The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
And it may not take as long as many may think; one would assume that COC, now that reserves have been pinned down and production profiles established, will want to sell off their holding as soon as FID is approved rather than wait around for construction and installation of facilities.
Its been a while since a list of major corporate holdings has been published on this board; does anyone have a recent listing that they could share here ?
jed, I think the scenario you describe is unlikely in light of the fact that Eli holds share options that 'pay out' at 45p or above. I may be building myself up for a fall but I find it unlikely that he would go along with the 15p divi if it in any way threatened the price reaching this target. Let's hope so !
Having read and re-read several times the statement you have quoted, my interpretation is that he is saying he doesn't believe recent investors won't get their money back. I haven't checked the context that the comment was made in but my guess is that he was saying that the current valuation was way below what it should be and presumably what it will be at the final point of sale
me too !
According to the Vantage drilling report issued at the end of January, the Topaz Driller should be mobilized into the field by the end of April and is contracted to remain in the field until end of Q3, this year.
The most interesting aspect of the New List of major holders I thought, was that since the last issue of a Major Holdings Notice (TR-1 ) on 28th November last, COC do not appear to have bought a single share, their holding % having dropped marginally from 28.18 to 28.1. This, during a period when the share price dipped to 28.5p, would suggest to me that unless they have run out of funds or expect the share price to drop below 28.5 in the near future, they do not favour purchasing beyond 30%.
The announcement of a Strategic Review is in principle a good idea - albeit that it should have been done eons ago - provided it is not railroaded by the incompetents as a means of doing another quick fix with VOG to merge the companies, thus ensuring jobs for life for themselves and confounding COC'S ambitions. Up until this point, COC have made no response to yesterday's RNS and so it would seem they are resigned to awaiting the outcome of the GM vote which will presumably be in 4-5 weeks time. During that time BA effectively has a free hand.
msn - I realise your figures are best estimates but did you make any notional allowance for Bomono claw-back ? With regard to sell-off, it could be that BA's 11th hour awakening may well flush out some interest but one would have thought that any serious contender would already have made their presence known one way or another, unless of course, they are keeping their powder dry.
msn - in making your assessment of a 56p 'offer' price, what assumptions are you making wrt the drilling and outcome of the 2 carried appraisal wells and the achievement of FID ?
jadee/digby - thanks for posting the article digby - interestingly it was slightly different to the one that I read in the Spanish edition of the ST in which there was an additional para : - "Chairman Billy Allan has kicked off a "strategic review" in an apparent attempt to flush out bidders for the Africa - focused minnow, industry sources said."
Yesterday's article in the Sunday Times was quite emphatic that Billy Allan was on the lookout for potential buyers of BLVN, a move which in most other circumstances (IMO) would have been welcomed by a majority of PI's. In light of recent events though, this news - if true - gives rise to concerns. It's just 2 weeks to the day since the BOD breathlessly announced their poorly received Bomono farm out agreement, complete with poisonous pill, locking BLVN into the cobbled together deal but allowing VOG to walk away if they chose to. To this day, shareholders have still not been made aware of detailed well results or auditable volumetrics, let alone any meaningful economics. Just imagine then the damage that could be done if this same team attempted to pull off a quick sale of the company or Etinde, as a separate entity. Their behaviour over the last few weeks has established beyond any doubt their total disregard for the interests of the shareholders and their unfitness to fill the positions that they are scrambling so desperately to hang on to - at least until the last of the cash has gone.
Surprise, surprise! 2nd EGM coming up !
jadee - It does seem odd that Billy Allan survived the vote but maybe some PI's who generally supported COC's resolutions, voted to retain him, maybe to provide continuity and balance but without realising the possible implications of doing-so. It remains to be seen how the new arrangement plays out but I don't think its a given that the two BLVN survivors will necessarily unite against COC's nominees - after all, Clarkson at least should have no axe to grind with COC. If on the other hand it does work out that way, then presumably COC can call another EGM to resolve the problem; I'm sure that the vast majority of shares sold off in the last couple of days have been those of non-COC voters and its likely that COC supporters who thought it a good idea to retain Billy Allan might now think otherwise.
Perhaps the RNS hasn't been released yet because the Court has given HOIL 28 days to respond on the matter of mis-timing of the original tax claim, in which case the final conclusion may not yet have been drawn. Wishful thinking maybe but you never know !
Clearly this morning's announcement has stimulated a lot of interest; long may it last !
If you are still looking for latest HOIL related news, particularly wrt Miran,you should check-out today's postings on ii (HOIL) board; some interesting feedback from GENL Investors' Presentation that might well account for the market's apparently luke warm response here. I'm still holding, although with less confidence than before but it looks as if the concerns expressed in my 4/10 post may be well founded - I hope not.
Results for MW4 & ME wells should be expected soon but its uncertain what affect, if any, these may have on SP as earlier releases have not made it clear how, or even if, these would reflect on the loan/purchase agreement with Genl. The option to either repay the loan or relinquish the remaining Miran equity provides a fairly basic safeguard to protect shareholders against loss of upside but it doesn't seem credible that a more scientific arrangement hasn't been built into the agreement. Maybe I've missed something; does anyone else have any insight on this matter?
How much time do shorters have to close out their respective positions ?