Member Info for SharePicks

While the optimal structure of the Proposed Transaction remains under evaluation, the Board is pleased to relay that the principle of a Proposed Transaction has been agreed between Pathfinder and General Jacinto Veloso who, with his family interests, is a 50 per cent shareholder in the entity to which the Licence is currently registered

It does look like finally getting there.
The sp will find its way back up as it looks real cheap if everything is sorted.

This revision has resulted in an estimated pre-tax net present value ("NPV") at a 10 per cent discount rate of US$1.05 billion; with projected annual revenues of US$323 million over a mine life of 30 years. The project internal rate of return ("IRR") is expected to be approximately 25 per cent. The revised findings represent a near doubling of the previously reported equivalent NPV and an increase of 6.1 per cent in the project IRR. A summary of the key differences in scoping study outcomes between the 2011 Report and the 2019 Report is set out below.

Well i have added HAYD to my portfolio today.
First buy ins whilst i look to expand today.

https://www.proactiveinvestors.co.uk/companies/news/218303/cabot-energy-delays-release-of-financial-results-as-funding-talks-continue-218303.html

Article just out on Cab

A most unusual relief share price action.
Unusual synonymous share price action.
Not quite sure it is priced in at all!
But many a shorter have been burnt on this.

Meant £30.
Just as a note market so far has indicated a small fall in the share price so lets see where it ends up end of day.

Expect a big fall today.
The news article the other day gave a prior warning and a time to get out over £3.
Its a huge shame as this is a great stock.
It will eventually bounce back at some point but not today.
And no idea how big the fall will be.

No problem.
It does look like there could be a significant opportunity with Sundagas.

Colter news is also due.

https://www.offshoreenergytoday.com/baron-oil-discussing-southeast-asia-expansion/

Additionally should know more on Colter by month end.

Sundagas owns only one PSC.
Telan PSC which Sundgas acquired from Total.
The abstract below suggests that if it is the Telan PSC then Boil may have the opp for 25% of the PSC.

II think if you are looking to trade this then it can very difficult.
The spread is huge and is in tandem with the illiquidity.
Does not deflect that this is still trading at around or less than 20% nav.

https://www.offshoreenergytoday.com/baron-oil-discussing-southeast-asia-expansion/Baron Oil discussing southeast Asia expansionSundaGas PSCAlthough the company did not disclose which PSC it was referring to, it is worth noting that SundaGas owns only one PSC.Namely, the Singapore firm owns the Telen PSC in the Mahakam oil and gas production region, offshore Kalimantan, Indonesia, which SundaGas bought from Total in March 2018. It now fully owns and operates Telen through its affiliate SundaGas Indonesia Telen B.V.The Telen PSC is approximately 468 square kilometers across two-part blocks named Hiu Marah and Area II. Hiu Marah lies adjacent to the Hiu Aman discovery and approximately 20 km from the West Seno producing field and pipeline infrastructure that takes gas to the Bontang LNG export facility.It contains a low-risk Hiu Marah gas and oil prospect for which SundaGas is evaluating 3D seismic to identify optimal locations for drilling.Area II lies in an ultra-deepwater area with very limited seismic data and few nearby wells. The company’s in-house studies reveal this area to be mature for the generation of significant volumes of oil.SundaGas plans to acquire seismic data over Area II to further de-risk an oil play in this area and to locate future sites for potential drilling.

Hard luck guys.
Clear that there was a sea of difference between the BOD and MA.
Equity was a non issue and Bond Holders simply wanted control and not MA at the helm.

Looks like 5-6p could be on the cards.
Roughly at 5p at 75% discount to nav.
As expected the director purchases have helped.

up 61% pre market.
Certainly good news as the needed something before April end.

Looks to me like no way out now for MA.
You have to wonder that even with a zero haircut for lenders what would be the outcome.
The debs rns says it all.
Lenders what control via their chosen entity bar none and it is them not MA calling the shots.

https://www.investegate.co.uk/infrastructure-india--iip-/rns/director-pdmr-shareholding/201904090700175010V/

600k shares.
Average 3.83p

Looking at the news items tonight suggests all the equity engineering by Mike is dead and buried.
If ITV are right then this is a writeoff for all equity holders.
Bond holders convert over 500million of debt to equity after pre-pack.

He is stuck between a rock and a hard place.
Problem is engineering a situation with the equity whereby he can take control to a degree.
The 2.85p offer was probably the best for his and maybe DEBs as a listed entity.
But Bond holders are certainly not prepared for a 150million debt writedown and coupled with the fact no control overall.
But even then huge obstacles to overcome.
The 5p offer does not make sense for him as all debt and lease obligations still there so an additional hit to him.
Couple all with the fact that directors and Bond holders don't look like they want him involved.
Where do you turn to?
Manoeuvring from here looks pretty much dead doesn't it?
For Ashley that is.

https://www.telegraph.co.uk/business/2019/04/07/mike-ashley-issues-scathing-attack-debenhams/

Debenhams set for administration after rejecting Mike Ashley's £150m rescue offer

Debenhams has rejected Mike Ashley's £150m last-ditch offer to rescue the troubled department store, putting it on course for administration in the next 24 hours.

The Sports Direct owner had offered to underwrite a £150m rights issue if he was made chief executive. That would have saved the retailer from a pre-pack administration deal and prevented his 30pc stake in Debenhams being wiped out along with the equity of other shareholders.

After his bid was turned down, Mr Ashley called on the Debenhams board and its lenders to "actively engage in negotiations" and said he was still considering making a £61m cash offer for the retailer, claiming he had until April 22 to do so.

However, with Debenhams...