Hub
24 Nov 2014
Re: RNS Spike501,I wouldn't suggest this is a warning to all dreamers. It's not a warning at all. It's just a pathetic low ball offer from some chancers.If Antrim have circa £10mln in cash, why would shareholders accept an offer that values the cash at £6.35mln and the rest of the assets and tax loses at zero.The only warning that needs to be headed here is that some companies out there with little to lose will make silly offers. Test the water a bit before you up the offer?going public, they only one option now and that's to win shareholders over with a much better bid.My guess is that they could go as high as 4.5p and that will still get slapped down.Antrim BoD's may as well just give shareholders a 5p divi and close the business down.Trouble is... it's worth so much more as a shell due to tax losses. It's actually worth way more than the cash balance to someone like Premier, IAE or even PMG etc.I suspect this is nothing more than a PR stunt to be honest.Remember - FYNE is still a goer to someone that has the pockets to make it work.HUB
spike501
24 Nov 2014
Re: RNS Hub,Yes it is a low ball offer but regardless of why and how Sound went public there is an offer on the table and given the performance of Antrim current management, shareholders may well take it seriously. Alternatively it may trigger a counter bid, but it isn't going to be 8p, it might be 4.5p. However Sound are pretty shrewd with their timing as given the market uncertainties and share pruce turmoil at companies such as Ithaca it seems a counter bid is probably unlikely.This should be a warning to all the dreamers over at Xcite who are dreaming of a £6 takeover price despite the share price languishing at less than 50p
Ripley94
24 Nov 2014
Re: Antrim Up on TSX I hold both . and they have both been losers...
rollthediceagain
24 Nov 2014
Re: RNS A viewpoint from sh4reprophets---Sound Oil; the saviour of Antrim EnergyBen Turney | Monday 24 November 2014What a dramatic announcement from Sound Oil (SOU) this morning. Some might call the company’s unsolicited swoop for Antrim Energy (AEY) predatory. There’s no denying it has an aggressive feel to it, but only a fool would believe that this is a seller’s market for oil companies. As the price of oil continues to fall many marginal producers and high-risk explorers are on the verge of extinction, even if they don’t realise it yet. Antrim’s shareholders cling to the hope that their company’s cash balance will save them, but the reality is this alone is not likely to be enough. Without energetic and nimble leadership, Antrim is just as exposed to the downturn as its peers. It might just take a bit longer to die than the rest. Now looks like the time for boardroom change and adoption of a new strategy. Sound Oil appears to offer this. Antrim’s shareholders would probably do well to look beyond the initial disappointment of the “low ball” offer and take a realistic look at what the future holds.Antrim has undoubted potential, described by Gary Newman here. If the Skellig Block even partially meets expectations there is huge potential upside on offer. The downside, of course, is that failure is far more likely. Even if Antrim is able to fund or farm out its Skellig obligations by 2016 (when drilling is scheduled to commence), the odds are heavily stacked against any drill campaign being a success.There is an argument that this is just the nature of oil exploration, but you only need look at the miserable track record of single-focus companies in this sector on AIM to appreciate the extreme folly of adopting this as an investment approach.This makes the choice for Antrim’s shareholders remarkably simple. Do they trust the current lethargic board to see the company through to drilling the Skellig Block in 2016?Based on the directors’ performance to date it is hard to see how they possibly can.One of the most obvious causes for concern has been the company’s failure to submit a new Field Development Plan for its Fyne Licence. The deadline for submission to the Department of Energy and Climate Change (DECC) was at the end of August. According to the latest quarterly report “the Company is in discussion with DECC regarding the Fyne Licence terms”. This sounds like RNS code for “the project is basically dead and we’ve been unable to resuscitate it”. Given that Sound failed to mention Fyne in its offer this morning, this is possible further confirmation that the current $nil carrying value of the project in Antrim’s figures is as good as it is now ever likely to get.Unfortunately for Antrim’s shareholders the failure at Fyne is just one of a patchwork of troubling signs that the current board is not up to the challenge of successfully navigating the hostile environment it faces.“But what about the much-vaunted cash balance”, I hear Antrim’s supporters cry?Were it not for February’s sale of Antrim Resources (N.I.) to First Oil for $53million, Antrim’s shareholders would be paying a severe price for their board’s passivity. It is true that the First Oil transaction left Antrim in a strong financial position (debt free and with a sizeable war chest), but so far the directors appear to have squandered making good use of this opportunity.Since the 24th of April (when the First Oil deal completed), Antrim has issued a paltry six RNSs. The market for small cap oil companies has been extremely difficult for several years. And this was before the oil price’s recent cliff dive. The last thing shareholders in a small exploration company can afford to pay for is a reticent board of directors, content just to sit back, earn their fees and wait several years for a single extremely high risk exploration play.Contrast this approach with Sound’s aggressive and successful commercial st
Hub
24 Nov 2014
Re: RNS I agree entirely on the 'PR' for Antrim as it's puzzled me for a while why someone like IAE or Premier Oil hasn't simply made a cheeky offer themselves as it's the cash balance of £10mln but also more significantly the tax losses that they would gain from.Antrim has around £100mln in tax losses I think.The interesting point here is that some companies cannot raise cash without being hit with heavy dilution. Antrim have £10mln in cash.Hence - there are some smaller companies out there that are issuing shares for peanuts and flooding the company with warrants to boot. Look at RRL as an example. Some are virtually doubling shares in issue to get funding.If a company with proper decent prospects (sorry Sound oil, but your assets are nothing to get excited about!) got in touch with Antrim and offered shareholders circa 8p a share for instance but by gaining the £10mln in cash meant a re-rating etc - then it's a bit like the DPL deal that Ophir did many moons ago.DPL got xx shares in Ophir at 230p range and Ophir then went on to reach 600p+Sound oil does not offer any major upside from where their sp is today as far as I can see.But IAE at 78p has potential to return to 150's once oil price sorts itself out.Plenty of other companies out there that would gain by taking Antrim out and give Antrim shareholders a decent deal. Win win.This SOU deal is a joke and a bit embarrassing for them.As you say - it's good PR, so perhaps that was the original idea and no doubt some will be looking for some suggested alternatives to the offer. It certainly conditions AEY shareholders to the low end so that should an offer come in at double that level - it suddenly looks attractive? mmm. I imagine anything short of £20mln will be batted away or not even discussed.With the right bod's - that £10mln cash pile could do wonders in this market. Antrim should be looking at some great opportunities out there.Really need to see some new blood come in and Greer exit.HUBHUB
MALBRAD
24 Nov 2014
Re: RNS HubI agree with your comments but the Sound RNS may at least tempt another bidder to enter the fray. That said, The RNS does show just how vulnerable AIM shareholders are to opportunistic bids when they hold shares in companies that either have discredited management teams or assets that they cannot finance until they become more attractive to buyers.MALBRAD
Father__Paul
24 Nov 2014
Re: RNS Anyone know what this is in plain language?"However, the Board of Antrim has not responded to this indicative proposal and appears only prepared to engage in discussions if Sound Oil agrees to restrict its ability to proceed with a public offer."
Hub
24 Nov 2014
Re: RNS Spike501,The offer from Sound oil is ridiculous. They have gone public with the offer as Antrim management haven't even bothered to respond to them.Why would shareholders of Antrim take an offer that values the company at less than the cash balance nevermind the tax losses or Skelleg.Sound Oil seem to be suggesting that there is more hope for antrim shareholders by investing with them. Looking at Sound Oil and the management team - I wouldn't touch their business with a barge pole.What pi's like yourself need to understand is the difference between a genuine offer and a poorly pitched insulting effort.Antrim bod's have not even responded to Sound oil and who can blame them.As for sound oil - this is embarrassing for them. They've gone public because no one is responding and they think Antrim shareholders will take notice?HUBnb. vincentinvestor1, read the rns for petes sake. Whilst I see no point in Greer continuing myself - Antrim will find better offers than being tabled if/when they get a drill date for Skelleg.
spike501
24 Nov 2014
Re: RNS Hub..."A sale at around 14p+ or 20p would be ideal."Yes it would have been ideal, however an offer at 400-600% premium to prevailing share price was always a fairy story. The offer on the table is 3.44p in shares. PIs never learn that the share price is far more relevant to the takeover than any fanciful valuations of the underlying asset.
Vincentinvestor1
24 Nov 2014
offer Farewell then to this BB and to a company that repeatedly, ‘tho undoubtably slickly, trumpeted so much promise to its public until the very end whilst unambiguously failing to deliver.Goodbye Roman Emperor, pity you didn’t fall on your sword and return funds to we shareholders whilst there was still time. We’re all a little poorer (or indeed quite a lot …
Greer was either stupid or a calculated liar ......in my opinion Greer was just fraud and I hope one day he will be sentenced for having lied to everyone and this for many years!
great bull
24 Nov 2014
Offer from sound oil See RNS
