Cabot Energy Share Discussion Threads

[wanderingmariner] 02/9/2019 16:11

Very expensive financing especially in a world where base rates are close to zero wherever you look.

[no pah king] 02/9/2019 12:20

Good shares.

I suppose pushing price up possibly double as people want to take a piece the open offer. Won't surprise me if we double.

[imperial3] 02/9/2019 12:19

Top of the leader board.

[investoroilandgas] 02/9/2019 08:40

C$5 million loan agreed...well done Scott Aitken & team, that's an excellent result.
Another Open Offer on the way next month, hopefully that draws the line under putting more capital into Cabot Energy.
The sooner that drilling programme starts, the happier that I will be !!
GLA

[investoroilandgas] 26/8/2019 10:01

We have been here before with regards to money running out, High Power Petroleum has previously provided additional capital when required. The wording of previous RNS's indicates that H2P wants to invest "alongside other shareholders" so it would appear that it does not want to completely take Cabot Energy, other CAB shareholders do not share this view.
Scott Aitken & the CFO are High Power Petroleum guys, Scott is not actually a Director of Cabot Energy (see Cabot Energy website).
The key issue for me is, can Scott Aitken secure a debt financing deal on reasonable terms? If he can't, we are looking at another capital raise, the March 2019 capital raise was done on an Open Offer basis (see RNS - March 2019).

[adrianuk] 25/8/2019 23:01

It's interesting our CEO Scott co-founded High Power Petroleum. He must still have strong ties to the company?

[adrianuk] 25/8/2019 22:52

They only have enough working capital until the end of August. Are we looking at a placing or open offer? High Power Petroleum own 66.22% of shares. Do you think there could be a takeover?

[investoroilandgas] 25/8/2019 11:45

I have a small holding here, bought in December 2018. It looks to me as though the potential Debt providers are imposing tough conditions hence the reason for the discussions stretching on. Can Scott Aitken deliver a debt financing deal or are we in for another round of capital raising to fund the 2019 drilling program?
H2P have said previously that they will invest more capital (if required) "alongside other shareholders".
The key question that I'd like an answer to (I've written to Cabot & received no reply) is who bought Garraway Capital Management's shareholding? 9.07% of the shares traded, it would appear that H2P did not buy them (see Cabot Energy website.

[wanderingmariner] 24/8/2019 16:59

Costs have been repeatedly cut since the mass redundancies under Nick Morgan and Keith Bush. Warnings were given about entering Canada way back then but as an act of desperation the jump was made and all eggs were put in one basket.

Canadian side of business burnt cash like no tomorrow and you are were you are now. Reef plays are short lived wells with one or two years max production at a reasonable rate then die out to the odd barrel or three per day afterwards

Beware the hype.

[adrianuk] 24/8/2019 16:24

Hi there. I just bought in yesterday for a punt. What's happened to the company over the past year? CEO mentions about cutting costs, but can't afford maintenance on producing wells? He talks about drilling 10 more wells next year? Where has all the money gone?

[wanderingmariner] 24/8/2019 12:10

Yes there are however im only a small holding. This is heading private or down the drain. Unlikely to get the financing as its dragging on too long now either that or it will be hellishly expensive and wipe out any profits anyway.

Italy has always been potential and that's all it will ever be as Italy is a political basket case.

[adrianuk] 24/8/2019 11:46

Are there any real investors here or just de-rampers?

[heaven] 23/8/2019 10:07

Cost controls have halved output! Soon be HPP s.

[investoroilandgas] 16/8/2019 21:10

Fatslag69 - please ignore my last message.

[investoroilandgas] 16/8/2019 20:37

Thanks Fatslag69 - I've sent an email to the registrars. Do you mean Neville Registrars offices in Birmingham or Cabot Energy's registered office?

[fatslag69] 16/8/2019 20:17

Investor they will charge you for it to be emailed.
But you are entitled to goto the registered office to view it for free.

[investoroilandgas] 16/8/2019 20:04

Exactly Nutty1, that's what I want to establish!

So, we think that a Market Maker has acquired Garraway Capital Management's 9.07% shareholding (the second largest Cabot shareholding), that is very interesting. I'm emailing Neville Registrars tonight & requesting a copy of the Cabot Energy share register.

[nutty1] 16/8/2019 19:48

Been an interesting CAB board today, I've learned quite a lot...

If the MMs are sitting on a bunch of Cabot stock and we think Mr Aitken can pull off some refinancing, is there a buying opportunity here?!

[fatslag69] 16/8/2019 19:25

hxxps://www.handbook.fca.org.uk/handbook/DTR/5/1.html

Under disregarded for tr1

by a market maker acting in that capacity subject to the percentage of such shares not being equal to or in excess of 10% and subject to the market maker satisfying the criteria and complying with the conditions and operating requirements set out in DTR 5.1.4 R;
(4)

[fatslag69] 16/8/2019 19:23

Yes investor it’s 10% for market makers.
Ask the company. You can also put in a request to view the shareholder register.

[investoroilandgas] 16/8/2019 18:50

I have just found the following:-

In accordance with the London Stock Exchange (LSE) rules, Panel of Takeover
and Mergers board (PTM) rules, an investor who acquires, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% of a UK Company, must, under the Companies Act 1985 Section 198, disclose their interests to the London Stock Exchange and the company, within two days. The company may impose sanctions if disclosure not completed.

There we have it, whoever bought Garraway's 9.07% shareholding needs to disclose it to the London Stock Exchange. I have emailed Cabot Energy today regarding this matter, other Cabot shareholders may wish to do the same.

[investoroilandgas] 16/8/2019 18:34

I thought that any individual / entity holding 3% or more of a company's outstanding shares had to declare the amount they own to the Stock Exchange, do these rules not apply to Market Makers?

[fatslag69] 16/8/2019 18:08

Investor it must be the market maker at a price that low.

[investoroilandgas] 16/8/2019 11:12

I have emailed Cabot Energy today and asked when will an RNS be released confirming who has bought Garraway's 9.07% shareholding. I will post if I receive a reply.

[kinwah] 16/8/2019 10:30

Nutty you're welcome! Whitewashes have been around for a long time but they are not that common and many newish investors won't know about them. They are very simple. The Takeover Panel basically says that someone going over 30% doesn't have to make an offer to all shareholders provided the other shareholders vote in favour of a whitewash resolution at a general meeting. You normally encounter them where a company is in some form of financial distress but one shareholder is willing to support it but will end up with more than 30%.