Member Info for Sisyphus

This is only a POSSIBLE offer update by Belphar NOT 'an announcement of firmintention under 2.7' They see the value and are their hand is being forced before next Fridays meeting on Nov 1st in order to try to get the conversion shares. It has exposed their weak flank to a counter-bid and hence my comments. There is a lot of mileage in upping the offer price by another bidder. Sit tight and wait IMHO. Buyers are seeing the same horizon.

I don't think they read the disclosure rules :))

I suspect that a lot of interested and peripheral parties are busily running figures over PAN. The Net Asset Value is the absolute key and a clear indication of too low an offer. I see lots of positions being taken and adjusted as the real traction and trading stats are fired into the ring to maintain independence or attract alternative equity investment. This is far from a done deal and the longer the response to ****aki takes the better as it indicates just that. I hope every contact in Simons little red book has been given the green light to muster a counterbid - we all deserve to be part of the evolving picture that PAN has become not just the first opportunist moneyflapper.

Agreed - it's just the mustering of support thats the key. I suspect an expedition of 'the Rosbunker' clause may well be our salvation if the 'Russian financial institution' or equivalent have real clout and vision. All we need is a strong statement and counter-measures.

Disclosures are not required at present: http://www.thetakeoverpanel.org.uk/disclosure/disclosure-table

Ploughing through this: http://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/11/code.pdf Page 102 5.1b interesting - just chasing up relevants.

I'm also attending AGM next Friday. The 22p share approach is completely unrealistic and I suspect Utilico and Hawkwood will agree. ****kaki must increase the offer substantially if they want control 22p is derisory given the prospects. There may even be interest from Rosbunker for our ops - now that would be a real turn up for the books after the past couple of years. There is massive intrinsic value here for a white knight with bottle.

Lets hope an alpha gendertype gate-crasher enters the party and also 'unconditionally agrees to acquire' the Hurley and Hepworth Judas shares at a higher price. Distinct lack of b*lls in either of their camps obviously.

Nice to see someone who thinks the same as me picking up 60k at 21.4p. Come on the Vikings - time to beat this little Sh*t Shakidi and show some sphericals. We didn't come all this way for a measly 22p.

They have the clout to counter-bid. They have endorsed our operations by committing the 2 year old San Padre Pio to dedicated bunkering for their fleet through Dan Balt. They are big, Danish and have Maersk connections. I think we snatched Dan Balt from under their noses at a knock-down price. We've upgraded, it's on their doorstep doing what they specialise in. Lets see who's got the nuts for a NAV battle??

Think it's time to ring the White knight of Denmark and get them on board. They are big enough to mount a counter offer to secure our bunkering business and keep CEO etc.

The caterpillar became a butterfly - and the cuckoo immediately tried to eat it! How come Hurley (for Hurley read Judas) get 22p for their shares and 24.5p for their warrants ? Shows how much Shakidi values everyone else. Talk about opportunism and the Judas effect - I really expected some b*lls of a stance by the big II's for more. You support an AIM stock till it flies and then its snatched by private buyers at half it's NAV with no struggle.Still a strong buy because it's undervalued and noone seems to be firing the ack-ack gun on our ship!

Hepworth have a vested interest in us and are already happy to convert debt to equity at 22p. I have my own favoured option who have already shown great support and help. I am sure that Simon can court a favourable outcome depending on independence or assimilation on his terms. And who would be a fair suitor or supporter - Monjassa - they've just dedicated a 2 year old vessel to shuttle bunker fuel at Dan Balt - they're big and they're Danish. Like Pantastic I've been here long enough to want independence, price rise and dividends. We need a premium for that patience if we are to lose independence and so does Simon. I hope the board reject this as derisory and insulting at 22p. Let the response be strong and sincere.

Is an insult given all the new contracts and NAV.

This is a very poor attempt by Shakidi to try to get PAN before Hepworth converts the loan note to shares. It stupidly undervalues PAN and will be treated as an insult in due course I am sure. Hepworth and Utilico will both want more and it's an insult to the value of Simons shares after all the hard work put in! We will all vote for Hepworth to convert on Nov 1st meeting and that will pave way for continued independence or sensible offer that is fair to all. Charlatan Shakidi - get real!! Let's hope theMMs actually see the potential now and bump up the price to 25 to 30p to test his mettle and smoke put the competition. Methinks Hepworth will now sweet-talk all us shareholders bigtime. Wait and see

Ridiculously low offer! Not having mine. Not even a sensible starting price. At least it puts down a marker at 22p cash. Expect counterbids to appear quickly with our assets at over double that amount.

The MM's dropped the bid and accumulated stock at knock-down prices as low as 19p. I van only assume that those who sold either don't read RNS data or don't really understand what the latest RNS stream has conveyed. I've posted everything already on here so scroll back if you're interested in investing in PAN. Quite frankly, you won't get a better opportunity. Updates, deals, resolution imminent - all with positive implications. We also have a minor investor, with Russian connections (and loads of money) wanting to take a seat on the board and convert their £8.5m loan to us into shares at 22p a pop. That immediately drops debt to £336k (minimal) whilst transforming the balance sheet and really boosting NAV. Hepworth currently has first charge over our assets as part of the loan note and that vanishes overnight as does the legacy £500k payable in 2015. We therefore own outright the £26m new build asset at Dan Balt which we have upgraded, implemented first class ratings and improved access to vessels twice previous size. Net Asset Value is the elephant in the room here. We are trading at capacity with loads of new contracts from BIG players - Monjasa are effectively 'testing' our flexibilty and capacity - that is why they have tasked the 2 year old vessel San Padre Pio as a 'shuttle' refuelling vessel using our bunkering tanks for mixing marine fuel! Hepworth may also be the key that unlocks Rosbunker and it makes me think that the 'April at the latest' date may be directly related to the debt conversion into shares at 22p. When Rosbunker settles we get upto £22.5m cash. At the moment, Hepworth would probably get their £8.5m back plus £500k settlement. If they convert to shares at 22p they get a big 26% share in a thriving, debt-free company with £40-50m Net Asset Value ! This would also initiate a special divi plus annual income stream. We also get 100% Dan Balt facilities in 2016 which is a massive incease in capacity just at the right time at no cost to us. Please feel free to rubbish this and pull it apart, but I can't help but think the MM's are laughing and holding all the cards at this ridiculously low price - we are now trading significantly less than HALF our NAV and less than Euro assets alone.

As always, your comments provide an excellent balance for our overt optimism! The prime rule of being objective can, and often does, get overlooked by those who have taken this share from infancy and nursed it through intensive care!! Thankfully it is now past recovery mode and moving into robust health. We have to make sure it doesn't run too fast but all signs look really positive. Whilst it is hard to be detached when there are so many positive signs, your observations are really invaluable on all fronts. The NAV ( with or without Rosbunker) is the key IMHO as it provides a rising 'floor' around this level. I suppose one could sell and invest elsewhere to come back layer BUT to me, that introduces a bigger risk of being 'out' when significant news hits the RNS - which it will, within 6 months. One might also have been tempted into shares like Anite at 112p and wake up to their latest RNS and they are a FTSE 350! When all's said and done, life itself is a daily risk, just nice to walk the path on a fairly solid floor. Great as always to have you on board, Ian, I suspect Simon would buy the £1 party drinks!! Excellent board as always and everyones views respected and appreciated.

Yep - can see where you're coming from but the downside at this level is minimal given the news in prospect. We have multiple new contracts at Dan Balt and Hepworth wanting £8.5m share conversion at 22p [you have to ask why they are prepared to grab 26.6% at 22p ]. They will expect and perhaps already see a good return on their investment - how frustrating to hold a £8.5m loan note when you could have shared in a £22m windfall as a shareholder?? Get my drift.

http://www.investegate.co.uk/synety-group-plc--snty-/rns/directors-dealings/201310161225226621Q/