Dana Petroleum Share Discussion Threads

[jojo_jo] 24/9/2010 11:57

RIP, sold up and moved on.
Catch some of you on another BB.
All the best,
JoJo.

[phillis] 24/9/2010 11:27

I'll take 2015-2020 price today any time

[alanadale] 24/9/2010 10:52

It's all over baby blue.

[shabbadabbadoo2] 24/9/2010 10:33

and will invest that whopping capital gain in another company with a 20% compound growth ...

.... oh wait a minute, there aren't any...

[phillis] 24/9/2010 09:59

yes if they have lent the stock out they have earned a fee AND made a whopping capital gain
Smart!

[shabbadabbadoo2] 24/9/2010 09:52

so all of the pension funds, etc, who were on a nice little earner with DNX have lent their stock out, and as a result have killed the golden goose.

And these guys get paid how much???

[thegreatgeraldo] 24/9/2010 09:28

Time to move on.... although interesting to note it was the borrowed stock that clinched it.... without that they'd have missed the 50% (acceptances 34.76%, less borrowed stock 14.46% , gives 20.3%.... add 20.3% to the 29.5% the dogmunchers bought.....

[roykop] 24/9/2010 08:59

Anyone wanting to hang on for Anne Marie results is probably better selling out of Dana and buying Faroes - better gearing on the results there anyway.

[emptyend] 24/9/2010 08:26

If there is any upside to report with regard to Anne Marie, shareholders in nominee can probably give Dana another week to deliver a blockbuster that changes the game.

...ermm....am I on a different planet here?

There was a time to be optimistic about such things - but that was weeks ago now. Now is the time to get real and accept.....because every day that one delays is a day leter getting the funds. Alternatively the discount in the market has narrowed, so it seems (rather surprisingly) that one could sell in the market at present for 1797 - which itself looks an attractive option for any who still hold uncommitted shares.

I'm sure the board will have a realistic comment on the situation later today, in view of the probable delisting to come.

[edmondj] 24/9/2010 08:08

Yes fair point, on the matter you mention it looks too late now for a third party to become involved, say if Anne Marie is spectacular.

[phillis] 24/9/2010 08:06

no intention to scaremonger
posters have proclaimed they will continue to hold - completely unaware of what the practical implications are

What does this mean? "to deliver a blockbuster that changes the game."


The business already belongs mainly to KNOC and during the next couple of days they will obtain a Board majority and complete taakeover of operational control
The game is DEAD

[edmondj] 24/9/2010 07:52

Yes that is indeed the bottom line.

Although I think you scaremonger to suggest people would get nothing as dissidents; a poster previously inquired to Merrills and was assured everyone would get £18 (if it takes a court order to squeeze out dissidents).

After shareholders have held out for them to deliver something better (independence was always lost with 49% wanting out to start with), unless the board recommends acceptance then holders get penalised by becoming locked in (for a few weeks, most likely). Respect for shareholders too.

Anyway it will be interesting to see what they do have to say. If there is any upside to report with regard to Anne Marie, shareholders in nominee can probably give Dana another week to deliver a blockbuster that changes the game.

[phillis] 24/9/2010 07:38

it'as all over now !
if they they don't get to 90% quickly some of the posters here can have their wish and hold on to their shares - and realise they are worthless if they chose not to tender them to KNOC

Bottom line - Dana's portfolio was not appealing to other industry participants at £18+

[madskt] 24/9/2010 07:35

all over then, (presumably)?

how quickly to delist - I wonder if we'll get to see the AM results?

[edmondj] 24/9/2010 07:16

Well, if you set aside the 49% institutions taking a quick turn, only 15% of shareholders are in favour, one way of looking at it!

[cwa1] 24/9/2010 07:15

The fat lady seems to have warbled :-(



OFFERS DECLARED WHOLLY UNCONDITIONAL

Sad but time to move on. Looks as if KNOC played it's hand well then.

[rumblefish] 24/9/2010 01:40

why would the Dana board resign...there all going to get let go anyway....if you resign you forfit any compensation....if your let go..they have to pay some if not all your outstanding contract...with TC its going to be very painfull for them....I would think for certain that he will be the best paid employee at KNOC (for the time he's there)

rumblefish

[edmondj] 23/9/2010 21:48

Thanks, and mine now, the full stop in your link causes a snag though!



fhmtktg, my reading is this:

If they get 75%+ then yes, it is over, they will declare it unconditional and keep it open another two weeks for further acceptances. Even if they still don't reach 90% by then, presumably they will start to take control of the board and company, so only a matter of time before dissenters are squeezed out.

If they get say somewhere between 60% and 75% I suspect same will apply because in reality KNOC now controls the company.

I think the time is simply up for a white knight, with no major drilling news to radically alter the situation.

[emptyend] 23/9/2010 20:22

I would be unsurprised if the Dana board (threatened to) resign(ed) en masse.

Clearly KNOC would make some major changes anyway (assuming they get control) but I doubt they would want to be taking over a Marie Celeste.

See Citywire comments here incidentally Edmond: I've copied my earlier comments across...

[fhmktg] 23/9/2010 20:15

EJ, if KNOC get over 50% now is that it?
Can a white knight still come in and scupper the deal or do KNOC have to get 75% to be unconditional?

Bit of a desperate hope but I'd love to see TC come up with plan B

[edmondj] 23/9/2010 19:06

I came in expecting Dana to have fallen; Blitz spirit and all that.

P Schoenfeld, wheels and deals as if on drugs!

Maybe the advisers are letting each other know and boards finalising their respective statements for tomorrow.

[shabbadabbadoo2] 23/9/2010 17:39

Where is the announcement?

And why has someone gone to a 3.79% holding?

[colsmith] 23/9/2010 16:50

Agree these politcos huff and puff but never do the practical thing, Cable identifies the problem but has'nt a solution (he may set up an investigation and bin the report if it comes up with the answer they don't want)- the usual UK way of doing things. Still the positinve thing is that Korea will be floating with oil so we can still all go and buy our Samsung's.

Any news on the % yet?

[edmondj] 23/9/2010 15:18

I'd been thinking of sending him a letter. It's all very well him capturing the limelight, attacking the city, but he's a member of the political class which has presided over tax changes that have progressively seen institutions and other gamblers (spread bets) untaxed while individuals who do take a long-term view have had taper relief abolished.

There is now even less incentive to invest long-term.

I doubt Cable would do anything as he appears to hate the consequence - some individuals getting rich!

His invective went down well at the Lib Dem conference, to assure activists their leaders aren't sold out to the Tories, but it doesn't stand up to much scrutiny.