Amerisur Resources Share Discussion Threads

[bigwavedave] 18/12/2019 10:05

The consensus here seems to be that if the deal is rejected the share price will fall. But if Geopark decides to go ahead with buying a +50% stake, they'll have to pay a premium...surely? Or is that too simple?

[mrx001] 18/12/2019 09:01

Yes had the same standard boilerplate letter. Does at least look like they will examine it, whether they do anything is a different matter. Would have been nice if they had to provide an update as to what the result of their inquiry was - even if was only we have read it and put it in file 13. :0(

[bigbas] 18/12/2019 08:40

anyone else heard back from the FCA ? If not - its not too late to copy Lucy's excellent letter and send it

[kaos3] 17/12/2019 21:55

Regarding press- in some not so reputable countries agencies can arrange than one buys silence for a certain time period

[sharesure4] 17/12/2019 19:27

Bigbas, I doubt it’s too late since the FCA has quite sweeping powers to unpick things.

[bigbas] 17/12/2019 19:24

Managed to find some wifi.
I have responded to remind them that time is of the essence. I think it is probably already too late - but you never know

[dayway123] 17/12/2019 18:52

Nice work Lucy. Let’s hope they investigate this thoroughly. I’m sure Clark and Wardle do read these boards from time to time.

[lucyp00p] 17/12/2019 18:39

That's the one. It's standard boilerplate, but it's not "no"

[lucyp00p] 17/12/2019 18:28

Response received from the Market Integrity Unit to my complaint of December 2nd.It's not been dismissed but referred to the review panel to determine whether the FCA will get involved. Clearly this is better than a slap in the face with a wet haddock. Are you listening Giles?

[sharesure4] 17/12/2019 11:58

This gets worse. I had overlooked that Amerisur's Nomad, Stifel, is also broker to Geopark. But, not to worry, there's bound to be a Chinese wall!
Surprising that more of the financial press have not looked in on this deal. The only piece I have read was in November in the Standard and that only seemed to highlight the lucrative payday for Clarke and some of his co-directors.

[mrx001] 17/12/2019 10:07

What a cookpot of conspiracy theories, linked in with what appears to be the BOD deceiving share holders - either the company isn't worth what they were leading share holders to believe or they have cut some crooked deal (or the people interested have cut a deal amongst themselves so they don't pay a reasonable amount). I think it is very difficult to decide which is the right answer.
What I do know is that I don't like the BOD issuing an irrevocable undertaking on their shares which at a top level doesn't seem to be in their of our interests. I am somewhat sceptical about another buyer appearing at the last moment but think there is a strong possibility that the shares may fall if this "bid" fails. That could be a buying opportunity, therefore the only sensible option that I'm left with is to sell half my shares, which sort of hedges on all options. :0)

[sharesure4] 17/12/2019 09:31

I thought the deadline is today for broker votes to be in. Are most regulars on here planning to go to the two meetings?

[sabre6] 17/12/2019 09:22

I think the vote is on the 19th which is Thursday.

[lucyp00p] 17/12/2019 08:40

Barclays say they have my instruction and will be registering my vote accordingly. I have very little confidence in their ability to do this but apparently they have a spreadsheet with yays and nays on it and will be submitting the votes before the deadline whenever that is.

[bibdaddy] 17/12/2019 07:47

Voted against the proposals a couple of weeks ago. I have just looked on my III account to discover my vote hasn't registered...apparently I did not vote at all!! This stinks to high heaven!

[bigwavedave] 17/12/2019 00:14

"Anyone seen OBA export figures recently?"
They remain uninspiring, Tony. Average for the month so far: 3552 bopd.

[tonyrelaxes] 16/12/2019 20:06

The 'current' options exercise period ends on 23rd. 3M each for GC, NH & JW exercisable at 15p, 11.1p & 15p respectively.

That's £1.2M cash for AMER in a week's time (plus a few days over Christmas while their cheques get cleared).

No doubt they'll sell just enough to pay the UK tax in January to avoid having to dip their hands into their pockets.

LTIP awards still in time until 22/4/21 are a further 5.5M for JW and 1.2M for NH at 00.1p each.


Anyone seen OBA export figures recently?

[tyler durden1] 16/12/2019 17:08

Isn't there the caveat that some of these options can only be exercised if they have met the relevant targets.



The letter to Tracarta and another letter to Directors.

In both letters it infers some options are not exercisable as they need to meet performance targets?

Its hard to see how these options can ever be exercised even though it looks as though they have when the performance judging by the May 2019 report showing ADDITIONAL value created of over $367,000,000 ADDED to Amerisur's existing cash pile and production and OBA, leases etc. end up being sold for 19.21p per share. There is mention that any awards not ratified will be deducted, but how is that if they've already been pledged, or am I misunderstanding it, which I could accept as its complicated. So can they vote on options not yet ratified or end up not being ratified as that would be very strange. As although if not ratified deductions can be made it doesn't do much for a bid vote if votes can't be deducted.

Likewise options exercised require money to be placed in Amerisur's coffers, yet it would appear to many that we have had no RNS confirming any options being exercised or monies added to Amerisur's coffers. It might appear to some that Geopark take it as read it will go through and therefore the monies for options exercised whilst Amerisur is a wholly owned company that Geopark as far as I know owns no shares in, ends up with Geopark? Rather pre judging any court but until and unless the court sanctions their purchase and the shareholders vote for it, shouldn't that money be in Amerisur's account and notified accordingly?

The Formal Sales process as far as I can see showed no details on a lease granted after the FSP was started. That asset should not pass to Geopark, it belongs to the shareholders of Amerisur. Geopark's valuation can only have bid on the assets at the time the FSP started, whereas the latest lease was only notified after the bid of 19.21p was publicly announced and where in any case the FSP documents relate to JULY 2019 so any assets based up to that date.

The bid was announced on 15/11/19 based on a formal sale process that had all information on assets from commencement of FSP in JULY 2019, but could not have add information on a lease not yet granted or notified. In fact Amerisur had an investor presentation dated 31/7/19 which was glowing about the value of Amerisur, but again no mention of even having applied for a new lease and where it follows the May 2019 presentation showing ADDITIONAL value creation of over $367,000,000.

Publication of the scheme document was noted on 28/11/19 at 07:01 notified one day after the announcement of a new lease 27/11/19 11:04, and where to print that scheme document would have meant it was at the printers at least a week prior, so could not include the new lease as part of the assets of Amerisur?

On the same theme what about earnings since the FSP July date. Where are they noted, they can't have been included in FSP dated JULY, as these earnings occurred after that and are still ongoing?

[tyler durden1] 16/12/2019 16:12

query.

When the announcement was made on 15/11/19 they referenced beneficial holdings totalling 59,881,111 shares.

Were the options nil paid?

Isn’t there still an obligation on individual Directors to notify the market when exercising options and immediately in any potential takeover situation?

I can’t remember an rns recently by individual Board members informing shareholders of any exercising of options.

Found the wording under the FSP data on Amerisur, but not sure if its covered by confidentiality formalities.

Worth looking at the option letters.

[al101uk] 16/12/2019 13:13

How am I the one arguing the bull case for Amerisur here :-/

It's the BODs vote on the scheme of arrangement that is "irrevocable". If a higher offer came in then your right the BOD would still have to vote in favour of the scheme of arrangement but the scheme of arrangement would have to get over 75% to succeed. With a higher offer in, I would suggest that they would not get that vote despite 25% of the vote already committed. Holders here are suggesting that the vote may not go in Geoparks favour even without a counter bid... so I don't see how my view is contentious.

Following the failure of the vote Geopark may wish to launch a competing formal takeover offer at or above the price agreed in the scheme of arrangement. I don't believe there is anything tying anyone in to a vote at that point. The two new offers would be considered by the board and one would likely be recommended and may or may not get the irrevocable undertaking from the BOD.

At that point it's likely that only that bid would be put to the vote and the other would be rejected. A 50.1% in favour of the bid would seal the deal and the usual takeover processes would be followed.

Having said all that I don't see a counter bid coming, this entire thing looks gift wrapped for Geopark, whether that's via a huge conspiracy theory or the strategic alliances that are already cemented in the area combined with a large shareholder who wants out... with the sweetner for the BOD of a few million in options for their trouble.

[kinwah] 16/12/2019 13:02

Tyler, a bidder gaining 50% acceptances would soon swing sentiment of the remaining shareholders in its favour. Board control is the important factor. Why bother with the compensation payment if the chances of another bidder were negligible? Facts are no other bidder has appeared. I'm not defending the board in any way but I don't see the SoA not proceeding smoothly as planned.