Share Name Share Symbol Market Type Share ISIN Share Description
Faroe Petroleum LSE:FPM London Ordinary Share GB0033032904 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +2.80p +2.03% 141.00p 141.20p 141.80p 141.80p 139.40p 139.80p 655,397 16:35:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 152.9 -13.7 -3.1 - 516.97

Faroe Petroleum Share Discussion Threads

Showing 9776 to 9799 of 9800 messages
Chat Pages: 392  391  390  389  388  387  386  385  384  383  382  381  Older
DateSubjectAuthorDiscuss
18/8/2018
11:49
I think DNO will need to go hostile - there is no relationship with management. That begs the question on timing/price. With this kind of question FPM management will need to give an indication of what they see as value.
yasrub
18/8/2018
10:27
Surely that's why they want to get on the BoD before the six months is up.
bountyhunter
17/8/2018
23:05
Hmmm. No, I think they hoped to get an agreed deal.
wbodger
17/8/2018
22:20
Good question, maybe to sidle their way onto the board thinking no-one would suspect their motives?
bountyhunter
17/8/2018
22:16
Tom Cross got a good exit price for Dana from KNOC, who felt they overpaid (and Cross thought the opposite). Whatever, KNOC/Dana was a passive investor at FPM and did not take part in Placings; their 30% holding was diluted down to the under-16% which Delek, and then DNO, bought. Whatever the merits, DNO took Delek's 15.7% pretty cheaply and acquired another 13% through a tender offer at the same price. That was after a run-up from the doldrums of 90 pence per share (there had been a large Placement in July 2016 at £0.70 for the DONG transaction). The instis who presumably chose not to tender their shares at £1.25 will want more than the £1.40 DNO might have wanted to bid in April. That might not have won, but it begs the question, why did they issue the No Intention notice?
wbodger
17/8/2018
21:11
Hi Bountyhunter absolutely agree but I mentioned this before management are clearly stating FPM is undervalued, they might have to start quantifying that statement. Definitely interesting times.
yasrub
17/8/2018
19:38
that all depends on the level of any (presumably hostile) offer
bountyhunter
17/8/2018
18:57
I might be out of my depth here but I seem to recall Dana some years ago were a well run and successful explorer/producer but when the predator came lurking the institutional holders backed the predator, management had low shareholding like here. Happy to be corrected but this could be more difficult to fight than expected.
yasrub
17/8/2018
18:55
Memory of Ithaca take over still hurts
garfield31
17/8/2018
17:50
Yes I agree with Malcy as well; it's a good summary of the situation relating to DNO. Fortunately this BoD is not such a pushover as the Ithaca BoD was!
bountyhunter
17/8/2018
16:43
Agree with Malcy. DNO trying to takeover FPM on the cheap. With Delek and then DNO taking their stake, it has woken up FPM board and focused the exploration effort to increase production. I hope FPM have not mortgaged their large cash holding in the effort to drill more quickly. Surprised DNO have paid a dividend in the current circumstances. Perhaps they will want to pay a larger part of any offer in shares. As Malcy says time to stand up and vote for FPM independence. Linhur
linhur
17/8/2018
13:47
Malcy today: Faroe announced yesterday that DNO has requested two board positions which is very much akin to putting up a fox for the night in the chicken run. FPM rightly say that these two DNO executives would be conflicted and as I see it as the company (DNO) is trying to make a farce of the idea of independent directors. As I said when this whole process started I think that DNO, a major competitor of FPM, is trying to take over the company on the cheap. By trying to weasel its way onto the board and become a sort of oily Trojan Horse, DNO has shown its hand even quicker than I thought and hopefully will be repelled at the meeting. Faroe has a very blue chip institutional shareholder register and a good number of retail investors, it is time for them all to stand up and be counted or the industry will see yet another company be sold on the cheap to a foreign company trying to take over possibly the best E&P company in the sector by the back door. YHBW… Https://www.malcysblog.com/2018/08/oil-price-sdx-energy-vog-faroe-iog-upland-and-finally/
bountyhunter
16/8/2018
22:15
They expect an EGM within 6 weeks. Also I think their report might be mistaken that the six month "No Intention" clause takes them to the beginning of November. It depends on the Takeover Code wording of course, but the No Intention statement was RNSed on 4/4/18. That difference is important because the 4th of October is 7 weeks away. Faroe probably making sure the EGM is scheduled in the NoBid period.
wbodger
16/8/2018
22:11
We have a new record today for thread visitors and views since setting up the flag counter on 30 June. Http://s01.flagcounter.com/more30_mobile/0UvU/
bountyhunter
16/8/2018
21:58
This bit is interesting... “As a full takeover of Faroe will reduce the overall cost of capital for DNO ... takeover of Faroe at a cost of 180-200 pence per share may be value accretive for DNO,” Sparebank 1 Markets analyst Teodor Sveen-Nilsen said. A 40% premium (i.e. ~£2) would probably do it but I get the feeling that DNO are angling for less than that.
bountyhunter
16/8/2018
15:08
Will DNO buy more shares taking them to the 29.9% threshold? As someone pointed out any vote on this is a kind of barometer for any potential future hostile offer. How many FPM shareholders will support the BoD and vote against this? Nothing to lose for DNO by doing this.
oli12
16/8/2018
14:12
Yes good ridence to Delek, but to me DNO's intentions seem to be to push the BoD for an agreed offer. We don't need a lowball agreed offer when the prospects for FPM are so good anyway (which is why DNO are interested of course) and it seems from today's announcement that that is exactly what the BoD are thinking.
bountyhunter
16/8/2018
14:00
The share price is way ahead of where it was when Delek was holding the original Dana shares (as little as 4 months ago). That is because DNO bid £1.25/share to buy out Delek, and made a general tender offer as well. I did not think Delek ever intended to bid over £1.20/share for FPM, and had been more concerned about a cosy stitch-up like Ithaca. Market not moving at all, although this news is pretty seismic. Perhaps it explains recent share price decline? And there I was thinking it was general oilie weakness ;-)
wbodger
16/8/2018
12:53
A hostile bid? They don't need to be on the BoD to do that but it would no doubt cost them more than any agreed bid (which is looking more and more unlikely right now).
bountyhunter
16/8/2018
12:39
If they were appointed and DNO launched a bid, wouldnt they have to recuse themselves? Not familiar with UK rules on this
vikingbhoy
16/8/2018
12:37
I can't see why would anyone would vote for DNO to join the BoD apart from DNO themselves. Their intentions are far too transparent imho.
bountyhunter
16/8/2018
12:31
Trying to install an executive chairman and managing director onto a board does look unusual! I hope this does not provoke a period of instability for the company while they should be focussing on successfully implementing their 3/4-year plan for significantly increased production. Agitating shareholders can be good at reminding the board that shareholder returns are paramount --- if they achieve them here they are more likely to keep their jobs! td
thedudie
16/8/2018
12:27
I cant see DNO proposing this unless they are reasonably confident of being successful
vikingbhoy
16/8/2018
12:10
I agree with the Board, DNO are just trying to engineer a cheap agreed bid.
bountyhunter
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