Harbour Energy Share Discussion Threads

[bakedbean57] 17/1/2018 16:33

Mike yup majority will and have always planned to just 'swap' them out...

[nav_mike] 17/1/2018 16:31

Forgive me - I probably didnt make myself clear. I only think shorts closing will be a non-event in respect of this CB conversion (although I think it makes up a very large % of the open shorts imho).

I just have this feeling we will see some very large transactions going through after conversion as CBH conversion shares pass over to the shorting funds. I then think we will see a sudden and large drop in the short position %

More likely though is that im way off base with my thinking :)

[cumnor] 17/1/2018 16:26

For now. The game has changed however and news could come from any front, farm outs, Zama sale, even a take out more likely now there is clarity on finances so sudden increases in share price could see shorts wiped and more-and the further they bring it down the greater the risk for them. I prefer to be long-big holding from 40s-than short with recent change in sentiment. And there will be big investors looking for value oilers as part of a portfolio who, now the uncertainty is removed, will look at pmo differently. imo

[nav_mike] 17/1/2018 16:24

Forgive me if this is rank stupid, but surely if these vulture shorting scumbag funds have been shorting on behalf of CB holders, wont there be some legal agreement between them that passes any shares on conversion to the hedge fund so they can close their short?

Otherwise the hedge funds would surely be running one hell of a risk?

I only ask because someone said they cant wait for shorts to close, but surely this is going to be an upside non event?

[gepetto100] 17/1/2018 16:17

Just remember the basic principles of PMO are fine, oh and of course they're increasing oil production

[begorrah88] 17/1/2018 16:09

Probably going to be messy for a few weeks as it all settles into place. Ideally best to turn the screen off and not watch it for a while but that is hard to do!Plus we'll have all sorts of scaremongers coming out of the woodworkI'm sitting tight

[gepetto100] 17/1/2018 16:02

Disclosed Short positions in PMO now stand at 15.14%Up 3.18% in 2018.This is going to be a very interesting time for them, in terms of closing or reducing their positions

[jelenko] 17/1/2018 15:54

You can't drive a car by staring at the bonnet! Look further down the road,it helps.
The long term value here is clear to see if you are capable of the maths.

[gunsofmarscapone] 17/1/2018 15:46

I really did my best to flag up potential dilution! All you need is a rights issue and Pmo could be a 1 billion share hippo.

[bakedbean57] 17/1/2018 15:45

I'm happy with situation but it has been a shenanigans trading day today like several months ago so we ain't in the clear fully yet!

[cumnor] 17/1/2018 15:11

Another big day for PMO-like Catcher the CBs we had anticipated would hang over our heads for another half year are history-as is the technical shorting that held it back for months. New shorts have now to contend with no support from cb holders, Catcher, Poo high sixties and the possibility of Zama or Falklands news, taking another billion off the charge sheet. Very different beast. imo

[begorrah88] 17/1/2018 15:04

Not at all surprised to see some nervous selling today.

Tricky to get your head around what is happening here and have the confidence of not getting shafted by the money men.

Quite a few going down the 'better to be safe than sorry' route I'd imagine.

They can always buy back in later

[steve73] 17/1/2018 14:24

LOL.. thanks gepetto.. I didn't get that far..

I see also they're reduced the EP for the warrants..

[gepetto100] 17/1/2018 14:13

Steve73The exact detail is in the RNS re share issue:224,303,748 Ordinary Shares7,578,343 Incentive Shares231, 882, 091 TotalVoting Rights 764, 282,574

[bakedbean57] 17/1/2018 14:08

This was following a similar pattern to ENQ today against PoO up until last couple of hours hoping it plays catch up into close...

[steve73] 17/1/2018 13:53

By my calc there are now (or soon will be) c.763.5 MM shares (on the basis of $0.91744 CP +5% incentive), or 44.6% additional shares, so the mcap has just increased by the same % to around 740 MM GBP.

Now let's watch those shorts close...

[jelenko] 17/1/2018 13:38

It's because the debt will drop so the NAV per share won't reduce. In fact I am looking for a higher NAV at the end of 2017 because of Zama etc.

[begorrah88] 17/1/2018 13:33

I like to think that all the share price management tosh we suffered in 2017 was the absorbtion of the dilution

[begorrah88] 17/1/2018 13:32

It really is a curious situation

We know 231m new shares come onto the market on Friday and, at the moment, it looks like the market will just swallow them at the current share price

Otherwise everyone would be selling out now

Never seen this position before

I'm holding tight though

[oilretire] 17/1/2018 13:11

Final outcome..........


87.5 per cent or US$205.79 million of the US$235.2 million convertible bonds outstanding have been accepted for early conversion.....


.....The dilution as a result of the incentive shares represents less than 1 per cent of the enlarged share capital of the Company......


And a wee pop at the shorters


accelerating the exchange of the Bonds increases the equity base of the business whilst reducing outstanding debt and associated hedging activity (short selling) by certain holders of the Bonds;