Antrim Egy Share Discussion Threads

[hugepants] 17/2/2016 14:48

But David Lu is not on the board of directors.
Greer has survived somehow despite the Causeway and Fyne debacles. The only guy that seems to have lost out is the chap who set up the SOU deal.

[sea7] 17/2/2016 14:33

Hedgehog are a fund from conneticut I think. They bought in around 2010. I think one connected party to hedgehog is david lu.

[hugepants] 17/2/2016 14:26

But who are hedgehog? If any of the directors have a connection with hog then wouldn't it be notifiable?

[sea7] 17/2/2016 13:24

sfox1

Levi has simply purchased a stake, along with a couple of others. They will be rattling a few cages, I suspect. His part of that 3% holding amounts to 600k shares.

Levi's history has been made public, however, there is bound to be a lot of other investors, who never come to light, that have dubious backgrounds, equal to, or worse than his.

Levi, most probably holds other stocks, below the notifiable thresholds and no one will be any the wiser.

I bought a stake here after their disclosure. Until they make any sort of move, with regards to the existing BOD, if at all, then I am not bothered by any of their histories.

They are simply looking to make a profit, like the rest of us.

[wskill] 17/2/2016 13:04

sea7 the poison pill will still be there and their friends hedgehog still have a sizeable stake which will make any takeover impossible.
This shower would have been removed long ago if it had not been in place.

[sfox1] 17/2/2016 12:54

long as levi and co are involved ppl are wary regardless of the fact AEY are fundamentally sound..they are like a bad rash that's being polite sooner FCA hold this lot to account for their activities and actions re SER etc the better

[sea7] 17/2/2016 11:59

Wskill - do you remember this article from 2009, I do...

Antrim has also annoyed some with the introduction of a "poison pill" in late 2007. As share prices tumble, so oil and gas companies become more affordable targets for cash-rich predators. Antrim is one of many in North America that have introduced what is known as a "shareholders' rights plan" to guard against cheap takeover approaches. Nasdaq-listed BreitBurn Energy Partners adopted a rights plan late last month.

This plan allows shareholders to convert their rights into additional shares should a predator build a substantial stake in the company. This dilutes the predator's stake in the company and makes it more costly for it to buy the target company. At least one private equity-backed energy company is understood to have been put off buying Antrim because of this poison pill.



Question is... is it still in place.

[wskill] 17/2/2016 11:45

Not a mistake from managements view no sane person would pay their salary after takeover ,they have proved they are close to useless at the oil business wasting hundreds of millions AEY will keep going until the cash runs out they have this tightly sown up no chance of them being taken over and removed.

[sea7] 17/2/2016 11:40

The only offer I could see coming is an all share deal from a cash starved producer, who would simply be after the cash pile. Reverse take over is another possible. Whether they can make use of those tax losses, remains to be seen.

[hugepants] 17/2/2016 11:33

Given that rejecting SOU was a huge mistake, the one positive is that if there is another offer they will be under huge pressure to accept it.

[sea7] 17/2/2016 11:32

Yep I remember that hugepants.

Submitting a work program on FEL 1/13 and putting a drill plan in for year four, might hold the licence for antrim, however, it would be dependent on getting it farmed out, as antrim won't be going it alone.

[hugepants] 17/2/2016 11:25

Its worth noting the previous chairman, Gerry Orbell, was removed shortly after the offer was made from Sound Oil. Orbell was, and is, a non executive director of Sound Oil. So it looks likely he was given his jotters for his part in the Sound Oil approach.
These guys really know what they are doing!

[sea7] 17/2/2016 11:15

On the existing licences, the FEL 1/13 licence requires a work program for the second term of the licence, which runs for four years, to be submitted no later than early april, before this second term begins in early july. If they do not, then they will lose the licence.

They are either working on it, or simply going to let it lapse, along with erne licence which is uneconomic on its own.

Potter is the president, CEO and CFO of the company. That is not the structure of a company in an expansion mode. Three of the other 4 directors are deemed independent and stephen greer, the former CEO, who is chairman, is not independent.

Potter, as far as I am concerned is overseeing the withdrawal from all previous activity, despite talking them up. He is an accountant, not an oil man.

This will render the company a pure cash shell with no debt/liabilities or assets, except cash. Its is just about there anyway.

There is no real direction at this time, hence the heavy discount to cash. Any hint of anything positive will push the share price up quite a bit.

On cash alone it should be trading around 3p, the market may close the gap at some point.

[hugepants] 16/2/2016 13:04

Thanks, so directors not exactly major shareholders. The Chambers/Williams/Levi axis are the 2nd largest shareholders with 3%.

Significant shareholders: % interest
Hedgehog Capital LLC 22.54%
Chambers/Williams/Levi 3%

PS. I hold a million (0.55%)

[kingivor] 16/2/2016 12:02

Directors holding 1.67%

Surely this has to be worth at least 2.5p with 100% of FEL 1/13

[hugepants] 16/2/2016 09:54

If Antrim had accepted the all share SOU offer, then based on the current SOU share price (which has risen 60% since the offer was made) Antrim's shares would be at 5.5p just now. That's 4 times the current share price!

That's why I asked previously how many shares the directors hold. I think I recall they held just a few % but I'm not sure. Usually this info would be listed in the accounts but there is no sign of it. Maybe being a Canadian company they don't need to divulge? Even the recent 3% purchase by Chris Williams et al may be more than the directors hold.

I'm stating the obvious but if the directors hold almost no shares then they have little motivation to do a deal that leaves them out of a job. Shareholder's interests would be secondary.

[sea7] 11/2/2016 16:49

Thanks for that kingivor.

antrim is likely to be a target, whether it will happen or not remains to be seen.

[yasx] 11/2/2016 11:13

Given the distressed prices of assets, any whiff of a deal and these will multi[ly - alternatively, AEY might itself be taken out. Either way, 1.27p represents a steal, notwithstanding management incompetence.

[kingivor] 08/2/2016 09:19

Looks like we've lost a few penny punters from last week.
Cheap as chips this.

[sea7] 05/2/2016 21:27

We could be looking at a bit of a run up over the next week, I am in at 1.29p and expect to see this get much closer to the, over 3p in cash that it holds.

[aimmafia] 05/2/2016 21:19

I'm overly happy with my 1.38 buys. Hoping this does 100% over next week or two

[kingivor] 05/2/2016 16:58

Good progress today. Anything sub 2p has to be a steal.
Irish license round news due mid-Feb should give us (and Europa) a clear indication as to the major and mid-cap interest.
184M - few shares in issue and a bombed out share price equals little liquidity. A sniff of a farm out here or at Europa will surely have a transformative effect on the equity.

Minimal risk play - potentially massive reward if the BoD are up for it?