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Due to the outstanding convertible loans RRE are offering to by the company for about 60m pounds. Frankly the market for small oilers is terrible at the moment. RRE itself was valued at about 70m pounds at the beginning of the year we no debt, circa 60m in cash and a lot of free cashflow ~1.5m a week
When people talk about 30-40p they need to look at what this can currently buy you in the market.
I think you are right. My mistake. Sorry everyone!
CPR depends on lease extension. You can't book reserves that aren't under license. Therefore we are actually waiting for congo government so early March is not firm at all.
It is pretty rare Google can't explain something but this terminology doesn't appear to exist.
RRE appear to be buying IOG stock since yesterday (see RNS at IOG) seems almost certain RRE will be making a formal offer presumably a little higher than 20p.
Started building a position yesterday on making a 20p offer then on heard IOG board said no deal proceeded to dump said position. Looks like #RRE have walked away.
Not really! :-) But how can they advise a company they are short on?
Seems impossible that Fincapp could advise the company and be short. A short would create a huge conflict of interest when advising IOG.
How is the sea state looking for hook up?
Its important to do DD longside :-)
If you were Andrew Austin I probably wouldn't have invested in RRE! We offered you a price you rejected it your share price went up. No hard feelings! The great thing about all the free cash we are generating is we wait 4 weeks for this offer to elapse and we have another 12m pounds in the bank to work out what to do with.
As a holder of RRE I would not support raising the offer. Nothing against IOG but cash is KING.
Do they fit the bill of being hugely cash generative, PE around 1 and roughly 70% of market cap in cash in the bank?
Minimum!
Any thoughts on how long we will remain delisted guys?
If in a share buy back AA goes over 30% is he obligated to make an offer for the existing shares (I believe this would be the case if he bought to rise above 30%).
I would be very happy for us to offer to buy up to £65m of ourselves at 1200p although I doubt we would get £65m of takers given the current mood/fundamentals.
Do we have an estimated cost per barrel for the EPS (referenced if possible) Thanks.