We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Fluormin | FLOR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 13.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 13.50 | 13.50 |
| Top Posts |
|---|
Posted at 22/4/2013 13:53 by napoleon111 April 19, 2013Fluormin Transaction Update and Entry into Transfer Agreement in Respect of Block L9 Kenya April 19, 2013 - Vanoil Energy Ltd., a TSX-V-listed oil and gas company with a portfolio of assets in East Africa ("Vanoil"), is pleased to announce that, following the announcement on 26 March 2013, confirming its intention to acquire the entire issued and to be issued share capital of AIM-listed Fluormin PLC (AIM: FLOR) ("Fluormin"), it has received confirmation of Fluormin's shareholders having passed by the necessary majorities, the resolutions proposed at the Court Meeting (convened by order of the High Court of Justice in connection with the scheme of arrangement) and at the general meeting held yesterday. The approval by Fluormin's shareholders of the scheme of arrangement is a significant step towards the implementation of the scheme, which is expected to become effective on 17 May 2013, subject to the satisfaction of further conditions. Vanoil is also pleased to announce that its newly acquired subsidiary, Avana Petroleum Kenya Limited ("Avana"), has entered into a transfer agreement with Dominion Petroleum Kenya Limited ("Dominion") (a wholly owned subsidiary of Ophir Energy plc), to perfect Avana's title to a 10% participating interest in Kenya offshore Block L9. Dominion holds the balance of the participating interest. Aaron D'Este, President and CEO, commented: "It was excellent to see such strong support from Fluormin's shareholders at the meetings held yesterday. The affirmative results are a significant and positive step in the implementation of the scheme of arrangement. The acquisition of Fluormin, once completed, will provide an invaluable source of capital for Vanoil. Execution of the L9 transfer agreement is also a welcome step in the diversification of our East African asset portfolio. The encouraging results in neighbouring blocks, and the density of seismic already acquired, give us cause for optimism in L9." Vanoil also announces that it has filed a 51-101 report on the prospective resources of Avana Petroleum Ltd., which is available under the Company's profile at www.sedar.com. To find out more about Vanoil, please visit our website at www.vanoil.ca or contact: |
Posted at 04/4/2013 08:56 by napoleon111 hi :)first time posting here, sorry my question might not be directly related to flor, but it is related to vanoil, and before i go into reading back on years of posts and research into vanoil, and flor, i was wondering if someone could maybe break this down for me. I am a shareholder in avana,whats all this mean for me?? :P sorry stupid question i know, vanoil are taking over flor, and they are taking over avana, which is great, they are obviously wanting to build up a sizeable asset base in eastern africa, which could be great, but apart from that, i have literally had a look at the vanoil website for the first time today. would anybody be so kind as to shed some light on what flormin have to their name at the moment and what kind of prospects one might hope for? any answers are really really appreciated as its gonna take me a long time to start researching these 2 companies (flormin and vanoil) from scratch :) |
Posted at 17/3/2013 16:12 by dropside Dreggs, yes it is a good del for Vanoil which should drag us up. Looks like they value FLOR at $27m (£18m) and have based their payment on 60c a VEL share. Seems they will sell the FLOR assets.. Based upon independent valuations, the Vanoil Directors expect that aggregate cash reserves in the order of US$27 million can be realised from Fluormin's existing accounts and receivables and from the subsequent realization of Fluormin's assets. Pursuant to a loan agreement entered into today between Fluormin's wholly owned subsidiary, Kenya Fluormin (BVI) Holdings Limited ("KFH") and Vanoil, KFH has agreed to advance to Vanoil US$5 million (further details of which are set out below). The loan, once advanced, provides immediate cash for Vanoil to proceed with its ambitious drilling and seismic programmes. Under the terms of the Acquisition, Fluormin is valued at US$27 million. In consideration for the purchase of the entire issued and to be issued share capital of Fluormin, Vanoil will issue an aggregate of: 45,000,000 Vanoil Shares, based upon a price of US$0.60 per Vanoil Share; 31,973,667 CAN$1.00 Warrants, entitling the holder to subscribe for one Vanoil Share at any time during the two year period immediately following the Acquisition; and 6,500,000 CAN$0.75 Warrants, entitling the holder to subscribe for one Vanoil Share at any time prior to 13 March 2014. The advantage VEL have now is they are cashed up for maybe 5-6 deep ($19m- see map) wells if they JV them and retain 25%. I think the warrants could be quite valuable personally. |
Posted at 16/3/2013 01:42 by cyprussteve Hi Bam,Your reference to Firebird and Passin is almost undoubtedly correct. However, this does not neccessarily mean that it is wrong for FLOR to change their core strategic oblective of fluorospar during difficult financial times for their product - this to me makes good financial sense. However, the extent to which the deal has been initiated for the benefit of Firebird is, I accept, a key to the whole deal. However, one should not discount the potential benefits if Vanoil / Avana comes good. Have a good weekend all, Steve |
Posted at 16/3/2013 00:00 by bam bam rubble I'm not sure we should credit FLOR execs when Firebird and J Passin have instigated this. Oil & gas is a departure from Firebird's contrarian investment strategy with fluorspar so from a strategic viewpoint it's disappointing. In terms of shareholder value FLOR relisted a year and a half ago at 105p and is being merged into another stock -75% below that price (and some -95% below its previous IPO as Maghreb Minerals plc) |
Posted at 15/3/2013 23:29 by cyprussteve Maybe a little more credit should be given to the FLOR Board - I am sure they have spent a huge amount of time and research in studying Vanoil's assets and potential - plus information that is probably not in the public domain as yet.I would have thought that they must be pretty damn confident - ( and that is probably all they can be ) - that the share and warrant deal will be beneficial over time. |
Posted at 15/3/2013 20:56 by bam bam rubble Based on the two week average price of 40c its almost a share-exchange at parity10,000 FLOR shares (£2,100 if bought at 21p) =8,060 VanOil shares (£2,100 worth@40c) +1,160 warrants exercisable@75c As VanOil has risen strongly this week, up 40% (pumped to help get this deal away perhaps) looks like it will go through at a premium. However I would expect the post-merger company to see poor share price performance (most do post-merger), say ending the year at 20c, equivalent to 10.5p FLOR |
Posted at 15/3/2013 19:14 by bam bam rubble A somewhat dubious proposed transaction with Firebird consolidating 2 of its investments, and a poor exit for long-term holders here. Vanoil's monthly low would value FLOR at 16.5p per share so expect to see a bit of a retrace. |
Posted at 15/3/2013 19:13 by cyprussteve I have just found this link - what do you reckon this values the Company at in sensible terms come Monday morning ?Extract below - " Fluorspar miner Fluormin (LON:FLOR) has been in talks with Vanoil Energy (TSX-V:VEL) for some time over the terms of a bid by the latter for the former, and on Friday the Canadian company laid its cards on the table. Provided it can get the agreement of the independent directors of Fluormin, it intends to launch a US$27mln offer for the UK company on the basis of 0.806 new Vanoil shares plus 0.572 C$1 warrants and 0.116 C$0.75 warrants for every Fluormin share held. The C$1 warrants will entitle the holder to subscribe for one Vanoil share at any time during the two year period following the acquisition, while the C$0.75 warrants will also entitle the holder to subscribe for one Vanoil share any time prior to 13 March, 2014." Current market cap of FLOR according to advfn is £23m. If I am understanding it correctly, it also gives FLOR shareholders the opportunity for warrants - which would be beneficial IF Vanoil performs well. |
Posted at 15/3/2013 18:53 by cyprussteve LATE RNS TODAY -I haven't worked out - ( or been bothered to ) - the actual share price value now ascribed to FLOR - estimates will be interesting. I can't find anything relevant at present on either Company's website, nor can I anything relating to this apart fropm the RNS issued late today by FLOR - am I being thick, or getting confused, or, have they simply not updated their websites ? |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
