Venture Production Share Discussion Threads

[ludlow3] 25/8/2009 11:44

END GONE FINISHED CNA HAVE A BARGAIN.

[thegreatgeraldo] 25/8/2009 11:08

Another one bites the dust....... shame.

[phillis] 25/8/2009 10:35

My last comment on this story.

Damian Reece in the DT today points out that CNA did indeed play a canny game and probably got the business cheaper than they might because the VPC Board refused to enter talks and secure a higher price via a recommendation.

The Board's intransigence ended up costing the shareholders just as Oilman's (et at)emotional attachment got in the way of sensible analysis.
Lack of knowledge of the rules governing takeovers was a recurring theme on this BB

Now off to the Humber Bridge - just in case!

[verulamium] 25/8/2009 00:24

The Times: Venture boss to net £20m as Centrica wins the day



Mike Wagstaff might have lost the battle, but I think I could handle that kind of loss...good luck to him, whatever he does next.

[hysteron] 24/8/2009 20:02

gl o1lman, be seeing you around

[o1lman] 24/8/2009 19:16

Of course Dragon have been controlled by Enoc (52% stake) for a long time, but hasn't enabled them to takeover Dragon yet, so imagine VPC will be quoted on the market for a good while yet, time to abandon ship is if CNA get above 75%.
CNA have increased their holding to 48.4% and received valid acceptances of 58.7%.
After they settle these purchases on the 27 August they will then be declare the offer wholly unconditional.
As the choice is listening to Phillis with the likely outcome I throw myself off the Humber Bridge or say best regards and goodbye to fellow shareholders, it's
best regards and goodbye.

[hysteron] 24/8/2009 18:27

There is nothing wrong with putting up a bit of resistance when you believe you are about to be shafted, I prefer to keep my sphincter tight and intact. Only 1000p might see a loosening of the muscles.

[phillis] 24/8/2009 17:17

They have bought the shares.

All they have to do is PAY for them

VPC can do nothing - but you are right technically, though what comfort you can derive from that I am not sure

[o1lman] 24/8/2009 17:00

Phillis, gasman, is that the best u could come up with after four days, I'm waiting for the VPC statement before I admit defeat, just as a matter of record CNA as of todays date do not have control of VPC.

[bomfin] 24/8/2009 16:54

The fat lady is about to be sat on by a White Knight!

Well that's what would happen if the world was fair. I travel in hope and arrive in pieces.

[fatfin] 24/8/2009 16:44

I go with Hysteron the fat lady has not yet sung.

Fatfin

[phillis] 24/8/2009 16:32

H
The fat lady has sung

[hysteron] 24/8/2009 16:06

I'm not for rolling over just yet, without 75% they aren't delisting VPC so I'll just hang on a bit longer and see the eventual outcome. So what if it turns out to be dead money have you saw what the banks are paying on savings these days :o)

They, CNA still have a ways to go before achieving their goal.

[vatteton] 24/8/2009 15:48

FailedQS
Well said,i've never posted here before, always watched and taken in the various comments of discussion in regard to VPC over the last 12mths sorry to see it go

[exmooroil] 24/8/2009 15:42

Soon-to-IPO Lothian were due to appoint another high profile director alongside Tom Hickey (ex TLW) and John Kennedy (Wellstream). Could MW be interested?

[edit]

[mitzis] 24/8/2009 15:35

I agree MW is the man to follow just hope he has an appetite in his next venture.

[verulamium] 24/8/2009 15:34

Can't imagine he'll stay with Centrica for long, he's far too good for them.

[failedqs] 24/8/2009 15:09

shame to see a good Company like Venture go, but it's just the way the market is just now.

I work in the O&G business in Aberdeen, and have watched them grow over the years, in fact I've almost worked for them a couple of times....

Wherever Mike Wagstaff ends up, if he stays as part of the Centrica setup or goes to another company, I would follow him with my own cash, he is a good man to back.

[phillis] 24/8/2009 13:19

Where is Gasman?

He has yet to make an appearance today

[ludlow3] 24/8/2009 11:41

cna nowup 8p more

[scner] 24/8/2009 11:05

Looks like its all over.

[gclark] 24/8/2009 10:37

I think there is a high probability that Centrica wont worry too much about the remaining 49%. They do now have control to the extent that they want. They want reliability of supplies, IMV, and don't see this as a strategic investment, and, subject to not being seen to be acting against the remaining shareholders, can supply themselves at will from the production of Venture.

So at 50% I think they have got what they want. They will offer to buy more, but I don't see them increasing the offer price several months down the road - but we shall see.

IMHO