Member Info for Rhambo

@huggs depends on what WV can do to cover the debt. 3p would be the best case scenario but I guess now the company is in examinership the bargaining chips are in WV's court if they wanted to lower the bid...

Who pays his fees?

Quite a while I would think, at least until the hearing next month.

"The Company is actively engaged with its senior lenders to determine their position in the light of the Petition." Could be a zero if the banks decide to pull the plug now.

Looks like a cockfight between shareholders. Skye have said no to the offer, so WorldView have said "fine, examinership it is then, you have until 4 April to change your mind about our offer". IMO.

Again, nothing I have said is misleading, it is opinion. Obviously you don't want anyone saying anything bad about your shareholding because your agenda is a price increase. If no one were allowed to post because of their position what would be the point in a bulletin board?

JMSM - PCI does not have the asset backing to maintain its liabilities, hence it is in breach of its banking covenants. Since its interim report for 30 June debt has increased by 130million and you can discount/susbstantially reduce the non-current asset figure with the collapse of wholesale energy prices. The most concerning matter is that the comapny dose not have the cash to satisfy the banks. It is ONLY still going (and the company told you that yesterday in the RNS) because the banks are issuing waivers. You seem to think this is positive, it is only in that you are not immediately wiped out, but you are on a knife edge. The market's current premium to 3p implies that retail punters think that a substantially higher bid will come in, which in my opinion it will not. The market did this before on Afren. Unfortunately it appears you are too emotionally attached to the share to fully comprehend the dire situation your holding is in.

Edit: It has next to no cash, not no cash.

Again JMSM a complete load of hot air. My first statement is not misleading. The company is in breach of its bond covenants and has negative assets. It has no cash. Therefore my OPINION is that the equity is worthless, because in this situation the company is close to folding. Therefore 3p, being much higher than 0p, is in my OPINION overvaluing the share. I did not say that WV are definitely going to the bondholders. I do not know this, I have said in my OPINION they could just as well go to them now if other shareholders won't play ball, because the bonds are 35c in the dollar (this is a FACT by the way) in the bond market. None of this is inside information nor market abuse, it's freedom of speech. What cerebrus was stating were alleged material facts in an effort to encourage the reader to buy or hold the stock, which definitely IS market abuse. It is my OPINION that investors should be worried in the current set of circumstances, because I consider that the company is in effect BUST.

JMSM - in what way are my posts misleading? They are opinion, not misleading. Perhaps provided some substantive counter argument rather than produce hot air, or I might just as well advise readers to ignore your posts for fear of being ramped to 0p....

@thesonandheir Good point, hadn't thought of that. Skye may want to go to the bondholders and get the whole business on the cheap rather than accept the 3p. Either way the retail punter is increasingly looking like they will get nothing for their equity.

3p materially OVERvalues Petroceltic, because the equity is worthless with the company in breach of its bond covenants. If shareholders won't sell, WV will simply go to the bondholders to offer them 35c/$1 and take control over company, leaving all shareholders with 0p. Very poor move by "Skye Investments" I note of Melrose infamy (not a good track record) which decreases the chance of a rescue deal going through now.

Guess this is going to 0p then.

RNS Translation: "WorldView is correct we are up s*** creek with our finances and we can't pay our debt bills. They are correct we are only hanging on as long as the banks don't wind us up. We think this offer creates uncertainty but can't say why, but we would like to give the shareholders our certain believe that we are uncertain about what to do, so please don't sell. In the interim, we have enough cash to pay our salaries for a little while until the banks or WV get fed up of waiting and eventually sack us. In short - if we don't do anything, we think we get to keep our jobs for a bit."

xk150 - well currently PCI's debt in the bond market can be bought for 35c/$1. This is very cheap. The 3p offer is materially higher than the current market rate for the debt. If you as shareholders do not accept WV's offer, then they will simply go to the bond holders (a la Afren) and buy the company through the debtholders, meaning your £25,000 will be worth exactly 0p. You have three choices in my opinion: sell now at 10p, receive 3p by accepting WV's offer, or receive 0p by doing neither. I know what I'd be doing.

The market didn't agree with me on AFR either for a time

You could be talking many years if at all for that though... and you are discounting the massive debt pile, so it doesn't matter if the asset is worth 40p if the company's debt outweighs that. How will the company clear the debt and return value to shareholders? The company has already said it's worth ~0p and best case scenario a buyout at 3p (which may still not be enough to save it at current POO). 9.5p to sell looks a steal at the moment for those looking to preserve capital, it has echoes of AFR here.

Am I missing something here? Board issues RNS saying equity worth ~0p, offer "may" come off at 3p... price is currently 9p. This has to be one of the best shorts out there at the moment, gains are somewhere between 66% and 100%?! No idea why this is still at 9p, anyone have any reason for it?

The II sell off should tell you more than a chart does... Stampede for the exit

Today's rise is an add to short, on a plate