Granby Oil & Gas Share Discussion Threads

[dreggspicker] 26/3/2008 18:34

Des, as far as I have been told, it's the day you accept the offer, so if it's done in nominee or crest, it's the day you tell your broker.
All these takeover time dead lines are just to bully people, how do they know they have 90% until closer, if not after the dead line ? It is in theory a vote!

[skyship] 26/3/2008 18:12

Norman Numpty - Re yr 1058 above: "Any bets on whose next? - Sorry, I thought you meant who next for a bid when I replied AST or NPE!!

Bought GOIL today for the first time - I view it as a reasonable earner for a one month lock-up - certainly better than the current deposit rates.

[chelseapaul] 26/3/2008 17:47

Des,
looking forward to the post. (ps i thought you were taxed when you accepted the offer.)

[deswalker] 26/3/2008 17:36

chelsea,

Yes I've learned many lessons from this one. Once I've got my money out I intend to document them here for posterity's sake.

Des

[deswalker] 26/3/2008 17:33

dreggs,

Don't miss the deadline. If they get between 75% and 90% they'll apply for the remaining shares to be delisted and you'll be left in the lurch.

Re tax, surely it's the date when the Offer becomes unconditional that determines which tax year your gain/loss falls into and not the date on which you accept the Offer ? I'd be happy to be proved wrong as I'd rather take my small loss before 6 April but I'm pretty sure that it will fall into next tax year for everyone.

Des

[chelseapaul] 26/3/2008 17:31

One thing is for sure, i've taken a closer look at some of my holdings on a 'what if' basis, as i thought GOIL were very well funded only to have the weather and a running board cost them their independence.
Some may argue flow rates, royalties and pressures, but having a 'personal' timescale for drilling is important.

I know i banged on about the rig cost, but ultimately it was impossible to exit in such an illiquid market.

we live and learn, so where next ?

[dreggspicker] 26/3/2008 17:22

Think I am going to wait till the 6th, may as well put the loss into next year, I'am all sorted out for this year, they will still have to pay up even after the 8th, (unless I've missed something)

[deswalker] 26/3/2008 17:13

Silverstone have now got 49.8% acceptances.

I'm still waiting on Selftrade with details of their deadline. TD Waterhouse need to know by 3rd April.

[lowersharpnose] 19/3/2008 16:08

Now that's what I call volume, 4,000,000 traded today.

I've just done a test trade and could sell 100,000 at 59.15.

If I could get 63p a share I'd take it now for sure.

lsn

[deswalker] 19/3/2008 14:55

Offer document ...

[skyship] 19/3/2008 11:32

AST or NPE?

# In the former, institutional holders have asked the CEO to seek a buyer.

# In the latter there are rumours that:

a) recent drillbit successes are not being correctly valued by the Market

b) a number of different bidders are weighing up the value of the heavy oil assets

[normannumpty] 19/3/2008 10:28

ALL the Directors have agreed to sell to Silverstone, come what may, even if a higher offer appears. Thats enough to tell you they couldn't sign up quick enough. This company was killed by trying to develop a marginal asset in a high cost environment, this following on from a failed exploration strategy.

IMHO, small companies trying to develop small fields in the North Sea are best avoided, the market expectation is that there is much less risk than Exploration and that success is almost 'guaranteed'....this will not be the last small undercapitalised company to fail in an attempt to develop a marginal field...

Any bets on whose next?

Norm

[dreggspicker] 18/3/2008 20:42

ok. some shareholders, have sold their souls, and they can't back out of the deal, obviously some also work for the company.

[dreggspicker] 18/3/2008 18:59

No, if one comes in at 10% more than the offer price, then it has to be considered. Surprised Dana haven't done the deal.
Like baht, I feel I've been mugged, felt that all day.

[normannumpty] 18/3/2008 14:36

Consolidation it is then.

At a discount to the share price upto the 25th of February, less than a month ago....Chelsea was right, a firesale.

I see Management agreed to sell shares to Silverstone even if a higher offer comes in, a true sign that they saw the light at the end of the tunnel, and realised it was a train.

Can the last person on this Board please switch the lights out.

Norm

[baht] 18/3/2008 08:59

I'm in since share price £1.20 so very disapointing to be sold out by the management as soon as there are some good drilling results and production about to come on line etc and after keeping faith during all the disapointing failed tests projects etc.

Well done Silverstone its a steal, and it feels like weve been mugged.

[gbrownings2] 18/3/2008 08:27

For what it is worth I have been recommended (and hold) quite a few in Island Oil which a friend works for and tells me is going places - but then he said the same about Granby - good luck....

[chelseapaul] 18/3/2008 08:26

well said des.

[deswalker] 18/3/2008 08:23

A rather disappointing end unless it smokes out another bidder. Otherwise I'll take my small loss and many lessons onto the next one. Shows the advantage of well-connected Directors having large equity interests though, Placings were always going to be the last resort. Shame they got so unlucky with the drillbit, but luck is what this game is all about...

[gbrownings2] 18/3/2008 08:19

my holding averages out at .6369/share - v disappointing after all the ups and downs over the last few years.

[rapier686] 18/3/2008 08:15

Not the outcome I was hoping for - I suppose it reflects the Tristan overruns putting them between a rock and a hard place. And I've been so close to buying more over the last couple of days, just the spread was wide and the MMs unwilling to deal much inside it.

I wish them well.

[dreggspicker] 18/3/2008 08:11

Way too cheap, but not alot we can do, presume most people are underwater with this one;--- damn & blast

[dreggspicker] 18/3/2008 08:10

Way too cheap, but not alot we can do, presume most people are underwater with this one;--- damn & blast

[sranmal] 18/3/2008 07:58

A bit of a sell-out! I wonder if they'd have accepted the offer if Tristan had not over-run, probably not. Shows the value of cash on the balance sheet in the current climate.

[chelseapaul] 18/3/2008 07:46

Ric Piper, Chairman of Granby, said:

"Since Granby was admitted to trading on AIM in 2005, the upstream environment has experienced increasingly high costs, whilst high oil and gas prices have made competition for attractive exploration, appraisal and development projects more intense, and suitable producing assets are only rarely available for acquisition. The Directors of Granby believe that to maintain a sufficient level of activity to create material growth in value in a reasonable timeframe is likely to require a significant increase in overall scale and available capital resources, which would probably result in significant dilution of potential returns for all Granby Shareholders. The Directors of Granby believe that this Offer is in the best interests of Granby Shareholders and, accordingly, they intend unanimously to recommend that Granby Shareholders accept the Offer."

So they looked at the chances of getting a placing away in this market and were not encouraged by the replies.
I think that vindicates my comments yesterday, its always disappointing to see AIM companies go and even more so when a small % of my holdings cost more than 64p