Faroe Petroleum Share Discussion Threads

[bountyhunter] 05/4/2018 11:42

DNO now have 27.68%



as noted above ;-)

[wbodger] 05/4/2018 11:42

No real indication that DNO is still in the market to add. They could fight back against a challenge but absent a full bid by someone else I think they will stick with their 27.68%. There isn't much manoeuvring room in 2.32%.

[bountyhunter] 05/4/2018 10:53

DNO major shareholders

[bones] 05/4/2018 10:29

FPM management have already implied displeasure at DNO having had no discussions about the share transfers. If this is not a kick up the rig for FPM to employ an aggressive broker to promote the remaining 70% of the ownership, then what is?

[wbodger] 05/4/2018 10:21

The announcement this morning suggests oversubscription and they closed the Tender when they went slightly over, and then satisfied all tenders in transit.

[thedudie] 05/4/2018 10:15

I think it is the same problem Ithaca had. Lack of Broker targets or attempts at valuing future developments.

What do we expect when brokers targets are Barclays 115p, BMO 125p, Peel Hunt 125p,RBC 140p ?

RBC are the only ones with an attempt at including future possibilities.

The company needs a broker that will suggest a value that includes the current development programmes.

What is yesterdays news worth....yes there is no route to market as yet and the finds are poorly defined but must move the needle.

Fogelberg nearly due - haven't seen whether a sidetrack has been notified.... How would a narrowing of the range towards the upper limit affect things.

[jasper2712] 05/4/2018 10:06

Why buy for 125p when they can mop up all shares being sold for 120p.Any buying now should push the share price above the 125p

[whackford] 05/4/2018 10:03

So it seems. Highly likely to be DNO at 124.92p. Maybe market not noticed?

[thegreatgeraldo] 05/4/2018 09:48

Mr Market unimpressed with DNO's buying at 125p.

[bones] 05/4/2018 09:42

Malcy is similarly unimpressed with the short term dumpers:httP://www.malcysblog.com/2018/04/oil-price-faroe-ascent-resources-and-finally/

[bones] 05/4/2018 09:30

DNO appear to be playing on the nervousness in the general markets and shaking loose all they can get under 30% at a price of 125p.Let us hope one of the exceptions to Rule 2.8 listed to enable DNO to make a bid takes place, namely:"(b) if a third party announces a firm intention to make an offer for Faroe Petroleum;"!!!Who might that third party be? Is it likely? I get the impression that there are interests popping up everywhere for the NO/UK waters where assets are floating about after the 2014-16 destruction.

[oli12] 05/4/2018 09:01

I wonder if PMG Parkmead Group have sold their shares, it’s run by Tom Cross someone with a lot of experience in this area, he founded Dana Petroleum - interested to see if they view £1.25 as a good return or not. Naturally their decision might be based on their own business needs etc.

[oli12] 05/4/2018 08:24

Despite the board warning that £1.25 significantly undervalues this some holders seem to disagree, give the willingness to sell at 1.25. Maybe these are short term holders who are happy to bank a quick profit.

[gersemi] 05/4/2018 08:08

This stock and indeed the company is not long for this world

[cwa1] 05/4/2018 08:04

Further addition this morning, these guys aren't hanging about!

DNO Acquires Additional Shares in Faroe Petroleum

5 April 2018 - DNO ASA, the Norwegian oil and gas operator, today announced that it has acquired 8,487,838 shares in Faroe Petroleum plc at a price of GBP 1.25 per share representing 2.32 percent of the outstanding shares in Faroe Petroleum.

This follows the separate completion on 4 April 2018 of a reverse book building process through which DNO acquired 10 percent of the shares in Faroe Petroleum at a price of GBP 1.25 per share and the acquisition of 15.37 percent of the share capital of Faroe Petroleum from Delek Group Ltd. at a price of GBP 1.25 per share.

Following the three transactions, DNO will own 101,503,663 shares representing 27.68 percent of the outstanding shares in Faroe Petroleum.

[bountyhunter] 05/4/2018 08:01

doubt it as the BoD said that 125p/share substantially undervalues the company so why would they agree at that price? (DNO said they would not make an offer except in certain circumstances and I don't recall buying more than 30% at 125p being one of them.)

[ed 123] 04/4/2018 23:24

If Faroe trades at under 125p in the morning maybe DNO will pick up more shares? If they buy another 4.63% then there's an automatic bid triggered at the highest price paid by them during the past 12 months.

That extra 10% was given up quickly. Will Faroe be swallowed by DNO at 125p? It's possible.

[bones] 04/4/2018 22:40

I wonder which shareholders sold out.http://www.fp.fo/investors/major-shareholders/

[thegreatgeraldo] 04/4/2018 22:26

You could argue (I would!) that today's price movement barely took in the 2 discoveries announced this morning & that there's nothing in the price for the DNO move. Of course, it is possible that DNO will turn out to be a friendly, supportive, long term holder, happy with their 25% & maybe a seat on the board !

[bones] 04/4/2018 22:04

DNO got a bargain there and now has a blocking holding. Feeble effort by the 10% sellers!

[wbodger] 04/4/2018 21:30

22:00 (Oslo Time) DNO Completes Tender for Shares in Faroe Petroleum

4 April 2018 - DNO ASA, the Norwegian oil and gas operator, announced today the
successful completion of a reverse book building process of 10 percent of the
shares in Faroe Petroleum plc. Through the reverse book building, DNO will
acquire 36,660,000 shares at GBP 1.25 per share which represents 10 percent of
the outstanding shares in Faroe Petroleum.

Following the purchase, DNO will own 93,015,825 shares which represents 25.37
percent of the outstanding shares in Faroe Petroleum.

[bones] 04/4/2018 21:19

Logic or demand would dictate that to obtain a further 10% (which would give DNO blocking power of > 25%), the purchase price should come north of the 125p paid for the first 15%.Hard to imagine that 10% of shareholders, at no notice, would give up their shares at 125p overnight.Despite what DNO are saying, it appears likely that "Blue Horseshoe Loves Faroe Petroleum"?

[oli12] 04/4/2018 18:38

Faroe Petroleum ("Faroe," "Company") notes the purchase of 56,355,825 shares in the Company representing 15.37% of the Company's share capital by DNO ASA ("DNO") from Delek Group Ltd ("Delek") at a price of GBP 1.25 per share and DNO's subsequent statement that it has no intention of making an offer for the Company. Faroe also notes the announcement by DNO of an intention to acquire up to 10% of the outstanding shares in the Company through a reverse book building process.

The Faroe Board has not had any discussions with DNO in relation to its purchase of the shares in the Company and its intention to acquire an additional shareholding in the Company.

The Faroe Board further notes that it has had no discussions with Delek in relation to the sale of its shares in the Company.

The Faroe Board considers that the GBP 1.25 per share price at which DNO purchased the Faroe shares from Delek substantially undervalues the Company and its prospects.

NOTE the last line from the board “substantially undervalues”
Wonder if PMG will cash in its holding ... time will tell

[gersemi] 04/4/2018 18:23

RNS - interesting


Wednesday 04 April, 2018
Faroe Petroleum PLC
Response to DNO Announcements
RNS Number : 8724J
Faroe Petroleum PLC
04 April 2018


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER WILL BE MADE

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

4 April 2018



Faroe Petroleum plc



Faroe Petroleum ("Faroe," "Company") notes the purchase of 56,355,825 shares in the Company representing 15.37% of the Company's share capital by DNO ASA ("DNO") from Delek Group Ltd ("Delek") at a price of GBP 1.25 per share and DNO's subsequent statement that it has no intention of making an offer for the Company. Faroe also notes the announcement by DNO of an intention to acquire up to 10% of the outstanding shares in the Company through a reverse book building process.

The Faroe Board has not had any discussions with DNO in relation to its purchase of the shares in the Company and its intention to acquire an additional shareholding in the Company.

The Faroe Board further notes that it has had no discussions with Delek in relation to the sale of its shares in the Company.

The Faroe Board considers that the GBP 1.25 per share price at which DNO purchased the Faroe shares from Delek substantially undervalues the Company and its prospects.