Meridian Petroleum Share Discussion Threads

[enq] 26/11/2009 16:04

duc, according to what I just sold (which, admittedly was not a huge amount) I received my full entitlement of excess shares, ie I got the 1 for 3's plus shares equal to my holding on 28th Oct or whatever the record date was (which was what I applied for & had funds in my account to cover at close of play last night).

I can't help thinking this MUST be a broker error as to get my full request of excess I presume very few people would have either taken up the issue or the excess.

In any case, they're still counting out the applications aren't they?

Very confused but with considerably more trading funds than this morning.

[ducatiman] 26/11/2009 15:55

enq, did you receive any excess shares?

[enq] 26/11/2009 15:47

Afternoon All,

Out of interest has anyone found their accounts credited with the full (basic & excess) entitlement today & then been able to sell them?

I did - I checked it out with the broker via telephone (full notes / names etc) - told them they were barking and that the new admission shares were not being allocated & issued until next week but their advice was "no, they're yours, go ahead & sell them if you want to"

So of course I did. Just wondered if anyone else has been able to do this. (PS I use a fully funded equity purchase account so no CFD, margin or short selling capabilities are available)?

Regards all, enq.

[metastock2] 26/11/2009 15:46

lots of t20 traders nervous

[tadtech] 26/11/2009 15:40

Some nervous nellies around today I see.

45m shares in issue priced at 55p equals a market cap of £25m with circa £9m cash gives an EV value of £15.75m

To include......

430m prospective barrels
500bcf prospective gas
1m P1&P2 at ELV
Ongoing cash flow
$35m Bank facility
Peter Levine onboard
New Ins shareholders

Seems rather cheap to me!

[lr2] 26/11/2009 15:28

I have no idea if this particular market is forward thinking or not. I cannot fathom it out. If the market was forward thinking then, I suppose, it would have already added the soon to be £6.7 million cash injection (or at least a large part of it) into the share price but it appears not to have done so.

Of course, maybe it has and the fact that the share price hasn't fallen significantly since the placing news broke is the equivalent of the cash injection plus a faith in Levine factor.

Assuming that the new £6.7 million cash input plus the pre-existing £9 million market cap does equate to around 34.5p a share once the placing is voted through then anything over that amount could be assumed to be the Levine factor bonus.

I guess we will only know for sure come the 1st of December.

My assumptions based on 45.45 million shares are: Pre-existing market cap of £9 million equal to 20p a share, new £6.7 million cash input equal to 14.5p a share, current faith in Levine factor equal to 20.5p a share.

[dont jump] 26/11/2009 14:44

If the share price was going to drop to under the 40p level , would it not have done it by now ? Is the market not forward thinking ?

[ducatiman] 26/11/2009 14:21

LR2, got some away as a hedge with no probs and no mm reaction so hopefully we are at or near support. Will probably end up buying them back higher and not for the first time.

[woggles] 26/11/2009 14:20

TD Waterhouse online proxy voting system seems to be working OK.

[technohead] 26/11/2009 13:51

After tomorrow - assumings its all squared - I'll be waiting for the RNSs to see what % the new directors hold!

[sideshowbull] 26/11/2009 13:49

For those with III click on statements in your account, money has been taken there, however I note that they have not taken the full amount I asked for..?? where as my self trade and barclays accounts have nailed all my funds to the max I asked for.

[lr2] 26/11/2009 13:40

Techno, I am also hoping that it doesn't go that low but I am assuming that it might. If it drops below 34.5p I will buy more.

Duc, slight weakening in the current on line limit: Buy 50,000 at 55.675p, sell 150 at 55p.

[metastock2] 26/11/2009 13:40

coming to good support level now
and overbought level

[metastock2] 26/11/2009 13:38

lr2 the price isn't showing
the influence of levine because his not
on board yet

[technohead] 26/11/2009 13:36

Looks like LSE back trading again after tech problems - the OX flag has gone from MRP. (I think it was OX)

[technohead] 26/11/2009 13:35

LR2 _ given that the 34.5p price is based on all the new shares at the 25p placings + the current price and number of shares as they stand - I'd be hoping it is not going that low. I think once the news is confirmed that Levine is onboard we should start to see a similar appreciation to the initial euphoria if not quite so spectacular - here's to hoping!

[lr2] 26/11/2009 13:30

Duc, I don't see any manipulation - just a surfeit of sellers. What really worries me is the lack of a Levine boost. We are currently valued at £9 million market cap. Up only 2p on our pre-Levine news share price. After the placing we should be able to add in the £6.7 million we receive giving a market cap of £15.7 million. But we will then have 45.45 million shares issued so the share price could (but I certainly hope it won't) go to (15.7 / 45.45) 34.5p a share.

[ducatiman] 26/11/2009 13:23

LR2, thats nasty, just hope the share price hasn`t been manipulated in order to ensure a yes vote. Still, it wont take much to reverse that. Hoping for decent newsflow from tuesday onwards.

[lr2] 26/11/2009 13:15

Duc, you are correct.

Current on line limits are: Buy 35,000 at 55.9p, sell 150 at 55p.

[ducatiman] 26/11/2009 13:06

techno, I suspect the trades at 55.90 are buys. leedskier, thanks for that, thought it was quiet.

[technohead] 26/11/2009 12:52

leeds - thanks for that : just coming back with my own update based on the midday news : so the bid/offer are stuck at their 10:30 technical glitch level and any trading is being done in auctions.

[leedskier] 26/11/2009 12:43

12:31


The London Stock Exchange continues to investigate the cause of connectivity issues being experienced by clients. The situation remains as stated below.

All order-driven securities remain in an auction call period (there are no indicative uncrossing prices and volumes at this time). The length of this period has not yet been decided however a minimum of 30 minutes notice will be provided ahead of the scheduled uncrossing time (Indicative uncrossing prices and volumes will be reinvoked for this period).

Securities on the quote driven market remain tradeable however market maker prices are currently stale and therefore not firm.

The Exchange will publish an update within 30 minutes.

[preppy] 26/11/2009 12:36

Market Cap 9M - Cheap as chips. Bring on the sauce!

[technohead] 26/11/2009 12:21

ominious 11:30 trade - 50,000 sold at 53p with the bid at 55p.
Nearly 100,000 sold today and no buys.

Wonder what tomorrow will bring and even more what Monday will bring.

Hopefully some good good news

long live the president!

[amd7000] 26/11/2009 11:53

Funds have been taken now.