||EPS - Basic
||Market Cap (m)
|Oil Equipment Services & Distribution
Real-Time news about Lochard Energy (London Stock Exchange): 0 recent articles
|newswseller: Think the PMG share price is getting pumped to make this seem like a better offer. Right now offer values lhd shares at 5.2p but you can buy in the market under 4.5p|
|therealdeal5: I do agree it's a disgrace how hendersons keep putting up RNS's on this stock to try to sway some of the 25% of holders to switch voting, i can not understand what happens if this goes through to Lochard share price, as the damage has now been done by the BOD's here, it just goes to show how if someone has that much clout & is invested in two parties trying to do a deal that they should by law & regulations NOt be allowed to be biased in one way or another, it is clear that Hendersons have a conflict of interests here, how can this be allowed? it is not at all in favour of LHD but in favour of PMG which although i hold a lot of PMG shares i think is totally criminal what they are doing with scare tactics, i would of course like PMG to get LHD for the revenues, & also TRAP & AEY, but not at the expense of other shareholders to be sold down the river by their own BOD's.|
|frazboy: i have been wondering why the Lochard board members are so keen to say that the offer is a good one, whilst refusing to give precise details of the production 'problems' in March, April, and May. The key points in their latest update are, to my mind:
"A variety of operational issues during March, April and May 2013, including some short-term interruptions to ESP output, temporarily reduced output from the field below 10,000 bopd."
"The Board notes that the Cornhill Consortium includes individuals with longstanding links to the Company but who are unlikely to be aware of the most recent performance of the Company and its assets."
first, as Bonfin alluded to, if they know the production numbers for March, April and May, then why do they not declare them?
secondly, the only asset that really matters in terms of performance is Athena. other "assets" does not cut the mustard
my view on this is not complex. i've crunched the numbers, and i think there is a production problem at Athena, but not necessarily a serious one. had they continued to produce @ ~10,000 bopd they should have paid off more of the debt, and perhaps would not have needed the Henderson loan. what people seem to be forgetting is that Athena is essentially fixed cost, it doesn't matter how much oil is being produced (assuming no water is being produced) the boat is still floating out there, and the lease costs still need to be paid, and the staff costs, and the helicopter costs etc. if they fail to meet the 10,000 bopd number then revenues falls, and costs per barrel rise.
the difficult in determining the seriousness of the production problem is compounded by inventories, lack of clarity on costs, and how much they actually receive from BP per barrel of oil! how difficult is it to declare that? i assume that Parkmead know!
in summary in my opinion, at 4.7p paper offer (0.385 * 12.25p (current share price i think)) PMG are getting LHD cheap, but not quite as cheap as some perhaps believe? given the liquidity issues (with LHD and PMG), i opted to increase my holding in TRAP (the market capitalisation of which has been underwritten by the PMG offer for LHD) and not buy LHD. but that's just me, good luck to all holders, and if anyone wants to compare the actual numbers with me then i'll be happy to provide some data
if anyone wants the DECC production data for Athena (up to end Feb) then look here:
good night all|
|bomfin: Quite a bit of mythology in the pmg share price.
e.g. Current lhd revenues way ahead of pmg's ? imho|
|falklands: If I recall you said you would not invest in lhd unless 3p.
I can make or break deals on lhd as I have proven all you need to do is phone Adam and he will tell you the target share price and forthcoming events.
However when the cash is worth the cap year end 2013 debt reduced to $7m do you think lhd will be worth 5p ? No
If I recall you told me on the desire thread that oilies are your hobby, keep it that way and let non bent holders in the city sort this out not Internet chat rooms. I am interested in lhd holders interests not hendersons bent interests or connected families.|
|chart trader: Subject: Share news
Cornhill Capital Limited
30 May 2013
Shareholder Group Intention To Reject Parkmead Offer For Lochard Energy
A consortium of investors being represented by Cornhill Capital Limited and accounting for 20.37% of the outstanding shares in Lochard Energy (LHD) are not intending to accept the offer of 0.385 Parkmead Group (PMG) shares for 1 LHD share.
Whilst the consortium fully agrees that the company needs to be run by an experienced and proven operator, the company has been consistently revenue generative from its 10% stake in The Athena field. This revenue has enabled it to pay down its Senergy settlement in full and the majority of its outstanding Gemini loan arrangement, to the extent that repayments to Gemini should now be at 20% of gross revenues, further increasing LHD's cash position and making it a profitable entity. As such the group believes that the offer of 0.385 PMG shares for 1 LHD share materially undervalues the company.
The following have given written consent to Cornhill Capital to the issuance of this announcement and that they do not intend to support the deal:-
Private Clients of Cornhill (Jarvis Investment Management as Custodian) - 8,185,000 (2.74%)
Peter Ross - 7,813,930 (2.61%)
Gardner Marketing PTY (Haydn Gardner) - 17,528,421 (5.86%)
Barby RJ & Associated Entities (Roger Barby) - 27,376,128 (9.16%)
These combined parties total 60,903,479 shares representing approximately 20.37% of the company.|
|pro_s2009: The take "under" offer appeared in my emails so I am breaking my holiday for a few minutes to LOL LOL LOL @Chrisoil aka Falklands aka many other names.
I said LHD was worth very little because of their MASSIVE debts and their need to pay royalties....... the rampers here have been ignoring the debt but the debt is real as are the royalty payments.
This is the difference between LHD and TRAP.
TRAP are cash flow positive and with cash in the bank and no net debt.
LHD has net debt (quite big) and also has to pay royalties on its Athena production.
The value paid for LHD by PMG, taking into account the LHD debt would make TRAP (taking in their net cash position) valued at way way way above todays TRAP share price.
The difference between being able to spot and hold a good stock and wait for the market to catch up (as will happen on TRAP) or picking of a cheap debt ridden company and trying to ramp it up - a la LHD - but getting caught with your pants down when the take over price comes in.
Right, back to relaxing and enjoying my hols, with a smirk on my face thinking of good old Chrisoil/Falklands/mr hangman or whatever name you are using this hour........ and how he is going to spin and squirm his way out of this debable - perhaps ramping MOIL some more, down from 30p to less than 15p is it now ? Not been looking lately.
|sea7: No-one would have been seriously interested in lhd when the for sale sign went up because of the lack of history on production, the punitive debt schedule and litigation payments.
The company has paid off the litigation, got some historical production figures and is about to move into a much lighter payment schedule. The lack of water breakthrough is also a bonus at this stage.
The company has stated that they have had renewed interest and are expecting some offers in the coming months. whether they will or not remains to be seen.
I personally think that nothing will happen until we move to 20% payments.
When the housekeeping rns comes out on 22 may stating that the company has delisted from the asx, I would expect the company to have already announced its new operator of the licences, paid off hendersons and have made the move to 20% payments.
If no offers come, then we bank the cash, keep pumping and before long the share price would be comprised mainly of cash. The share price would act
The on market price would move accordingly on the announcement of an all paper deal and we would then be able to decide whether to hold or sell.
Whatever the outcome, as long as athena keeps pumping then we should do well out of it.|
|bomfin: fwiw. I can't see this kind of move on LHD share price unless there is a bid in the offing. The only companies with enough information on the Athena field to have any confidence to bid for LHD's 10% are the field partners. So as unlikely as it seems my guess is that they have at least a tentative approach from one of their Athena partners. All imho dyor|
|bc1980: Ok, done some more digging and talking to people who understand this much more than I ever would. Conspiracy theory maybe, but it makes sense to me.
Talks must have been happening over the past few months when the share price was originally around 15p. These talks were obviously not concluded, but remained ongoing - presumably the price wasn't right. The share price dips to 9/10p, we then get a broker note out suggesting a NAV of 49p (previous broker notes had suggested 28p and there had been no RNS since to suggest such an uplift in price). This was shortly followed by the T/O RNS. share price then shoots back up to the 15p region. So....news of a takeover only brought us back to our previous SP, which doesn't sound right.
So....if talks were happening at 15p, what would be a decent sell price? Maybe 1.5 or 2 times? We must presume that wasn't acceptable to the BoD. The fact the RNS was released at 11p(ish) is therefore irrelevent, as I doubt the BoD would reduce their true value of the company on a lower share price. Let's not forget, the share price dropped due to market events and investor sells (in a thinly traded stock where most transactions have a ripple). The share price didn't drop because of any fundamental changes to LHD.
Back to my point.....if a reasonable original offer was 1.5 times the share price that's 22-25p. If that wasn't acceptable then we must assume the recent RNS was made because talks are looking more positive. The 49p broker report is a bargaining tool to drive the value of the company.
All this waffle above makes me believe we're looking within the spectrum of 25p-49p. I don't believe we'll be at either end of this range, so 30-35p must be a fair stab in the dark?
Before anybody takes too much notice of my views, I must add that I also believe JFK was murdered by the US Government, we didn't put a man on the moon, and that Elvis is still alive.|
Lochard Energy share price data is direct from the London Stock Exchange