Nautical Petroleum Share Discussion Threads

[ed 123] 27/6/2012 10:50

Sorry, can't comment, Fangorn2. I've exited now. Still might be a counter offer and, if so, I'll have jumped the wrong way. Looking for other home(s) for the cash. I'm cautious though. Markets may fall lower if Eurozone not sorted soon.

Good luck to all.

[fangorn2] 27/6/2012 10:37

Just got the relevant notifications via TD relating to Cairn's Scheme of Arrangement takeover proposal.

Two votes
1)Ordinary general meeting. Voted, no problem

2)Court Mandated meeting. Error 404:File not found./Failure

I tend to get this error message every now and again, usually when I really want to cast my vote...and it is important that I do so...


Anyone else have similar problems...

[steelwatch] 25/6/2012 07:47

PMO has announced they are releasing Sedco 711 following the unsuccessful well on their Coaster prospect. Next well is Spaniards in September, so the Bonneville option has been dropped for now.

[bwanabanana] 22/6/2012 17:53

Ditto to you and everyone who has posted here over the years.



Only seems like yesterday........

Bwana

[steelwatch] 22/6/2012 17:39

Good luck to you also Bwana, and many thanks for your many insightful contributions. Maybe bump into you again on a different board.

[bwanabanana] 22/6/2012 16:56

Gents

I'm out, GLA, it's been a pleasure.

BWANA

[gwr7] 22/6/2012 11:47

Still sitting tight. Documents posted today. Time for a higher offer to materialise.

[ed 123] 20/6/2012 13:48

Blackrock won't be buying at >460p in the expectation of receiving 450p per share in a couple of months. They must think there is a realistic chance of a higher bid.

From the Blackrock support letter,

9 The provisions of this letter (other than paragraph 8) are not and are not intended to be legally binding and shall neither have any legal effect nor create any legal obligation or liability on any member of the BlackRock Group or any of its clients.

ISTM that Blackrock are free to act as they choose.

(edit. Another 2.2% of the equity has been traded so far today.)

[steelwatch] 20/6/2012 12:47

..maybe not as they have submitted a letter of intent so may just be increasing fire power.

[fangorn2] 20/6/2012 12:27

Looks like one II is hoping for a second suitor to emerge..

[marauder7] 19/6/2012 21:13

What's the likely effect of developments with NPE on CNE's SP?

[ed 123] 19/6/2012 17:22

Another 3.2% of the issued shares changed hands today.

Volume since the bid is now about 35% of the issued shares. These were all traded above the bid price. Bid document stated 27% backing the bid of 450p.

It looks like 38% of the issued shares may remain in the hands of uncommitted, pre-bid holders. Cairn and supporters cannot buy these in the market but the speculators can.

The speculators need another bidder to emerge - but not too soon.

It's getting interesting.

[scalpface] 19/6/2012 16:40

are they building their stake cos they expect a better offer?

[fangorn2] 19/6/2012 15:57

UBS Stake at 7.42%

[steelwatch] 19/6/2012 14:34

Yes, I think I misread the PTTEP offer on 23 May:

-- The directors of Cove will unanimously recommend that Cove Shareholders accept or procure acceptance of the Offer (or in the event that the Acquisition is effected by means of a scheme of arrangement under Part 26 of the Companies Act, recommend to Cove Shareholders that they vote in favour of the Scheme at the Court Meeting and the resolutions to be proposed at the General Meeting). Accordingly, the directors of Cove confirm that they have withdrawn their recommendation of the Shell Offer.

[steve73] 19/6/2012 14:08

I recall reading a while back that GAIL were considering making an offer for COV - possibly in concert with other(s), so maybe they're still adding - via ML. (edit - just seen RNS yesterday saying they are no longer interested). I think ML have made a mistake lumping together all those forms for 4 separate co.s currently under bid, as it clearly states that a separate from must be used for each offeror/offeree.

btw, the original (5th jan 2012) COV t/o announcement did not indicate a Scheme of arrangement, see below, butI haven't followed developments much since then and it may well have been superceeded during one of the subsequent offers.....too many RNS to wade through (50+ pages) to confirm one way or the other.



Although I'm by no means au fait with t/os etc, I am led to believe that the SoA route does leave slightly less opportunity for counterbids, buy I can't recall where I read/heard that from, and it may be total b/s.

Good luck to all holding on with NPE - me included...

[steelwatch] 19/6/2012 13:16

May be nothing, but this struck me as unusual:

[ed 123] 19/6/2012 09:21

UBS did a hoovering job on the day after the bid announcement.



They're now holding 6% of NPE.

[steelwatch] 19/6/2012 07:59

Also Steve, I do believe the COV saga has involved a scheme of arrangement and an all cash offer.

[steve73] 19/6/2012 07:44

Steelw - I've clarified my earleir post - sorry to make it sound previously ambiguous.

[steelwatch] 19/6/2012 07:40

Competitive bid situations

There are no specific provisions in the Code as regards how the Panel will deal with competitive situations and the parties will need to consult the Panel as to the applicable timetable. The Panel's response statement sets out their likely approach when faced with competing schemes and schemes in competition with contractual offers. The Panel's approach has been developed in the light of a number of such situations in recent years (including the bids for Canary Wharf Group, Corus Group, iSOFT Group and Resolution).

[steelwatch] 19/6/2012 07:22

· The Nautical Directors, who have been so advised by Investec, consider the terms of the Offer to be fair and reasonable. In providing its advice to the Nautical Directors, Investec has taken into account the commercial assessments of the Nautical Board. Accordingly, the Nautical Directors intend to unanimously recommend that Nautical Shareholders vote in favour of the Scheme at the Court Meeting and the resolution to be proposed at the General Meeting, as the Nautical Directors have irrevocably undertaken to do in respect of their entire beneficial holdings of Nautical Shares, amounting to, in aggregate, 1,915,192 Nautical Shares, representing approximately 2.18% of the issued share capital of Nautical at the date of this announcement.

· Capricorn has also 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 5,889,251 Nautical Shares, representing approximately 6.71% of the issued share capital of Nautical as at the date of this announcement.

· Capricorn has also received letters indicating an intention to vote in favour of the Scheme at the Court Meeting and the resolution to be proposed at the General Meeting in respect of 16,110,316 Nautical Shares, representing approximately 18.36% of the issued share capital of Nautical as at the date of this announcement.

· Capricorn has therefore received irrevocable undertakings and letters of intent over a total of 23,914,759 Nautical Shares, representing approximately 27.25% of the issued share capital of Nautical as at the date of this announcement. (13 June)

[steelwatch] 19/6/2012 07:18

Part B - Institutional Nautical Shareholders

Capricorn has received an irrevocable undertaking from Anthony Lowrie ("AL") to vote in favour, or to procure the voting in favour, of the Scheme at the Court Meeting and the resolution to be proposed at the General Meeting in respect of an aggregate 2,585,933 Nautical Shares owned by AL and certain of his relatives and family trusts. This undertaking will cease to be binding if (i) the Scheme Document (or offer document as applicable) is not published within 28 days of the date of this announcement (or such later date as the Panel may permit), (ii) the Scheme does not become effective or lapses in accordance with its terms, or (iii) the Scheme is withdrawn or any competing offer is made which is declared wholly unconditional or otherwise becomes effective. This undertaking will be suspended if a higher competing offer (being an offer which is 5% per Nautical Share above the Offer Price) is made for the entire issued and to be issued share capital of Nautical, and will lapse if Capricorn does not then make a higher revised offer within 14 days of the date of the higher competing offer being made.

Capricorn has received an irrevocable undertaking from various funds and managed accounts managed by GLG Partners LP (the "GLG Funds") to procure the voting in favour of the Scheme at the Court Meeting and the resolution to be proposed at the General Meeting in respect of 3,303,318 Nautical Shares over which GLG holds long positions through contracts for differences to the extent GLG is able to direct the underlying holder so to vote. To the extent any GLG Fund is unable to so direct the underlying holder of Nautical Shares, it has agreed to instruct such underlying holder (provided neither party to the relevant contract for differences is prevented by its internal trading restrictions from doing so) to close out the contracts for differences in which event such GLG Fund will instead comply with the terms of the undertaking itself in relation to the relevant Nautical Shares. This undertaking will cease to be binding if (i) the Scheme Document (or offer document as applicable) is not published within 28 days of the date of this announcement (or such later date as the Panel may permit), (ii) the Scheme does not become effective or lapses in accordance with its terms, (iii) the Scheme is withdrawn or any competing offer is made which is declared wholly unconditional or otherwise becomes effective, or (iv) if a higher competing offer (being an offer which is 5% per Nautical Share above the Offer Price) is made for the entire issued and to be issued share capital of Nautical or a bona fide opportunity arises to sell the Nautical Shares or close out the relevant contracts for differences at a price exceeding at least 5% above the Offer Price.

[steelwatch] 19/6/2012 06:59

"Vast Majority?" Not yet I think.