Coastal Eng Share Discussion Threads

[thegreatgeraldo] 17/9/2013 15:27

Same announcement over there - & a slap on the wrist for CEO from the TSX?

[nermil] 17/9/2013 15:27

^^^Guess not!

[ricky46] 17/9/2013 15:24

Just a rumour then again!

[davr0s] 17/9/2013 15:24

Very confused now - so why are the shares suspended over the pond? (Unless they are about to get a similar announcement)

[cwa1] 17/9/2013 15:20

Minor import tgg ;-)

[thegreatgeraldo] 17/9/2013 15:18

Ooops - we forgot that last line....

[cwa1] 17/9/2013 15:18

LOL

TSX: CEN September 17, 2013

AIM: CEO

The following amendment has been made to the 'Response to Media Reports of Strategic Discussions' announcement released on 17/09/2013 at 7am under RNS No 1618O.

The additional sentence has been added:

'The Company advises that there is no transaction to announce and if the Company enters into any material transaction it will announce it immediately.'

All other details remain unchanged.

The full amended text is shown below.

Coastal Energy Responds to Media Reports of Strategic Discussions

HOUSTON TX - Coastal Energy Company (the "Company") (TSX: CEN) (AIM: CEO) wishes to comment on media reports regarding strategic discussions between Coastal and a third party. The Company advises that it continuously evaluates opportunities to maximize shareholder value. The Company advises that there is no transaction to announce and if the Company enters into any material transaction it will announce it immediately.

[nermil] 17/9/2013 15:15

Nail biting.. Is the champagne coming out tonight?

[energiser01] 17/9/2013 14:53

Better still if it flushes out the original / other bidders

dyor etc...

[nermil] 17/9/2013 14:41

I'd bite their hand off at $23 hell $22. If your exit strategy is a t/o you need to be realistic. I'm up to my eyeballs here. I stayed in past the first offer and of course we know when happened next. I stayed in and bought more as it fell. Those sorts of figures would have me a very nice pay out. All things end eventually.

[luminoso] 17/9/2013 14:39

Is there a policy of halting trading before an announcement re offers on tsx ?
Thinking that they will just get the same rns we did earlier.

[davr0s] 17/9/2013 14:29

Yes all very interesting - especially as CEO think they gave a response earlier at market open - presumably things moving along in the background otherwise why suspend now. Can anyone remember how long we had to wait last time between shares being suspended and an announcement?

[gargoyle2] 17/9/2013 14:26

Odd that you can still buy them here though.

[gargoyle2] 17/9/2013 14:24

Nice find dukedosh.

[dukedosh] 17/9/2013 14:23

This from iv:


Coastal Energy halted at 6:04 a.m. PT


2013-09-17 09:06 ET - Halt Trading

Coastal Energy Company was halted at 6:04 a.m. PT on Sept. 17, 2013, pending an announcement

[luminoso] 17/9/2013 12:57

Will be interesting to see Canadian reaction this afternoon.

[loglorry1] 17/9/2013 12:52

Nah it's fine duke cos the Trading desk broker guys at Goldman don't talk to the M&A advisory guys - yeah right :-)

To be fair the Goldman broker buys might have been acting for a client and thus just executing orders rather than doing prop buys.

[dukedosh] 17/9/2013 12:47

Very interesting and notable TSX trade action yesterday. Goldman Sachs were just about soaking up all the stock mid session. Isn't that insider trading?

[dukedosh] 17/9/2013 09:38

Updated header with Aug production numbers and new presentation.

4 new wells "officially" on line this month.

Takeover at $20 when $23 was turned down flat a year ago? I don't think so. There's simply too many near term upside catalysts running up to the new year for this to happen imo.

[loglorry1] 17/9/2013 09:23

One has to wonder if it's a serious offer or if they are just pumping up the price a bit to exit. Doesn't sound that generous as it doesn't give much value to the contingent resources. Also private equity presumably can fund at much lower than 10% and so the NPV10 value is a lot lower than the actual value they could extract over the life of the existing reserves.

Log

[luminoso] 17/9/2013 09:15

" Sources said the final price is expected to be closer to $22."

£13.75. Not convinced Oscar will go for that !

[dragonsteeth] 17/9/2013 08:50

So $20 is about 13% premium on the $17.75 used in the presentation. Hardly surprising that at this stage CEO have done nothing but be non-committal.

[timeoff] 17/9/2013 08:17

I don't have a view on whether bid is serious or not. I presume it is, though never really understand the point of low-balling as a strategy as it tends to polarise and put peoples backs against the wall - not a good place to start negotiations.

I was commenting on the company's (non) response.

[sander4709] 17/9/2013 07:49

TO - you consider it a frivolous bid I assume?