3Legs Resources Share Discussion Threads

[bad robot] 26/11/2014 09:23

I thought only me had 3 legs if you get my meaning

[hugepants] 06/11/2014 10:27

from the interims:

"...The Company is in addition pursuing a separate claim against ConocoPhillips for the return of its 30% share of a working capital surplus accumulated in the joint venture vehicle, valued at $1.64 million net..."

that's worth over 1p per share

[renew] 04/11/2014 12:01

At 19p to buy not really worth the risk with total 20.3p of liquid assets.
Do they have anything else of value?

[hugepants] 04/11/2014 09:19

That is a bonus getting 500K Euros for the licence. I think we should get over 20p per share back.

[flyfisher] 04/11/2014 09:11

The sale of Baltic concessions yesterday along with the cash from options maturity seems to suggest that they will be able to return a greater amount in November, perhaps £16m or 18.6p/share.
Also, having sold the subsid they will not incur closure costs for it, so wind up costs should be reduced.

It is looking like recent investors will get their investment back in the short term and have a free ride on the balance to be returned in q1.

[praipus] 03/10/2014 14:11

Weiss increasing their holding to 10%


I track the rest of their known Weiss holdings on the WAM thread,

[flyfisher] 30/9/2014 08:31

With the addition of the share of joint venture working capital surplus, it looks like 20p may be returned by the end of q1 next year.

[loglorry1] 18/9/2014 15:36

GHH thought it was you on the bid wondering why it was still so cheap and buying it up :-)

Log

[ghhghh] 18/9/2014 15:18

I tend to agree that wind up costs will be low since dead man walking since Damille EGM. They've known for a fair time that a non commercial result means cash back to shareholders and I assume they only won EGM by agreeing to minimise ongoing costs.

This is supported by the bid volume, someone thinks they can make a quick turn?

[loglorry1] 18/9/2014 14:39

I'm guessing around £1m to wrap it up with office leases, salaries, redundancy packages etc. as long as they are a pretty honest bunch and there is no reason to think otherwise.

The AIM listing is worth something and so they might get a bit extra for it as a cash shell but let's not count much for that. I don't suppose they have any other assets to speak off and hopefully no other liabilities not disclosed.

So best case around 18.8p/shr?

Not a disaster if it comes out at that.

Log

[hoveite] 18/9/2014 14:36

The CEO has a 6 months notice period and the non-execs have a 3 months notice period according to the 2013 annual report.

[loglorry1] 18/9/2014 14:31

HP I certainly hope so but directors can get a bit greedy when they are facing looking for new jobs.

[hugepants] 18/9/2014 13:04

outsizeclothes.com
18 Sep'14 - 12:13 - 1401 of 1402 0 0


By the time all the legal fees and court costs are paid, and further admin until wind-up, and final audited accounts, you will be lucky to get anything more than 14p

3Legs are basically a few guys sitting in an office now. Its a cash shell. There is nothing to wind-down. No capital commitments etc. The operating lease is negligible, salaries are very small. I've been invested in a few situations like this and Id be amazed if it costs "at least 2M" to shut this down.

[chrisdgb] 18/9/2014 12:36

Please give me a warning before you use the words....Adamind...!!!!!

[outsizeclothes.com] 18/9/2014 12:13

By the time all the legal fees and court costs are paid, and further admin until wind-up, and final audited accounts, you will be lucky to get anything more than 14p, to a max 15p. I've seen a couple of AIM companies wind up and return cash to shareholders. It usually takes at least £2m to go through all the formalities, and 6 to 8 months. Adamind took 4 years. Trading Emissions is still ongoing 3 years after announcing wind-up. Both more complicated set-ups, but examples of what can happen, and what costs can do to "remaining shareholders cash"

[hugepants] 18/9/2014 11:01

log I think there will be more than 18p back. Running costs are low; the directors were only on 200K per annum total. I think we could get back around 19p per share, and fairly quickly by the tone of the RNS.

[praipus] 18/9/2014 10:23

As a result of the RNS yesterday

two questions:

1. How common are clauses like this in AIM exploration co's contracts "one-time option to cease participation in activity" ?

2. Who negotiated this for 3LEG in the first place?

Good news really at least I might get some of my money back...(he hopes):)

[loglorry1] 18/9/2014 09:04

Yep aimshare that's one way of looking at it. Another is that the oscars were awarded for creating some buyers (me included) to allow friends and family to exit. Take you pick!

Not sure how much of the £17m will get back to share holders. I guess the BoD will want to be paid off in big redundancy settlements. Someone might want to reverse into it as a cash shell so might pay a slight premium to cash once the liabilities are all settled. At best 18p/shr I guess.

Log

[aimshare] 18/9/2014 07:35

looks like the ceo/cfo was giving it the big guns before on the flow forecast and possibly the oil crushed the sand and didnt keep the fractures open. they convinced me fully but to be fair to the management it was more of a positive naive assumption by the ceo/cfo rather than an oscar for acting and no doubt it started at a great flow rate which is why we saw the dancing in the presentation and announcement. think I'll change it from winner imo to bummer imo. it's only money and was a low risk gamble. well, £17million in cash to return to shareholders gives a 20 percentage uplift from here.

[still waiting] 17/9/2014 14:55

ROSE the next shale play to drill.

they have other assets so not all eggs in one basket either.

[loglorry1] 17/9/2014 14:53

Yep agreed it was a small punt for me <0.2% of portfolio down on it so no regrets and it had decent upside. My ave price was 24p hopefully will see 18p back if wind up costs not too hight might even be able to sell company as cash shell.

Very relieved they are returning cash and packing up shop.

[rescuer] 17/9/2014 14:44

log,

I got hammered with the original play, when D & W wanted all 42p per share returned, I was in at 36p.

Then came the extra work and the subsequent costs, it was a fair risk / reward play, not even bitter on this one, it was an easy call based on risk.

with hindsight, I'd have done exactly the same.

gla

r

[loglorry1] 17/9/2014 14:41

LOL just watch the video again

The definition of misplaced confidence !