Independent Oil & Gas Takeover Rumours (IOG)

Yeb, June 1H is my thought but i am topping up on nice dips before then. Tried topping up last week at 11p but could only get in at 12p. Any below 12 is now unlikely but i am hoping. Takeover news can still happen by June for a suitor to get in before lift off in 1H.

Did you all see this from rns.... “Shares will become effective at 8.00 a.m. on 24 April 2019â€￾ Today the price will fluctuate and settle by Friday with a nice move towards 15p . Be ready for more takeover moves.

"A total of 628,496 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.49% per cent of the Company's current issued share capital." An exercise price of 1p?!?!?! Surely that's a typo and they meant 10p, if not it seems that they have given themselves a massive pay rise???? Even an exercise price of 10p would seem generous given the 10p per share placing/open offer and in the light of the takeover offer of 20p recently made by RRE?

RRE were denied copies.Why?Surely it’s in the administrators interests to get cash value for an outstanding loan which is secured on assets that are currently unfundable from a development perspective...or at best where there is a material risk that they are unfundable.Only explanation is that the administrator cannot disclose perhaps because it requires someone else’s agreement to do so??Only other explanation for the 10p rescue raise was that they were close to trading whilst insolvent, or that they had made unfunded rig commitments.The takeover panel normally wouldn’t agree to fundraising in an offer period as it could be seen as a frustrating action...clearly there’s some urgency that overrides this.

NoRule 9 of the Takeover Code: whitewash and waiver

What about the takeover code DH?

Surely if they get > 30% of the company by converting the debt then under the takeover code they then have to make a formal offer for the rest of the equity at the highest conversion price paid.

LOG (and hence administrators of LC&F) were complicit in the rejection of the 20p takeover offer - as insiders who effectively control the company they expect to get more value through other options - be it a higher bid or alternative funding plans. Watch this space... suspect IOG will have to update on its progress / plans before the PUSU expiry at 5pm on 2nd April!