Providence Resources Share Discussion Threads

[cephalosaurus] 28/1/2017 21:34

Yeah, I simply cannot see a bid being accepted this side of druid to be honest. Recent finance won't be having it. Such bids would have taken place in the last 5 years, why suddenly now?

[hermana3] 28/1/2017 19:03

No way will any bid below options price be considered by even the great unwashed. Minimum £1 or they can go and fly a kite.

[funtimejonny] 28/1/2017 15:56

Would be lovely if the bid succeeded at 1 cent below the price where TOR gets the options. Too much to hope for I suppose.

[richie666] 28/1/2017 15:37

Herm - I have over twice O'Reilly's holding. Shocking really.

Ref a cple points above - IF a bidder put 30-35p on the table (or slightly higher in paper) I believe the insti's would snap their hand off. Karma would truly have been delivered to ToR and his Board of sycophants in such an event too.

Here's hoping! The bat senses tell me next week news is going to break.

[hermana3] 28/1/2017 14:17

FTJ,Bet he was "gilding the lily" when he made that last statement. The Industry has always been split on whether Barryroe is compartmentalised or not. Have heard wily industry types say it is catergorically compartmentalised but doubt they have had a gander at available data. JOS and an International Company Specialist in drill analysis insist compartmentalisation is not an issue. If a farmout don't happen pre Druid we may have to wait for Druid result to raise capital for a Barryroe drill. No doubt they would take any old deal now which involved a freecarry on a drill. The days of "pushing them away" are long gone....

[hermana3] 28/1/2017 13:21

FTJ,Lansdowne would benefit from a takeover of PVR as a drill of Barryroe would be part of any buyer's plans. Even an amasser of a serious PVR stake must be seeing signs of a Barryroe drill this year.

[hermana3] 28/1/2017 13:16

Richie,didnt know using an advisor to buy shares for you was illegal. Guess they are buying on their own account then. Funny only Bloomberg TV have mentioned them by name. 2 years ago you couldn't open a paper without reading of dastardly Lars and the dreaded Sequa.
Will be perusing the Sundays as usual.

[funtimejonny] 28/1/2017 12:13

Well I suppose next week will tell us if this speculation does come to pass. If a buyer is lurking and amassing shares, well it looks like they held back this past week to stop the price from rising too sharply after pretty heavy buying pre and post Christmas. So if we see the buying resuming in quantity then that's maybe a good indicator that some M&A activity may be coming down the track. Personally I hope they do get taken out as I'm heartily sick of all the false dawns and missed deadline around the Barryroe farmout. Wonder what will happen to Lansdowne in this scenario?

[cephalosaurus] 28/1/2017 10:57

I agree it is likely a bid will come through before druid is drilled. It makes sense to try and pick up the company for the current prospective valuation. In fact it would be a bargain. It would provide a safe exit for key investors and mitigate risk of a duster. Now, it would have to be a bidder with deep pockets and both up and down stream interests, it would be a big company who can develop a discovery on any scale in any location.

But the fact remains that investors put that cash up for druid and may want that capital to be risked as such. That is why I don't think the next news will be takeover bid, but ae stated, it will be a farm in and development deal with some sort of option of first refusal on druid development /farm in, in the case where they make a dicovery there too.

[richie666] 28/1/2017 10:38

Herm - latter comment wouldnt happen. It would be illegal.

I do get the feeling that news will out next wk...

[hermana3] 28/1/2017 10:33

Richie,Havent heard owt on any bidder but when a venerable overseas Institution is hovering up any available stock one has to wonder if they are fronting for an O&G client?

[hermana3] 28/1/2017 10:29

RichieNext holdings RNS will be interesting! Don't know if party is a friend or foe of current management or if they want the shooting match or if they only want a nice profit. Since they got a whack of their holding in recent giveaway placing they are nicely placed to either hold or fold. They will have a target holding and they have not completed their purchase order yet as no holdings RNS since their last one many months back.
FTJ,Is Tone more unpopular than Michael Flatley or wee inda? Don't think so....

[richie666] 28/1/2017 10:26

The continued premium in Ireland with the shares also whispers a story to observers. If there is a bidder in the frame I would expect it to leak out there first.

[richie666] 28/1/2017 10:12

They have been approached 3 times in the last 5 years Herm as I chronicled in my former business - Spreadbet Magazine. Maurel et Prom being the last party and the price was just over 3 euros with 60m shares in existence then. With the dilution last summer and adding the cash pile PVR now has this would equate to about 30p now. That of course leaves the management's options out of the money but I believe if any such bid was in paper from another party and that left upside on the table for PVR shareholders that ToR Jnr's "saviours" in the form of the institutions that put capital in last summer would turn into his hangman and accept.

The more I think about this while writing and the total silence from the company, particularly given ToR Jnrs loose lips last year re a Barryroe farm in being concluded by year end, the more I think there could be something to this. An approach would be a complicating factor and they would be legally restricted from saying anything unless the press forced an announcement or the stock ran up and the exchange forced one. It would also fit with a lack of year end update and no further movement on stock positions by any of the institutions given the absence of any more holding RNS's if they have been brought inside...

Hmm... Comments from any others?

[funtimejonny] 28/1/2017 10:10

Nobody would want to keep Tone. He is the most unpopular man in Ireland.

[hermana3] 28/1/2017 09:26

Richie,There may be soon be another "Big Beast" breathing down on Tone. Would any takeover team want to keep on Tone? Enquiring minds need to know....

[steelwatch] 27/1/2017 20:53

abu - tell me about it, worse luck!

[abudhabi123] 27/1/2017 19:04

CIRCLE OIL

A gentle reminder on how lucky we all are with what PVR has done/what PVR has/ & most importantly, what PVR will do.

hxxp://m.independent.ie/business/irish/circle-oil-to-be-wound-up-after-sale-of-28m-in-assets-35403178.html

[seangwhite] 27/1/2017 18:18

RichieThanks for that detail. Pageant have obvious leverage and must be unhappy to have such an unsuccessful CEO in place.I hope that a deal can be done by mid year but optimism and TOR have been a very bad combination.VGLTA

[richie666] 27/1/2017 17:30

Sean - I was all ready to call an EGM last year to oust O'Reilly but the $72m raise put paid to that as he diluted the "errants" in some style (whilst contributing nominally himsself of course!)

The one party with leverage is Pageant and I hear on the grapevine that they are using that behind the scenes. Vocal basis is not their style.

At this stage I believe that Plunkett would be hard pressed to renew the tanned ones contract in the summer if there is no Barryroe farm in place by then. The silence to my continued nipping at their heels, whilst illustrating disdain on their part does likely have some method in it in that they surely have a deal ready for inking. If not and ToR remains in the seat then I will pursue the derivative action against the then Board ref the Transocean appeal that I believe was not made clear at the end of 2015.

[greatfull dead] 27/1/2017 16:55

abu, its 2 degrees C where I live. Highest today was 3*C.