Premier Oil21 Discussion Threads

[hindsight] 20/5/2022 20:00

Am I correct in presuming the warrants excercise at ~~ £8 now ?

[my retirement fund] 31/7/2021 20:48

Will probably just be lip service

[giammy85] 31/7/2021 12:39

My broker Jarvis has not yet received the coupon payment. They said they were chasing CREST. Anyone with experience in not receiving a coupon payment and what is the best procedure to follow? Formal complaint to broker or CREST?

[geppo74] 21/6/2021 09:35

@14johnjohn glad you received your shares!

I was told that since I've chosen the Cash-Out Option I was only due cash. I might have received shares if the Cash-Out option was oversubscribed (there was a 175 USD cap), but apparently that wasn't the case.

I'm still convinced that receiving only 77% of the nominal is not right, but they claimed the nominal was in USD. I find it strange because the bond was clearly issued in GBP:
PREMIER OIL 6.5 GTD SNR 31/05/2021 GBP

Anyway I've given up now, I'm fed up talking to people that know very little and just repeat whatever script is handed over to them. I've moved away from IWEB and just hope the new broker will be better.

[giammy85] 22/5/2021 11:13

Is there an official documentation stating what offer has been implemented?
I wrote to investor.relations harbourenergy on 10th May but got no reply.
I have not received the Accumulated Interest from the implementation that was stated in this forum before:
Cash USD 8882.296 per £10,000 face value of bonds
Stocks 15895 HBR per £10,000 face value of bonds
Accumulated Interest £196 per £10,000 face value of bonds.

Also, what is the new adjusted exercise price for the Premier Oil equity warrants that were issued in 2017?

[14johnjohn] 10/5/2021 11:41

My shares appeared today.

Thanks everyone for sharing their status. Has made it easier in the absence of any real communication on the process.

[14johnjohn] 26/4/2021 23:50

I chose the equity/cash option as didnt want to risk them messing it up by not selecting anything (even tho it's the default)

It sounds to me like they themselves didnt complete any of the prospectus forms on our behalf and the total pool of their clients' entitlement shares has gone to the issuer agent. Who knows how long this will take but they are apparently on the case. I tried to explain it to them as well, fearing something like this would happen. Looking forward to closing my account after this.

[geppo74] 25/4/2021 18:03

@14johnjohn which option did you choose in the Corporate Action? I've chosen "Cash-Out option" and received 77% of the nominal (disappointing) plus the interests (correct amount I believe).
I am now worried that IWeb/Halifax lost the shares component as they did with you.

[geppo74] 25/4/2021 17:53

@15jk15 with my broker, IWeb (which I believe it's run by Halifax) they would have chosen the default option (see below).
I've chosen the "cash" option, but I suspect I should receive some shares as well: it's amazing how little those brokers know: I have recently moved to HL and it's not any better. I have to find all the info myself and then explain to them what should happen!

"
Option 1: Equity/Cash option (Default) - Holders can elect to receive new ordinary shares in the combined
group, at a rate yet to be determined.
Option 2: Cash-Out Option - Holders can elect to receive a further cash payment.
Please note the Cash-Out option is capped at USD 175 million. If the Cash-Out option is oversubscribed,
there will be a scale back of the Cash-Out option and you will receive your pro-rata proportion of the
additional cash available and the balance of the amount you are due in shares.
"

[contact2fsnetcouk] 22/4/2021 10:58

I have a broker and to my knowledge I personally, didn't complete any form, perhaps my broker completed it on my behalf or there is a default.

I've received coupon, cash and shares.

[my retirement fund] 22/4/2021 10:44

Normally the broker has a nominated charity and your holding is sold and credited to that.

[15jk15] 22/4/2021 07:06

Hi, Does anyone know what happens if you didn't return the corporate action form? What is the default option selected for you? Thanks

[14johnjohn] 21/4/2021 11:14

Was able to contact them. It sounds like the shares have ended up with the issuer holding agent or whatever they are called and now Halifax are trying to chase them to get the shares. No timeline given.

[14johnjohn] 18/4/2021 03:19

Thanks @edsullyjoe. Did you complete the corporate action from within Halifax ISA or fill out the form in the prospectus? Just curious if I've done something wrong and shares have gone to the issuer holding agent.

The cash and coupon arrived last week a few days apart.

Still no sign of any shares. >2 weeks from listing really isnt good enough Halifax.

[my retirement fund] 13/4/2021 16:27

But how solvent are Enq now I wonder? They have always been financed to the skin of their teeth traditionally did they refinance during covid then?

[steve73] 13/4/2021 16:13

MRF - have you considered the ENQ bonds.. currently c. 85p, pays a slightly higher coupon (7%, so eff. nearer to 8%), although currently paying as PiK (more shares at par). Matures in Oct 23, which by my calc gives a YTM of around 15% p/a. Not to be sniffed at in today's world.

[my retirement fund] 13/4/2021 15:04

Bought mine for 80p years ago, will miss the coupon ?

[catsick] 13/4/2021 06:46

Looks like this is all final sorted very nice result on 70p purchase when all the details were pretty well outlined and was a very nice little trade

[14johnjohn] 10/4/2021 06:19

is anyone holding PMO1 in a Halifax stocks & shares ISA?

my holding has disappeared and i have received no cash, no HBR shares and no coupon.

their chat function doesn't work, i can't email them and can't get any info at all. what a saga. can't wait to sell, assuming i actually receive my entitlement!

[pejaten] 09/4/2021 15:12

Thanks for sharing. I have coupon but nothing else

[my retirement fund] 09/4/2021 14:56

Movement from AJ Bell. Had 20000 bonds now got 31791 Harbour shares and 12849.63 in cash but no final coupon payment