Petroceltic Share Discussion Threads

[rallyman2] 06/4/2016 15:34

now the price is 3p are dragon oil not interested at all !!!!!

[gkphero] 06/4/2016 15:00

Another useless BOD who need the rope imo.

[cyan] 06/4/2016 14:43

Malcy has his say.

[lr2] 06/4/2016 14:36

The board of embattled oil explorer Petroceltic has said it will support the controversial 3p a share buy-out bid from Russian-backed fund Worldview, just days before insolvency proceedings are due to move ahead.

The explorer’s largest shareholder made an offer to buy Dublin-based Petroceltic at an 83pc discount to its market value, which was initially rebuffed by the board as “undervaluing” the company.

But the fund retaliated by purchasing almost 70pc of the group’s senior debt facility totalling $233m (£163m) in a bid to take control of its restructuring as it moves into insolvency.

The company now faces insolvency proceedings in the Irish courts beginning this Friday and has urged shareholders to accept the offer by April 14.

Worldview will need to secure support of 90pc of shareholders in order to snap up the explorer at the bargain rate.

Macquarie analysts said the conclusion of a £64m deal with Worldview would be “very disappointing” given the fundamental value of the company’s Ain Tsila oil field project in Algeria.

Independent advisory firm share price Angel added: “With the development drilling of the Ain Tsila progressing, and the prospect of cash generation not too far away, we believe that the Worldview team have played an absolute blinder with respect to getting a world-class asset for not very much money."

The power grab follows months of feuding between Petroceltic and the fund, which has repeatedly accused the board of mis-managing the explorer and driving down the value of the company.

The company has debts of $200m (£140m) versus a stock market value of just £46m earlier this year before trading of the stock was suspended.

Worldview, through its subsidiary SunnyHill, put forward an offer to buy up the troubled firm at £64m, or 83pc below its most recent closing price, saying the value of the equity in Petroceltic “is close to zero, given the parlous financial position of the company”.

Petroceltic shares were worth more than 130p in March last year but the collapse in global oil prices had pushed them down to just 7p before the company suspended trading on March 7.

[1775] 06/4/2016 13:56

Will the share come out of suspension before the takeover goes through does anyone know? If it does there could still be a higher offer - especially now with O'cathain advising to take the offer. (Do the opposite and you might do better) The fat lady might still sing a verse or two.

[moise] 06/4/2016 12:48

Couldn't agree more re: Davys. Have disgraced themselves also.

[fido] 06/4/2016 11:08

Saddened by today`s news from Petroceltic.
It was just over a year ago when Dragon pulled out of talks with PCI`s board over a possible offer around the £2.30 mark because the PCI board would not talk to them. Now that board has accepted the 3p offer from worldview.
Maybe a sign of the times but a sad exit for Petroceltic nonetheless.

[ladeside] 06/4/2016 10:57

Pretty much typical AIM where on one hand we get an RNS telling us it's basically game over and at the same time get another update confirming that our main asset is going great guns and the board are "delighted". You couldn't make it up.

Not to mention that Davy the house broker who have for years consistently issued pie in the sky valuations and kept reaffirming the massive upsides are now advising everyone to punt their shares for a nominal value of peanuts !!

Yet again the whole thing stinks to the high heavens and just shows the corruption within the "game".....

[mariopeter] 06/4/2016 10:56

Worldview and Sunny Hill are clocked and behavior noted. Watch out for them again. If I see them entering a shareholder register where I am invested I will sell instantly. They are not the only ones of course at this behavior and everyone gets what they deserve in the end one way or another imvho.

[wshak] 06/4/2016 08:54

If anyone wants to sell their PCI shares at 3.5p, please get your broker to contact Ken at Cambell O'Connor (tel 00 353 (1) 679 1969). Non-negotiable on price, sorry.

I am short from a lot higher up, so happy to pay a slight premium to the bid price to release funds immediately, rather than wait for the takeover process to complete.

WShak

[rallyman2] 06/4/2016 08:08

I hope worldview get the books audited for the last 5 years and lets see if the bod "acted with shareholder interest"

[lr2] 06/4/2016 07:59

A shabby ending. Farewell PCI.

[hermana3] 06/4/2016 07:55

Yes pennies for the long sufferers!

[moise] 06/4/2016 07:41

That's it so. For deep shame on the BOD.

[pyemckay] 05/4/2016 22:46

shareholders will be unable to do so Mario.

A scheme of arrangement will follow and you can expect to hear details very soon.

[mariopeter] 05/4/2016 22:36

Thimk there is a big gas find and gas is much more preferable to oil these days. Shareholders need to get rid of the idiots trying to steal the assets at 3 p a share.

[hermana3] 05/4/2016 07:40

At least the jewel in the crown keeps producing good results.

[nextull2] 05/4/2016 07:31

Thanks LR2.

[hayfield] 04/4/2016 23:23

I thought the market was supposed to reopen this today?, if it does expect it to settle at 4p, thats about the risk any punter will take at this stage with the 3p safety net from Sunny hill

[lr2] 04/4/2016 21:20

Hi Nextull2,

I wish I could offer you advice on this situation but I haven't got a clue what's going on here. I suspect we need to know who bought the Sunny Hill holding. If it's a Russian backed company then I suspect the Russian mob are attempting to secure a stronger hold on future gas supplies to Europe. They won't want foreign competitors nibbling at their prize market.

PCI are in a complete mess and just not worth an investment right now.

Regards, LR2.

[nextull2] 04/4/2016 20:03

herm any ideas what that move might have been about?

[hermana3] 04/4/2016 19:21

Interesting move by SuunyHill.Worldview. PCI unusually mute since issuing of formal takeover document.

[nextull2] 04/4/2016 19:01

LR2 would appreciate your view or any ideas you have about the current situation
Thanks.

[lr2] 04/4/2016 18:49

Disposal of 32 per cent. of Petroceltic International plc's Senior Bank Facility by the Worldview Economic Recovery Fund

Sunny Hill, a company wholly owned by the Worldview Economic Recovery Fund (the "Economic Recovery Fund"), announces that, on 2 April 2016, the Economic Recovery Fund disposed of 32 per cent. of the Petroceltic Group's outstanding indebtedness in respect of the group's Senior Bank Facility to an independent third party investor (the "Disposal"). The Economic Recovery Fund remains interested in 37.44 per cent. of the Senior Bank Facility.

Registration of the third party investor as lender of record under the Senior Bank Facility is expected to occur shortly, on the facility agent, HSBC Bank plc, countersigning the transfer certificate under which the Disposal was documented.

Capitalised terms or expressions used in this announcement have the same meanings given to them in the Offer Document dated 24 March 2016, unless the context requires otherwise.

- ENDS -

[nextull2] 04/4/2016 18:42

hxxp://www.independent.ie/irish-news/courts/high-court-to-hear-application-over-whether-it-should-confirm-examinership-for-petroceltic-and-two-related-companies-34598114.html