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Apologies: .”.. over the years.”
Caribbean Oil. Active in many other regions Over the regions. Big discovery off Mexico about 3 years ago.
Jim, a question was asked at end of AGM as to whether the merger would result in cheaper finance costs for Perserverance. Eytan didn’t give a specific response but Simon commented that the spread of assets would remove some barriers to such discussions.
IK - will miss your wit and incisive contributions. Why not make it across to IoM for next year’s AGM? I can guarantee a warm welcome! Stay safe! SF.
A point that was made this morning and why I voted “no”. If additional options are for new (CERP) employees who will have no part to play in Perserverance then the strike price should be higher.
If we don’t think price will exceed 2.8 not much point in holding shares here!
They weren’t free shares, they came at a cost of 2.8p. More expensive than opening price today. However, it was suggested at the meeting that a higher price would be more appropriate.
Hi Razorman, I’m a LTH here and have recently bought into CERP. The funding is in place, latest announcements indicate facilities of up to $45m have been arranged. It is hoped an element of these might be renegotiated prior to drill. Contract with Stena is signed and large payment due early September.
Just joined the ranks here with 1m, fully paid for by selling 700k Bpc. I’ll be voting yes to merger from both sides! Gla
Jim - we may disagree on a few things but that’s an excellent post. Good luck to all, no matter if you intend to vote yes or no.
Jim, obviously you have your views that I respect. Imo, the Board have overcome various obstacles to get us where we are, I.e. on the verge of spudding first well. You may have forgotten the CEO took 90% of his salary in share options for 16 months when cash was tight and wrote off $2 m of pension entitlements. To drop him at this stage would be a very poor response. Even football managers are shown more loyalty!
Jgbb it would be best if you read the RNS that sets out all the terms and timetable of key dates. EGM’s are set for 3rd week in July. With regards to sp pre-spud this is the subject of much conjecture. In March I was betting on 7/8p but now I’m in the 5-7p range.
POC , I agree that there is more expertise in the BPC team to prise more production from CERP assets, with little need for any large scale expenditures. SP might not be the most charismatic CEO but he’s an oilman through and through, hence his appointment by Alan Burns. He has worked on Trinidad during his time at Hardman and I’m sure this was a factor in the merger.
Hi Jim, the majority of Simon’s options were for the 16 month period when he was working for 10% cash and 90% options. When this deal ended in August 2018 he wrote off $2m of pension benefits. To me, this was commitment enough so for me, we are in it together, but just my opinion.
Starchild, I have to agree with Laallee. Your messages are starting to become intrusive. Let people make their own minds up. For those who haven’t seen the presentation on the BPC website I would commend it. It provides a detailed summary and analysis of why this deal is being recommended by both Boards.
I think latest RNS Illustrates why CERP need BPC (or a similar partner) as clearly there are cash flow issues. Presumably this gave BPC a strong hand in negotiations.
Truthful, it’s called BPC Shareholders (imaginatively) . There’s a couple of rituals and initiation ceremonies but most applicants normally recover after a few weeks! ??
Laallee- the secret is safe with me.
Starchild, there are 1000 members of the FB Group and I personally find it an excellent forum. It would be very unfair to express a Group opinion given that there are many members who do not post on a regular basis and those who do, do so in confidence.
I’ve been invested since 2012 and will be voting YES.