Petroceltic Share Discussion Threads

[loglorry1] 03/3/2016 18:12

Even 75% is effective control as at that level they can put in new board delist and basically do what they want. Regardless if banks on WV side it's game over for equity.

Short.

[pyemckay] 03/3/2016 18:06

Simon, I agree that 0p is now looking as likely as the 3p bid.
As I am short that would be a very favourable outcome.

I do think shareholders who are holding on for any further bids are not thinking logically.

Once again , similar to Afren, this could a valuable and painful lesson for the less experienced investor.

[hermana3] 03/3/2016 17:49

Worldview set on going hostile now? Must be other parties interested in Algeria and Italy.

[simon cawkwell] 03/3/2016 17:06

Gentlemen,

Incidentally, I have just checked with a lawyer and he posits that the 90% acceptance test has been selected to ensure that WV can compel outstanding shareholders to sell out on the bid terms. Otherwise there is the possibility of a rump of shareholders that want to be sent annual accounts etc. etc..

Simon Cawkwell

[mariopeter] 03/3/2016 17:02

Well done Worldview . You have wrecked it. Get your cheque book out because you are going to have to buy it and cover off the debt and seriously hope you did forget the debt and it messes up your plan.

[simon cawkwell] 03/3/2016 16:59

WhiskeyInTheJar,

I would just mention that in fact there is no offer for PCI for anybody, let alone the banks, to insist upon as regards acceptance.

Worldview have been advised to make the offer on terms that require 90% acceptance. This is quite a high test and I do not know why so high a test is necessary. But, so far, it is WV's declared position.

Clearly, there is a lot of needle as between WV and the board. But the cure for this condition is for the board to attract another approach which turns into a proper offer which in turn must be based on a resolution of the banks' position as a condition of the offer. I suspect that such an offer is not capable of being dreamt up.

I originally thought that WV must have squared up the banks before commenting on the possibility of a 3p offer. I was wrong.

There must be a very fair chance that this stock goes to zero.

Simon Cawkwell

[onetomany] 03/3/2016 16:09

Disappointed was sure 5p was the target today. Monday will be the real bloodbath I guess after the weekend press. Board comment was awful and should be a sign to everyone.

[whiskeyinthejar] 03/3/2016 15:30

So if the banks are in control why aren't they insisting the offer is recommended to shareholders?

[seangwhite] 03/3/2016 15:19

The RNS merely shows that Big Brain wants a few more weeks at the table, for more good meals paid for by shareholders!VGLTA

[pugg1ey] 03/3/2016 14:38

you can say that again

[resourceful] 03/3/2016 14:23

if the banks pull the plug both board and nomad could be in trouble

[resourceful] 03/3/2016 14:23

if the banks pull the plug both board and nomad could be in trouble

[bluebell1] 03/3/2016 14:04

I flagged this 2 weeks ago that the banks could throw in the towel here at any moment. That RNS doesn`t bode well here, the bod are now acting like rats on a sinking ship!

[onetomany] 03/3/2016 13:56

Ready to buy a load before close, only at 5p or below. Should start the descent soon.

[simon cawkwell] 03/3/2016 13:52

frank incence,

Where is the corruption?

SC

[frank incence] 03/3/2016 13:20

The stench of corruption is quite overwhelming.

[300808] 03/3/2016 12:48

Because the lenders want their money back simple

[jnbrw] 03/3/2016 12:47

board just need a bit more time to negotiate terms for some asset sales. Why should they hand everything over for a song?

[300808] 03/3/2016 12:46

Its all Lawrence of Arabia fault