Member Info for Sisyphus

Almost certainly means that the BoD has secured enough support to scupper Belphar using the II's - or that's how I'm reading the fact that we have had no direction save 'don't sell your shares'. And that advice therefore still stands. If that is the case then negotiations of a sensible price will be the key to the delay as the opposing II's will have their own price exit agenda. It would also be prudent for the BoD to canvas alternative bidders/support, hence my comments regarding Monjasa as we snatched Dam Balt from under their noses at a crazily low price and they are cash rich and Danish. Rosbunker may be the asset that is muddying the water. An RNS would be welcome tomorrow, but a BoD 'fait accomplit' for the Friday meeting may be the ultimate outcome. Bit this is all total supposition and guesswork - just based on what I would be doing if I were Simon.

the more I like what I read. http://monjasa.com/company/our-vision Combine it with the August contract and the ethos of a Company that is rapidly expanding and vets its partners very critically: http://monjasa.com/news/monjasa-deal-terminal-operator Monjasa turned over $1.5 billion last year; based in Denmark and a bunkering expert. If I had to put money on where we were focussing our discussions and trying to broker a deal it would be with these guys. Big and ballsy with a can-do attitude. I'm assuming that's why we implemented the recent SDM plan. Yep; if I were Simon, I'd be courting these guys and getting them on board. All IMHO.

The delay indicates to me that there is a lot of work going on behind the scenes. Whilst I am sure that Simon now fully aware of the options, tying up deals takes time. It is far better to wait and give a measured response than a knee-jerk reaction. As they stated last week; await advice from BoD - Do Not Sell your shares. The CEO has steered us through some rough water before - he will do it again. Patience till Friday.

I'm certain we could pay it from the increasing cash pile but Resolution 4 gives the BoD a unique way to leverage a share issue at an agreed premium but to exclude Belphar. That ensures we have a friendly party increasing it's holding or brings on board a new ally eg Monjasa. I don't think Res 4 was put in place for this purpose since I believe this hostile bid came out of the blue. It is just that we could use this financial instrument, intended to help manage loan interest or acquisition, to fend off Shakidi. That would allow the BoD time to look at the bigger picture and gain maximum value for shareholders. All IMHO obviously.

Been thinking through all the possibilities this week and we actually have an ace up our sleeve in Resolution 4 that we voted through at this years AGM. Namely: Resolution 4 will dissapply the statutory pre-emption rights contained in section 561(1) of the 2006 Act in respect of the issue of further equity securities on a non-pre-emptive basis up to ten per cent. of the total ordinary share capital in issue. While this authority exceeds the five per cent. level that investor groups regard as routine, the Directors believes that it is in the interests of the Company for them to have greater flexibility to issue shares on a non-pre-emptive basis to enable the Company to take advantage of a broader range of financing alternatives that may be available to it. This would allow Simon and the BoD the ability to raise money to pay the £500k to Shakidi WITHOUT allowing him the access to more shares. It could be very cleverly used to actually bring in [for example] Monjasa OR allow a supportive II shares at say 22p a pop. The lovely thing is - it is up to the BoD B-) Hehe!!!

'We shall defend our island, whatever the cost may be, we shall fight on the beaches, we shall fight on the landing grounds, we shall fight in the fields and in the streets, we shall fight in the hills; we shall never surrender' None of the other platforms holds a candle to LSE and few boards to PAN. We have passionate and pro-active holders like Pantastic, Clainy et al. If we PI's can't influence the vote then we can never be accused of watching it happen and doing nothing. We have one of the very few chances to tip a fine balance - use your vote and make it count. Or do you want to be a lamb for a lifetime?? Nice round up Pantastic.

Thanks for the info - we PI's can join forces and join the momentum of the II's who are objecting and win the day. Meanwhile if we can source a white knight or sell Rosbunker we are suited and booted.

Sure there's a lot of truth on that. We could then pay off the loan note; tell Shakidi where to stick it and have a party at Covingtons next Friday toasting Simon for his Montgomery skills. That would be a day to remember!

Attendance at the agm or gm overrules your proxy as you can vote in person. Your broker will send you an attendance card if you wish to go to the meeting. Hand the card in at the meeting and it registers your presence to vote with your shareholdings. If you did not attend for some reason, your wishes would be carried out in accordance with proxy by chairman or whoever you nominated.

I'm thinking there's a lot of action going on at the moment by the bod to counter this bid. Monjasa must be favourites alongside several others who can see huge value in our ops.

Couldn't agree more - glad you brought it up so we can all be 100% sure how we do it right.

It's this confusing period that plays into the hands of Belphar since we have definite time lines in place for lodgement and receipt of proxy forms. Fortunately, I'm attending the GM so any proxy is automatically terminated by my signing in. I am hoping the BoD will give their response tomorrow and that will endorse our stance to vote against the resolutions. I will ring Equitini tomorrow and pin down exactly what shareholders with shares in nominee accounts should do either with or without subsequent attendance. I ASSUME that my voting against the resolutions would be honoured by proxy in case any reason prevented my attendance on the day.

especially the last sentence - this is NOT off the PAN document, just a similar form for AGM as opposed to GM. A member entitled to attend, speak and vote at the Annual General Meeting is entitled to appoint a proxy to exercise all or any of his rights to attend, speak and to vote instead of him. A proxy need not be a member of the Company but must attend the Annual General Meeting in person. If a member wishes his proxy to speak on his behalf at the Annual General Meeting he will need to appoint his own choice of proxy (not the Chairman) and give his instructions directly to them. Completion and lodgement of a form of proxy will not preclude a member from attending, speaking and voting at the Annual General Meeting or any adjournment thereof in person. If a proxy is appointed and the member attends the Annual General Meeting in person the proxy appointment will automatically be terminated.

Noting all the info regarding proxy voting. I use Halifax Nominee Account. If I wish to vote at any AGM/GM I request an AGM or GM instruction form. The form is sent to me by post and has my name, the meeting place and company plus a block saying: I/we being the beneficial holder(s) of xxxx Ord GBP 0.01shares in Pan European Terminals plc hereby request HSDL Nominees Ltd to appoint the chairman of the Meeting to vote on my/our behalf atthe GM of the company to be held at 11.ooam on 01/11/2013 and at any adjournement of that meeting. 'Signed' 'Dated' Please complete this form to indicate on how you wish us to vote. NB To be valid these forms must reach Halifax Share Dealing not later than 9am 28/10/2013. SAE enclosed. Alternative option If you wish to attend the meeting in person, place an 'X' in this box and return it to us in the prepaid envelope provided. On receipt of this we will notify the company and provide you with a copy of your appointment which you must take to the meeting. Hope this helps to some degree but I must admit some aspects are very vague if you hold paper certificates and I'd have to pass that to someone with greater knowledge.

Sterling advice by Pantastic [as always] - it really is a situation where PI's can make a huge difference to outcome. Totally agree with Pantastic about thwarting the conversion and urge EVERY shareholder to block this derisory offer of 22p. The NAV of the 'at capacity' Euro assets alone is well over 22p. Add in the Russian assets and growing cashflow and we are a whisker off 50p. This is a derisory offer and should be treated as such. Hepworth and Hurley have been '*****-slapped' into provisionally accepting 22p - don't make the same silly mistake. PAN is worth far more and I expect the BOD to be considering all options and canvassing support prior to their response; hence the delay. It may be well be the case with PAN that small shareholders hold the same balance of power that exists in a hung government. Your 50 shares may make a world of difference. Read Pantastic's excellent post and follow his advice. Certainly do not sell at this price and before your BOD responds.

I suspect the lack of liquidity will amplify anything that happens. If a counter bid is tabled then it 'should' rise quickly. As to why Hurley have offered to capitulate so early, God knows. They have 'unconditionally agreed to sell at 22p or higher' to Belphar - obviously not a spherical male gonad in the Hurley brigade! Whatever happened to standing your ground and letting the buyer do the chasing instead of just prostrating yourself and getting *******! Lets see some mettle - there are plenty of assets to be fought over here and 22p is an insult t this inflexion point in our growth. All IMHO as usual

21.05p bid for 50k - not getting mine but dummy sell price strengthening. Good indicator.

http://www.investegate.co.uk/pan-european-termnls--pan-/rns/tr-1--notification-of-major-interest-in-shares/2013102213554

http://www.investegate.co.uk/pan-european-termnls--pan-/rns/tr-1--notification-of-major-interest-in-shares/201310221353501089R/ [Should be above 3%]

Did try Tolstoy few years back - 100 pages and threw in the towel! War and Peazzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz!