Amerisur Resources Share Discussion Threads

[tyler durden1] 21/11/2019 00:50

Be hard for another bidder if large holders have made irrevocable undertakings? It is this you should concentrate on...along with the RH situation leading up to it, along with announcing drilling campaigns fully funded, but how many on time, how many drilled at a time that would crucify the share price if it seemed they were constantly failing to hit targets on drills or results.

The irony is RNS quantified the value that was alleged to have been added?

Go to the takeover panel or the FCA if you think there's wrongdoing.

To get irrevocable undertakings including large shareholders before other shareholders even know of a bid?? Isn't that somewhat restrictive? Is it within the rules.

So what would induce a big holder to make an irrevocable undertaking if it had the potential to thwart any higher bidder.

What with the price being crashed by RH then everything else...I can't blame others for thinking it has a whiff about it.

You have the email. They have the power to look at it.
[e-mail]
[e-mail]

[kinwah] 20/11/2019 21:29

The proof of what AMER's assets are really worth is whether or not another bid comes in for them. R&M have their own justification for selling but it will probably be for portfolio reasons. AMER shares are easily tradeable at the moment with limited upside. Raising cash and buying something which could go up 20% is perfectly rational behaviour for R&M. Regarding the irrevocables, they only really apply to the shareholder vote. If another bid emerges at a higher level then the scheme of arrangement is doomed. As a competing bid is more likely to be a conventional bid only 50.1% would be needed to claim success. A switch by Geo to a conventional takeover would need the approval of the Takeover Panel and would in my view be accompanied by them buying AMER shares in the market at 19.21p. It feels uncomfortable seeing the AMER price slip each day but the prospects of a competing not wholly cash offer are not unreasonable. If there's no other bid, waiting for 19.21p only suffers from the borrowing costs for CFD holders and the opportunity cost of not being in something with greater upside potential.

[rich2006] 20/11/2019 21:19

Everyone has to do what they believe is right for Themselves
However sometime you cannot just roll over and accept it up the ass.
Sometimes you have to push back and say f—-k off.
If enough do it then it can make a difference. See below Ophir energy RNS






For immediate release 20 March 2019
INCREASED RECOMMED FINAL CASH OFFER

for

Ophir Energy plc

("Ophir")

by

Medco Energi Global PTE Ltd

("Medco Global")

(a wholly-owned subsidiary of PT Medco Energi Internasional Tbk

("Medco"))

(to be effected by a scheme of arrangement

under Part 26 of the Companies Act 2006)

Increased Offer Price and Shareholder Irrevocable Undertaking

Introduction

On 30 January 2019, the boards of Medco, Medco Global and Ophir announced that they had reached agreement on the terms of a recommended acquisition pursuant to which Medco Global will acquire the entire issued and to be issued ordinary share capital of Ophir (other than any ordinary shares held by Ophir in treasury) (the "Acquisition") at a price of 55 pence in cash for each Ophir Share (the "Announcement"), to be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.

The scheme document in respect of the Acquisition (the "Scheme Document") was published and made available to Ophir Shareholders on 1 March 2019.

[bigwavedave] 20/11/2019 21:02

rollthedice: re #25090. Thanks. Understood.

[napoleon 14th] 20/11/2019 20:08

IMO no one knows if there's a bidder waiting to disrupt the game.
If so, why declare your hand now? Wait 'till early Dec. to bid c. 23p.
I don't see the point of selling AMER in a hurry. I'm going to wait a bit longer.
The less management have to do with this the better.
The real market will treat us far better!

[fsawatcher] 20/11/2019 19:38

mercantiles sellin amer holders down the river

they gonna take dis to 17's

[acv74] 20/11/2019 19:33

I agree Lucy.

[lucyp00p] 20/11/2019 18:44

I'm not angling for a higher offer, but I certainly won't be accepting a fire sale price. I would rather see the prospects and partnerships come to fruition.

[underhill2] 20/11/2019 18:35

As one Chartered Accountant to another I also wont miss your postings. If you think another higher offer is coming you are not been realistic. All potential bidders have had months to table offers during the strategic review period. I also won't miss Giles Clarke and his band of merrymen. We are not playing a game here. I won't be posting again but nevertheless I wish you all the best for the future.

[tommygriff] 20/11/2019 18:27

Anyone got a number for Nathan Piper?

[moneylender] 20/11/2019 17:39

Evening all

A terrific respose from everyone who are dissatisfied withthis situation.
This could not come at a worse time for me as I have just bought another house
and am in the middle of a full renovation job.

I have done a rough calculation this evening and we are just under 100M pledged. I might add that several people have pledged on BB's and I would prefer an email confirmation, so I ask if you have pledged your support please confirm with a quick Email to [e-mail] all I want is nubmers to make life easy. lol

Where do we go from here is the next question, anyone know a corporate lawyer that can help or press contacts and even institution contacts.

I have not had time to reed the Seekingalpha article yet although a quick scan
looks like we are worth double the offer!!

[dayway123] 20/11/2019 17:27

This present showers leadership will be untenable after this fiasco, not only private but Institutional investors alike will be seeking a much stronger management team.

[rollthedice] 20/11/2019 17:11

Yes we can all agree to that, competent management, drilling etc etc but how do you get there when IIs aren't clamouring for change?

With greatest respect this 'cunning plan' to reject offer & somehow force change sounds a bit Baldrick-y.

[dayway123] 20/11/2019 17:01

If the bid doesn’t go through then it’s a welcome change to a responsible directorship, with accountability and an honest drilling program, that should underpin the share price We have good assets and will increase share holder value with the correct people at the helm.

[rollthedice] 20/11/2019 16:44

#25102 acv74 ~ We were indeed but why reject the deal and continue with those who have failed to deliver and have recommended this shafting?

Sorry I don't get it. To reject the deal (in the absence of a better one) is to ask for more of the same and a reduction in the value of your investment. If those who are advocating rejecting this offer put forward a clear reason why our investments will be higher and the BoD are going to turn around their performance if we do reject the deal then sell it to us. Self harming isn't high on my things to do list.

#25103 Lucyp00p ~ AIM companies have no credibility, it's been a cesspit for years & a breeding place for crooks and overpaid, incompetent BoDs.

[lucyp00p] 20/11/2019 16:42

And we will happy to see the back of you when it fails. What's wrong with you guys? If this goes through, the credibility of all AIM companies will be shredded. Who, in their right mind would ever bother with looking at the value /prospects of a company if this kind of back door stitch up can be done by a couple of geriatrics and a few brown envelopes??

[thegreatgeraldo] 20/11/2019 16:27

Well, assuming the bid goes thru, as GPRK is a public company, we'll see if any bits get sold off. Don't see it myself....time will tell

[blackdown2] 20/11/2019 15:34

It’s fine to vote against something you don’t like. However, if the deal on the table is rejected, and there is no underbidder, then the share price is likely to fall back to where it was when this process started.

[underhill2] 20/11/2019 15:33

Excellent post. I will be happy to see the back of Amerisur when the offer is passed by the 75% required.

[quidnunc] 20/11/2019 13:49

Interesting the posters that suddenly emerge from the woodwork to proffer opinions at the threat of a shareholder revolt? Q

[retailronnie] 20/11/2019 13:34

75% also has stamp duty exemption I believe

Also it depends on what this special resolution is, and how important it is:
"In addition, a special resolution, to deal with certain matters ancillary to the Scheme, must be passed by Amerisur Shareholders representing at least 75 per cent. of the votes cast at the Amerisur General Meeting."

[acv74] 20/11/2019 13:07

There are any number of potential outcomes if the BOD don't get 75% for the disgraceful fire sale.GPRK may up the offer....if they added 5p of GPRK shares into the mix I would be more tempted.Or perhaps we get a new management team?Really we need II support to stop this.