Harbour Energy Share Discussion Threads

[nav_mike] 30/12/2016 09:42

Yep...if there is a placing of any kind, and its price is linked to the price over say the last 90 days, we will know what this was all about....and yes it would stink

Its hard to see what the shorters would have gained from trading the 15-20p range (seems relatively peanuts) so Im coming round to the idea that this whole thing has been a price control exercise

[bakedbean57] 30/12/2016 08:58

I'm starting to agree that the moving average prices might be coming into behind the scenes somewhere here, if they do then this completely stinks...

[bakedbean57] 30/12/2016 08:57

Difference in language is the word long form and this would make both arguments valid. My word before was erosion it is now opportunity cost as the loyal holder has been ultimately punished with the deadlines for finalisation being fluid. It's alright at these levels if there's more in the pot to top up with...

[begorrah88] 30/12/2016 08:48

Looks like the shorters/sell matchers want this down on the day.

Matey with his 25000 purchases [5 so far] is getting them cheaper each time he buys.

[begorrah88] 30/12/2016 08:11

This was the line from the 17th Nov update

'Premier will now engage with its Convertible and Retail bondholders and it is the Company's objective that discussions with all parties will be sufficiently advanced such that the creditors are able to lock up to the terms of a transaction by year-end, following which there will be a process to implement the refinancing during Q1 2017.'

Also,

'Premier has been in discussions with its lending groups on the terms of its existing financial facilities. Whilst the negotiations have taken longer than the Company initially anticipated, lenders under the company's Revolving Credit Facility, term loan, Schuldschein and US private placement notes (the private lenders) provided a revised term sheet on Friday 11 November the key provisions of which are...'

So that group had agreed the term sheet by Nov 11th yet yesterday we were told..

'Good progress is being made in finalising a long form term sheet in respect of the refinancing with the expectation that this will be circulated to all private lenders (Revolving Credit Facility, Term Loan, Schuldschein and US private placement notes) for credit approval in January. Negotiations are now underway with the advisers to an ad hoc committee of the Group's convertible bondholders. Premier intends to provide a further update in its Trading Statement on 12 January 2017.'

It doesn't change the position going forward other than it does explain why shorters have become encamped in PMO and casts a shadow of doubt over any future TD timeframes which the shorters can exploit.

[steve73] 30/12/2016 07:33

In the presentation on Sept 21st (link in the header) Tony indicated that he hoped the refinancing would be completed in a few weeks...

The Trading Update RNS on 17th Nov clearly indicted "there will be a process to implement the refinancing during Q1 2017".
Other than at the September presentation there has been no suggestion that refinancing would be completed during 2016.

GR makes some good points regarding the OPEC agreements.

IMO, it's been fortuitous that the share price has languished here whilst many of the other small oilers have increased significantly. In the period from June 30th (the date of the first covenent deferral), ENQ, IAE, & TLW have increased by approximately 27%, 42%, & 24% resp. (an average of 32%) while PMO is almost exactly the same. From the lows at the start of Aug the increases were 56%, 104%, & 72% (avg 77%), cf. PMO's gain of just 31%.

A great opportunity now to take some of these gains and multiply them further as PMO completes its refinancing. (NAI, etc.)

[gloucester rugby] 30/12/2016 07:27

I think that the delay in Financial restructuring of loans, ( not covenants as was first believed) is due to the significant rise in POO post OPEC and Post the November 18th update. This was a gamechanger and removed any doubt that the companies debt reduction targets of achieving 3 x EBITDA by end of 2018 could be achieved. With this change in negotiating position I believe TD has fought hard to lessen some of the proposed restrictions on oversight of CAPEX projects. Particularly reference to Sea Lion. Malcy,s blog re Rockhopper stresses the point as to the huge intrinsic value of Sea Lion. Yet it has virtually no asset value attributed to PMO prior to OPEC.

I suspect that this is the only sticking point. How much oversight is there to be.

Once this is agreed and I suspect that won,t be long as POO is gaining in confidence at mid $50,s as a base line, we will get sign off. Then we will be at the races.

Can you imagine the share price post April with imminent countdown to Catcher leaving port and a farm in to Sea Lion from a Major?. GR

[begorrah88] 30/12/2016 06:17

This line 'It is understood that terms for the refinancing will be drawn up in the first two weeks of January and sent to lenders, paving the way for a deal.' causes me to question whether shareholders have been deliberately misled?

At no point, in either the official RNS or conversations with the PR dept has anyone said that they hadn't issued the terms to the respective parties - I was actually told the exact opposite by the PR dept - that they had all been sent out.

I believe the press more than I believe PMO on anything official.

Now makes sense of the line I was told about TD giving an update on the financing position at the general update on the 12th - I questioned why that would be if it was all supposed to have been sorted by year end?

Got an unsatisfactory answer.

I don't believe there was any intention of sorting it in 2016.

Therefore I think shareholders were deliberately misled.

[begorrah88] 30/12/2016 06:09

hxxp://www.thetimes.co.uk/edition/business/lenders-set-to-give-premier-vote-of-confidence-over-debt-cl9x0h3r5

[marvin9] 29/12/2016 22:33

Lol. asked a simple question... how many did Fat Tony actually buy?

[manics] 29/12/2016 22:23

It doesn't matter how he got them it only matters that he has them and has an interest as a consequence. Would you like to have an asset worth £1 or an asset worth £1m?

[manics] 29/12/2016 22:20

It's also interesting to see just how far management need to motivate the share price before legacy share incentives and options get back in the money.

Some were granted as far back as 2012. Tony needs 167p as a minimum and most of his are well north of 300p.

[marvin9] 29/12/2016 22:19

How many of them shares did he actually buy?? or did he get them as a fat cat bonus???

[manics] 29/12/2016 22:11

Total share interests at 31 December 2015

Tony Durrant: 2,327,714

[patience a virtue] 29/12/2016 20:55

Marvin9, you are pathetic!

[ny boy] 29/12/2016 17:32

Marvin, you're getting to emotionally involved, I never fall in love with any Company on AIM/LSE, shareholders often get shafted from time to time, the market is littered with failures and investors who have never sold to cut obvious losses and move on. No idea what you paid but, many are happy making 10-25% on some of these stocks when given the opportunity, which would be a decent return for the risk.

Remember you are lucky to make more than 0.5% on bank deposits, if that!

[ny boy] 29/12/2016 17:07

Since April this has been in a trading channel between 48p & 78p, it has hit 78p resistance 3 times and failed. Currently trading in a finer band but really not going anywhere, a break of either resistance or support will be decisive. Bulls need more belief!