Genesis Petroleum Share Discussion Threads

[barrywhit] 10/7/2009 12:24

Jefferies Price Target in 2008 was £1.08p..........

[goldenshare888] 10/7/2009 12:17

I feel as though my pants have been pulled down and my back-side smacked red raw..!!!!!!!!

Thats the AIM i suppose....

[haydock] 10/7/2009 11:28

Not selling at thet figure.
They have cash,which may be about £3/4m, nobody is telling.Was about £5/6m in December

Sale price is about £10m.

Do not forget that a lot of the holdings are in Norway & that they get 70%+ back of some of the costs in a year.

[barrywhit] 10/7/2009 10:58

From the RNS 15-06-09....

"I am very pleased with confirmation of these awards which give the Company its
third operatorship in the UK and bring clarity to our 25th Round applications.
The new operatorship together with the adjacent Norwegian licence is of
significant strategic importance and will add new play concepts with significant potential to an already exciting project portfolio."

So why sell on at a £14.7 million.......feathering their own nest i'm afraid..

[haydock] 10/7/2009 10:02

There can be no doubt that the board seem more inclined towards the future properity of the new company, than to bother with the deals that could be negotiated from a position of relative strength.
They are clearly still in a good cash position, with what they consider to be excellant licences,for Bayerngas.

Why not try to negotiate a better deal for the small shareholders?

Acker seem to be in on this & need the cash? Loads of work has gone on here for months, with legal rulings as to the natonality of the company & canvasssing of the larger holders.

If the board knew of a coming bid, which they all did, as did the Acker director, then we had to be told far sooner?

Anyway they have made sure that the exchange cannot really touch them & are off from AIM in September.

[haydock] 10/7/2009 09:53

Bayerngas only just accepted as an operator, desperate to get in on the party?

Offshore247.com » News » Company news » |-| United Kingdom
Bayerngas buyout of Genesis
Published 10.07.2009 09:13:17 by John BradburyGenesis Petroleum is to be bought out by fellow Norwegian licence holder Bayerngas for £14.74 million.

Genesis directors said today it considered the offer "fair and reasonable," and they have agreed a cash offer from Bayerngas based on 8.7 pence per Genesis share, valuing the company at £14.7 million.

Directors said one of the reasons for acceptance of the offer was difficulty in finding cash for further exploration drilling.

"The Genesis Board believes the Group's business model can be pursued =successfully only if new funding is available to the Group to enable it to participate in further exploration drilling and that, whilst the Company's funding requirement is not so urgent as to represent an immediate threat to the
Group, Genesis's ability to generate incremental shareholder value in the near term is very limited and may become even more difficult as its existing cash resources are depleted.

Bayerngas Norge was approved as an operator on the Norwegian Continental Shelf by Norway's Ministry of Petroleum and Energy only last month.

Genesis holds licence block across the North Sea in both the UK and Norwegian sectors and is listed on London's Alternative Investment Market. The chairman and chief executive is Gerry Harrison, who was previously a director of Compagnie Generale de Geophysique with responsibility for offshore activity. He was also an executive of Aker Maritime, based in Oslo, and co-founded Genesis with Michael Haagaard in 2003,

Haagaard was at one time exploration manager for Saga Petroleum based in London, vice president for Aker Geo Seismic and a vice president for CGG in London.

[baht] 10/7/2009 09:48

Hadn't noticed that bit Haydock - 10 Jul'09 - 09:40 - 687 of 688. I think in some ways that makes the deal even more annoying for the shareholders. We loose heavily and the Directors sail on into the sunset salary & pensions in tact.

I would prefer Kinkell's suggestion where we are bought out in a share exchange deal so that those who want to can continue to invest in the licences and their potential, as well as whatever the new company bring to the table.

[haydock] 10/7/2009 09:40

Another snippet:
Subject to the Scheme becoming effective, Bayerngas has given assurances to the
Genesis Directors that the existing rights, including pension rights, of the
directors and employees of the Genesis Group will be fully safeguarded. It is
also Bayerngas's current intention that, if the Scheme becomes effective,
Genesis shall continue to benefit from the expertise of its management
including, without limitation:


+----------+-----------+
| (a) | Gerry |
| | Harrison, |
| | who shall |
| | continue |
| | in his |
| | role as |
| | Chairman |
| | and Chief |
| | Executive |
| | Officer; |
| | and |
+----------+-----------+
| (b) | Michael |
| | Haagaard, |
| | who shall |
| | continue |
| | in his |
| | role as |
| | Executive |
| | Vice |
| | President |
| | and Chief |
| | Operating |
| | Officer. |
+----------+-----------+
The Genesis Directors welcome the assurances received from Bayerngas referred to
above.

[kinkell] 10/7/2009 09:27

There may be an opportunity for a competitor to offer a paper bid, preferably with a cash alternative, to permit shareholders to participate in the licences in future.

[fludde] 10/7/2009 09:09

Naked greed. They don't even pretend anymore. Give the directors money/shares in the aquiring company- jump ship and shaft the shareholders. With pressure on bankers and politicians they figure no-one will notice their actions.

Add the names to the little black book for retribution when the opportunity arises.

[haydock] 10/7/2009 08:59

We are also on waek ground as shareholders.

Although the Company is incorporated in England, the Panel has determined that
the place of central management and control of the Company is currently located
outside of the UK, the Channel Islands and the Isle of Man. Accordingly, as the
Company is not one to which paragraph 3(a)(ii) of the City Code applies, the
Panel has confirmed that the Company is not subject to the City Code and
Shareholders will not be afforded any protection under the City Code. If
circumstances change, which could result in the Company being subject to the
City Code, the Company will consult with the Panel. If the Panel determines
that, as a result of such changes, the City Code becomes applicable to the
Company, an announcement will be made.

[haydock] 10/7/2009 08:51

Do the board seem to have our company & finncial welfare in mind? Best wishes for the future Bayengas?

Did they ever think of the old fashioned method, of asking the small share holders who own the company for a few quid if & when, both seem unlikely, they have run out of the readies?

Did they consider that if the portfolio was worth all this money to Bayengas that the small sharehoder might like to benefit from an inclusive deal?

An EGM would be tasty, but one man & a dog no doubt!!!

* The Genesis Board believes the Group's business model can be pursued
successfully only if new funding is available to the Group to enable it to
participate in further exploration drilling and that, whilst the Company's
funding requirement is not so urgent as to represent an immediate threat to the
Group, Genesis's ability to generate incremental shareholder value in the near
term is very limited and may become even more difficult as its existing cash
resources are depleted.
* In the context of these challenges and the current business environment, the
Proposal represents an immediate opportunity, at a time of market uncertainty,
for all Genesis Shareholders to realise their investment in the Company for cash
at a certain, fair and reasonable value. The Genesis Directors believe that
Bayerngas, with its greater financial resources, is better placed to benefit
from the potential of the Genesis exploration portfolio.

[bazza33] 10/7/2009 08:45

Shafted......

In the context of these challenges and the current business environment, the
Proposal represents an immediate opportunity, at a time of market uncertainty,
for all Genesis Shareholders to realise their investment in the Company for cash
at a certain, fair and reasonable value. The Genesis Directors believe that
Bayerngas, with its greater financial resources, is better placed to benefit
from the potential of the Genesis exploration portfolio and welcome the
assurances from Bayerngas that the rights of all current Genesis employees
(including, without limitation, the executive directors of Genesis, Gerry
Harrison and Michael Haagaard) will be safeguarded following completion of the
Proposal.

Seems like jobs are safe, so stuff the shareholders.....

[goldenshare888] 10/7/2009 07:59

What value does this ascribe to all their licences? Looks like F all........!!!

[guy_fawkes] 10/7/2009 06:46

It's a get stuffed and NO from me!
I would rather let it go down the pan than let these crooks rob me.

[1q] 09/7/2009 21:51

Hi Capt,

Nice to see you over here from the DES board. Let's hope nobody tries to swallow them up at a pathetically low value...

[captguns] 09/7/2009 20:49

Like I said a long time ago, known rogues.

I bet Gerry and George made money.

[pelleeds1980] 09/7/2009 20:35

These guys dont value their own company too highly then? Dont get what the offer is based on nobody is making cash at that level

[1q] 09/7/2009 20:27

The offer means you get 8.7 pence per share - cash. Nothing else.

There are only two major shareholders in Genesis - owning a total of 9.21% of the total shares in issue. Those two must be Harrison and Haagaard on the Board.

These fools must be voted down - and then voted out. I'm pretty confident that most small smareholders will boot out Bayerngas's kind 'offer'.

[ardluilord] 09/7/2009 20:10

My shares are costing me 66.5p does this mean I am even more poor today than yesterday ....or will we just own shares in the new company... I wish I had paid attention at skool when they were teaching this share dealing lark...I can allways ask the RBS for a loan....LOL>..