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The offer right now is not $200M - this is from the Offer Document- so currently it is 420 million euros; will be higher after convertible loan stock converted.
“Fully Financed Cash Offer. The Offer is not subject to a financing condition. The Offeror intends to fund the Offer from cash resources available to Viston, who has secured, on a firm, committed basis, up to EUR 420 million to fund the consideration payable for the Common Shares and to complete the transaction.”
https://www.petroteqoffer.com/
So one way of looking at it is the Patent for this ground breaking technology is worth a minimum of 420M euros- but the Petroteq Board have indicated this is too low - by not accepting the 0.74 Canadian offer. So now hostile bid.
Under SEC rules Petroteq are required to either accept (unlikely) the offer or clearly set out why the offer is too low. They notified shareholders that they are seeking independent valuation of their technology, obviously forming the backbone of the likely offer rejection.
Interesting times!
That independent valuation will be required to fend off any attempted low ball takeover - should a takeover arise the Board will have to recommend shareholders to accept or not. If they get it wrong or not act in all shareholders interest along come the lawyers.
And another - Petroteq defence to a takeover, good, 0.50 euros was of no interest to 1M holders. Need to up their game.
https://www.laweekly.com/petroteq-energy-will-serve-as-the-gold-standard-for-feasible-carbon-negative-approaches-in-the-oil-and-gas-industry/
Quantumstar- you are spot on - Petroteq are the jewel in crown in all of this. Nothing happens without their technology.
Will we see a big sparkle soon - it looks like the stars are aligning.
Room for Tomco and quite a few others in Utah, including Petroteq own sites. 200 x 5K bopd sites in 5 years time, US alone Work our the DCF value of 5% royalty annually for 20 years to Petroteq on 20 plants. It's a very big figure - $ billions. Ignoring production revenue for their own plants.
Didn't peeps notice they actually increased the number of shares they wanted - from 200M to 270M - think that is a controlling interest
"In order to achieve the first objective of a simple majority, the target minimum holding for the takeover offer of 200 million shares in Petroteq Energy Inc. was increased to 270 million shares at a premium offer price of EUR 0.50 per share on July 29, 2021."
https://www.einnews.com/pr_news/547901137/increase-in-the-target-minimum-shareholding-for-the-purchase-offer-in-petroteq-energy-inc-shares-by-uppgard-konsult-ab
Tomco and Greefield get a mention but the focus is on Petroteq technology.
So after 17 mins he concluded (1) that it is a very exciting time to be a Petroteq shareholder (2) expecting a much higher price than the Uppgard offer and (3) bidding war will commence.
https://twitter.com/stockboxmedia/status/1444687456356356096?s=21
Read between the lines:
George Stapleton, Petroteq COO, commented: "...........using our CORT process ..........while creating a higher value product stream for Petroteq's future commercial production."
Petroteq clearly have their own plans...why wouldn't they, they own the IP; room for quite a few players in Utah......remember the Licence granted to Greenfield is not exclusive. Plus licence is USA only.
But maybe simply an extension but there was no reference to date in first agreement. A little odd. They could want more samples then….as usual bit if a guessing game. They originally said the results are due out by next week?? So could be a delay.
So Stage 1 complete - as outlined one year ago in QFI RNS 18/8/2029, now move to commercial trials, Stage 2.
“Quadrise, Greenfield and its JV partners, Valkor and Tomco will continue to cooperate in good faith to agree the commercial terms of a conditional MSAR® licence and commercial supply agreement for the production of MSAR® fuel under Phase 2. Such a conditional licence, which is now envisaged would be provided directly to Greenfield (rather than to Valkor and assignable to JVs as had been previously envisaged) will only be finalised upon, and following, inter alia, satisfactory results of the Phase 1 CTA, the agreement between the parties as to Phase 2 commercial terms and the entry of binding agreements.”
Canadian Government might save billions buying Petroteq
https://oilprice.com/Energy/Crude-Oil/Oil-Sands-Producers-Will-Need-Federal-Support-To-Go-Green.amp.html?__twitter_impression=true
Minimil; I recommend that you spend a couple of hours reading the detailed progress updates of the test plant site in Vernal, all there on the Petroteq website over the last 5-7 years. You will see Valkor mentioned many times as the lead engineer in designing what has now been confirmed (see FEED report for 5,000 bopd plant as independently verified) as world first commercial oil sands extraction plant. That imo is not a bad reason to invest, you think?
Keep in mind no one has every achieved this huge milestone that Petroteq has and Valkor have been instrumental in the process.
Then take a peep at Valkor CEO credentials. Steven Byle is an extremely successful entrepreneur. Valkor is a private company - so not possible to invest, but if they ever floated there would be many who would, for sure. Follow the money.
https://www.stevenbyle.net/companies
Friendly takeover at 0.50 euros. Really, the Board has already publicly stated the offer significantly undervalues.
Can see this going hostile if the offeror pursues without increased N America offer - assuming they do offer in N America. Proof of funds now demonstrated - Petroteq will also know by now who is behind this.
Interesting next move from them.