Hephaestus Share Discussion Threads

[lmhardy01] 31/1/2007 09:29

Interesting EPG put out their 2 Q activities statement today nothing new just a regurgitation of past info. However they have quarantined the $$ for the payout to Heritage shareholders. I hope they get organised soon !

[124bob] 31/1/2007 09:01

Seems to me that no news suggests that the 90% was not achieved and they are deciding what to do next.

If they had, surely they would have been quicker to post their success.

Bob.

[124bob] 30/1/2007 16:25

Well, today's the day and no news of the outcome of the extension to European Gas's offer.

Does anyone have any views?

Bob.

[buffin] 24/1/2007 08:36

European Gas are on oilbarrel.

Don't think it tells us anything new.

[happyjackal] 17/1/2007 20:42

How does one trade EPG shares from the UK? Any help pls.

[sranmal] 17/1/2007 18:15

Everything you wanted to know about CBM but were afraid to ask:

[rapier686] 17/1/2007 10:27

Buffin, yes the minimum level of acceptances is entirely at EPG's discretion.

If they were happy to buy 80% of HEP, they could do so now. But, for now at least, they aren't.

Presumably they want 100% and not to have the hassle of minority shareholders floating about. I believe as a 90% shareholder they can compulsarily purchase the remaining refuseniks which is why 90% is such a popular level for offers.

If they go unconditional at a lower level, they are taking the risk that they end up with pesky minority shareholders messing up the structure. Of course the position of minority shareholder isn't an attractive one so they might get more takers when they go unconditional but it's a risk for them.

We shall see if it's a risk they're prepared to take, or they get 90% anyway, or they give up on the idea. Or even if they up the offer to entice the remainder. I am certainly enticeable. The fat lady is yet to sing.

[lmhardy01] 17/1/2007 10:08

per accts 2006

City Natural Resources High Yield Trust Plc 15.9% acc
Rand Investments Limited 14.9% acc
P A Ray 12.9% acc
R W Scarlett 7.1% acc
Anglo Pacific Group Plc 5.1% acc
C Rowan 4.7% ????
Golden Prospect Plc 4.3% acc
Sofisco Nominees Limited 4.0% acc
Vidacos Nominees Limited 4.0% Citibank Acc I think
N Adam 3.7% ????
OIC Nominees Limited 3.2% Acc

[buffin] 17/1/2007 10:03

European Gas announces that the Offer, which remains subject to the terms and
conditions set out in the Offer Document and the Form of Acceptance (including
acceptances being received in respect of not less than 90 per cent., (or such lower percentage as European Gas may decide) in nominal value of the Heritage Shares to which the Offer relates) has been extended and will remain open for acceptance until 1.00 p.m. (London time) on 30 January 2007.

[lmhardy01] 17/1/2007 09:49

I see well we will have to wait and see what happens. It looks on my calc and elimination that 2 of the major shareholders representing 7.9% have not accepted the offer.

[rapier686] 17/1/2007 09:46

"Full acceptance of the offer ... would result in the issue of approximately 31,509,311 New European Gas Shares representing approximately 15.9% of the Enlarged Issued Ordinary Share Capital of European Gas".

[lmhardy01] 17/1/2007 09:41

why do you say we are diluted re lorraine have I missed something ? I assume you mean the % Heritage ie 33 mill shares in European represents 16% european gas?

[rapier686] 17/1/2007 09:25

If it was a done deal, the offer would be unconditional. It isn't.

[buffin] 17/1/2007 09:16

I agree. But won't it be a done deal now.

[rapier686] 17/1/2007 08:38

I am open to persuasion. I have not accepted because I do not find the offer attractive, not because I haven't bothered.

Merging makes splendid sense, but on the current terms I can't see we're disadvantaged by proceeding on our own - all the merger benefits accrue to existing EPG shareholders.

On the debit side, our working interest in Lorraine et al is diluted from 25% to circa 16%.

On the credit side, EPG has more cash, other assets (Canning basin, Lons le Saunier application) and is probably able to raise funds on better terms going forwards.

And try as I might, I can't see the latter making up for the former.

[lmhardy01] 17/1/2007 01:57

EPG now has 81% of Heritage they need 90% and have extended the offer until 30th jan. Please accept if you have not already done so is my recommendation for what it is worth. I certainly have

[rapier686] 16/1/2007 11:33

As I understand it, once you accept an offer Selftrade remove the shares from your portfolio because you can no longer trade them. Don't have the problem personally though ;-)

They're still yours though, just not showing because you've agreed to swap them in due course for whatever might be coming. If the offer falls through they will reappear and if it goes ahead then 0.55 EPG + 1.5p cash will appear.

Except that, I don't know what they'll do with the EPGs though since they don't trade Aussie shares. If you're asking, it would be worth asking that.

[rapier686] 16/1/2007 11:26

I can't help wondering though if "severely fractured zone below 970 metres resulting in total mud loss and water invasion" is a concern for CBM though.

It's awful close to the bottom of the coal seam and if they have a ready supply of water into the seam, they're going to struggle to dewater and reduce the hydrostatic pressure to release the methane.

[buffin] 16/1/2007 10:47

From memory, Selftrade's closing date for a decision on the offer was 10 January, and the default was to accept the offer. You should have had a message in your inbox and an email notification.

If you're concerned about your shares, why not send them a message. I've usually found them clear and helpful in responding.

[sranmal] 16/1/2007 09:34

First closing date of offer and EGM at 1pm today. Should get an ASX announcement thereafter if resolutions passed (see Offer Document). Not sure when we'll get EPG shares, may be 16 Feb looking at Offer Document.

[jonno1] 16/1/2007 09:11

checked my seltrade account, now no sign of hep at all, anyone else got the same problems

[lmhardy01] 15/1/2007 23:26

New EPG announcements today - It looks as if they have fixed the disappearing mud trick in the diebling hole and that the new gas content is higher than at Folschviller from the first coal seam which is good news.