Petroceltic Share Discussion Threads

[moise] 22/1/2016 14:11

Bet WV are having a bit of mischievous fun with Big Brian, putting out an RNS like that just to get his hopes up!

[steelwatch] 22/1/2016 14:03

ger - average was c.£1.50, so DGO did me a favour.

[gerhart] 22/1/2016 13:58

Steel, not sure that was good or bad for you. But can you imagine £2.16 now? At the bottom on Wed this was near the pre-consolidation price! INCREDIBLE. How, with Alergia alone, did it come to this?! (Gas hasn't even been hit quite as hard as oil)

[steelwatch] 22/1/2016 13:53

ger - departed these shores @ £2.16, but the news caught my eye this morn.

See para 9.4 on or around page 71. Has WV added in the past 12 months?

[gerhart] 22/1/2016 13:21

Thanks HER', but I was more interested in what you - with all your knowledge - understood to be the value as opposed to the current SP/market signals. Are you still in Espana...I think that is where you were when I was here Regularly.

...And Steelwatch is still here too! Can't see a bid anywhere near 130 anytime soon Steel. Can you?

Oil has rallied a little, but I think it will go down a bit more after the Iranians actually start to sell some. The Saudi's may yet want to undermine Iran's oil revenues. ...maybe after that we 'll see oil rise for varios reasons. That's my take anyway!

[steelwatch] 22/1/2016 13:04

Malcy reckons could be 130p.

GLA

[hermana3] 22/1/2016 12:24

Ger, Looks like the market is expecting circa 25p bid. 30p would probably suit everyone(but Worldview) better of course.....

[gerhart] 22/1/2016 12:17

Her' realistically, what is the value of PCI now in today's enviroment?

As per my earlier post sorry to see that you are one of those still here "suffering".

[hermana3] 22/1/2016 12:10

Yes the big beast should get his secretary to nip around and get him some gardening gear toute suite!

[seangwhite] 22/1/2016 12:06

Looks like WV are going to get Big Brains scalp on their belt after a long haul.

[h2owater] 22/1/2016 12:04

Cash offer 30 or 40p??

[oakville] 22/1/2016 11:53

9p !!!! Are you on the tight thread? Lol

[bones30] 22/1/2016 11:52

shaunstar, good point too about debt holders etc.

Also its been nearly a year since their last holdings RNS (but I may be doing the search wrongly).

[shaunstar] 22/1/2016 11:42

bones - gd point but looking at takeover code its not clear if its 12 months or 3 months (section 6.1).

I'm guessing it may be irrelevant though as company in breach of covenants and debt holders in control?

I wonder if anyone knows for sure...

[tiger noble] 22/1/2016 10:58

Gamble for 100k shares at 9p looking good today. Could get 30-40p offer perhaps ??

[bones30] 22/1/2016 10:48

I think it generally works along the lines of "highest price paid in the last however many months".

Not sure for Irish cos.

[h2owater] 22/1/2016 10:44

Unhappy Petroceltic Shareholder Considering Takeover Offer For CompanyFri, 22nd Jan 2016 10:22LONDON (Alliance News) - Petroceltic International PLC could be subject to a takeover offer after an existing substantial shareholder said it may potentially launch an all-cash offer for the company on Friday.Worldview International Capital Management Ltd already holds a 29.6% stake in the oil and gas company, and said its preparing to make a bid to acquire the remaining issued share capital of the company."Worldview would like to emphasise that its evaluation of Petroceltic is ongoing and there can be no certainty at this stage that any offer for Petroceltic will ultimately be made, nor as to the terms of any such offer should one be forthcoming," it said in a statement."Shareholders in Petroceltic are reminded that, further to the company's announcement of December 23, 2015, it remains in an 'offer period', within the meaning of the Irish takeover rules," Worldview added.Although no price or valuation has been mentioned, Petroceltic's market capitalisation currently stands a touch under GBP35.0 million, suggesting Worldview's current stake is worth over GBP10.0 million, with the other shares it may acquire being valued at just under USD25.0 million.Petroceltic initiated a formal strategic review of the business and its assets back in December as the company continued to struggle to make repayments under its senior bank facility due to a drop in oil prices, reduction in capital investment programmes in Egypt and Bulgaria, and adjustments to reserves.Petroceltic had not released a statement responding to Worldview's announcement early Friday.Petroceltic owes USD217.8 million under the senior bank facility, while cash balances amount to USD28.1 million. However, the company also said it had received confirmation from its lenders of their intention to provide further financial support.Petroceltic has previously said it had received a number of conditional proposals in relation to the sale of the company, but also said it had also received interest about individual assets of the company - giving it options. That kick-started a formal sales process, which Worldview has pounced on.Worldview would have seen the announcement of a formal sales process as a gift as it has been campaigning aggressively for change at the top of the company, including levelling accusations of corruption and calling, unsuccessfully, for the ousting of the company's chief executive.Worldview secured support for proposals which had been tabled for an extraordinary general meeting back in October, but that meeting was cancelled by Petroceltic after the company secured an injunction blocking the meeting from the High Court of Ireland.Alongside being unhappy about the management at the company, Worldview was desperate to block a proposed USD175.0 million bond issue which Petroceltic intended to secure against the Ain Tsila gas project.Investors seem to be in favour of the potential takeover, with Petroceltic shares trading up 36% to 15.62 pence per share on Friday morning.In October 2004, Petroceltic's share price hit an all-time high of 224.0 pence, but Petroceltic shares have fallen by around 93% since then.One of the reasons the share price has risen Friday is because investors were fretting after The Sunday Telegraph reported the company was fighting to survive and had appointed restructuring specialists from PricewaterhouseCoopers to prepare for possible administration - claims that Petroceltic has not directly responded to.By Joshua Warner; [e-mail]; @JoshAllianceCopyright 2016 Alliance News Limited. All Rights Reserved.Alliance News

[1775] 22/1/2016 10:43

Bones I think WV purchased the majority of their shares at between 1.50-1.60.

[bluebell1] 22/1/2016 10:40

Offer in the region of £0.35p per share which works out at a cost of £50 million to worldview

[prowlersanarse] 22/1/2016 10:39

only mugs buying before BUST.

[bones30] 22/1/2016 10:36

Surely the question is what was Worldview's highest purchase price in the last however long it is ?

[ladeside] 22/1/2016 10:32

Quite obviously this news from WV was leaked yesterday hence the 33% increase prior to this mornings rise. As always the market is totally corrupt and while this is welcome for those who still remain here the reality is that PCI should never have been allowed to get to this sad state.

People should be prosecuted but of course we all know that they'll get off with it and waltz straight into another top job / directorships while the PI is left to pick up the pieces.

We talk in this country of Africa and South America being hotbeds of corruption but the UK must be right up there with the most corrupt countries in the World....