still checks in on RRE but just wondering what the best recovery plays are. I am thinking recovery in oil / gas price plays, so I guess post COVID vaccine. My thoughts were:

- Shell at £12.58 are 50% of what they were pre-COVID. No problem with liquidity either can buy and sell in large quantities.
- JKX or Regal Petroleum (as was) as a European gas price recovery play but this looks a bit risky as Ukraine based I think. Also Nord Stream pipeline a factor.

Any none fossil fuel shouts?

RB, great advice that. Enjoy life ! HALO is now my only owned equity. It is time to start looking forward to a rosier future for gas producers. I also still believe in AC, we need some good positive news flow now. If we use the $5 per boe P1/P2 benchmark HALO should still hold a fair share price if re-listed. We need that positive cash flow from recovered gas prices though. UK sector NS gas should maybe be a prime target rather than Dutch sector. I need to find out how the two sectors differ in realised gas prices. Can HALO either sell or get a FID on Pegasus West ? RRE buyer Viaro Energy have a shopping list, so I wonder what is on their radar. They are backed by UAE billionaire.

Not received any paperwork through the post yet. Should be posted out this week. We will get confirmed dates and we can then decide whether to chance the vote or not. They still need about 4.7m votes. A £350m offer would still be a good deal for someone. Give it until the end of next week maybe.

AA says he can raise £500m - £600m based on current equity. Hearing that knowing he had already gifted the company away for £250m makes you feel a bit sick.

Are they thinking the offer is too cheap and a rival bid is likely ? Its a win, win really. No offer from another then vote for £18.50, new offer, decline £18.50 and accept higher offer. I assume once the £18.50 offer is rejected by shareholders then it is voided leaving AA to be able to vote for an alternative offer.

Or they have been invested for a while under the radar, probs bought in at £6 via a tip off.

Serica looks top of the range to me. If we use RRE $5 per boe of reserves. Even if an offer was made for Serica I can't see it being much higher than current share price. Serica should buy RRE. £25/sh please...;o))

The whole episode stinks to high heaven. What a stitch up.

They only have 39%. Still need another 36% to vote in favour of £18.50 and reach the 75% required.

I guess any new buyer would need to convince at least 26% to vote against the £18.50 offer from Viaro.

subject to the terms of this letter, I will not be able to withdraw from the commitment
and my obligation in this letter, nor will I be able to deal in any of the Shares, or accept
any other offer for the Shares;

Lol....Let's hope it's not Viagra Viaro !!

Also known as a lock-up. A binding agreement by a target shareholder to accept a takeover offer or vote in favour of a scheme of arrangement. An irrevocable undertaking may be either hard (binding in all circumstances), soft (ceases to be binding if a higher offer emerges) or semi-hard (ceases to be binding if a higher offer emerges which exceeds the existing offer by an agreed amount).

Cold comfort for investors at above £18.50 based on AA rhetoric.

If Viaro have 36.8% via irrevocable undertakings, presumably a rival offer cannot be made as they wouldn't get the 75% shareholder approval required. It would need AA to change his mind. Can a irrevocable undertaking be cancelled?

NewKOTB I suppose AA taking over £70m out of this deal weakened his resolve. It does leave a bitter taste though. Like you say a bit of a fight would have meant something to shareholders. It looks like he has stabbed us in the back.

RRE is a £500m business being sold for £250m. circa £350m would be more palatable to shareholders. Let's hope we see an increased offer to get them over the line.

If AA owns 30% they only have 6.8% from other shareholders so the big boys are holding out for an increased offer maybe?

I think 75% of the shareholders need to vote the deal through to make it effective.

Well don't they need over 50% irrevocable undertakings to make this a done deal? Will they up there offer to get them over the line? or does this leave them open to a counter offer?

Therefore, as at the date of this announcement, Viaro Energy has received irrevocable undertakings in respect of a total of 4,846,247 RockRose Shares representing approximately 36.8 per cent. of the issued ordinary share capital of RockRose as at 9 July 2020 (being the latest practicable date prior to this announcement).

INEOS - Jim FFS £25/sh let's do it !!

Afternoon chaps, What are the near term price drivers for IOG? Until they start producing gas, does anyone have a target valuation for IOG? I know RRE offered 19p x 341m shares £65m. Current m/c £58m. The trading volume is woeful.