flipdalid
18 Sep 2015
Tethys response awaited.. I have a fair few of these purchased in recent days at average of just under 5p. I was hoping that Tethys would today announce acceptance of NOG's terms and that I could make a swift exit at 7p, but fingers crossed for early next week. Looking at the financing required I can't see any alternative for Tethys. But if someone else does want to enter the fray and make a bid then that's fine by me. I can leave my money here for another week or two if necessary.
flipdalid
15 Sep 2015
call my bluff... looks like Nostrum have called Tethys' bluff bigtime, something along the lines of:'well Tethys, you've had a couple of weeks now to come up with the improved offer that you thought you could get, and we now think it's time for you to put up or otherwise shut up and accept our offer. Oh and don't think you can get us to improve the terms on offer, because that's not going to happen. And if you dither for more than a few days the price we are prepared to pay will go down and the deal will presumably fall apart'.The offer is worth 7.218pence per Tethys share. It would be great if Tethys could pull a rabbit out of the hat in terms of a rival offer, but more likely is an acceptance of Nostrum's terms for a possible offer. 7.218p is a large premium over the current sp, so I would expect the sp to move up rapidly towards this level. But of course a takeout at this level would be a disappointment for investors holding at higher levels. Just my thoughts..views?
flipdalid
15 Sep 2015
Nostrum's proposed offer has not yet been accepted by the Tethys board Amsterdam, 15 September 2015 Nostrum's proposed offer has not yet been accepted by the Tethys board Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum" or the "Company"
, an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, makes the following announcement to provide an update on the possible offer by Nostrum for the entire issued share capital of Tethys Petroleum Limited ("Tethys" (the "Proposed Offer". While Nostrum and Tethys have engaged in extended discussions on potential terms for a Proposed Offer together with interim funding to Tethys ("Interim Funding", and together with the Proposed Offer, the "Proposed Transaction", Nostrum and Tethys have been unable to agree upon the terms of the Proposed Transaction. Nostrum notes that it made a formal approach to Tethys on 13 July 2015, following the failure by the Board of Tethys to consummate the deal they had previously agreed with AGR Energy. Nostrum was granted exclusivity by Tethys on 10 August 2015, until 11:59pm (London time) on 25 August 2015. Nostrum announced on 28 August 2015 it had approached the Tethys board regarding a possible offer in Nostrum shares at a price of C$0.147 per Tethys share. Since then, Nostrum has engaged in discussions with Tethys with the view to reaching agreement on the terms of a Proposed Transaction under which the Board of Tethys would be able to recommend the Proposed Offer to Tethys shareholders. Although discussions have been constructive, the Board of Nostrum believes that the expectations of the Board of Tethys, in particular as to the terms of the Interim Funding, are unrealistic given the current financial circumstances and situation of Tethys. As a result, Nostrum and Tethys have been unable to reach agreement as to the terms of the Proposed Transaction. During past weeks whilst Tethys and Nostrum have attempted to reach an agreement as to terms of an offer which the Board of Tethys may be able to support, Nostrum believes that the underlying financial position of Tethys has continued to deteriorate and that there has continued to be an erosion of Tethys' value. Notwithstanding this, Nostrum has reiterated to the Board of Tethys that Nostrum currently remains willing to maintain the price of the Proposed Offer at C$0.147 per Tethys share. Nostrum believes that if the Board of Tethys is able to reach agreement shortly as to the terms of a recommended offer, the parties will be able to work to a timetable that will provide for completion of an offer before the end of December 2015. However, any further delay in reaching agreed terms is likely to result in further erosion of value and a delay in implementing any offer, as well as increasing the amount of interim funding that will be required by Tethys until completion of any transaction. Nostrum notes that the Proposed Transaction (including the Proposed Offer and the Interim Funding) may be withdrawn by Nostrum at any time. The principal terms of the Proposed Transaction that Nostrum has presented to the Board of Tethys, but that has not yet been accepted by the Tethys Board, are as follows: Exclusivity headline terms: · exclusivity to Nostrum until 11:59pm London time on 25 September 2015 (the "Exclusivity Period", to allow for definitive binding legal documentation for the Proposed Offer and the Interim Funding to be negotiated and agreed; and · a break fee of US$1 million payable by Tethys to Nostrum if Tethys breaches the exclusivity undertakings applicable during the Exclusivity Period. Proposed Offer headline terms: · a price of C$0.147 per Tethys share; · the price would be satisfied by the issue of fully paid ordinary shares of £0.01 each in Nostrum; and · the exchange ratio of Nostrum to Tethys shares would be based on the closing price of a Nostrum share on the London Stock Exchange and the CAD/GBP closing exch
suka47
15 Sep 2015
RNS bid approach update FOR: TETHYS PETROLEUM LIMITEDTSX, LSE SYMBOL: TPLSeptember 15, 2015Tethys Petroleum Limited: Update on Possible Offer from Nostrum Oil & Gas PlcGRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Sept. 15, 2015) -NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TODO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTIONTethys Petroleum Limited ("Tethys" or the "Company" (TSX:TPL)(LSE:TPL) notes the announcement made by NostrumOil & Gas PLC ("Nostrum" regarding an update on a possible offer for Tethys. The Board of Tethys continues toconsider the offer and the associated conditions, and is doing so whilst fulfilling its duty of care andobligations to all stakeholders, creditors and shareholders included.
3Dimensional
30 Aug 2015
Re: Bid approach from Nostrum Separately, the Company confirms that it has received expressions of interest from several other parties in relation to a variety of potential corporate transactions, all of which remain current.---------- ---------- ---------- ---------- ---------- -----Several other parties, all of which remain current.Nostrum, go do one with your pathetic offer, you lost out big time, so dig deeper or ferhook off!3D
3Dimensional
30 Aug 2015
Re: Let the bidding war commence its going to be a good week.....3D
Quarryman Rock Buster
30 Aug 2015
Re: Bid approach from Nostrum "O.K. so now 14,7c, but was 21.85c. Can't say I'm encouraged by this."I'm definitely encouraged by this:'in light of the revised Proposal from Nostrum, the Company intends to reopen its review of strategic options and, where appropriate, pursue discussions with some or all of these interested parties in addition to Nostrum.'Notice they say 'some or all', not 'one or all'. It looks to me like Nostrum have shot themselves in the foot trying to get it really cheap rather than just cheap, remember these expressions of interest that Tethys received came when Nostrum had proposed an offer to Tethys of 21.85c, I bet the first time Nostrum knew of other interested parties was when they read our RNS like you and I. I think the next couple of weeks are going to be very interesting, they will either revise their offer or risk being left out and looking a bit naive.
bertie20
29 Aug 2015
Re: Bid approach from Nostrum CGO.K. so now 14,7c, but was 21.85c. Can't say I'm encouraged by this.Bertie.
3Dimensional
28 Aug 2015
Let the bidding war commence Separately, the Company confirms that it has received expressions of interest from several other parties inrelation to a variety of potential corporate transactions, all of which remain current. With the period ofexclusivity granted to Nostrum having expired, and in light of the revised Proposal from Nostrum, the Companyintends to reopen its review of strategic options and, where appropriate, pursue discussions with some or allof these interested parties in addition to Nostrum.---------- ---------- ---------- ---------- ---------- ----Got to be worth north of 10p to someone surely......3D (incoming)
coup du grace
28 Aug 2015
Re: Bid approach from Nostrum new offer is set at 14.7 Cents C$, now trading at 12 Cents C$ in Toronto, down 17%
bertie20
28 Aug 2015
Re: Bid approach from Nostrum Have I got this right?Offer was 11p now 7p.Bertie.
BenIrving
25 Aug 2015
NOG 7% up
Meanbugger
10 Aug 2015
Re: Bid approach from Nostrum Back on!! The AGR financing proposal has fallen apart and will not now proceed. Nostrum has stepped in with a replacement $5 million of short term funding and have offered C$0.2185 (around 11p) a share in cash or shares subject to due diligence. The takeover proposal probably already has the blessing of Pope Asset Management so let's hope everything is in order for the deal to go through.
manxgold
14 Jul 2015
Re: Bid approach from Nostrum unless its a stitchup!!!!!
dave297
14 Jul 2015
Re: Bid approach from Nostrum Todays RNS makes it very clear that Pope control the proceedings & that there is no need to sell out cheaply now that we are fully funded.A significantly higher offer would be needed,IMHO,to have any chance of success
