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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Faroe Petrol. | FPM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 160.40 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 160.40 | 160.40 |
| Top Posts |
|---|
Posted at 15/1/2019 13:55 by reseng Ed 123 ; There are opportunities in E & PSector. I bought a whole bunch of DNO in Dec at av 12,5 as I knew DNO would succeed. The ceo is a New yorker and has good track record . It could not have been a pure coincidence that offer came out when .He Building up Apache using some M&A about 15 yrs ago, also established his company RAK as largest shareholder in DNO in a similar forceful manner. Although DNO has most of production in KRG Iraq where there are complicate regional politics(understatem Regarding the FPM top management starting up again and investor support. I have seen this a few times with the smaller Indies and it has gone well. The good FPM track record will definately attract investors, particularly institutional. Success will also attract m&A Which is not a bad condition to live with !! Good luck with that and lets see oil up in the 70’s and more drilling activity in North Sea |
Posted at 15/1/2019 12:08 by ed 123 (Yes, Bountyhunter, it's likely DNO will want to mop up all shares - but no guarantee.)You may be right, FNTC, possibly just being moved out of the stated indices for now? Delisting should happen at some point soon, though, as DNO have stated they will do that. Anyway, I just thought it was worth flagging up, so that nobody sleepwalked into a difficult situation. While writing, FNTC, are DNO's private investors generally happy with the choice of Faroe and the price paid? Fwiw, I was happy enough with the final price, as a former Faroe holder. If DNO hadn't come in for the Delek shares, then maybe Faroe would be around 110p now? So perhaps it was fair all round? |
Posted at 09/1/2019 10:51 by ed 123 Yep, it's gone.Weighing all the circumstances, it looks a fair price. I was holding when it dropped to about 45p, and through the placings. I liked the management, approachable and provided regular updates to private investors. Time has been called. I would consider investing again with Graham Stewart and colleagues, if they were to begin or join a fresh enterprise. Opposite with DNO, for me, a big avoid. |
Posted at 09/1/2019 09:11 by thedudie Very disappointing ... I hope it hurts/is embarrassing for those institutional investors that sold out at £1.25 because without the 28% platform this wouldn't have succeeded.Many will sell when this goes unconditional - in fact this is the default position of many brokers (including mine) unless re-instructed. |
Posted at 08/1/2019 21:07 by redartbmud otoThe price is unlikely to go much below 160p. Some investors may sell to get cash quickly, but willnot DNO have to pay UK stamp duty on the transaction? That is 0.005% (1.595p per share on a price of 160p), and they will have to pay brokers fees. It could be more expensive that waiting for sellers to accept the offer, after it becomes unconditional, but then again it may not. Anyway, I just don't see your problem. If you are hell bent on DNO winning the bid, and they succeed, what does it matter? |
Posted at 04/1/2019 16:20 by fntc Anyone holding more than 1% have to disclose all buys and sells daily now during the bid sitation, and there have been no large buys disclosed lately that I have seen, so it suggest retail investors are the ones buying above the bid price. Either that or it is daytrading by someone with less than 1% total. |
Posted at 03/1/2019 11:47 by bountyhunter Absolutely Red.Malcy's fairly laid back on today's developments ;-) Faroe Petroleum "A couple of announcements re Faroe since yesterday’s blog. Last night DNO had a go at smashing into the FPM team and its record, something that it would appear unwise to do as it would surely itself like such a sector leading position. Indeed the rant was of such significance I suspect that some shareholders are wondering why DNO wants to buy a company that is so bad…. The answer came today when it was announced that at the first closing date DNO had received just 13.1% of acceptances for its bid and has resorted to buying more shares in the market to take it mandatory. With a very low ball bid presented whilst the oil price has had a fall, it is clear that DNO are using its cash which carries at least temporary currency to some shareholders, as a tempter, like sirens calling sailors onto the rocks….Wise investors will not be tempted by such creatures…." |
Posted at 03/1/2019 09:22 by redartbmud EdSo far the major institutional investors appear to be sitting on their hands. Maybe DNO needs to sweeten the pill, otherwise they may walk away empty handed, with a few too many shares, on their books, bought at 'too high a price for their comfort'. |
Posted at 05/12/2018 13:41 by thedudie As an asset swap you wouldn't expect it to change value much but it changes the perception that investors had that they were going to have to wait for material production increases.Maybe also helps bring Agar production closer. And reduces capital outlay - I would prefer them to use this to bring forward something else rather than returning it to investors and maybe they will. A 50kbopd company in a few years. |
Posted at 26/6/2018 20:14 by ed 123 Hello all and welcome to Oto1.I went to the agm today and these are my observations. I've been to several Faroe agms. This one followed the normal format but was different in its feel due to the DNO presence, both on the share register and in the room. Three DNO people were sat together on the back row. John Bentley did a brief introduction and, differently, asked for no recording of the proceedings of the meeting. He thanked Tim Read for his 9 years service to the Board and handed over to Graham Stewart. GS did his usual presentation, using the new update (now on Faroe's website). He was confident but ran through it a bit quicker than in previous years. As we know, there's lots going on and Faroe is building towards much greater production. He then invited questions from the floor. There were maybe 30 to 50% more people in the room compared to previous agms but seemingly fewer private investors. There's normally a bit of a conversation between GS and private investors, asking questions and getting answers. This time I asked the first question (about the $100 million bond), no one seemed ready to follow with their own question, so I asked about progress on Njord A, then an institutional investor asked about the current rig hire rate. He got a quick answer and that was it. No one else was up for asking anything, so the Q&A session ended. That's not normal but it was understandable in the circumstances. It was the voting that was the burning issue, not a Q&A session. John Bentley moved to the formal business of the agm. JB said he would proceed on a show of hands unless any shareholder wanted a poll. One of the DNO people asked for a poll of all the agenda items. So, we moved to paper voting. There was some tension in the room but the vote proceeded smoothly. A teller asked me whether I'd already submitted a proxy vote (to me, this was a sign that the count was being done carefully). When the poll cards had been collected, the numbers of shares voted were collated with the proxy votes to get final totals. The voting is on Faroe's website now but, broadly, the ordinary resolutions were all carried and both the special items fell. The formal agm then ended. Normally at the end of the formal meeting the directors remain and are willing to answer (non-material) questions. Today, they were pleasant, handshakes and a quick couple of words but were obviously wanting to get away for their own meeting in an adjacent room. Only Jon Cooper stayed with me for any time, then he too was summoned (politely) away. Today's was possibly the quickest Faroe agm I've attended. Regarding the question I was intending to ask for Harry Rags and YASRUB …....... with apologies, I didn't. The meeting had some suspense; there was obviously an overriding matter – the vote. DNO people were present, Faroe's Board were trying to look relaxed but not always achieving it. A question to GS in the formal meeting about Faroe's relationship with DNO would have been awkward for him and not gone anywhere (I felt) with DNO looking on and listening. Later, when looking at the voting rns, I read the statement, “..... the Board will try to engage with this shareholder ...” So, that suggests there's been little communication between the two sides. John Bentley (from the voting) was out of favour with more than just DNO. In contrast, Graham Stewart was liked by all. My own view – There are some similarities between this situation and when Dana had >25% of Faroe. Dana was also able to defeat special motions at the agm. With Dana (whether intentional or not), Faroe's private placings took down Dana's percentage to a less dangerous level. With DNO, I see a risk that, if Faroe make one of those conditional moves, as set out in DNO's 'no intention to bid' declaration, it may just provoke DNO to make a move. In terms of financial capacity, I think it may be slightly too early for DNO to launch a bid? However, they are getting good cash from their production. So, it is only a matter of time till they get sufficient funding. Faroe's institutional investors were supportive at the agm but I guess everyone has a price. Will DNO make an offer and will it be enough for them to scoop up approximately one third of the shares they do not already own? I don't know. I like Faroe's management. They've done a very good job here. Aside from their operational and corporate successes, they provide good presentations for the private investors and they are approachable. It would be sad to see them absorbed into a bigger company. Notwithstanding that, if the big holders decide to sell, of course I will follow. |
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