Heritage Oil Share Discussion Threads

[2hoggy] 30/4/2014 23:19

Fanghorn you might as well say todd kozells company is gkp would you agree with that?

We the long term shareholders were not even consulted on this sale,you are saying as shareholders we have no rights.

Just as the company prospects were looking much brighter he takes our profit away from us.

After the kozel debacle you were quite happy with that?

[fangorn2] 30/4/2014 22:56

P.s GPX a good bet, on up coming Morocco drills.Both Ophir and PMO still undervalued. Am assuming you want to diversify away from Kurdistan otherwise PCI, Genel, SNM and WZR.

[rjcdc] 30/4/2014 22:49

Come on fang.. You know this stinks. I'd be interested to know how much he actually has put in?

Yup, 25% in a week not to be sniffed at... But 100% in a year or two would prob be nicer... Unless of course it can be found elsewhere.

Genel?

[saltaire111] 30/4/2014 22:24

Genel considering a look here?

Salty

[fillyboy] 30/4/2014 22:02

RJCDC, a 25pc profit on a holding and official recognition of minority status all in the space of a week, I'd be overjoyed mesen.

[holts] 30/4/2014 18:48

Thanks, certainly the cash would have been better in our pocket.

At least will come out with a profit , when you look at other oilers in the last few years many have been gravy trains for anyone but investors , rrl , Blvn , Antrim come quickly to mind .

[biggerthus] 30/4/2014 17:55

I don't believe treasury shares are votable holts, but they can be sold - and that is considered as a new issue. That is, if the bought back shares were not cancelled; I don't have the answer to that.

Looks like a big waste of money with hindsight, as that cash could have been used to pay divis. As it stands, the buyer has to pay for them - meaning that the 'company' retains that cash.

[holts] 30/4/2014 17:38

The shares purchased on buy back , if still in treasury , can they be used for vote?

[eipgam] 30/4/2014 16:05

Don't look on this as a ramp, please, but if any holders are looking for a different co and sector to place their money, may I suggest you look at MONI... solid shareholder register, big prospects, poss M&A exit, lots of info available. And GS have a £1.15 tp.

I hold here (since the discovery in Uganda!! but not for much longer) and at MONI.

Apols if anyone is offended by o/t suggestions.

[ubdogs] 30/4/2014 15:13

"Anthony Buckingham has irrevocably committed to Al Mirqab that he will support the Offer and not accept any competing offer made prior to 17.00 (London time) on 29 September 2014."

I didn't see any indication of when this deal might close but the way the above is worded it sounds more like a put option? We should have a lot of information come in between now and 29 September 2014 and if any of it is positive might TB be able to accept a competing offer should one be put forward between now and then?

Granted I'm grasping at straws at this point but I would like clarity on that wording.

[colurb] 30/4/2014 14:51

@RJCDC. when they have bought up a certain percentage they can compulsory buy the rest even if you don't want to sell. Can't remember what the percentage is - 90%?

[rjcdc] 30/4/2014 14:48

I imagine he is allowed to sell his shares to them, and then they are allowed to launch a formal takeover... But I'm not sure how they can do that at the offer price already set, and nothing else...

[scrambled eggmann] 30/4/2014 14:45

After further reflection I don't think there is much hope of any counter offer but will still wait in case the 1% chance of such an event occurs.

TB is the link to Shoreline and the Nigerians and so unless a Nigerian company or one with very strong Nigerian connections (such as Addax/Sinopec or one of the failed OML29 bidders) AND has the approval of Mr Karim makes a bid, then it is unlikely to happen.

Now the question is where to go with the expected money?!

[rjcdc] 30/4/2014 14:44

That's what I thought colurb.... But I don't understand the following:

If the Offer is effected by way of a Takeover Offer and such Takeover Offer becomes or is declared unconditional in all respects and sufficient acceptances are received, Al Mirqab intends to exercise its rights, to the extent applicable, to apply the provisions of Articles 116 to 118 and Article 121 of the Jersey Companies Law to acquire compulsorily the remaining Ordinary Shares in respect of which the Takeover Offer has not been accepted.

If the Offer is implemented by way of a Takeover Offer, the Ordinary Shares will be acquired pursuant to the Takeover Offer fully paid and free from all liens, charges, equitable interests, encumbrances and rights of pre-emption and any other interests of any nature whatsoever and together with all rights attaching thereto.

Is that actually legal??

[colurb] 30/4/2014 14:41

If a competing bid did come along (granted big if) it wouldn't matter if TB didn't support it, he doesn't hold a majority.

[acta_topup] 30/4/2014 14:22

What a betrayal! should be hanged for treason

"Anthony Buckingham has irrevocably committed to Al Mirqab that he will support the Offer and not accept any competing offer made prior to 17.00 (London time) on 29 September 2014."

[rjcdc] 30/4/2014 14:10

Because I imagine tb has already ensured there is enough support out there for this deal. He, personally, stands to gain a massive amount more out of this deal than say if it was a straight sale for £4.... The sales premium is stacked in his favour, and only his favour.

As much as I would like a bidding war, this seems so final that I don't think there will be one. And, let's face it, the majority of the income and asset is in Nigeria and there are risks with it.

Still sickening though.

[scrambled eggmann] 30/4/2014 14:07

It's a purely rigged deal where the main beneficiaries are the Directors.

The Instis were probably given the nod some time ago hence the share price rise.

The takeover is for 280 pence and if they win anything in the court cases of find a billion barrels in Tanzania only TB and the Qatari will gain.

As someone said it has effectively been privatised!

[tom111] 30/4/2014 14:00

How can you refuse a counter bid if one comes in at 360p are they going to refuse it

[hjs] 30/4/2014 13:50

Sm
TB has everthing to gain in this deal. He is making money on his 14% he sells, hold on to his 20% for future growth and become a director again earning nearer £2m a year.
It is a win win for him. He does not care about you or me as a shareholder.

As i wrote earlier, I would hold off selling currently but wait till next week as you have nothing to loose by selling it next week..