|As the person who started this thread over two years ago, all I have to say now is .... over and out .... over to XTR :-
No more postings here please.|
|Only just noticed the RNS:
CANCELLATION OF ADMISSION OF SECURITIES TO TRADING ON AIM
CAMBRIAN OIL & GAS PLC
At the request of the company trading on AIM for the under-mentioned securities
have been cancelled from 24/04/2007 7:00am.
Ordinary Shares of 1p each (B01JDL7)(GB00B01JDL79)
If you have any queries relating to the above, please contact the company's
nominated adviser on 020 7220 1666
Farewell COIL and hello to XTR.|
|Contrary to what some people believe, most punters do not have shorting accounts, so cannot trade their COIL shares until tomorrow. XTR is therefore in limbo today and the mms are short of shares, but that may all change in the morning. DYOR
|No, that is why I had to short XTR for 1 day, investors will not get their COIL shares changed into their XTR shares until tomorrow. DYOR
|Are your COIL shares now shown as XTR in your portfolio?|
|Nice tick up, best mid 100K @5.8p v offer 10K @6.3p.DYOR
|In line with my stated strategy, I have this morning reduced my holding into strength, had to short XTR for a day, because COIL is no longer quoted, sold 100K XTR @5.25p, still looking to hold 250K XTR for the med/long term. DYOR
|Found this posted on an Aussie bb....
The AGE has a positive article about MEO (on page 6 - Business Age, by Barry Fitzgerald) which will bring MEO above the radar to new investors and should see further upward moves on the share price.
It would be great if we got to $1+ by week's end
relevant snippets include......
For all the talk at the Australian Petroleum Production and Exploration Association's annual conference on the future boom if liquified natural gas exports take off, there was precious little to show for it in terms of share price action for the big industry players.
But that was not the case with the junior groups looking to ride the LNG boom for all it is worth, including the Melbourne-based trio of Karoon Gas, MEO Australia and Nexus.
That's what you would suspect, as if the likes of that trio that can offer the greatest leverage to the boom - one underpnned by the surge in global power demands at a time when the globe also wants to 'decarbonise' energy as much as it can.
By the end of last week, and after the 1600 delegates from APPEA's talkfest in Adelaide had found their way home, Melbourne's trio were sporting big share price gains, big enough in the case of Karoon and MEO to attract speeding tickets from the stock exchange.
Karoon closed the week 31 per cent higher at $2.32, MEO flashed 26 per cent higher to 88.5c, and Nexus brought up the rear with a more than handy weekly gain of 9.6 per cent to $1.05.
. .. . . . the case with MEO demonstrated, there was also a realisation that if the fully stretched Woodside wasn't a thrilling leverage play at $39.12 a share to the LNG boom, then the Melbourne trio might be.
. . . . . Up in the Timore sea, MEO stands alone among all of the new LNG projects in that it already has the all-important environmental approvals for its twin projects on Tassie Shoal.
The plan is for an LNG plant based on condenstate-rich gas as well as a methanol plant, that unlike the LNG route, welcomes a high carbon dioxide count.
The MEO methanol route provides a solution to the carbon dioxide disposal problem, whereas some other LNG projects propose geological sequestration - a route around which much technical and legislative uncertainty remains.
MEO on the other hand secured "major projects facilitation status" from the Federal Government for the LNG and methanol projects in January.
Cheering on MEO is John Byrne's Cambrian with 21.7 per cent, Geoff Albers (9.8per cent), Santos (9.2per cent) and directors (7.6 per cent).
MEO has made no secret of the fact that numerous groups have been sniffing around.
That's not suprising, given the environmental clearance for the project is already in the bag.
Its importance was highlighted at APPEA, where greenies made clear that Browse Basin developments faced a tough approvals road, even if they want to see more gas used globally at the expense of higher carbon-emitting coal.
The Age - Monday 23, April
|MEO now up to .89 cents, were up as high as .95 cents during the last session.|
|yeah, that comment I made was at the end of a very long week having not looked at the shares for a few days. Forgot that there was no cash element to the offer...|
The amount of shares issued for the 9 for 10 has already been fixed at 129 mil in the offer doc valuing coil at approx 13.85 mil @4.625 per coil share top of my head figures,its all in the scheme of arrangement dated 16.3.07
Closing prices after the date of the offer do not change the offer.
Typing quickly but hope its clear|
I will hang on now until meo drill or earlier sale.
Now if wasabi turn out to be another meo style gem in particular regard to rum jungle then it will be compensation of the highest order.
An meo sale would give xtr plenty of ammunition to fund their other objectives.|
|It'll be up and down next week as the large holders re-arrange positions and the skeletons in COIL's cupboard get dusted off.
I think we need to give 2-4 weeks to see exactly what's what with XTR.
Maybe we'll see some other things to add to the pot.
Certainly, stuffed, or not, by COIL merger we are now fully paid up XTR holders as of 14.00 today.
Those that hang on for the MEO drill date of August. I'm not sure if beginning or end of August but may see a more dramatic improvement as the excitement builds up beforehand. If a major comes sniffing around looking for an increased stake in MEO, as is suggested, things will definitely improve.
Here's to the next few months and pray I do not need to dispose of holding as a distressed seller due to pressures elsewhere.|
|With the 9 for 10 offer - on what closing price will this be based? I know the record date was yesterday or will it be based when the court have sanctioned this? Does anyone (or their broker) know this?|
|Well, you'll be able to sell them for over 5p now!!!|
|welshwiz - I you know I fully endorse your view, with reference to being stitched up, but thats the past now. MEO maybe able to fend off an approach with a partner onboard, well I hope so.
Meo will have been sold in the next 6 months,that i do know.
We the coil shareholders have been short changed in the short term i do know also.|
|Institutions are more likely to wait for the next placing, which sure as eggs will come in the next 6 months, along with a possible consolidation. COIL had very little money left, but XTR does not have that much unless it sells something. Some of the options have gone to a 3rd party as we know, which may pay for the rest, but that only leaves them with circa £4m for developement of their properties, NOT enough. MEO is the jewel in the crown as indeed it was at COIL and should support the share price in the short/med term. DYOR
|Stuart: Hopefully you are correct but I am sceptical. The value of the MEO shareholding was never adequately reflected in the COIL share price largely because of the controlling interest of XTR in COIL. I don't see that the position has changed, in any real way, as a result of the Scheme. It appears that CBM will own 311m shares out of a total of about 670m XTR shares, say, 46%. In addition, there are 130m existing XTR options (mainly at 1p) and about 15m ex COIL options. On a fully diluted basis CBM may well own more than 50%.|
|I also think we've see more institutional interest here once the complicated arrangement of the holding has been simplified.
I certainly wouldn't be going short here. If you are that way inclined there are many more over valued stocks out there|
|Tempted to short 100K of my XTR shares, but not with MEO testing the $1 mark. XTR could not have timed it better for their T/O of COIL.
|hillwalker2005 - well you can sell for more now, Bidding 100K @4.87p and 100K @4.89p v offer 10K @5p and 25K @5.38p.
I don't own any shares in XTR but my broker has told me I can short a wedge if I want.
|There you go, tick up on the bid on XTR.