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It’s here grippa, just have to select Your country and click agree https://www.premier-oil.com/investors/proposed-uk-acquisitions-underwritten-financing-and-extension-of-credit-facilities
Dead right oiluser I also expect placing and RI to be at or very slightly below par, the opportunity here is to buy shares in a much larger and more cash generative business, there is no need for a discounted placing. If Zama comes in beforehand we could even be looking at at higher than current placing price
Very rough back of fag packet ...... $500M raise is approx £380M, so 380M shares if placing\RI at £1, 345M shares if placing at £1.10, 318M shares if placing at £1.20. The split of the $500M (Placing vs RI) will impact dilution (if you fully subscribe to RI), I’ve assumed $300M placing and $200M RI just to try and guesstimate how much I’d need to plough back in to the rights issue.
Grippe I don’t think the Zama sale is at all connected to the bridging loan / BP & Dana acquisitions. In the webcast on the 7th Premier said Zama proceeds would be used to pay down debt. The bridging loan is all about covering the delta between the $500M equity raise and the final deal / purchase price for the acquisition - there needs to be a true up at completion that factors in cash flows from the BP assets since Jan1st 2019 which is expected to negate the need for any of the bridging loan. This seems to be an important aspect that may not have been recognised by many, we will like get a further $300M off the acquisition price due to these cash flows as the deal is dated from over a year ago (01/01/2019). Im pretty sure I have this right but we’ll worth a listen to the webcast and decide for yourself, the link to it is on the Premier Oil website
Antigua the RNSs are increases in holdings not increases in short positions so all still looking good!
I’ve just listened to yesterday’s webcast - I had overlooked the significance of the effective sale date for the BP assets of Jan 1st 2019. TD explained that all cash flows from the BP assets from 01/19 will result in the deal being adjusted at completion and they expect the entire acquisitions (BP and Dana) to be fully funded by the $500m equity raise. TD and RR also confirmed that proceeds from Zama sale will be used to pay down debt. This really is looking like a game changing deal - I recommend everyone listen in to the webcast, it’s available on demand on Premier’s website
@13p
Pavel has bought 17.4M shares today, now that is a really positive sign
$5m for a helicopter that is at least 9 years old???!!!
If Polygon are holding Convertible Bonds, can they close their shorts by using the shares when they convert - ie all they are doing now by increasing their short is to lock in profit as the share price is above the conversion price. So they get upside from the coupon and upside from the equity which they are pretty much banking by taking out the shorts. Does this sound like a possible scenario? I did some investigation into Polygon and they are specialists in convertible bonds and also in mining companies, so maybe there is no short to unwind if they can use the converted shares in the future.
All the best SK please stay well, you do make me laugh (and I like Asahi as well as all things German being a veteran of many Oktoberfests!!) brrrr paragraph
I’ve bought in a few times today now, have added just over 760K shares to my holding today. Its looking quite investable at these prices
CofE I see this as very very positive news it will release a huge burden on us. I have bought today on this news, added another 614,152 shares to my pot
Well done ROS thank you!
NET to PMO not bet!!
Remember Catcher oil was/is being sold at a premium to Brent. I don’t think we’ve seen the selling price but that’s 30,000 barrels a day bet to PMO at a premium
NotyetPog.com and also the Rod Lyne video interview have reversed my view, I will be voting in favour of the return of Pavel @ Co
Lots of valid points that I don’t disagree with CofE - I voted for the old board to remain last year and did not agree with the way PH was treated and wouldn’t be averse to having him back in some capacity. I also agree that the current board since last year has done little to deliver value to shareholders. I just am very uneasy at the shroud of secrecy surrounding current attempted coup - it feels very like what happened to Fortune Oil (onedb will remember that one all to well)
Propositions not proportion!!!