Falcon Oil & Gas Share Discussion Threads

[matto] 22/1/2004 13:05

Does the above still apply? i.e. is this a cheap way into SEY? Is it still possible to accept the 3.5 SEY shares? Seems a fair discount to the SEY price. I guess the draw back is you have to wait ten days after accepting the FOG offer before you get your SEY shares.

[p@] 07/1/2004 11:02

sk1 It was a cheap way into SEY.

[sk1] 06/1/2004 22:16

Has anyone noticed the recent buys in FOG - what can it mean, it seems a strange time to buy.

[p@] 03/1/2004 10:52

Received letter from MLHSBC.DEFAULT OPTION if no acceptance by 7-1-04 is reject offer.

[kim_clay] 29/12/2003 10:17

Something very odd going on here.

According to my calculations it should have been 34p plus .3 of a sterling share for the additional cash option.
Instead its 15.38p plus 2.01 shares.
How do they calculate that!

The £10mm raised was to be split amongst those who elected partial cash or additional cash.

According to the last SEY release:
7.7mm went for partial cash
27.4mm went for additional cash.

Thats 35mm shares each getting 10p. £3.5mm. (1 share)
The balance £6.9mm is spread between 27.4 mm shares. Thats 25p each (2.3 shares @11p)
leaving a balance of 0.2 sey shares or thereabouts.

According to my calculations thats only £5mm in cash distributed. (at the time of the announcement 89% had accepted). So where did the other £5mm go?


In respect of the ex Westmount shares, what did SEY elect to take: shares or cash?.
Looks like there is some last minute switching from shares to cash to me. By whom?. Looks like Harry decided that he'd like to keep some of the £10mm he raised.

Anyone shed any light on this????

[rbonnier] 23/12/2003 15:40

And with 780 million sey shares in circulation it will take a lot of trades to shift them either way too .They look stuck at 10p or a tad less till doomsday!!

[rescuer] 23/12/2003 15:32

thanks Kim

[kim_clay] 23/12/2003 15:23

Fusion Mauritania B is essentially a Premier Company and as such was not part of the SEY deal. SEY will be entitled to the royalties/bonuses that were negotiated at the time of the sale.

[rescuer] 23/12/2003 14:01

Rayrac >> sorry to see FOG go, did you manage to sell ??

btw >> did Fusion sell out everything to SEY, the RNS that has come out today, lists Fusion Mauratania B Ltd, as an independant company, was this not part of the SEY deal ??, if not, would you, as an exsisting holder (if you didn't sell), be entitled to revenues from this subsiduary of the origional FOG.

Have a nive xmas Jack, and thanks for all your contributions on FOG over the last couple of years, FOG was the first company i bought when i started trading and i've followed you carefully since i read your first post on here.

Thanks once again and have a very merry xmas and a prosperous new year.

regs

Glenn

[rayrac] 19/12/2003 10:47

I don't think there is a 'if' sk1, Fusion will no longer be quoted...anywhere! I'm in one such hole, LOM it was, like being in limbo land :(

[rayrac] 19/12/2003 10:42

Read the last para' sk1.........



As at 3.00 p.m. on 18 December 2003 Sterling owned 20,000,211 Fusion Shares and
had received valid acceptances for the Offer from holders of 71,006,150 Fusion
Shares, in total representing approximately 88.7 per cent. of Fusion's issued
ordinary share capital.

Of the valid acceptances received, valid elections for cash under the Partial
Cash Alternative had been made in respect of 7,714,916 Fusion Shares
representing approximately 7.5 per cent. of Fusion's issued ordinary share
capital and valid elections for further cash under the Additional Cash Election
had been made in respect of 27,389,237 Fusion Shares representing approximately
26.7 per cent. of Fusion's issued ordinary share capital. An announcement will
be made in due course of the Sterling Shares to be issued and of the cash
payments to be made to those Fusion Shareholders who had made elections under
the Partial Cash Alternative and the Additional Cash Election. Holders of
35,901,997 Fusion Shares, representing approximately 35 per cent. of Fusion's
issued ordinary share capital, had accepted the offer of 3.5 Sterling Shares for
each Fusion Share.

The Offer will remain open until further notice.

Forms of Acceptance not yet returned should be completed and returned in
accordance with the instructions set out in the Offer Document and the Form of
Acceptance as soon as possible. Additional Forms of Acceptance may be obtained
from Capita IRG, telephone [phone], or if calling from outside the UK +44
20 8639 2157.

[sk1] 19/12/2003 10:35

Can anyone tell me what will happen if you do not formally accept the sterling offer?

[kim_clay] 19/12/2003 01:44

remus98

This is bad news I'm afraid, not only will you only get the option of taking Sterling Paper, you also get a night out with Harry as a thank you for your 'support'.

[remus98] 18/12/2003 19:15

I've been away and missed the deadline to return the form. Anyone know what happens in this circumstance please?

[gerry2] 18/12/2003 17:46

oink oink
LOL

[kim_clay] 18/12/2003 17:39

I notice in the news today that FOG directors will be accepting the Sterling offer. Interestingly it is not made clear in the statement which option they chose, all share, partial cash or additional cash?
Why not ?
If they went for the 3.5 shares then why not tell us?, surely the soon to be former directors are in the best position to know where their money is best invested. Only time will tell, but I suspect they all went for the additional cash election, together with the tax consequences (CGT) etc. If that is the case one might speculate that they think their money is better invested elsewhere, even after the tax man has taken his share. I for one would like to know, after all they know better than most the possible results of a new management team taking over.

[p@] 16/12/2003 11:29

Thanks ntv have just posted on SEY bb pointing out the fact of a cheap way in.

[ntv] 16/12/2003 11:12

you,ve got til the 18/12 to decide
phone your brokers help department ,he will sort it

[ntv] 16/12/2003 11:11

done the same p@ its a cheap way into sey which will get up front payments from premier now that fog is a gonner

[p@] 16/12/2003 10:41

Just bought 3000 FOG at 33.75 what do i do now?
Can someone tell me what the default option is if i do not fill in the acceptance.
Thanks.

[hyper al] 16/12/2003 10:29

Very Lucky!

Looks like PRM are starting to rise again after this am's tree shaking.

You do well with Hardman long term, but nothing in the global stock market will do better than PRM over the next 5 years.

[rayrac] 16/12/2003 10:03

Thanks Hyper Al,

Actually while I was typing to you, I was also on the phone to my broker asking for info on the letter I received this morning telling me of my options. Their letter, as it turned out, is dated the 12th and technically the response date is the 15th (last chance). But as they are at fault they will accept my taking up the offer (all shares) today!

BTW, I also hold shares in HNR and PRM. Lucky eh?:)

[hyper al] 16/12/2003 09:52

Rayrac,

Just looked at the old RNS, sorry to see what happened.

I don't hold, but if I did, I would go for the first, that is if SEY still retain all that was in FOG.

I won't be buying anything unless I get some cash and if I do it will be PRM.

Regards and good luck with SEY (who will gobble them up?)

Hyper Al

Does anyone have a list of directors and major share holders for SEY?