Sirius Petroleum Share Discussion Threads

[1sonic] 12/11/2020 00:03

I also picked up on that Vat

[vatnabrekk] 11/11/2020 23:52

I've taken another look at the recent announcement from the BoD:

“The subscription will be made through a wholly owned subsidiary of Sirius Petroleum plc.”

I therefore presume that they will not be handing over a fresh issue of SRSP shares to pay for 40% of ATOG, as the 40% shareholding in ATOG is to be held by a subsidiary company, not by Sirius Petroleum plc.

So SRSP must be paying for the acquisition in cash, not shares. Whether they raise the funds to pay for the acquisition by a placing or by a loan, or a mixture of both, remains to be seen.

“Total acquisition consideration of $11.35m will be satisfied in stage payments through 2020 and 2021.”

So they don’t have to raise the full $11.35M purchase price immediately. Perhaps it is the intention to pay part of the price out of profits in 2021.

“Once all completion conditions have been satisfied, Sirius will own a 40% shareholding in ATOG.”

Well of course! So SRSP will then own 40% of the entire ATOG company, which means 40% of all of ATOG’s assets (i.e. fields) and of course 40% of liabilities as well. And 40% of ATOG’s Pre-Tax Profits.

“…and, upon satisfaction of the additional offshore conditions [i.e. raising finance for the offshore development programme] Sirius will have an 80% economic interest in the offshore licences.”

I’m not entirely clear how this is going to work, given that SRSP will already own 40% of everything ATOG. So they must have in mind some means for SRSP to benefit from a further 40% of the offshore fields, presumably to enable SRSP to service the funding debt that SRSP is required to raise for the offshore developments.

[riskybisky] 11/11/2020 22:28

I wonder when this aircraft carrier is expected to arrive?

"Next" could be next August.

[twentysixpointtwo] 11/11/2020 19:52

Following on from the CGT discussion, chancellor Rishi Sunak is reviewing the tax in an effort to raise tax revenues to pay for the shambles. Potential proposals are to lower exemption threshold to around £5k and align with income tax rates so if you’re a higher rate taxpayer that’ll be 40% at least. So if we are lucky to make anything from this, console yourself that you’ve paid for your neighbours furlough.

[solarno lopez] 11/11/2020 11:30

Apparently its an aircraft carrier which assumes size

[solarno lopez] 11/11/2020 11:00

But it is his job to get the essence of any news correct

[astralvision] 11/11/2020 10:47

Good job too, it's not his job to leak deals before they are completed and possibly jeopardise the deal.

[solarno lopez] 11/11/2020 10:12

XEROT it did and Bick took a role with SRSP

[dr rosso] 11/11/2020 09:56

Quite amazing that, a couple of weeks ago, our PR man knew nothing about any forthcoming deals.

[xerot] 11/11/2020 09:49

John Bicks firm went into administration.

[solarno lopez] 11/11/2020 07:38

Yes he can that's his job, Bick does not sign such documents he merely writes them

[cornishtrader1000] 11/11/2020 07:28

The letter/notice was signed by Bobo. I do not believe the IR guy can be taken to task on contractual statements

[solarno lopez] 11/11/2020 06:46

Whilst you have all pointed that the statement by SRSP was rushed out, full of errors and had to be corrected no one has mentioned the name BICK which I find highly unusual as he is, is he not the company PR man

How's that to start the day something else you can whinge about LOL

[xerot] 11/11/2020 06:41

Handy you've always been a first class sausage muncher.

The only toil you've ever done is marching up hampstead heath looking for the sausages.

Less is more from the hand to gland combat expert. Your longevity does not afford you any privileges.

The game is up and its curtains for you.

[handygandhi] 10/11/2020 21:16

Having neither toiled nor sweated to buy shares in this company, I'm more than happy to let the BoD get on with the job they've been elected to do

[xerot] 10/11/2020 21:14

Exactly Shez we are always last in line.

[shez20] 10/11/2020 21:11

You have said that for years handi! Problem is price never goes up! They just dish some more out at the reduced price diluting us massively each time

[handygandhi] 10/11/2020 20:58

Whichever way they've acquired the shares, they have good reason to see them increase in value

[xerot] 10/11/2020 20:43

Yeah because they've dished the shares out to themselves not toiled and sweated to get them like most of the people on here.

[handygandhi] 10/11/2020 20:39

One thing to bear in mind is that the people running this outfit, together with their friends and families, undoubtedly hold more shares collectively than all of the disgruntled posters on here.
Even if they appear to be treating shareholders badly, they'll certainly be looking after their own.

[shez20] 10/11/2020 20:15

No mention of who or how we are to raise the money for it mate! Only atogs upon stated it's conditional on us raising the money, so have we raised the money yet or still in process and where is it coming from! Yet again more questions than answers