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Then why have the BoD even entertained such an informal offer. They should have told them to sign the NDA, go look at the documents and then come back with a serious offer.
Are SOU that unprofessional that they would offer peanuts for something worth 10 x more? They must have based their offer on something and I doubt it was pi investor expectations.
I'm still trying to figure out why they put a for sale sign on something that could potentially triple bag on SFB production.
Mirasol,
The RNS hints at recommending the offer since they say they got approval from 13% of shareholders. This means they have insiders who want to sell at the low ball price offered by SOU. Lucan has not come out and said that this is too low.
What I don't understand is why the BoD are adamant on selling when SFB is due to come online and earn some cash.
The ridiculous 1.5p valuation put by SOU offer is nowhere near what Lucan SFB is worth on it's own yet we have them seriously considering the offer.
The BoD should be trying to create value for all shareholders, not for some insiders who want a quick profit.
The sp is down because those who have done their research probably know the 1.35p spike was as good as it gets for now unless by some miracle one of the other interested parties decides to over higher. If nothing emerges then the BoD may well take the SOU offer since 13% of insider shareholders have already approved it.
Looks like something not going to plan if some of the larger insiders decided to sell in the spike yesterday. Do they know something we don't? Who on earth would sell if the sp was sure to get past 1.5p(according to the rampers)?
The fact that the company wants to sell SFB before even testing the gas should ring alarm bells. How much can you get for an untested car compared to one that has been fully tested?
perhaps he knows a bit about Saltfleetby's potential( or lack of) and bailed before the buyers find out. Doesn't make much sense why someone in such a position would sell if the value is alot higher. Afterall everyone is in shares to make money.
Torreaguas, That's a nonsensical prediction. The BoD won't be releasing RNS's just to pump up the sp. We already know companies are required to sign NDA's if they want access to company documentation and that applies to every company out there.
Most disappointing this is that the 1.5p offer has put a huge damper on the upside. People were predicting 5 baggers from here yet we have a sizeable percentage of insiders accepting this low ball offer of 1.5p.
The BoD would be seriously stupid to even think about anything less than 3p since SFB is worth more than that alone. Why did they not just go ahead with SFB and reap the rewards?
Problem is that over 13% of insiders already approved the deal. Just shows how the BoD works with their mates. Why did they not let everyone else know yesterday?? And why is a paltry 1.5p all share offer acceptable when Lucan said SFB was work 4p on its own??
Nowhere as good as expected. The sp will never rise above 2p by the looks of it. SOU are hardly going to offer more and those holding until deal completion will end up losing imo. Best move is to sell into the spike and get your cash out.
balancedviewer,
There were no recent transactions by the holder so not sure why some were thinking it's a 40m Buy that happened this week. The discloser probably accumulated them previously at a higher price and is under water.
Dear oh dear. A 40m share transacton reported just after they got approval to place more shares? I reckon a placing is on the way in a couple of weeks. These guys are running a gravy train and there are no consequence.
If someone bought 40m then almost certainly someone sold them earlier this week at the peak of the pump. A placing at 0.7p-0.8p will be a quick 25% profit for someone who forward sold.
All the recent reporting RNS's are people who may be classed as having inside info. If you look at some of them the holdings are not that big. Even I've owned more than 3m shares yet some of them who reported have less than 500K shares in some cases.
Most of those who reported have sold shares so it is worrying at this stage of SFB development. Do they know something we don't?
It won't be declined. This kind of approval has previously been granted even when the company had messed up the main oil assets. For all we know, the next placees might even be the ones who offer to buy the company. i.e A dodgy way to take a chunk of the company before a takeover.
Love how all the rampers keep posting price targets. It's as if putting a figure down will somehow make the sp rise to that level even while it's in retrace mode.
It should be obvious to most that the sp has ran out of steam for now and is heading downwards to a probable test of 0.8p from the charts.
Somehow I don't think this is going higher. The sp is in a narrow range now and about to move below the psychological 1p again. I've seen it before where the MM's hold it steady to suck in a few more buyers before the inevitable retrace. Volumes all but dried up.