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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Coastal Eng | CEO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1,056.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,056.00 | 1,056.00 |
| Top Posts |
|---|
Posted at 19/11/2013 16:10 by dragonsteeth Well that's me out and moving on . Been here a while, not posted much but very grateful to dukedosh and the many well informed investors here like tgg etc. I still have Mrs DTs ISA shares to sell , so may hold those for a wee while or until I pluck up courage to tell her that "Coastal Energy " wasn't really into making energy from windmills on the coast , but you've made a nice profit ;-). Good luck all with where ever your CEO money lands. |
Posted at 19/11/2013 08:17 by dragonsteeth this is the wthe IV stuff posted earlier (polite request : if you post a link can you go back and edit the http bit so all can see it, very difficult to read on phones otherwise.)CEPSA to Acquire Coastal Energy Company for C$19.00 Per Share Delivers Significant and Immediate Value to Coastal Energy Shareholders HOUSTON, Nov. 19, 2013 (GLOBE NEWSWIRE) -- Coastal Energy Company ("Coastal" or the "Company") (TSX:CEN) (AIM:CEO) announced today that it has entered into a definitive merger agreement providing for the acquisition by Compañia Española de Petroleos, S.A.U. ("CEPSA") of all of the issued and outstanding shares of Coastal at a price of C$19.00 per common share in cash. The purchase price represents a premium of 28% to the closing price of the Company's common shares on the TSX onNovember 18, 2013. The purchaser is a newly-incorporated CEPSA controlled entity in which Strategic Resources (Global) Limited ("SRG") is an investor. The proposed transaction has an aggregate value of approximately C$2.3 billion including the assumption of C$51 million of net debt. The transaction, which will be completed by way of statutory merger, is expected to close in the first quarter of 2014. Commenting on the acquisition, Randy Bartley, CEO of Coastal said, "This transaction delivers significant and immediate value to our shareholders. Our Board of Directors is unanimous in its view that this transaction is in the best interests of Coastal Energy Company and recommends shareholders vote in favor of this transaction." CEPSA Chief Executive Officer Pedro Miro commented, "Today's announcement reflects an important step in increasing CEPSA's E&P capabilities. Coastal's business comprises a high-quality portfolio of upstream assets located in Southeast Asia, operated by talented management and dedicated employees. We believe that Coastal provides a tremendous foundation for furthering our E&P strategy." Jho Low, spokesperson for SRG added, "We are excited to invest with CEPSA in Coastal. With our strong relationships in Asia and CEPSA's strength in the E&P, we believe we can grow Coastal's footprint in Asia and further enhance the Company's operations." The transaction will be funded by CEPSA's and SRG's available financial resources. Recommendation of the Coastal Energy Company Board of Directors The Board of Directors of the Company, after consulting with its financial and legal advisors, has unanimously determined that the transaction is in the best interest of the company and that the consideration being offered to the Company's shareholders is fair from a financial point of view. The Board of Directors has resolved to unanimously recommend that the Company's common shareholders vote their shares in favor of the merger at a meeting of shareholders to consider the transaction which is expected to occur in early January 2014. Additional Information on the Transaction The definitive merger agreement provides for, among other things, a non-solicitation covenant on the part of Coastal, subject to customary "fiduciary out" provisions, that entitles Coastal to consider and accept a superior proposal and a right in favor of the purchaser to match any superior proposal. If the definitive merger agreement is terminated in certain circumstances, including if Coastal enters into an agreement with respect to a superior proposal or if the Board of Directors of Coastal withdraws or modifies its recommendation with respect to the proposed transaction, the purchaser is entitled to a termination payment of US$76,000,000. Completion of the transaction is subject to customary closing conditions, including approval of two-thirds of the votes cast by holders of common shares in person or by proxy at the meeting of shareholders and by a majority of disinterested shareholders in accordance with applicable securities laws, and receipt of applicable government and other approvals. The transaction is not subject to any financing condition. Coastal shareholders will be asked to vote on the transaction at a special meeting of the Company's shareholders, expected to be held in early January 2014. Full details of the transaction will be included in the Company's information circular to be mailed to holders of Coastal shares in accordance with applicable securities law. A copy of the merger agreement, the information circular and related documents will be filed with Canadian securities regulators and will be available at www.sedar.com. Certain directors, senior officers and other shareholders of Coastal, representing approximately 36.5 million of the Company's issued and outstanding common shares, have entered into voting support agreements with the purchaser and have agreed to vote their shares in favor of the transaction, subject to the terms and conditions of such agreements. Credit Suisse Securities (USA) LLC has issued an opinion that the consideration to be received by the shareholders of Coastal in the transaction is fair to such shareholders from a financial point of view. Coastal's financial advisors are Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC. Coastal's legal advisors are Stikeman Elliott LLP, Cleary Gottlieb Steen & Hamilton LLP, and Walkers. Goldman Sachs International acted as financial advisor to CEPSA. PriceWaterhouseCoope |
Posted at 19/11/2013 08:16 by ricky46 Thank god, really bored of all the stories, the retail investor got mugged here bigtime!!!!!!!!! On to bigger and better things |
Posted at 17/10/2013 21:39 by dukedosh We should see a nice pop at the London open in the morning as CEN closed 82 cents up @ C$18.77 tonight probably on the back of Coastal presenting at Canaccord Genuity 2013 in Miami today and investors liking what they heard. Here's the note from Dale Baker an attendee that posted on Silicon Investor : CENJF Everything is good there. Production dipped this year due to repairs on two mobile production rigs, and exploration was slowed by government permit issues. All that should clear up by 2014. New reserves will be booked from a field just going into production now. They are shooting lots of 3D and believe they have another 500 million barrels prospective waiting for them. They also bought all their own facilities to drop $80m in annual leasing costs. Still a cheap stock IMHO. It would be very nice to hear from management but I still reckon we'll have to wait until the 3Q13 update, due the middle of next month (maybe 11th or 12th?). |
Posted at 30/9/2013 17:34 by marben100 Thanks for the clarification, Log - and for other posts.I agree that investor relations are woeful! Cheers, Mark |
Posted at 30/9/2013 14:33 by dukedosh TSX open and still no RNS here or in Canada. Investor Relations at Coastal really are woefully lacking. |
Posted at 18/9/2013 14:36 by chrysalis99 hxxp://business.finaA successful offer for Coastal Energy Co. would have to come in above $25 per share to secure the approval of founding investor Oscar Wyatt and senior management, Dundee Capital Markets said in a report. Analyst David Dudlyke also believes any takeover of the Houston-based, TSX-listed company with assets in Thailand and Malaysia by Hong Kong-based private equity firm Jynwel Capital, would require the continuity and therefore approval of Coastal's senior management and operations staff. Any offer at $20 per share is too low, Mr. Dudlyke told clients, pointing to a Financial Post report that the final price is expected to be closer to $22. "However, even at that level, an offer would remain at a discount to the independent 2P reserve valuation (and frankly, at 20%, too small a premium to our own 2P valuation)," he said. The analyst also highlighted the company's exploration track record, large prospect inventory and upcoming Malaysian project. Indonesia's state-owned oil and gas company, Pertamina, indicated it was interested in buying Coastal at $23 per share in November 2012. However, that approach appears to have been rejected by Coastal and/or did not receive board support. Dundee rates the stock a buy with a price target of $27. |
Posted at 17/9/2013 17:38 by painter Not sure about the number of CEO shares in circulation at the last offer compared to this new one. The buy back should mean a bid of $20 to $23 is much lower. Am I missing something? Anyway I can't see this management and major investors letting this go for anything less than $30 on the current valuation. |
Posted at 16/9/2013 22:44 by kfr20 I found the following link on Investor Village tonight. Not much in it I would guess. Especially as it falls short of last year's rejected offer. Coastal Energy subject of $2.3-billion takeover bid from Hong Kong private equity firm |
Posted at 17/6/2013 17:16 by dukedosh Marben100,I've got no problem at all with rewarding success, which these numbers fairly reflect imo. However, I do have a big problem with the lack of news issued into the public domain by Coastal's investor relations (IR). It seems to me that the select few (analysts) gets to hear news that the rest of us (retail investors) get second or third hand from unconfirmed sources on bb's like IV. This situation stinks - it's totally unfair. |
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