Faroe Petroleum Share Discussion Threads

[oto1] 08/1/2019 20:15

Scaff55

??

Read the last sentence..

Shares dno has bought in the market is bought in the market and as such belongs to dno.

[oto1] 08/1/2019 20:15

Scaff55

??

Read the last sentence..

Shares dno has bought in the market is bought in the market and as such belongs to dno.

[fntc] 08/1/2019 20:13

Scaff55, the ones who have accepted 152p in the offer process will also get 160p. But not the ones who already sold to DNO at the market. DNO have 30.6% that they already own, not included in the bidding process. And probably more after this evening's trades.

[scaff55] 08/1/2019 20:10

Looks to me that they are saying the 30 percent shares they have will also get £1.60


152 pence per share (the "Original Offer"). On 3 January 2019, DNO announced that it had acquired more than 30 percent of the Faroe Shares and, as such, the Original Offer became mandatory pursuant to Rule 9 of the Code (together with the Original Offer, the "Prior Offers").

DNO now announces the terms of an increased and final cash offer for the entire issued and to be issued share capital of Faroe at a price of 160 pence in cash for each Faroe Share (the "Final Offer") (other than the 114,288,128 Faroe Shares already held by DNO).

[oto1] 08/1/2019 20:01

Why? Because we have no fat ladies?

Sure we do :)

She will sing all day tomorrow imho.

[fntc] 08/1/2019 19:55

Some people are delusional. Just wait for the DNO RNS tomorrow. They said in the bidding document they are buying at the market at 160p, so obviously not a rival bidder in my estimation.

[jasper2712] 08/1/2019 19:51

The big bad wolf is a huffing and a puffing but my house is made of bricks and will not fall down! I will stick it out until a buyer approaches with the market value in hand.
DNO have marketed this house as one made of sticks - makes you wonder why they would want to move in. The shares sold after time were mopped up by the buyer who was buying the ones above 152p that DNO couldn't get their hands on. They are worried now as there appears to be a new shark circling.

Hold your nerve.

[oto1] 08/1/2019 19:43

Redartbmud

Maybe even worse for was it TIG advisors who increased a short position yesterday..

The 6,6 mill shares sold was probably Barclays.
Will be surprised if Blackrock does not sell also.

[oto1] 08/1/2019 19:40

Bountyhunter

The moment DNO passes 50% the offer will be declared unconditional, and then there will be 14 more days to accept.

And the moment DNO passes 50% it's no longer a guarantee that DNO will pay 160 at exchange.

So don't be surprised if the share price drops below 160 when 50% threshold is met.

So this is a race now for those who wants a quick exit at 160.

All others can of course also get 160 by accepting, but then it will be a month or two before the settlement is made.

[redartbmud] 08/1/2019 19:39

Well well, so Dno had to up the offer.
What a surprise, but will that be enough?
I have no doubt that Dno picked up the shares traded at 160p after hours.
I would be pig sick, if I had sold the 1,150,367 shares at 154.4p that were reported late, but dealt at 10.40.28 am!

[bountyhunter] 08/1/2019 18:55

I will be very surprised if it is!
Soon find out though.
Possibly up to 48% now including the 13% assuming that 4.5% reported after hours at 160 went to DNO. We will find out tomorrow for sure. If the price goes above 160 soon after the open it's definitely not all over. If not then DNO may be able to mop up a few at 160 so we will have to see. Even at > 50% when this has to be declared unconditional it could still drag on for ages. Presumably the options will vest at some point when > 50% but not sure if immediately or not.

[oto1] 08/1/2019 18:39

I will be very surprised now if this is not over tomorrow.

[scaff55] 08/1/2019 18:38

Probably the shares that they promised last week,, just that they are now paying more for them. they are losing the fight, but can the Major shareholders hold there nerve.

[bomfin] 08/1/2019 18:38

Good point Harry Rags. They should update Oda. If the wells can knock out the 3O,OOO bopd as planned then it is good early cash flow for FPM.

[bountyhunter] 08/1/2019 18:36

agreed HR, I will be continuing to do nothing regarding my holding

[bountyhunter] 08/1/2019 18:35

sorry missed that bomfin having been distracted by the huge rise in the bid

[harry rags] 08/1/2019 18:35

Bounty hunter DNO have left themselves an out if this increase fails. If a rival offer appears then they have the right to increase the offer they made even though they think the latest offer is generous. If the offer fails then they will want to look after their investment so that the share price does not drop muchI am a little surprised that a rival bid has not surfaced (yet) and also note Faroe have until the 20th to bring forward any material changeSo for me it is wait and see

[bomfin] 08/1/2019 18:34

I dont think the Norwegians would have got it anyway. lol

[bountyhunter] 08/1/2019 18:33

Up from the usual 5 to a record 8 visitors from Norway today to observe our reaction!

[bountyhunter] 08/1/2019 18:32

Glad the flag counter is working correctly :-)

[bomfin] 08/1/2019 18:30

Im in Brazil but increased offer rns is showing as 4.4Opm

[bountyhunter] 08/1/2019 18:30

That's neither here nor there really given they would have had to half an hour later anyway if they did by those.

[fntc] 08/1/2019 18:27

They were sold after DNO raised the bid. Off book after the closing auction. See the times listed. 17:09 to 17:49

[bountyhunter] 08/1/2019 18:24

Oh so that may be why DNO were compelled to raise to 160 then, if so and DNO did buy those they will have to RNS so we will know on that very soon. Would still not be enough.