Member Info for redeyemines

-This stock seems to be a mass of questions, without any one answer that fits how each person views those questions.
-Somebody posted the other day, that's it's like playing poker with card sharks while you are blindfolded.----------I wouldn't go that far-------but it is certainly beginning to feel that you have to have your wits about you, and your eyes wide open, looking at the bigger game.
-So many dots that need joining up, and everybody seems to join them into a different pattern, and thus views the end picture differently.
-
----For me it's consolidation of the major shareholders.
-
--Maybe i'll get shot down in flames again--but every time i look at SLE now-it's all I can see.
---
---87% of our stock has finished up in the hands of three related holders, (Tosca, Mart West, and Oisin Fanning), this must be telling you something--------so first lets have a look back and see how we have finished up in this position.
-
-Look at every major event in SLE recent history and see who has benefited.
-
-Lets start with the Avobone mess,-- all the "rat pack" were out in force for weeks and months on end, driving the SP ever lower ------until in the end Tosca popped up, and bailed us out--along the way they picked up a fee and a chunk of cheap stock.
-
-Then we had the Sun Trust fiasco---a nothingness storm in a tea cup----a court case that never was, or should ever have been brought-------one that had no merit from the word go.----Again the same "rat pack" were out in force for weeks and months on end, driving the SP to almost rock bottom levels.----( i'm not accusing the "rat pack" or anyone else of anything here-i'm just relating the history as i remember it,- you have to join any dots as to how you see them, and make your own picture).
-This time it was Mart West who were there to capitalize on our share price misfortune, and they managed to pick up a good percentage in the 25-35p range. (reducing the remaining "free float" as they did so).
-
-The Tender offer that followed that buying (and also signaled the top )-gave Tosca a tidy profit on those cheap shares -but it did much more than that----------It drain away nearly 50% of the remaining "free float" (just a rough guess on that fig, ---but somewhere around that level)

We are getting to a stage where things could go against the private investors in SLE.
-
-I talked before about how the recent corporate action in the sector was not necessarily in our interest, --because as a precedent , a 30% premium over today's SP, resulting from a Take Over/Merger would not help many at these sorts of levels.
-
---Bluerill took me to task, and quite rightly pointed out that recent merger between Eland and Seplat, only stood to highlight the value in the sector and how cheap SLE was by comparison.
-
---But that was not my concern.
-
-I'm sure it has not escaped the attention of our largest shareholder how cheap we are now looking--------so where are we now.
-
-We have Tosca holding 71.61% and MidWest holding 13.01%-leaving just 15.39% in other hands.
-
-Now we have a resolution passed at the AGM allowing the company to purchase and cancel up to 10% of the issued share cap----if this is fully implemented over time---where are those shares going to come from, and what will be the resulting shareholdings?
-
-Assuming neither of our two large shareholders sell, then Tosca would finish up holding around 80% and MW about 15%-leaving just a minority 5% in other hands.
-
-This will surely push Tosca into the inevitable, and they would be almost forced into taking the company into private ownership.
-
-How that would work out for the remaining Private Investor, I do not know, --but as I said, a 30% premium would not help many now.

Special resolution 6 gave the co the right to buy up to 10% of the issued share cap (46 mill), so maybe more to come in the future.

Corporate action is always a good sign, but I don't think a 30% premium is going to help many here Blue----but at least it shows that maybe the sector has reached a level.

can;t argue with that Quel, ----and it's still only ifs and maybes that any div may be paid at all, let alone 4p

Bluerill, you are a well respected poster, and as such i will bow to your knowledge of Stock Exchange rules.
-I have always believed that Divis were announced along with the figs (Int and Finals), but if you are correct, and such a payment would be classed as exceptional, thus requiring a separate RNS, then maybe we can all still be pleasantly surprised in the near future.
-If that turns out to be the case, then i would look at today's RNS from a different viewpoint.
-
-As things stand, we probably had no prospect of a Divi until at least after the next loan repayments had been received in Jan, and that could well have been stretched out until March.----thus leaving us nothing to get excited about for maybe six months.
-If now we do get another RNS declaring a Divi, this will break the void, (as the cash hunters will lift the SP), and foreshorten the gap between good news RNS's.
-
----I was enthusiastic enough to recommend SLE as a "buy" @31/2p when i thought cash would be returned to SH, ---if it now turns out that cash is coming after all, then at this level I am even more of a solid buyer, even though other things have been moved a little further into the future.
-
----lets hope you are correct.

Firstly let me say sorry, for being over enthusiastic about the prospect of a Divi payment this time round.----I thought there was a good case, and sufficient spare cash, to have been able to pay 2, 3, or even 4p by way of a special Divi.---Sadly that has not happened, and once again "The Company anticipates announcing its first dividend in due course, " is all we get .
-Nett production (after all issues) has risen from around 28/- bopd to around 32/-.----But---the drilling program seems to be grinding to a halt, and although progress on the much needed pipeline and FSO has been made, it will still be Q2, at best, before we see any benefits.
-Very much steady as she goes-but lacking any hoped for growth at the present, and the lack of any shareholder returns, is a big disappointment.

The trouble with Stock Exchange rules is that they sometimes don't always work in the shareholders favor-----as this Close Period has proved.
-Having had a buyer and a SBB, the SP was on a bit of a crest, and as the CP came into play, it has been the perfect opportunity for some shorting of the stock to take place.
--As we close in on the next set of results (in about two weeks time), we are seeing those shorts attempt to close, with the SP being held and buys reported as sales------and continual noise from certain scare monger posters trying to tease stock from loose holders.
-That is now unimportant.
-It was the company's stated aim to return 50% of "spare cash" to shareholders, something they started to do with the SBB @46p.---Now two quarterly loan note debt payments later, the company must once again be sitting on a reasonably large pile of "spare cash", and with figs due, this is the perfect time for another distribution.
----Whether it comes in the form of another SBB, or maybe even a cash Dividend, i'm not sure--(my guess is now for a Divi), but we won't have long to wait to find out.
-Take advantage of this cycle in the SP to load up now and you should be almost guaranteed a hand out from the Company--------------------(how many of you that sold in the SBB have been sitting on the side lines wondering whether or not to buy back in---------this is a gift now, as it has clearly bottomed out)
-
----That is one reason to buy now, but there could be so much more.
-If we get news about the much discussed pipe line and FSO, that will be another boost to the SP.----Production figs should also be rising , which again will help----and at some stage we will get payments from Eroton for our indirect stake in OML18.
-
-But could there be more ?
-
-To mind mind the company have been very quiet about their future plans post the loan notes, and as is always the case with Mr Fanning, at some stage, he will pull a rabbit out of the hat.
-
-I rule nothing out here

Thank you Pappi for spreading a bit more light on DGI, and their involvement here.--------I have not been impressed with the last two RNS's from the Co, as I feel that both were very short on information, ---weak, is how i would describe them.
-I did not recall the "signing photos" of nine months ago, and i'm sure i'm not alone, --so I could not immediately understand how long DGI had been involved, and taking the RNS just at face value, it was easy to assume that DGI had only just been brought on board, leading to the impression that, maybe, things were stalling and another pair of hands were needed to give things a shove-----hence the type of post that we saw from R-d-R on Sat .
-Your insight as to the longer involvement of DGI paints a very different picture----thank you----but i just wonder why the Co could not have told us this in the RNS, instead of leaving us guessing, and inviting many to draw the wrong conclusions.

Looks like we have reached a trading level here, and with the Interim results due any time soon (who knows what surprises may come with the figs), --this is a good entry point.
-

AGM on Sept 27th ----so should get Interim results before then.

Good find Mac-so we are a long way down the road to completion of this pipeline and FSO.-----
--I wouldn't mind betting that the next news we get, is that things are up and running.

---There had to be a reason for all the noise coming from the same old posters---another lot of hot air, to drive the price lower (again ), just like Sun Trust ect------ probably to let somebody in or just close a position-----who knows and who care.
-
-Don't get caught out by surprises.
-
-I rule nothing out here.

Good morning all------with the doom mungers still out in force, something must be coming to a head.
----Why they have latched on to this "Pipe line and FSO" is anybody's guess. There is nothing official to update the position, just a back mention that it should be done this year---so why all the hysteria .---------??
-
-Like every one of the past scares created by these posters, (which have all turned out to be totally force), there always seems to be an ulterior motive , and it always revolves around driving the SP down,---- presumable to suit somebody's book position----------and i'm sure that in the long run, this occasion will prove to be just the same.
-At some stage this PL/FSO will be built ----is it being built NOW--maybe/ maybe not-------but it will be built, and that will be the end of these posters again-------job done--they will disappear and offer no explanation or apology.
-All I know is that there is a lot of noise being made for some reason---------so don't get caught out by any surprises.
-
-As I've said before---i rule nothing out here.

looks like you have her well trained Al-----lol

We had trading vol of over 3 mill showing, with a 1.4 mill trade showing-------now it's all been taken off-----watch this space.

Hope you've all been watching the trading for the last week-----all been done at 37p---------now some big lumps changing hands, and all while the "idiot posters" are in full voice.----funny that.

yup somebody sitting on the bid taking all those sales (shorters ??)

-Watch the AT trades ---------somebody trying really hard today--------could be a big mistake.

Bang on cue Callas-------------------lol.

All very mundane i'm afraid and i'm sure most of you have spotted this old pattern being played out once again, but for those of you that have not paid full attention, i'll fill in the gaps.
-
-We had a buyer (Mart West) all the way from the early 30's up until 40p.---The Order was being handled well by one MM, and things progressed in an orderly fashion.---The buyer had to finish for whatever reason, and declared their holding.
-
-That was the signal for the games to begin.
-
-It started with the talk of those oakey coakey chart signals (remember all those "over bought" posts /)-----------This was then followed by a big short position being opened up.---it was about 750/- and was spread around all the other mm's at 39-40p---with all the idiot posters, coming out of the woodwork again, to try and talk them down (still going on now).
-
-The purchase by our CEO was almost up to the wire of the close period before our next results are due (and that will probably exclude MW from buying as well ??)-----so no more buying from them now until late Sept--------so the shorter has had a field day (watch the AT trades)
-
-Now having got them down, they need to close that short----hence the idiot posters are in full flow, trying to generate sellers.
-
-Many people who offered stock to the T/O will now be looking to buy them back at this level, and as we near those next figs and all the potential action that could come with them (another T/O ?, and maybe much more), there will be fresh positions being built.
-
-Looks like we are bottoming out here.