Global Marine Energy Share Discussion Threads

[filster] 14/12/2007 10:47

Pomp, cheers for the posts :)

[resiak] 14/12/2007 10:47

That would make GME a sure bet; unless EMER is not able to raise the money for whatever reason.

[pomp circumstance] 14/12/2007 05:53

On 19 October 2007 EMER announced a recommended offer for GME. On 6 November
EMER further announced that its offer had been increased to 16p for each GME
share ("the EMER offer"). The EMER offer is conditional inter alia on the
approval of EMER shareholders at a General Meeting of EMER to be convened for
that purpose ("the EMER EGM"). EMER has received irrevocable undertakings to
vote in favour of all resolutions necessary to effect the acquisition of GME
from holders of EMER shares representing more than 50% of the current issued
share capital of EMER.


Under the City Code on Takeovers and Mergers, EMER's offer document was required
to be posted by no later than today, 16 November 2007, being 28 days from EMER's
announcement of a recommended offer for GME. Given the particular requirements
of the Hong Kong listing rules, it has not been possible to date fully to
clarify the time needed to produce the circular concerning the GME acquisition
required by the Hong Kong Exchange in order to convene the EMER EGM. EMER has
applied to the Exchange for certain waivers to facilitate this. In the absence
of any such waivers, the current expectation is that the EMER EGM could be held
by early March 2008.

[joan of arc] 13/12/2007 21:51

PC - which RNS? If they have 51% irrevocable then how can they walk away?

[pomp circumstance] 13/12/2007 16:01

I believe EMER still intend to take over and 51% of the EMER shareholders have given irrevocable undertakings to support it (see RNS).
It more a matter of time than anything.
The panel will not let them walk away then come back with a 10p offer.

I just worry that they will walk away and their mate Chang who has lent the money will steal the company on default of the loan!

[filster] 13/12/2007 14:28

When is EMER due to have a meeting to gain agreement on their offer? Until this is known and I guess the guesstimates are that it won't get approval then the share price here will remain depressed, as it were. I only hold a handful of these btw, but have been watching them for some time.

[pbracken] 13/12/2007 12:45

For the sake of clarity, the 150K at 10.65p is mine.

[pomp circumstance] 13/12/2007 12:44

you ARE the market!

[cyberpost] 13/12/2007 12:34

bought another 100k.

[cyberpost] 13/12/2007 11:57

just bought 150k.

If you look at BIO. In June announced they were in talks and that any offer would be at 30p. Nothing happend for 6 months.... price went from 28p to 12p (halving from 24p to 12p 3 weeks ago when the markets were experiencing quite a turmoil due to the credit crunch). Then around 2 weeks ago, 30p recommended offer was announced and the shares shot up 90%. I made a killing on that one.

Not saying situation here is exactly the same but at current price risk reward is pretty good.

[pbracken] 13/12/2007 11:38

Thou shalt continue to shaft shareholders

Thou shalt continue to manage incompetently

Thou shalt work harder to destroy shareholder value

[pomp circumstance] 13/12/2007 11:29

Result of Annual General Meeting


Global Marine Energy plc, the oilfield services business, announces that at the
Annual General Meeting of the Company held today, 13 December 2007, each of the
resolutions put to the meeting was duly passed.




WHAT WERE THEY?

[pbracken] 13/12/2007 11:27

murtceps - the mms know sweet FA. But they smell a rat. Question is, is it the whiff from an old one rotting in the corner, which we can ignore, or a new one yet to rear its ugly head?

[murtceps7] 13/12/2007 11:16

"The half year results are due on 19 December."

That should put a downer on Xmas :-)

I have no doubt that all those in the circle already know the results ;-) including the MMs by the look of it

[pomp circumstance] 13/12/2007 11:08

he'll probably lie!

[pbracken] 13/12/2007 11:06

The half year results are due on 19 December. I'm going to confirm that with Hall.

[chestnuts] 13/12/2007 11:03

Morning all
Surely at the AGM these issues will be brought up and hopefully some one who as attended will post the results, or do you think the board will just lie.

[resiak] 13/12/2007 10:47

Since there is no such thing as a free lunch, some 'surprise' will be coming up almost certainly.

[murtceps7] 13/12/2007 10:33

The alternatives are the MM's don't want to make 35% over night on these in a couple of months...If they keep dropping the price they might make 50% !! in which case as JofA says, why isn't the world and his dog buying at 10p ?
This company has never ceased to amaze me with its announcements and i get the feeling i am soon to be amazed (if thats the word) again !!

[joan of arc] 13/12/2007 10:19

Question for CF. Since you apparently have a 'hotline' to EMER Murtceps point seems valid - why would they get approval at the AGM for 16p a share when the price is currently 10p? And how come they are not in the market now buying at this price or are they not allowed to under some HK rule?

[pomp circumstance] 13/12/2007 10:08

Nobels have kept a false market on this for a year!

[joan of arc] 13/12/2007 10:00

Why should the MMs work the price down deliberately? Wouldn't that leave them open to accusations of creating a false market?

[murtceps7] 13/12/2007 09:52

Very small volume and big drops in price ;-) almost like the price is being worked down intentionally.......Just imagine if the the price went below 10p, it would be difficult for the EMER share holders to see why it was a good buy at 16p.....and then PF turns up working for IDM..........lol