Salamander Energy Share Discussion Threads

[loglorry1] 21/11/2014 15:40

Nope - don't really want more exposure to oil price although SMDR a bit hedged given the sliding scale of tax it pays.

I'm not convinced shale is going away any time soon. An OPEC cut will be erased in six months the way they are growing production.

[darius12] 21/11/2014 15:11

Salamander Energy shareholders left disappointed by Ophir Energy offer

[darius12] 21/11/2014 15:11

Salamander Energy shareholders left disappointed by Ophir Energy offer

[nigelpm] 21/11/2014 12:44

Tempted to buy at 92p log? Looks good to me.

[loglorry1] 21/11/2014 11:55

But large shareholder in SMDR and OPHR also happy to sell their SMDR stake to CESPA for the right price. Either bid is win/win perhaps more so if SMDR assets are not as good as OPHR think so.

Perhaps large holder in OPHR/SMDR happy to play it this way to get better price from CESPA.

CESPA did well on Coastal Energy purchase and may well see a similar situation here.

It's really not that easy to say but good to have multiple interest.

[apatel21] 21/11/2014 11:54

If CEPSA bid - they will do so by scheme of arrangement IMO - where they effectively only need 75% of the votes Sailingstone with 13% will not be able to block

[nigelpm] 21/11/2014 11:17

Ok, not irrelevant - poor choice of words. But certainly not particularly imporant. Plenty of other SMDR shareholders who will want max value.

[speedsgh] 21/11/2014 11:13

Nigel - Not irrelevant. Largest SMDR shareholder is also a major shareholder in OPHR. So even if one of the other parties was to go hostile, they are unlikely to win over the largest shareholder or the board.

I'm not saying that it won't happen. But it's hardly encouraging to a possible rival when you know that the SMDR BOD will be doing within their powers to scupper any counter proposal, friendly or hostile.

[nigelpm] 21/11/2014 11:02

LOL tgg - that's what happens when the oil price falls in the background I guess

[thegreatgeraldo] 21/11/2014 10:59

Call me old fashioned, but with 3 companies interested in SMDR, either the whole or part of it, it's traditional for the bidding to go higher, not lower.... Maybe if somebody else enters the fray there'll be a bid comfortably under a quid!

[speedsgh] 21/11/2014 10:45

Can't understand why anyone is surprised by this morning's announcement. SMDR BOD have never acted in the best interests of shareholders + have been highly successful at destroying shareholder value whilst continuing to reward themselves with overly generous remuneration packages. Just take a look at the long term chart since they first listed in Nov 2006. They are an absolute disgrace.

[naos] 21/11/2014 10:38

I'm out of this, looks like a done deal which is what I said earlier in the thread. I can go and waste my time and money elsewhere. At least I walk away with a small profit, but putting money into oil companies at the moment is pointless. (he says as he considers an investment in another small oiler..)

I think for those that remain, the best hope might be that OPEC cut oil production next Thursday which would trigger higher oil prices and a possible CEPSA counteroffer. But I don't see either happening.

Good luck to all that remain.

[nigelpm] 21/11/2014 10:32

SMDR share price not taking any of this into account - odd to me.

[nigelpm] 21/11/2014 10:31

125p is a clear 25% better than OPHR's deal (dependent on OPHR SP)

15% will easily be trumped by OPHR

[ed 123] 21/11/2014 10:17

Agree, CEPSA's eyebrows will have raised with disclosure of the Ophir possible offer price.

Salamander directors will be busy ahead of Monday morning. If the directors tell Ophir that they'll recommend the Ophir bid, that bid will get made and, in turn, that opens the door to CEPSA.

125p and no contingency would be lovely to me. May be lower now though. Why would CEPSA waste their money? 115p cash and no contingency might do it? After all, if no bid is accepted, then Salamander heads down to 70p?

[nigelpm] 21/11/2014 10:04

Agreed patel. That's the really important point not to be missed here.

My gut feel says CEPSA knew they wouldn't get approval as directors preferred the OPHR deal. They'll surely be thinking long and hard about putting a bid of £1.25 in now - no contingency payment. Hard for SMDR to accept OPHR deal over this.

[apatel21] 21/11/2014 09:52

Surely if you are in CEPSA's shoes the current situation has turned out to be very fortunate indeed.They can now offer less money than they originally intended and still have an offer that will be significantly superior to OPHR.

[nigelpm] 21/11/2014 09:22

patel - please don't remind me of Imprint!

That was a real disaster.

[nigelpm] 21/11/2014 09:21

Lots of possibilities.

Whilst I agree the offer from OPHR isn't ideal it's something on the table.

If SONA really want to do the deal they might come in with a better offer yet.

And then CEPSA could also come in again.

[cumnor] 21/11/2014 09:16

Can't imagine large shareholders agreeing to this, unless they are entirely negligent with their clents funds.

[pineapple1] 21/11/2014 09:13

OPHR from over £6 in 2012 down to £1.73.
Hardly an inspiring performance and worse than SMDR . Accepting paper on a trend like this looks a poor deal at best.
Run with the SONA deal and have a nice divi of 11p to spend.
imho

[evil_doctor_facilier] 21/11/2014 08:47

ophr indicative offer now worth 1 quid, with outside chance of further offers arriving,share price 92.5p

[loldemort] 21/11/2014 08:45

Here's a nice list of names from Google:

James Menzies Chief Executive Officer, Executive Director
Jonathan M. Copus Chief Financial Officer, Executive Director
Mike Buck Chief Operating Officer, Executive Director
John Bell Group Technical Director
Nick Ingrassia Corporate Development Director
Charles Jamieson Non-Executive Chairman of the Board

Far be it from me to suggest anything, but *personally* I'll be avoiding any company where I see any of these people in the future.