Dominion Pet Share Discussion Threads

[encarter] 21/10/2011 08:57

All is not lost yet. With all this share trading it makes it tricky for the company to get the correct voting papers to the correct share holders, which will affect their ability the achieve the necessary % imho.

[kayfash] 20/10/2011 16:51

Soo many sells and the share price did not drop below 5.4p.

I was about to sell but decided against it due to the MMs keeping the Bid price artificially high.

Hmmmm???

[lammergeier] 20/10/2011 10:19

Huge find by Eni off E.Africa-possible 15tcf gas-WOW!!(Link from AEX BB-Soul)

[highlander7] 15/10/2011 18:18

If OPHIR only have approval of 32% of shareholders then they do NOT have SH approval for the deal.

[holts] 14/10/2011 22:48

However we had really run out of cash , how were they going to fund the exploration ? The only hope is a competive offer .

[encarter] 14/10/2011 12:43

Hogwash! That's not the choice, they're worth more than nothing and the share price would have gone back up on positive seismic which was a free carry. The placing failed because of the ridiculous Malta deal and you only get the 40% discount if you paid 3.6p for your stock.

[jsbach123] 14/10/2011 12:43

One has to disagree with Tempus. The placing did not fail 'for technical reasons' it was (narrowly) voted down by shreholders because Cochran wished to saddle DPL with MOG (for unhappy reading check the MOG share price over the last three months). If DPL could get US$ 20 million farm in for 20% then another BOD might have had the guts (and the best interests of PIs at heart) to have remained funded and independent and got better deal longer term.

[archieb2] 14/10/2011 11:04

See the Times this morning, pasted below.

Anyone who thinks this is a poor deal for DPL should think again. The convertible loan notes were biting hard and could have brought the company down on their own, before you take into account operational commitments. And this was a legacy of previous management (who also, incidentally, spent $10m on a legal spat that only benefited the lawyers). Also, anyone blaming Andrew Cochran should be thanking him for doing his damnednest to clear up the mess and allowing shareholders to get out with something rather than nothing (as the Times puts it so succinctly.) Sometimes I despair of some punters' attitudes to oil exploration. There is no such thing as a sure thing, least of all in this industry.

Therefore, take what the baord says seriously: "Dominion's deepwater exploration assets require significant funding in order
to realise value for its shareholders which Dominion, with limited near-term
cash and restricted opportunities for further fundraising, may struggle to
provide." And "It is possible that were Dominion unable to raise
the necessary funding to meet its future financial obligations, Dominion would
risk a financing default occurring, leaving Dominion Shareholders with little
or no value. For all of these reasons, the Dominion Board believes that the Offer provides greater certainty of value to Dominion Shareholders than Dominion remaining an independent listed entity at this time. As such, the Board of Dominion intends to recommend unanimously that Dominion Shareholders vote in favour of the Scheme."

THE TIMES, 14 OCTOBER

Ophir Energy

Tempus

Ophir Energy

Here is a question: would you rather have 100 per cent of nothing or 12 per cent of something? This is the choice before shareholders in Dominion Petroleum, the subject of an agreed £118.2 million offer from Ophir Energy, which floated three months ago. Dominion's shares are stuck at 3.6p, the company tried a placing in the summer that failed for technical reasons, and it needs to repay $41 million of loan notes in a year's time. There is no money to develop its gas assets off East Africa, and it is in danger of defaulting on its loans. Ophir's offer gives them new shares in that company to a value of 5.9p for every share in Dominion, and 12 per cent of the merged group. Put it another way: they can buy into Ophir at a 40 per cent discount to the value of its shares, because this is the difference between what they would have to pay for them in the open market and the price they are paying by handing over their shares. It is not a difficult choice, even if the company is going out in a fire sale. They should not rush to accept; there is always the chance that someone else will come in, and plenty of M&A activity in the oil sector. The attraction to Ophir is that it gets its hands on three blocks, one close to its existing activities off Tanzania, which can be relatively easily developed, and two off Kenya. East Africa is one of the hotspots for gas exploration; it is dominated by the big oil companies, there are precious few independents left there, and the deal creates the largest such working off the coast. The combined assets are a long way off production. There will have to be a liquefied natural gas (LNC) facility there to handle the gas, which is why Ophir is already partners in two blocks with BG Group, one of the leaders in the field. To develop further, it needs to bring in other large operators in due course. But the deal looks a good one for both sides.

[encarter] 14/10/2011 08:24

Still only 32%.

JUST SAY NO!

[liquid millionaire] 14/10/2011 07:15

Friday 14 October, 2011


Ophir Energy Plc

Recommended Offer for Dominion Petroleum Limited


RNS Number : 1696Q

Ophir Energy PLC

14 October 2011






Ophir Energy plc



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION






For immediate release


14 October 2011




Recommended Offer for Dominion Petroleum Limited ("Dominion")
by Ophir Energy plc ("Ophir")





Further to the announcement on 13 October 2011, Ophir is pleased to announce that it has entered into an agreement with the outstanding Convertible Note Holders to acquire the remaining convertible notes of Dominion for a cash consideration of $5.5 million, conditional on completion of the Offer. Ophir has therefore entered into agreements to acquire 100 per cent. of Dominion's outstanding convertible notes for a cash consideration of $38.3 million, conditional upon completion of the Offer.

In addition, in connection with the purchase of the remaining convertible notes, Ophir has received an irrevocable undertaking from Manulife Asset Management (US) LLC, in respect of its direct and indirect interests in Dominion Shares to vote in favour of the Scheme at the Court Meeting and the resolutions to be proposed at the General Meeting in respect of 68,688,140 Dominion Shares representing, approximately 4.3 per cent of the Dominion Shares in issue. This irrevocable undertaking will cease to have effect upon the occurrence of the same events summarised in Appendix III to the announcement dated 13 October 2011 (the "Offer Announcement") which apply to Dominion Shareholders which are not Dominion Directors or senior management.

In total, therefore, Ophir has received irrevocable undertakings to vote in favour of the Scheme in respect of 509,196,052 Dominion Shares, representing approximately 32.0 per cent. of the existing issued share capital of Dominion.

Capitalised terms in the Offer Announcement shall have the same meaning in this announcement, unless the context otherwise requires.

The Offer will be made on the terms and subject to the Conditions and further terms set out in Appendix I to the Offer Announcement and the further terms and conditions to be set out in the Scheme Document and forms of proxy in relation to the Court Meeting when issued. The sources and bases of certain financial information contained in this Announcement are set out in Appendix II to the Offer Announcement.

[mechanical trader] 14/10/2011 03:34

Hadnt seen the RNS....sorry.

[mechanical trader] 13/10/2011 21:55

Notice all the pull backs immediatly aftwer bullish spikes in the share price

Hard to call, resistance at 6p to overcome.

[dizzylizzy2] 13/10/2011 20:05

i would certainly avoid the above; too much ramping everywhere!!!

[tommyttrades] 13/10/2011 17:57

FT slant on the ophir deal..

[dizzylizzy2] 13/10/2011 17:05

At current ophir share price the offer is now worth 5.758p.

[lammergeier] 13/10/2011 15:45

As it is an all equity deal it moves in line with the Ophir Sp.

[paulo92] 13/10/2011 15:21

why has this flatlined below the bid offer?

[oiht] 13/10/2011 15:03

Wow! 115 million shares traded already.

[daz181] 13/10/2011 14:54

Someone appears to be building quite big steak here with those big buys...

d.

[lammergeier] 13/10/2011 14:00

cheou812-the fact they only sold 20%of BLOCK 7 left an opening for a third party to also come in but a full bid has foxed a few. Mubadala may be happy
with the takeover,if not,they are big enough to make their own offer.
Dominion Petroleum is 'now in play'

[cheou812] 13/10/2011 13:39

LAMM, you're right – the BOD said they hard turned down offers earlier this year – and that was when the share price was 6p+.

So this offer is not good for shareholders and I won't back it.

But, hopefully, like some of you chaps are saying, this bid will wake up interest from some of the majors. Can't see it being taken out at this price.

And what must Mubadala think, having just bought in? Did they do that in the full knowledge that Ophir was was about to bid in a deal that would get the BOD's backing?

You can see why the BOD like it though. It'll be all right for some. From the full offer:

12. Management and employees
Ophir has high regard for the skills and experience of the existing management and employees of Dominion. Ophir confirms that it intends to fully safeguard their existing rights, including pension rights.

Ophir intends to enter into discussions with senior management of Dominion in due course regarding their potential continuing involvement in the enlarged Ophir group.

[philo124] 13/10/2011 12:38

Just sold myself. Bought some MOG, strange i know, on top of a few OPHR.