Takeover - Don't be fooled news is coming and when it does it will amaze us i'm sure!
Pipedownpete - 100% takeover
Takeover 100% nothing takes this long! Why keep the 4th partner secret!
Must be a takeover. How on earth could anything else take so long ?!
for those that missed it first time round.....with ref to the Range Resource RTO.
ps..'As part of the reverse takeover process, a competent persons' report will be commissioned which will provide further detail on the Company's reserves and resources following completion of the acquisition of RRDSL'
(I couldn't help but notice that a CPR will be commissioned AFTER the take over and new AD)....that was interesting.
It has to rise today or it's a takeover
If it was a takeover wouldn't they complete the drill to confirm the potential of the deeper sands and so max value
They could be waiting for the PIB for takeover/rto.
If it is a takeover why are they bothering with podcast ?
Has to be a takeover, it can't possibly be taking this long for a few million for a marginal well
@1alfi, Interesting post -
a) the Company secures project funding for the next phase of Ororo field development
We have deferred payment, that's as good as funding, or a clever way to mitigate paying out?
b) acquires an interest in a significant oil discovery offshore Nigeria or
Again, 40% of Ororo is not considered a significant?
c) accepts any proposal resulting in a change of control of the Company or
So a takeover?
d) as may otherwise be mutually agreed between Havoc Services Pty Ltd and Sirius.
The catch all.....
Id argue we have fulfilled 2 of the 4 scenarios above, why haven't they been paid yet?
Ht - so if 4th partner offers 15p for an example to buy SRSP before we hit oil but ororo over the line with full funding! Do you think SRSP will say no! This could happen at any time - on the the other hand we could go all the way and go into production! IMO it's a takeover! Why all the secrecy on assets and 4th partner! All CPR secrecy! I don't care what happens but the bod really need to get shareholders a ROI here sooooon! And why is the share price at .80 at this stage?
"As the CompanyÃ¢â¬â¢s intention is, in the first instance, to make an investment
that would be a Reverse Takeover, at which point the Company would cease to be an investing company for the purposes of the AIM Rules and will become the holding company for an operating company"
"The Company intends to make one investment that will result in it ceasing to be an investing company (as defined in the AIM Rules). Such an investment is likely to be a Reverse Takeover under the AIM Rules requiring a readmission document to be published and Shareholder approval. If the Company does make smaller investments that do not constitute a Reverse Takeover then in accordance with the AIM Note for Investing Companies, the Company will, strive to keep sufficient separation between the Company and the investments to ensure that the Company does not become a trading company"
" ... to bring the Ororo field (OML 95) in Nigeria (in which Sirius has a 40% economic interest with its partners Guarantee Petroleum and Owena Oil & Gas) into production. If successful it is likely that Sirius would become the operator and this would trigger a reverse takeover under AiM rule 14 and require shareholder approval. Following this, complementary or unrelated acquisitions in the oil and gas sector may be made.
The Company will seek to acquire interests in oil and gas projects ...may be achieved through acquisitions, partnerships or joint venture arrangements ....may result in the Company acquiring the whole or part of a company or project. "
Clue to strategy is at the beginning of the above, with field/block linked together.
But will Sirius continue to exist as a minnow independent producer in league with a host of monster names (Schlumberger/COSL .. field + Chevron/NNPC ... block) in O&G world?
...that's an excellent point and the obvious answer is 'yes'.... however, in any case, the company have to be careful not to issue 1.2bn shares to a single entity or concert party, as this would trigger the 30% rule whereby the holder would be obliged to make a cash offer for the rest of the shares at the highest price during the previous twelve months.
'could they even be needed to fend off a possible hostile takeover at some point???
The bottom line...yes, eventually they'll be utilised, probably as part of the end game or even within the proposed JOA, but their current purpose is to act as a defence mechanism against unwelcome, hostile predators.
'Only 6 weeks to April..'(very conveniently close to the 2017-2018 ISA date)
red or black have you been looking up on wiki again to get these facts?? i hope these place shares if thats whats goinbg to happen roll up asap because to me that would be a good sign of a possible end game happening, i couldnt give a monkeys t**s who gets these shares as long as its all part of a end game that will finally play out in all our favours. the facts are when these aim companies need cash they usually need to flog shares to get this cash and i suppose forward selling is all part and parcel of this agreement for the folk who are fronting the cash. it was common sense that these 1.7 billion shares eventually need to end up somewhere , could they even be needed to fend off a possible hostile takeover at some point???
No takeover I'm afraid - they're just ridiculously slow as they always have been. Two days and counting.
Deffo takeover, can't take this long, still no oil folk on board, must selling it.
unfortunately I need to go to the bathroom can someone step in and takeover screen watching for 5 minutes please ?
What happens if the 1.7b shares are not issued and there is no takeover bron? And the rnss are the truth and the company have struggled in the past and are hoping to finalise a vendor consortium to do a drilling campaign at a low cash expense? What would you do? Would be angry?
Dr Rosso - your time is up mate! You've either called this right or you haven't. Last chance to call this right imo! After Thursday if no big news/ suspension / RTO / funding / takeover then you may as well talk to yourself! However you've covered all aspects over the years! Good luck to you and hoping at last you're right! Boom!
Rugby - I don't think a summer has gone by without them trying and failing to get funding.It must be a takeover, no company can be this bad at getting funding, its embarrassing
Couple of thoughts Rosso:
- I may be wrong on this but from some recent RNSs I've sensed more of a possible wider business development vibe when it comes to potential partners. If so, project financing may not be fully 'in-house'. But to be honest any commitment from someone of the ilk of Schlum alone would still be amazing for us.
- I've always felt Corvus were more of a seed funder to help get us established and to a certain point. Don't know quite how active their participation would be thereafter and what additional value they could add compared to others. There was also that slightly odd singling out of them in the RNS last year, which appeared to downplay their involvement.
- as suggested, the 10%, 25% & 40% of current issued shares have been thought through. I'd hope only a fraction relates to initial project financing however and we'd be unwise to issue all 12 months allowed allocation too early, unless there was a planned takeover in the wings.
A reverse Take Over will require a temporary suspension.
(and another reason why an RTO suspension will be required...money for old rope)
9.4.5 a letter of appointment with Jack Pryde dated 28 February 2011, conditional upon
Admission, pursuant to which Mr Pryde is to be appointed as non-executive
chairman of the Company. The Company is to pay Mr Pryde a fee of ÃÂ£12,000 per
year, payable monthly in arrears. The fee will increase to ÃÂ£50,000 per year,
backdated to 1 February 2011 upon the Company completing a Reverse Takeover
herman-n...no, but I found this...
The CompanyÃ¢â¬â¢s objective is to generate an attractive rate of return for Shareholders, predominantly through capital appreciation, by taking advantage of opportunities to invest in the oil and gas sector. The company is currently seeking funding to bring the Ororo field (OML 95) in Nigeria (in which Sirius has a 40% economic interest with its partners Guarantee Petroleum and Owena Oil & Gas) into production. If successful it is likely that Sirius would become the operator and this would trigger a reverse takeover under AiM rule 14 and require shareholder approval. Following this, complementary or unrelated acquisitions in the oil and gas sector may be made.
(presumably it's being reversed into one or both of the partners?)
Yeah lots of personal views and circumstances will shape how you feel about this. For me, I question if we could realistically sell out currently for the kind of price people would anticipate / and after a few years of sitting on losses, I want a major payback here....and equity value accretion through a developing growing company, with possible dividends for a period of time and then a big one-off pay day on takeover. But I completely understand others may want their money back/profit and to wash their hands of the company asap.
Agree Mr B, takeover removes the decision of when and what to top slice or sell.
If, as Sol suggested yesterday we get cash and equity offer, we are relieved of the top slice worry but still have the sell decision.
For me, holding for twice or thrice is worth the hassle, so I am in Sherlock's camp.
Just need that RNS and then we can plan for real, rather than hypothesise!
Both have incredible merits from the view point of where we are now Sherlock. Takeover ends a nightmare for most and production may be more lucrative in the long term, but leaves you still on the roller coaster. I personally don't mind.
Dunno HT. Probably service provider finance wasn't an option then, wells were more expensive and non-project finance lenders were looking to dilute us too significantly, or at least take control or have recourse over all of our assets, thus a far greater risk for us. Perhaps previous Board members were incompetent. Maybe we were looking for a full takeover but could never get there. Maybe partner issues and asset legal disputes were a major fly in the ointment.