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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fluormin | LSE:FLOR | London | Ordinary Share | GB00B5PC8898 | ORD 15P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.50 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
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15/4/2013 09:40 | re avana, have until 15th of april (jusst realised that is today!) to accept the offer, think the BOD and other holders having 80% of the shares had agreed irrevocably, but had to have 90% of total shareholders to go ahead with it or something along those lines. I wonder would they consider a dual listing on aim and tsx? | napoleon111 | |
12/4/2013 13:21 | Hasn't the Avana deal already gone through on 15 March, whereas in theory the Fluormin shareholders could reject the offer on 17 April so Fluormin is still a separate company. They won't reject it though! Steady drip drip of small sales. Maybe some people don't want to end up with Canadian listed stock. I would much prefer UK listed myself personally but the proposition here is certainly good enough so I will live with the Canadian listing. | dropside | |
12/4/2013 12:52 | interesting that when you click on www.avanapetroleum.c | napoleon111 | |
10/4/2013 20:19 | One of the attractions of Fluormin was the really excellent directors, and here we are again with Vanoil. James Passin certainly knows how to find the best. | dropside | |
05/4/2013 12:19 | napoleon, as far as I am aware we still have a 10% interest in L9 offshore, but will be spuding on 3a first, it will start before July, and I will be wetting my pants with excitement if we get a producer on the first drill............ dreggs | dreggspicker | |
04/4/2013 21:24 | Don't forget they-us, will be aiming to drill lots of prospects on 3a - not just one pop.......... | dreggspicker | |
04/4/2013 20:51 | What the neighbours are up to: They are not drilling a pile of dusters are they ;-) | dropside | |
04/4/2013 17:29 | Good very recent interview with Aaron D'este, CEO of Vanoil on East African oil potential. | dropside | |
04/4/2013 15:13 | could be, but I think we should prove up our oil first;...... ;+} | dreggspicker | |
04/4/2013 13:30 | and any thoughts on vanoil as a takeover target by the likes of camac/tullow/cnooc?? | napoleon111 | |
04/4/2013 13:28 | and i take it this never happened?? again, my apologies, as there is no one else out there who seems to know of or ever heard about avana :) | napoleon111 | |
04/4/2013 13:27 | this is old news i know, but just wondering now where we stand in relation to previously (and im sorry if im clogging up your thread, should probably be posted on a vanoil or avana thread!) Avana Petroleum Limited ("Avana") is pleased to announce that the Production Sharing Contract (PSC) for Block L9 in the Lamu Basin, offshore Kenya, wassigned in Nairobi on May 17th, 2011 with the Kenyan Ministry of Energy. Avana holds a 10% working interest, with Dominion Petroleum Limited holding a 60% working interest and operatorship and Flow Energy Limited holding a 30% working interest. The work commitment of the initial two year exploration period of the PSC entails reprocessing 2,500 km of 2D seismic data, the carrying out of block-wide G&G studies and the acquisition of 500 km2 of 3D seismic data. This will incur a minimum gross expenditure of $6.15mm. Following this initial two year period, Avana, and its partners can enter the second two-year period by committing to drill an exploration well. With many geological similarities with the offshore Tanzanian plays that have recently been drilled with considerable success, Block L9 was amongst the last available and most attractive new licensing opportunities in the East African offshore. | napoleon111 | |
04/4/2013 13:25 | hi dreggs, very many thanks for your reply! a vanoil thread would be great (nudge nudge wink wink!). there is a lot of interest in eastern africa offshore mozambique, tanzania and kenya, so could definitely be interesting, but as you well say, it costs serious bucks to get things under way there, i think the value to a smaller company would be a farm out and free carry, or a take over by one of the big players would be nice. Im just wondering which of the avana assets/flormin assets are the main ones that vanoil are looking for? i mean, would they for instance look to off load the north african flormin assets, or willl this be kept as a diversification investment? Not much out there that i can see on first glance, but i have all the original avana documents on what they have and what they are worth and what they comprise off etc, so i think i will have to dig them out and have a look again | napoleon111 | |
04/4/2013 13:01 | Hi Napoleon, you are not stupid at all!! Vanoil are really merging with Avana,& Fluormin...... Avana for the oil prospects, Fluormin for the money, we have also a great team who are always ready to think the unthinkable........ Fluormins assets are Witkop mine, and the fluorspar offtake in Tunisia, both in hibernation, if prices rise, mining could start quickly........But don't hold your breath ...... There is alot of interest in Kenya, and we will probably farm in with other explorers, I am sure there will be lots of dilution along the way, but this is oil and the rewards can be great, (along with the risk) but I feel the risk is less than the rewards..... If people would like me to start a Vanoil thread soon, I will have a crack at it..... dreggs | dreggspicker | |
04/4/2013 07:56 | hi :) first time posting here, sorry my question might not be directly related to flor, but it is related to vanoil, and before i go into reading back on years of posts and research into vanoil, and flor, i was wondering if someone could maybe break this down for me. I am a shareholder in avana,whats all this mean for me?? :P sorry stupid question i know, vanoil are taking over flor, and they are taking over avana, which is great, they are obviously wanting to build up a sizeable asset base in eastern africa, which could be great, but apart from that, i have literally had a look at the vanoil website for the first time today. would anybody be so kind as to shed some light on what flormin have to their name at the moment and what kind of prospects one might hope for? any answers are really really appreciated as its gonna take me a long time to start researching these 2 companies (flormin and vanoil) from scratch :) | napoleon111 | |
01/4/2013 16:29 | Dreggs, unfortunately the meeting clashes with our holiday in Rome. As the said holiday is for our Silver Wedding anniversary I don't think I can really cancel! Would have been good to go though, particularly as the following AGM will most likely be in Vancouver which is a bit of a jaunt. | dropside | |
28/3/2013 11:22 | That's alright, I will let you off then........... | dreggspicker | |
28/3/2013 10:27 | Nope not I as only hold a few shares. | vauch | |
28/3/2013 08:11 | I will take that as a no then. | dreggspicker | |
26/3/2013 19:19 | Anyone going to the General meeting on the 17th? | dreggspicker | |
26/3/2013 19:12 | Time table as said in the rns; Fluormin PLC Recommended Acquisition by Vanoil Energy Ltd Alert TIDMFLOR RNS Number : 9502A Fluormin PLC 26 March 2013 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION. FOR immediate release 26 March 2013 Recommended ACQUISITION by Vanoil Energy ltd ("Vanoil") of FLUORMIN plc ("FLUORMIN" or the "COMPANY") (to be implemented by way of a Scheme of Arrangement under Part 26 of the Companies Act) Summary - The boards of Vanoil and Fluormin announce that they have reached agreement on the terms of a recommended share for share offer to be made by Vanoil for the entire issued and to be issued share capital of Fluormin (the "Acquisition"). In addition, the Company announces that it has entered into an Implementation Agreement with Vanoil. It is intended that the Acquisition will be effected by way of a Court sanctioned scheme of arrangement under Part 26 of the Companies Act (the "Scheme"). - Under the terms of the Scheme, Fluormin Shareholders will be entitled to receive: -- 0.806 New Vanoil Shares, -- 0.572 New C$1 Vanoil Warrants and -- 0.116 New C$0.75 Vanoil Warrants for every Fluormin share held - Based on the Vanoil share price of C$0.45 on 14 March 2013, being the last Business Day prior to the commencement of the Offer Period, the issued share capital of Fluormin, as Acquisition consideration, is deemed to be approximately GBP14.3m. The consideration comprising the New C$1 Vanoil Warrants and the New C$0.75 Warrants has been determined using the Black Scholes methodology - Based on the abovementioned GBP14.3m, each Fluormin share equates to 25.7 pence, representing a premium of approximately 31.8 per cent. - Mr James Passin is non-executive Chairman of both the Company and Vanoil. Mr Passin is also a principal of Firebird Management LLC, which through its funds Firebird Global Master Fund Ltd and Firebird Global Master Fund II Ltd is a substantial shareholder of both the Company and Vanoil. Entering into the Implementation Agreement with Vanoil (the "Agreement") is therefore classified as a related party transaction, as defined under the AIM Rules for Companies. The Independent Directors, being Mark Bolton, Albert C Gourley, Jeffrey Kofsky, Sean Murray, Muriel Dube and Brian Kiernan, consider, having consulted with its nominated adviser, Westhouse Securities Limited, that the terms of the Agreement are fair and reasonable insofar as its shareholders are concerned. - Vanoil and Fluormin have received irrevocable undertakings to vote in favour of the Scheme at the Court Meeting and the resolution to be proposed at the General Meeting in respect of in aggregate 7,914,404 Fluormin Shares, representing approximately 14.17 per cent. of the issued share capital of Fluormin as at the date of this announcement. Further details of the irrevocable undertakings are set out in Appendix II to this announcement. - The Independent Directors intend to unanimously recommend that Fluormin Shareholders vote in favour of the Scheme at the Court Meeting and the resolution to be proposed at the General Meeting, as those Fluormin Directors holding Fluormin Shares have irrevocably undertaken to do in respect of their own beneficial holdings of Fluormin Shares, amounting to, in aggregate, 2,033,335 Fluormin Shares, representing approximately 3.64 per cent. of the issued share capital of Fluormin at the date of this announcement. - The Independent Directors intend to make their recommendation on the understanding that all conditions to the Agreement, as set out in Appendix I to this announcement and in the Scheme Document, are or will be satisfied prior to the Scheme becoming Effective, including Vanoil's indirect subsidiary, Avana Petroleum Kenya Limited entering into a transfer agreement with Dominion Petroleum Kenya Limited in relation to the assignment to Avana Petroleum Kenya Limited of a 10 per cent. interest in Kenyan off shore exploration Block L9. - The Acquisition will be subject to the approval of Fluormin Shareholders and to the satisfaction or waiver of the other Conditions and certain further terms set out in Appendix I to this announcement and to the full terms and conditions to be set out in the Scheme Document. - Subject to satisfaction of the Conditions, the Scheme is expected to become effective on 17 May 2013. The Scheme Document setting out further details of the Scheme, the expected timetable and the procedure to be followed is expected to be dispatched to Fluormin Shareholders on 28 March 2013. - The Acquisition will be considered by Fluormin Shareholders at the Court Meeting and at the General Meeting. In order to become effective, the Scheme must be approved by a majority in number of the Fluormin Shareholders entitled to vote and present and voting at the Court Meeting, either in person or by proxy, and representing at least 75% in value of the Fluormin Shares voted. In addition, a resolution concerning certain matters necessary to implement the Scheme and approve the related Capital Reduction must be passed by 75% of votes cast by Fluormin Shareholders present and voting at the General Meeting. - In the event that Fluormin Shareholders vote in favour of the Scheme, Fluormin Shares are expected to be cancelled from trading on AIM on 20 May 2013. - Following completion of the Scheme, there will be a market for the Ordinary Shares of the enlarged Group on the TSX-V but Shareholders will not be able trade Shares on the AIM market after the Cancellation Date. Shareholders who do not wish to hold shares in the Enlarged Group can seek to sell their shares in the market ahead of the Scheme becoming Effective. This summary should be read in conjunction with the full text of the following announcement including the Appendices to this announcement. The Conditions and certain further terms of the Acquisition are set out in Appendix I to this announcement. Appendix II contains details of the irrevocable undertakings given to Vanoil and Fluormin. Appendix III sets out the sources and bases of certain financial and other information contained in this announcement. Appendix IV contains the definitions of certain terms used in this announcement. Contact Information: Vanoil Energy Ltd +1 604 689 1515, Malcom Burke / Don Padgett +44 (0) 20 7034 Fluormin plc 7150, Mark Bolton, Chief Executive Officer Westhouse Securities (financial adviser, nominated adviser +44 (0) 20 7601 & broker to Fluormin) 6100, Martin Davison Paul Gillam Jonathan Haines Expected timetable of principal events Event Time and/or date(1) 2013 Scheme Document posted to Shareholders 28 March Latest time for receipt of Blue Form of 11.00 a.m. on 15 April(2) Proxy (or appointing proxies via CREST) for the Court Meeting Latest time for receipt of White Form of 11.10 a.m. on 15 April Proxy (or appointing proxies via CREST) for the General Meeting Scheme Voting Record Time 6.00 p.m. on 15 April(3) Court Meeting 11.00 a.m. on 17 April General Meeting 11.10 a.m. on 17 April(4) The following dates are subject to change; please see note (5) below Last day of dealings in, and for registration 16 May of transfers of, Fluormin Shares Scheme Record Time 6.00 p.m. on 16 May Suspension of Fluormin Shares from trading 7.30 a.m. on 17 May on AIM Court Hearing to sanction the Scheme 17 May Effective Date of the Scheme 17 May New Vanoil Shares and New Vanoil Warrants 20 May issued Cancellation of Fluormin Shares from trading 7.30 a.m. on 20 May on AIM New Vanoil Shares listed on the TSX-V by 8.00 a.m. (EST) on 20 May Commencement of dealings in New Vanoil by 8.00 (EST) a.m. Shares on the TSX-V on 20 May Vanoil DCIs credited to CREST accounts By 8.00 (EST) a.m. (in respect of Scheme Shares held in uncertificated on 21 May form only) Latest date for despatch of statements 31 May of entitlement in respect of the New Vanoil Shares and warrant certificates in respect of the New Vanoil Warrants by | dreggspicker | |
26/3/2013 19:09 | So there we go then, no duel aim listing, not too worried by that, I would prefer a aim listing, but I can understand why we have forgone it ....... Except the wierd movements of Canadian shares, and the crazy spread ........ | dreggspicker |
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