The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Surely not STZ!
I prefer to think that we are all ‘the idiot’ being kept in suspense while JP markets the company under a cloak of uncharacteristic radio silence.
Not long now
Joe are you thinking of BJ rather than BM?
Yes and no, he phoned me back as promised on Friday but said he didn’t have time to go through it with me so he promised to tell me on Monday. He then didn’t call me yesterday and isn’t taking my calls this morning.
I’m beginning to think I’ll never find out how to keep an idiot in suspense :(
GLA
It's obvious now that everyone is getting fed up of waiting and no news for weeks. So yesterday afternoon I phoned Sevenoaks and to my surprise JP agreed to take my call. I explained how frustrated everyone is getting with the news black out etc and asked him if he could give me a time line for the LE other than the evergreen 'by the end of the year'
JP's exact words were 'I'm afraid AIM rules don't permit me to tell you that Seaton, however I will tell you how to keep an idiot in suspense.'
He didn't tell me straight away but he has promised to tell me today. I'll let you know when he calls me back.
Chill out everyone. The sun is shining, I'm off to mow the meadow and then the pub. Don't let life pass you by squabbling on a BB.
GLA
Partridge, what are your tea leaves saying about the chance of an RNS in the morning?
GLA
It was RNS’d but I can’t look atm due to having to work cos JP ruined my retirement plans!
It was because the SP was so high when the deal was done. So effectively we overpaid
OGIF have to share any price over 82p with the company . So if there was an LE of £1 OGIF would get 91p per share and the 9p remainder would be distributed amongst other shareholders.
Fingers crossed this is an issue!
GLA
I forgot to mention this earlier as it had slipped my mind but talk of the stick has reminded me. I met BM last week in M&S foodhall in Sevenoaks he was buying a prawn sandwich. Anyway I had nothing civil to say to him and told him exactly where to put his stick.
As I was driving out of the car park I saw him leaving M&S and it proved to me what I had always thought, He had his stick shoved in his elbow!
GLA
JTF apologies if I have got it wrong but I thought your 'conspiracy theory' was that no offers have been received and that the NOMAD and Rothchilds were complicit in letting JP make plans to 'go long' before updating the market that no acceptable offers have been received?
I don't think this would happen. I think Rothchilds (who don't forget would look like they had failed if no acceptable offer was received) would be looking for minimum damage to their reputation and would insist that JP update the market as would the NOMAD.
It takes a lot of work to plan to go into production and as SOU have reduced their staff I think it would take a major shift in strategy to 'go long'. Even drilling of TE 11 would be outside of their capacity at the moment. (imagine BM wondering around the desert wondering where to shove his stick)
Say what you like about JP but anything other than the sale of the assets ongoing and I think Rothchilds and NOMAD would be forcing an RNS.
PS. I'm sure we all know where we'd like BM to shove his stick ;o)
JTF your sentiment really interests me, because in the vacuum of information you have decided its bad news. Whereas the vacuum of news was entirely expected when this process started and was conducted in the way it has been.
For whatever reason JP chose a process which meant long periods of radio silence, in those periods PIs have decided to fill the void by making up conspiracy theories about JP pulling the wool over our eyes, assisted by Rothchilds and Schlumberger.
I agree we would all like an update but also I would rather JP focus on getting the best deal possible.
.....I'm just looking forward to Trellis posting about the GSA now!
GLA
Lol thanks Andy, I'm not impartial, Sou is my biggest investment. Just don't want people to forget what we already have here, having said that plenty of companies go bust with massive assets in the ground! I just think on balance with Schlumberger taking a stake before drill results, Rothchilds involvement etc I think the conspiracy theories are bonkers and are a result of the radio silence as JTF has shown.
Good luck
JTF the silence is unhelpful I agree. I don't understand why we couldn't have an update once the marketing period is ended or even know what the timeline were/are. Maybe it's to stop SP speculation?
Time will tell.
Last time I posted about this I got accused of rigging myself up, but N4$ also said I never post anything that adds to the debate so you can't win!
I have just this week returned to work on an asset sale that started earlier this year. Ironically the organisation is only 10 miles from Seven Oaks! It's not O&G and its MC is about 2/3 of SOU. The circumstances are different to SOU but the process is quite similar. I made a point of asking about the proposed sale process at the last FSC so the stages are quite similar.
Anyway my involvement has been to manage the data room and this meant I also attended the presentations during the marketing process.
The marketing process started in mid March and lasted until mid June, there were originally 7 interested parties but a number dropped out along the way. Similar to SOU there was a deadline date for bids, so no bids were received before this date and if they had been they would not have been considered until the deadline date. This is the same with SOU as JP confirmed at the FSC. Evaluation of bids after the deadline was relatively quick about a week, so the buyers were identified by early July. Now almost two months on we are still at Due Diligence stage, the completion is likely to be end of year (where have you heard that?)
JP said at FSC that the first PIs would know about a deal (assuming a deal is acceptable to JP and board) was when the SPA had been agreed. I have no idea how long the SPA would take to agree in SOU circumstances but I doubt it will be less than a month so no news is good news in a way. Any RNS at the moment would probably be 'no acceptable offers received' I don't think the NOMAD or Rothchilds would let JP drag it out to allow him time to make alternative plans. Posters suggesting Rothchilds, Schlumberger et al jump to JP's tune are deluded. They wouldn't risk their reputation to allow JP to 'feather his nest'.
So I am not worried by the radio silence. I am worried that no acceptable offer will be received, but on balance I think there will be an acceptable offer and based on what we already have I think it will be significantly higher than the current SP.
Of course I could be totally wrong and maybe MTT is the sensible one and Crude will lose his pension. I hope not but I am prepared for that possibility.
I hope we all do well here and hope that no one loses money at LE, although I worry for N4$ with his 95p average.
GLA
Blimey JP’s deal making skills must be better than we thought if he has persuaded Rothchilds to be part of his conspiracy! Their reputation built up over many years will be in tatters when it turns out they were covering for an AIM CEO!
Some people are just too stupid to own shares! Lol
GLA
MTT I have some mental health training and I’m genuinely concerned about you . You should seek some help, honestly.
GLA
Looking in this morning it’s business as usual on this BB. N4€ is back in full Kevin and Perry mode hugging and puffing, swinging his arms shouting ‘I hate you!’ Emboldened by the pack having a go at Crude for posting positive thoughts. lol
Anyway Trellis made a comment about C4 yesterday and it reminded me of some digging I did about Marco when I was bored in the summer. I will post again later about that. In the meantime does anyone know roughly what his SP average is? It’s difficult to tell from the incomplete information on LSE?
GLA
Badg the process is one with a deadline. So buds are not received at any adhoc date. We don’t know for sure when the deadline is but I’m guessing it’s tomorrow (last working day of August )
So we won’t receive any news of bids until we get an RNS that says ‘no acceptable bids received’ or we receive an RNS that says ‘the Board recommends XYZ bid .....’
JP explained the process at the last FSC.
GLA
Jobs I agree.
I suppose = hadn’t really considered that outcome based on what I know, but thinking about it...yes
(My interpretation only)
GLA
Lol n4€ email made my day!
Like Kevin and Perry from Harry Enfield and chums. On here he’s Kevin all aggressive and then to JP he’s Perry.
“Yes Mr Parsons, fank you Mr Parsons”
Ha ha.
GLA
Partridge you said that before ;o)
Maybe you are holding your charts upside down?
GLA