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TPL 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
BOOM thrift07
15 Sep 2015
KPI Imminent news on KPI data for 3rd Qtr. plus other stuff?
OXIG MyHobby
15 Sep 2015
4.5 year low Glad to be out at 9.40 some time ago. I don't know where the bottom Could be.
KBT Muzzletoff
15 Sep 2015
Getting better Cashflow seems to be improving, debt is reducing and expected to be reduced further. Dividend up. Adjusted profit up (beware of adjustments).Generally a better picture for K3. I suspect they could have been in a whole better position if they had never acquired AX, but we are where we are. I am not attaching too much to that major new contract, as it is made through their new channel, so margins will be reduced. I think it will be heavy weather to get a return on their AX investment, but they seem to be mitigating some of the downside.Generally better news for shareholders.
TRT longtermBLVR
15 Sep 2015
Re: scenario only a few days to the annual results...some speculative buys today?
BOOM arborman
15 Sep 2015
Coming back up On no news today, happy days
IAG mraverage88
15 Sep 2015
Re: IAG Broker Target 700p...... Dr Trustme..to be honest I've never flown longhaul in any class other than Economy. My point is that if other carriers can produce an edible breakfast then why can't BA? I observe everything onboard very closely, and most passengers simply played around with their plastic sausage and scrambled egg, nibbled a bit on the bread roll and ate about 20 of the baked beans. The crew collected almost as much 'food' as they served..lolWhat a waste of time and money all round!
OXIG MyHobby
15 Sep 2015
4.5 year low Glad to be out at 9.40 some time ago. I don't know where the bottom Could be.
TPL 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.
COST Dark Helmet
15 Sep 2015
Re: Al Kharafi selling again Al Kharafi sold again, now below 6% and losing their board member.
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