Morning Fencer it all boils down to the fact that we Know Sweet FA apart from the fact that our Dear Leader has presided over a debacle. Might as Well hang on now as am becoming immune to the dreadful state of affairs. Three weeks to AGM
Still believe we Will Have a Deal announced before AGM. I cant believe That TOR and BOD are as bad as they appear to be and that Institutional Investors as dumb as they appear to be. Sequa funding should be sorted By Friday week
Still believe we will see an announcement on Barryroe before AGM. Sequa Funding should be clear once remaining $96M are (sold or not). This information should be available sometime during the week June 8th to 12th. Surely Providence (if Sequa is the Supposed partner for the Barryroe Commercial Agreement) will ask Sequa to clarify the situation one way or the other. Thus expect a yes or a no on Barryroe prior to AGM. We also have the additional parties floating around in the famous data room. One of these might bite as Sequa get close to sorting out their funding issue
Hello Sully
Providence obviously know more about the Sequa Fund raising (if Sequa is potential farminee) than we are being told. If this were not the case I believe that the company would have to issue an RNS saying that no deal with Sequa is possible. Sequa are raising funds for a reason. It costs Sequa money to raise this funding as interest payments have to be made on the bonds issued. So I do not think they would play around with this. I think TOR is hoping for a breakthrough by the AGM and he is probably betting that Sequa will have news by second week in June. In parallel we do not know the level of interest in the so called data room. If any of the parties are really interested they may look to close the deal before Sequa finalize their funding issues. In a way the article in the examiner serves to pressure both Sequa and Data Room players
Morning Sully/Alphabravo
Believe that the story in the irish examiner the day before is probably closer to the truth. Sequa must inform its Bond Holders 6 weeks after April 24th date of issue as to the total number of Bonds issued (including the quantity sold from the circa $96m that were pending sale outside of USA). Thus either June 5th or Monday June 8th this information will be known. As we all (Irish Examiner included) believe that Sequa is the potential farmanee I imagine that Providence will know or request a response the week of June 8th. At the same time any other party interested (in the famous data room) will also be aware of this Sequa Story and will know that a decision on their part will have to be taken quickly I believe. Thus I have a feeling we will have a result by AGM. But who knows !!!
Sequa Will notify existing Bondholders How many of the remaining 96m bonds were sold exactly 6 weeks following the original issue date of April 24th. This means either Friday June 5th or Monday June 8th. If this is the case and Providence is making enquiries with the Potential Farmanee regarding the state of play of fund raising activities we shall Know fairly soon on whether deal is on or off. By AGM on June 24th all should be clear at least regarding Sequa whom we suspect is the party to the February commercial agreement
Hello there Mmmmm. For option one I meant a deal done by the AGM i.e after June Closure for $96m remaining bonds. The Director remuneration is proposed and voted on by the Board. So they pay themselves what they like !!!!!!Present cash Position is as follows I believe: E8.552 M (as of December 31 2014). I believe this included the melody Finance 20M Dollar Loan (thus the company had probably spent circa 12m of the Loan). Thus we should have E-8.552m + E-26M (Placement) = E-34.552 on hand. From this amount The Company will need Circa E-6M for Transocean Litigation + E-3m for deferred SP Seismics payment + E-2M for Salaries + E-3.7M ($4M) melody payment June 2015 (Total E-14.7M). So E-34.552-E14.7M = Circa E-20M in Cash. Lets say that the company spends E-5M on general costs this year and E-1M Salary Costs for first 6 months of 2016 + 3M admin costs for first six months of 2016 that would leave E-11M on hand by June 2016. At that date the company needs to return E-20M to Melody. So we could do with a FO on Barryroe. If Providence Got E-50M that would allow Them to pay the melody Loan 2016, Use E-20m for drill at SP and have E-20M for running costs 2016-2017
Alternative ways to read the AGM June 26th date
1: Sequa will have closed Bond issue (i.e. know how much of US dollar 96m of Bonds were sold) and thus Farm out Done
2: Or No Farm Out and no advance from other possible candidates and thus TOR will be asked to leave
Believe TOR Will be out By end of June. See this years AGM has not been delayed Like last year. Won't be able to hide the mess this time. New Institutions unlikely to Tolerate these disgracefully overpaid Directors. See Mr Brian Hillary has Left company.
Obviously someone has been buying the shares that Lloyds and anybody else is selling. Is it possible that someone residing in the Bahamas has bought back shares that were sold earlier before News is released on the Barryroe Farm Out. Using a couple of front companies to purchase these shares would allow the owner to remain below the radar i.e. sub 3% holdings. Sequa´s Bond Offering will close completely in early June when we will know how much of the remaining 96M Dollars of Bonds have been sold. With Landsdowne up for sale, Fastnet looking at mergers or acquisitions and Providence awaiting its potential farmanee (likely Sequa) to raise funding, news shortly is possible