Meridian Petroleum Share Discussion Threads

[pingu08] 30/11/2009 14:25

Enq

The Capital Raising is being made by way of a Placing of 22.25 million New
Ordinary Shares to Levine Capital Management and institutional investors and an
Open Offer of 5,364,498 New Ordinary Shares, allowing the Company's existing
Shareholders the opportunity to participate in the fundraising at the same price as the Placees.

The Open Offer closed at 11.00 a.m. on 27 November 2009. Under the Open Offer,
valid applications have been received from Qualifying Shareholders in respect of their basic Open Offer Entitlements for, in aggregate, 5,002,468 Open Offer
Shares, representing approximately 93.25 per cent. of the Open Offer Shares. As
a consequence, 362,030 Open Offer Shares were available pursuant to the Excess
Application Facility. Valid applications received from Qualifying Shareholders
pursuant to the Excess Application Facility have been received in respect of
5,680,810 Excess Shares, representing approximately 1,569 per cent. of the
Excess Shares available. Accordingly, Qualifying Shareholders will receive an
approximate rate of 6.37535 per cent. of their application under the Excess
Application Facility and no Open Offer Shares have been subscribed for by
Evolution, who agreed to underwrite the Open Offer.

Regards
Pingu08

[enq] 30/11/2009 14:24

To be fair maharees, I suspect this will be a short term dip - if you are holding long term (investing rather than trading) this should come good very quickly.

Personally, I'm only in this position because I was given my rights & full excess shares too early.

Regards, enq.

[bungeetrader] 30/11/2009 14:23

liamroy,
you'll get less than 400 of the 6000 excess share applied for. There was less than 400k of share available as part of the excess offer so you'll get 6.37535% of your application for 6000.

[bones30] 30/11/2009 14:21

swampy - that is one way of looking at it I guess.

[maharees] 30/11/2009 14:21

Enq

you go ahead and sell. Then pray for the share price to drop to get in cheaper and then wish us all good luck whilst wanting to diminish our wealth.

I'll wish you good luck too.

[swampydrill] 30/11/2009 14:21

Is it really surprising Bones considering they were less than half price.

[enq] 30/11/2009 14:20

Pingu08

Shares in Issue = 16.09M therefor possible maximum excess entitlement that could be applied for is 1 for 1, ie 16.09M shares.

Actual excess application shares applied for = 5.7M

"Valid applications received from Qualifying Shareholders pursuant to the Excess Application Facility have been received in respect of 5,680,810 Excess Shares"

5.7M shares applied for = 35.4% of 16.09M (ie about a 1/3 of the max possible applications).

Regards, enq.

[bones30] 30/11/2009 14:16

What??? They were oversubscibed by 1700%!

Yes, very positive that isn't it?

[all in eol] 30/11/2009 14:14

VICTORFROMPORTUGAL - 30 Nov'09 - 14:09 - 16576 of 16579

Looking forward to your posts on the new thread.

[brasso3] 30/11/2009 14:12

To be fair Victor made his point on here and to SG in person. He did turn up and conducted himself in a respectable manner towards the board. He is a genuine share holder so he is entitled to his opinion whether we agree or not.

[pingu08] 30/11/2009 14:12

enq - 30 Nov'09 - 14:07 - 16575 of 16578

"Once the loosely held rights issue shares have been sold on the market (& bearing in mind that it looks like only 1/3 of the total possible excess allocation was applied for so there is not a huge amount of spare cash sloshing around, indicating that many of these shares will be cashed in early on) I'll look at getting back in again."


What??? They were oversubscibed by 1700%!

[android2] 30/11/2009 14:09

Technohead Victor was there and voted No to the resolutions

[victorfromportugal] 30/11/2009 14:09

I was in the front row and voted against ! So keep your "no shows" for the rampers present here and all who sat at home doing nothing!

will post later on President (if I feel you deserve any comments!) lol

bye

[enq] 30/11/2009 14:07

All in Eol - 30 Nov'09 - 09:21 - 16524 of 16572

Enq, you had to buy back any of those shares you sold yet?


Afternoon AiE.

No, no word from the broker & I've spent all the cash. It wouldn't surprise me if they never rectify the situation.

I am now hoping to receive a duplicate allocation to sell on tomorrow - we'll see what treasures the account holds tomorrow am.

Once the loosely held rights issue shares have been sold on the market (& bearing in mind that it looks like only 1/3 of the total possible excess allocation was applied for so there is not a huge amount of spare cash sloshing around, indicating that many of these shares will be cashed in early on) I'll look at getting back in again.

Regards all & best of luck for tomorrow, enq.

[technohead] 30/11/2009 14:01

So Victor was a no show?
Guess he saw the futility of his cause.

Admire his tenancity and faith though.

[brasso3] 30/11/2009 13:52

Rookie

You forgot the bit about Victor being wrestled to the ground as he went to attack the members of the board! Only joking! A very short meeting with some praise from Trever Markham. They mentioned the website should be updated this week also. The two guys from Levine Capital were also present.

[woodwar73] 30/11/2009 13:49

Due at around 4:30pm according to the RNS on 02-Nov.

[bloodhound] 30/11/2009 13:44

Have we had the all resolutions passed RNS yet?

[bazwurp] 30/11/2009 13:43

should there not be an RNS confirming that the offer has been accepted?

[all in eol] 30/11/2009 13:43

New thread ready for business. Will add basic info to the header later today and more as we get it :-)

[tadtech] 30/11/2009 13:29

A quote from SG in reply to Robo63


"President Petroleum is a different animal with a new team and an ambition and delivery capabilty that is in a different league to MRP."

[liamroy] 30/11/2009 13:26

6000 excess

[bungeetrader] 30/11/2009 13:20

How many you applied for.

[technohead] 30/11/2009 13:19

liam - only guessing but seems logical it would be on what you applied for.

Long live the president - and may he prosper!!