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If they waok away equity is worthless!

If BID does not arrive then chance of D4E increases really high.Auditors will need to sign these accounts and they would want to see some sort of ageeement with lenders in place.

D4E if Sidara walks away, you have too many people trying to "p&d" it but market is going to flush them out.I am not sure what Sidara is playing at, but one thing is for sure market is definitely not pricing in 35p offer otherwise share-price wont be trading around 20p.

If it gets suspended then there is a good chance that it wont come back until refinancing is done.So a firm offer has to be made before this.

That 35 offer is not guaranteed, 1.1 billion debt needs to be paid next year and company does not have money.Sidara can walk away or lower the offer!

There have been tons of examples where shareholders were wiped out when company was not hard to turn-around.In these sort of scenarios equity holders face a wipe-out.You do have too many people throwing all sorts of prices and any upaide potential was based on "potential" that intangible assets and good value is worth more than debt.Sidara had to take on 1.1 billion net debt, plus needed to inject some cash (450-600 million) and needed to pay something to equity holders.At 35 total cost to them would have been 1.8 billion, lenders would want to get paid in full and they are pretty much covered.To get maximum value Sidara will need to decrease offer price to equity holders.A suitor like Apollo only gets interested if it believes company is undervalued and it can turn be turned around.So idea is you borrow money to buy company and sell assets to recoup your money and pocket the difference.It hardly gets involved in a loss-making company with massive debt!

I am waiting on Sidelines as do think that Sidara is milking situation to their advantage.Fact they are reluctant to inject cash tells me that they can lower potential offer or may even walk away.If they walk away equity is worthless and it would be a turn-around play based on management "delivering" post refinancing.What I am sure about is each party is seeking professional advise and looking at different scenarios.Upside is limited and downside risk is huge!

Not really I have gone through these scenarios multiple times, upside potential lies in unlocking and proving intangible assets but equity has no value if Sidara goes away.

You cant predict opening price, just look at petrofac and what debt to equity swap has done to them.I still Sidara is being too greedy as if you apply 50% discpount to intangible assets, they should still be worth about 1.4 billion.

And unlocking potential intangible potential but in short term equity holders will be wiped out.Alternatively Sidara's bid and turn-around is based on very same scenario as well.

Respect Luca he is one of last few high rollers left.

Lenders are holding all cards here I am afraid.If it was not for lenders company wont be in this "position".A few people like Luca believed that debt was not secured so it wont make any difference.But again Luca worked for wood group and always got paid so believed that lenders dont need to worry as well as they will be paid too.It is like lenders would ask him for credit reference during refinancing talks.

Without Sidara's cash this company wont get far as far as talks with lenders are concerned.Lenders will need to see at least 450 million before they can agree to any restructuring and that money would wipe out existing shareholders.

Latest figure is minus 150-200 million cash flow, previous figures will be adjusted.Icecool is using old forecasts.Sidara should be taught a lesson as they are bunch of oppourtunistic exploiters, but alternative option would wipe-out share holders.

Ok tell us what other "options" are may be I can learn a thing or two from you.

Institutional investors can absorb this loss, shareholders cant.But that is another thing.

Icecool you do know that other outcome is shareholder's wipeout.I would rather take something than nothing.

Icecool shareholderd will lose everything in this debacle, I am sure that management is wealthy wnough to absorb sacking many private shareholders cant.Your idea of "teaching management a lesson or two" will ultimately lead to shareholders being wiped out eventually.Your loss must be really big as I think you got around 60 level.

I think he needs to take some time off this BB, for past two months he is on this bb from morning to midnight.He clearly cant take this loss!

I went through report this Sunday most of these assets are intangible/goodwill assets and company is valuing them at 2.8b,amazingly company valued them at 3.8 billion year before.Problem with intangible and goodwill assets is they cant be sold immediately to raise money and most of time market decides what it is willing to pay for them.Share price should have been 85 if market believed these assets are worth that much.