Amerisur Resources Share Discussion Threads

[kilgallp] 15/11/2019 10:02

M and P offer of 17p 'materially undervalues' the company, but 19p is good! blx.

I really don't know what to do. Do I vote against acceptance, and risk the price falling further?

BOD having a giraffe!

[paulpaolo] 15/11/2019 09:56

Too many native American interests on that land and criminal drugs gangs. Too hard an area to operate in. Take the 18.7p on offer today or watch it slump to the previous offer level of 17p, or below as time passes with this distraction... Nobody is ripping us off, this is just how it is

[tyler durden1] 15/11/2019 09:56

What is going on with Ironveld, or Barkby?

[tyler durden1] 15/11/2019 09:53

One thing doesn't seem correct.

In the RNS Cannaccord offer their shares that with Mich makes a total of 18.9per cent.

They owned 7.79pc
Mich owned 11.06 pc
18.85pc?

As far as I can see (someone will correct if wrong), there's been no RNS about shares bought sold via Cannacord for some time?

[aceuk] 15/11/2019 09:51

Well done Mr Harbour- the only sensible one amongst us as it turns out

[sharesure4] 15/11/2019 09:46

I’m not selling at this price. Quite a few things don’t stack up. The lack of drilling in recent years and particularly with the 3rd party drilling - there must be a break clause in that agreement for non-performance or the Amerisur board have been stitched up/incompetent. Take your pick.
Voting against seems to me like a limited downside risk and could just produce a better deal. I’m sure others may feel differently.

[al101uk] 15/11/2019 09:46

Hobsons choice, accept this offer or go back to having useless management taking their salaries/LTIP and achieving nothing while the share price retreats back to 12p.

Reality is that with multiple bidders involved, this was the price achieved.

The best way of extracting value for shareholders, in my view, would be to sack much of the management bring in a team that can deliver on a drilling schedule and keep the company as a going concern until more reserves are proved up. That would still involve short term pain... but it's a solution I might approve if put to a vote.

I can't see that happening and to be honest, I'll take the hit and move on at this price in preference to going back to where we were pre-offer.

Hopefully another offer arrives, the assets are still being materially undervalued in my view... I just don't see a road map following a failed vote that gets share holders anything better in the short to medium term.

Why was the concept of a break up and sale of the component parts of the company abandoned if the resulting offer for the company in its entirety is so low?

[tyler durden1] 15/11/2019 09:45

Cannacord are Geopark's advisers.

In the RNS it appears they pledge shares to Geopark already. Conflict

GeoPark Colombia have also received irrevocable undertakings from Canaccord Genuity Limited and Michinoko Limited to vote, or procure the voting, to approve the Scheme at the Amerisur Court Meeting and vote, or procure the voting, in favour of the Special Resolution at the Amerisur General Meeting in respect of a total of 229,142,585 Amerisur Shares, representing approximately 18.9 per cent. of the existing issued ordinary share capital of Amerisur.

[tonyhancock] 15/11/2019 09:42

Been in this for over 10 years and sickened by this outcome,As usual the BOD have looked after their own interests in their cash cow,disgraceful behaviour,but par for the course from these clowns,They have let us down year in year out.

[tyler durden1] 15/11/2019 09:41

Is this why the share price has been held. The BoD can legitimately say to Mich, who it is believed requested this FSP that they have done what Mich asked and even unanimously recommended the cash offer and of course if its rejected can say nothing to do with us Mich....We will just have to carry on running it so well.

Be interesting to see if Mich or Cannacord have any connection with Geopark?

Sad to say but if a deal doesn't go through Mich and others could wreck the share price and wreck Amerisur, and even wreck the possibility of another bid if they chose.

[tyler durden1] 15/11/2019 09:37

Then starts the problem

Do you want Amerisur to continue under the stewardship it has?

Michinoko plus the BoD's percentage can wreck the share price further if it doesn't go through.

The BoD if it fails can hold their hands up to Mich and say we tried, then carry on in the same manner they have for years.

We need another counter bidder. It would have to valued substantially higher to offset penalties.

But you think about it. How much cash has Amerisur got....its spent tiny amounts on Capex for the last couple of years for announced drilling campaigns of millions that were fully funded.

So the bid isn't really for the amount, because there must be about $30-50m in cash and if not why not.

[lucyp00p] 15/11/2019 09:30

"In order to become Effective, the Scheme must be approved by a majority in number of the Amerisur Shareholders voting at the Amerisur Court Meeting, either in person or by proxy, representing at least 75 per cent. in value of the Amerisur Shares voted."Relax, no way this deal gets 75% support.

[ashkv] 15/11/2019 09:24

Geopark per Oct 2019 Update is approx producing 39,600 BoE pd - of which around 6000 BoE pd is Gas
Current Mark Cap + Debt - Cash of Geopark [Or Enterprise Value] is approx $1.55 BILLION USD
Therefore on a Barrel Equivalent Geopark is valued at 1.55 Billion/39600 = US $39,141 per Barrel of Oil Equivalent [Taking into account 20% Gas]
Amerisur at 19.2p & 1.29GBPUSD Exchange Rate has been pegged at EV/Barrel of -->
Market Cap (US$ 301 million) - Cash + Inventory (US $50 million) + Zero Debt = US $ 251 million ENTERPRISE VALUE
Taking Highest recent production around 7000 bpd - This is a Strategic Review Sale
US $251,000,000 / 7000 = US $35,857 - WHICH IS 15% LESS THAN THE EV/BARREL THAT GEOPARK SELLS AT PRIOR TO TRADING POST AMERISUR NEWS. ALSO GEOPARK 20% GAS PRODUCTION WHICH HAS LOWER VALUE THAN OIL.

I AM WAITING TO SEE THE JUMP IN GEOPARK TODAY!!!! SELL OUT BY INEPT AND LIKELY CORRUPT AMERISUR BOARD!!!!

[d1nga] 15/11/2019 09:17

Sold all mine at 19.04 this morning
If the deal doesn't go through back to gawd knows where.

In profit but not as hoped for.

Glah

[kinwah] 15/11/2019 09:12

Thinking about this, it does open the door for M&P to make a share for share bid worth 20p or more. 19.21p is the highest cash bid received but who knows what other non-cash proposals were rejected. Anyway the Rule 8.3 disclosures over the next few days should reveal who has been buying today.

[boatman123] 15/11/2019 09:12

I'm out , onwards and upwards , life's too short

[tyler durden1] 15/11/2019 09:11

With all the Capex saved, the offer is not even what it seems because there must be a significant cash pile in Amerisur that offsets that 19.21p. If not where the fu has it gone.

"Materially undervalued" TRUE

[11_percent] 15/11/2019 09:09

They were not oil men....just scammmers...

[rollthedice] 15/11/2019 09:07

#24741 We can always hope.

No point in bailing now, might as well see how this rolls and whether any counter bids miraculously appear or failing that get every penny of this fabulous* 19.21p offer.


* Obvious sarcasm detected

[spudders] 15/11/2019 09:05

BOD, crock of 💩. Well worth 12 years of stress for this! NOT

[tyler durden1] 15/11/2019 09:04

This might not be what it seems

Geopark have bid and BoD have agreed, but they must believe there is a possibility of someone one coming along.

"Amerisur has agreed to pay to GeoPark a break fee payment in the amount of GBP2.42 million in cash if, following this announcement, an Independent Competing Transaction subsequently becomes or is declared unconditional in all respects or is completed or becomes effective, as agreed in the Cooperation Agreement (as defined in paragraph 13 below)."

[foiledagain] 15/11/2019 09:01

No vote for me and a career ender for the BoD

[11_percent] 15/11/2019 08:58

Now we know why it would not go through 20.....