JoeyTheFox
06 Mar 2016
Re: Offer received for Egyptian assets!! Maybe Swaltz could email Tom Hickey and find out what is going on,Has anyone seen the ever patient Earthly, or has he headed back to the stars,
tulleile
06 Mar 2016
Re: Offer received for Egyptian assets!! [link]
tulleile
06 Mar 2016
Offer received for Egyptian assets!! nm
OpsGeo
04 Mar 2016
Re: RNS ..REBUFF OF OFFER Petroceltic International’s second biggest shareholder has said it will not accept a cash offer made last week by a disgruntled shareholder group that valued the Irish junior at under $10 million. Skye Investments, controlled by the Dublin-based explorer’s chairman Robert Adair, has stated its “firm intention” to reject the offer from Worldview affiliate Sunny Hill for 3 pence (4.2 cents) per share.Skye said its regards the offer as “substantially undervaluing” the company – it effectively valued Petroceltic at £6.42 million (or $9 million) – and that it “will not consider and further offers unless significantly increased”.With Skye controlling 19.2% of Petroceltic shares and Sunny Hill’s offer needing approval shareholders controlling 90% of shares, the offer is effectively dead.Shares in Petroceltic were up around 3% in London on Friday morning at 7 pence.Petroceltic had on Thursday issued a response to the offer, but chose not to either accept or reject it, telling shareholders only to take no action for the time being."The board believes that the offer undervalues the company on the assumption of its having appropriate long term funding in place," a statement from Petroceltic that largely dealt with the issue of current and future funding for the company, read.The offerer had written last week: "The directors of Sunny Hill believe that the value of the equity in Petroceltic is close to zero, given the parlous financial position of the company,” the offer document read."However, as an incentive to Petroceltic shareholders to accept the offer, in order to allow Sunny Hill and Worldview to accelerate addressing the company’s indebtedness issues, Sunny Hill is prepared to offer 3 pence, in cash, per Petroceltic share."The directors of Sunny Hill have a particular concern with regard to the company’s precarious, and worsening, financial position, particularly with regard to the form, structure and level of the company’s indebtedness to the banking syndicate and the stream of short term repayment waivers that the company has had to seek from the banking syndicate to prevent Petroceltic defaulting on the senior bank facility."Sunny Hill and Worldview are both Cayman Islands-incorporated companies, with the latter being a private investment management firm backed by Russian interests.An analyst note from BMO Capital Markets last week said the offer "materially undervalues Petroceltic’s assets and future potential, even taking into consideration (its) distressed financial position and reduced bargaining power”.BMO’s core NAV for Petroceltic stands at 44 pence per share. The firm’s note continued: “The deal will require 90% of shareholders to approve the deal, with Worldview controlling 29.6% of the stock. We anticipate that (non-Russian) shareholders will see this deal as deeply insulting as it is clear that the value of the Ain Tsila field is certainly far greater than 3 pence per share – even if sold in a fire sale.The Ain Tsila development is Petroceltic’s core asset, after it recently sold its stakes in Egyptian deep-water blocks to Italy’s Edison. The newly-built Sinopec Rig 50117 spudded the AT-10 well at the weekend, the first of the Ain Tsila development drilling campaignAT-10 is the first of up to 24 development wells on Ain Tsila needed to establish and maintain an annual average wet gas plateau rate of 355 million cubic feet per day.Petroceltic said tendering for the development’s major engineering, procurement and construction contract was also progressing.Two weeks ago it completed the sale of its stakes in the North Thekah, North Port Fouad and South Idku exploration licences in Egypt to Edison.
Go Dink
04 Mar 2016
Re: RNS ..REBUFF OF OFFER Apparently Skye (19% owners of PCI) will REJECT Worldview's offer.
Damp Seaweed
03 Mar 2016
Re: RNS ..REBUFF OF OFFER The RNS reads gives no comfort for shareholders and ensures that investors will stand well clear.I suspect the BOD are hiding behind the sofa with their lawyers. It doesn't read like they are preparing to act robustly in defence of the company and its, non WV, shareholders.
Ripley94
03 Mar 2016
RNS ..REBUFF OF OFFER Shorter's do not like it....but not worried down 40 %
mistertay
27 Feb 2016
Boxing Day post. Below is an excerpt from First FT article referred to in that post, this from the same man claiming now that PCI has no value and kindly offering to take investors shares for 3p. Bear in mind that the MC was £300m at the time.Petroceltic’s board has accused Mr Moskov of attempting to obtain control of the company without paying a fair price, and also argued a change of control could threaten its interests in its Ain Tsila gas co-venture with Enel of Italy and Algerian state-controlled Sonatrach. The project is expected to absorb $1.5bn of capital expenditure ahead of first gas production in 2018.Mr Moskov defended his actions to the Financial Times this week, stating: “We have exhausted all options to make changes we wanted to make.”He admitted that Worldview at present was sitting on a paper loss after raising its stake from 5 per cent in February last year to nearly 30 per cent, but said he still expected to profit from his campaign. “Is there value in the company? Yes — multiples of current market value.”MT.
forwardloop
26 Feb 2016
info [link]
II Editor
26 Feb 2016
NEW ARTICLE: Final round: Worldview vs Petroceltic "After trading heavy blows for the best part of two years, Worldview has finally landed what could be the knockout punch in a bruising contest with LSE
CIetroceltic. The activist hedge fund said last month it was mulling a bid for the Irish oil ..."[link]
Go Dink
26 Feb 2016
Re: shocking offer ISpotCrap,Ah! Thanks for clarification.
ISpotCrap
26 Feb 2016
Re: shocking offer GD,3p x number of shares I hold = meaningless amount of money.I'd rather WV lost out to the banks also than get my shares for a meaningless amount of money.I'll write it all off as a capital loss - makes no difference - might as well be 0p..
Go Dink
26 Feb 2016
Re: shocking offer ISpotCrap,Just to clarify, you'd rather your holding went to 0p (i.e. you lose all your money) than take an offer of 3p for shares you bought at, what, 12p?
Damp Seaweed
26 Feb 2016
Re: shocking offer I would expect the folks at Tullow (and maybe others) might be scratching their heads and trying to figure out if they could make a alternative offer. The big problem for a competing offer is the ~30% holding of WV which will act as a blocking vote.But if an alternative was offered by the mngt then maybe a better offer might be forthcoming.Current price to sell is ~10p which is >3x this offer price...... No advice intended !!It certainly looks like being between a rock and a hard place.
vx1
26 Feb 2016
Re: Thanks PCI and WV thats what happens with these smaller companies run for the benefit of directors, take your money and stuff you afterwards. classic .
