Member Info for Starchild

ChrisW: in other words, J Finn believes in the merger (and so do the combined BoDs), believes in the company and they have done due diligence before investing close to $1m. Shouldn't we have the same confidence?

[On an amusing note, 'Rhodi' from the CERP BB, responded this morning to my satirical Stena letter from tuesday 09:12am, which I wrote to describe how a Stena JV could work, albeit exaggerated for impact ........... ]

Reply from Stena.
Dear investor.

Yes we actually do love abba and we thank you for your letter. You raise some very interesting points in respect of this incredible opportunity and we here at Stana had a Mamma Mia moment. However this time we cannot comment until the merger is officially ratified. However starchild does your mother know. and if not why not as money money money will be lost and your Mum will be cursing you saying it's "slipping through my fingers". I think if we looked at the prospects available the board would vote " I do, I do, I do, I do ,I do. We hope the shareholders do to. You see we have a dream but need you to approve the merger. Then you can take a chance on me, well us. So I send you and all your other cerp and bpc investors an SOS and please VOTE YES as the winner takes it all and Irene Krapp and friends will be standing small. Honey Honey , one of us is right and Irene it is not you in fact the one who is right that's me and don't go giving me those angel eyes either Starchild if you play golf like some of our directors this merger is like a gimme. A definite gimme gimme gimme. Finally I can only say if Carlsberg did rns's …...you know the rest.

Yours sincerely

Fernando.

Let's not forget J M Finn, an investment fund, has built up a position of just over 1% in BPC and disclosed the fact on 12/6. Why just over 1%? I believe it was to signal to the market that (a) they believe in the merger and (b) they believe the share price will increase after the merger.

They didn't have to buy just over 1%. If only 0.99% the market wouldn't know about it, and it would have caused them less regulatory paperwork. For example until their holdings get to below 1%, they have to disclose every time they buy or sell even 1 share worth 3p!

If J Finn invested now, other institutional holders or equivalent may follow, especially after merger when a combined BPC/CERP has access to capital markets.

I believe we will get some very positive RNSs imminently, so that those persons sitting on the fence will vote in favour of the merger.

Jim: I fully understand your point of view. However, pension funds, fund managers, hedge funds and institutional investors DO allocate a small percentage of their portfolios to riskier ventures. The point being made in the recent presentations by senior BPC and CERP folks is, until a merger happens to access the capital markets the big boys play in, they will not be interested to have a flutter. Also take into account both companies BoDs unanimously agreed to the merger and have been cagey giving answers stating confidentiality. If I was the CERP BoD approached by BPC in April, I would ask, 'OK, so you want us to sell the idea to our shareholders to merge with you to drill a mega opportunity of middle eastern proportions if successful. Do you have the $$$ to do so without a CLN type of mega share dilution, such as a JV? If not, please don't waste out time.'

I believe an RNS will be issued soon clarifying this point. It would not surprise me if it arrives on the same day as the proposed merger documents.

I would logically assume positive RNSs and updates between now and when the merger voting documents will be sent to shareholders. (Perhaps even on the same day!)

It will avoid the risk shareholders sitting on the fence will vote no via email/secure messages to their nominee providers, as soon as they get the paperwork. The BPC list as of 31/12/19 shows >50% is held by nominees who will vote on your instructions via secure message. The CERP list can be found here and is 65% nominee held https://columbus-erp.com/investors/share-structure/

It may be a good idea you CERP folks register for BPC RNSs via email on https://www.bpcplc.com/investors/regulatory-news/#alerts as it is very likely a positive BPC RNS will create a positive affect on CERP SP. In fact, if the merger was 'almost a sure thing,' by buying CERP, the buyer is indirectly buying BPC at a discount.

OnlyBPC: low volume and no momentum. No one wants to sell or buy large amounts. Awaiting RNS news

Rhodi: brill post! Y!!!! Please copy on BPC BB in same thread. (Carlsberg is actually Danish, however the Swedes travel to Denmark on ferries (Stena ones) to get sloshed on the stuff as its cheaper than Sweden!)

Gerflees, nominee accounts DO have voting rights. However check with your service provider you are set up to vote electronically, as opposed to filling in and posting forms.

I would logically assume positive RNSs and updates between now and when the merger voting documents will be sent to shareholders. (or on the same day!) It will avoid the risk shareholders sitting on the fence will vote no via email/secure messages to their nominee providers, as soon as they get the paperwork. The list below as of 31/12/19 shows >50% is held by nominees who will vote on your instructions via secure message.

Hargreaves Lansdown Asset Mgt (Bristol) 365,869,710 17.14%
Interactive Investor (Glasgow) 317,616,717 14.88%
Halifax Share Dealing (Halifax) 178,431,742 8.36%
Barclays Wealth (London) 130,502,721 6.11%
IG Markets (London) 104,868,762 4.91%
Equiniti Financial Services (London) 84,717,444 3.97%

Bully, your question.....'Does BPC use SEA quotation for closing price? Thought they be more likely to use SETS'
The https://www.bpcplc.com/ website uses the same source Yahoo does for closing prices with a 15 minute delay. Last night closing SP was 2.85p. The alternative used by others, which sometimes differs on closing prices is Goggle finance. Last night 2.7p. The actual figure is probably neither, if the last trade of the day by someone manipulating the closing price of a low volume AIM stock, is only£5!!!

[Good morning all. I posted the satirical 'letter' below on the BPC BB yesterday to illustrate how a BPC JV/farm-in with Stena could work . Refer to 26/5/20 RNS, as BPC BoD have clearly discussed JV options with Stena. Have a great day.]

Dear Stena Group

We are delighted that the BPC BoD has given you folks a possible TBA option to reap rewards from a JV. And that you can benefit from this amazing opportunity in 10 weeks’ time, on or after 1/9/20. (RNS 26/5 https://polaris.brighterir.com/public/bahamas_petroleum_company/news/rns/story/rdzqj8w). You probably knew about the proposed BPC/CERP merger and other plans as yet not in the public domain, and are currently in negotiations with the BPC BoD to participate in this incredible opportunity.

I checked you folks out and your financials. Your Stena Drilling is a wholly owned subsidiary of the family owned Swedish conglomerate Stena AB. According to wiki, you are a conglomerate of three major Stena holding companies known as the 'Stena Sphere.' You are private companies owned by one family which means you don’t have to put up with winging grumpy shareholders like us. It is impressive your Group has made a profit every year since 1939 and has grown to include the largest ferry company in the world. You folks have fingers in various pies including energy and tankers. Another subsidiary is your Stena financing arm. These guys are good. Not only do they fund ships/ferries/tankers, they also make sure your cash and investments get a great ROI.

This leads me to believe a Stena BPC/CERP JV is a possible partnership made in heaven. For the equivalent in cost to just ONE exploration drill ship ($100m-$200m) invested in BPC you will get a percentage of oil found, we will use your drill ships when idle (to suit your schedules) and when oil is found, always use your oil tankers. We will even use some of your BPC investment to acquire a couple of small oil companies currently in distress, without diluting BPC shares.

What you will get in this JV is a once in a lifetime opportunity to earn a revenue percentage from any oil found in BPC and CERP acreage. Imagine if you could have had the same opportunity 50 years ago in the North Sea. Yet let’s look forward rather than back. Leo Koot will be joining the gifted BPC BoD. He has the reputation for having a nose that can sniff oil, similar to a Crufts award winning hunting dog.

Being Swedish, you probably love Abba. By 2023 the song ‘money, money, money’ will become your corporate anthem based on what you will earn from this deal. We look forward to working with you.

Bästa hälsningar

Starchild
xxx

I find it extremely irritating that someone with direct access to the stock market can do a direct deal as the last trade of the day (probably with help form their friend at the other end) to artificially show an end of day price of 2.70p, The last trade was for 50 shares at just over a £1!!!! despite previous ones being nearer to 3p. Stuff like this should be made illegal on AIM stocks as it tricks retail investors into thinking the price is going down.

BillyRay: sincere apologies. On reflection, my last post appeared somewhat patronising. It was not meant that way. What I was trying to say is, no one has gone home from a casino unhappy being $100 up, having given tips, gotten free booze, and a subsidized meal. Have a great evening.

BillyRay, You are very wise. Those that profess to have massive d+cks (in trading stocks and share market speak) sometimes end up castrated. Gamble what you can afford to lose while having some fun.

Bully: true as the minimum is £5. However I'm sure we can all chip in to at least give him a 25x increase and round it up to 5 quid. Karma. xxx

Billy: if you have a total of 2.2p in shares.....sleep well. Worst case scenario is you lose c1.2p. If you have loads of CERP shares and BPC merger goes through, IMO you would have made it like a bandit. xxx

Bully: although no capital gains on ISA (YET!), I assume you are a young lad and not worried about IHT like older F+rts such as me. Move abroad...weather better! xxx

Lakes: I use Hargreaves Lansdown, others abroad for non UK stuff, and have used Interactive investor. It depends where you live. If non resident in the UK be careful because any shares or cash held by your share trading platform IF UK based, counts as UK assets under UK IHT (if you kick the bucket) regardless of your residency. This post has nothing to do with capital gains if UK resident. Suggestion: if anyone is holding a lot of shares in CERP/BPC and merger happens and we hit jackpot in 2021.....speak to a professional and move move abroad in a tax jurisdiction where there is no capital gains before selling anything. xxx

Kipper, I'd like to add my tuppence worth to your informative post. As the markets get more confident the BPC merger will happen, arbitrage will be used to buy CERP shares with the hope they will auto convert to BPC ones @ .803% without MM's getting a cut (other than when i buy them). Example: if the merger was imminent at today's prices, I could buy CERP at 2p even though BPC is @3p. If the merger went ahead, it is the equivalent of having bout BPC today at 2.40p, so on paper i would have made a 20% profit on price. However it's not as simple as that. If the merger fails I'm left holding the baby. If the merger is approved and for some reason the BPC SP goes below the price i bought CERP via arbitrage, I'll feel like a plonk+r.
xx

JB: 8.3 and 8.5 forms are rather boring (unless it is a disclosure someone such as a financial institution has purchased or owns 1% or more of a company). They are regulatory forms to ensure during a takeover or merger a public audit trail is held. However it's a bit more complicated in Shore Capital's case as they are wearing two hats and need to show any shares they bought and sold as the stock broker, makes them exempt from certain disclosures.