Sirius Petroleum Takeover Rumours (SRSP)

Don't kid yourselves. If there's going to be a takeover there will be an "arrangement" which will mean that us minions will get zilch. I think I'd rather see a re-list. I'm seriously concerned by the way we've been misled, and I'm not convinced that this is the end of it.

Just remember who flagged up major concerns re OML 65 around 10 months ago, only to be shot down for exposing the shitshow.

Dr.Rosso: ref. your post 138155, I understand the meaning of "incremental production", and I'm not disputing that at all. I also understand the statement "COPDC will enjoy material cash flow entitlements related to the INCREMENTAL production generated by the AWP". But nowhere does it state that COPDC will get paid for the incremental production ONLY. My point is that it is totally unreasonable to suppose that there will be no payments to COPDC in respect of the ongoing initial production of 10,000 barrels /day from the producing wells that existed upon takeover. I cannot imagine any company agreeing to a contract to take over management of existing production operations for free, and only to get paid for any incremental production that they manage to achieve.

If i was the incoming company my legal team would not allow me to takeover Tende with the Omega court case unresolved and issues over debt that would have to be resolved first.If this is a significant project the legals would be mindblowing.There are other clues that all was agreed last october and this last 12 months singled out to get it over the line.i get the fact some posters follow everything our company ssys and takes it as gospel and thats fine but thats not for me as their history suggests thats far from the reality.

That's right SIB, so maybe they would be reluctant to admit it if that happened. You may recall that when trading was suspended because of the proposed reverse takeover of OML109 they stated that trading would resume if the deal was either completed or abandoned. Perhaps that's why they never announced that was abandoned, because then they would have been obliged to resume trading. Just a thought!

It is not a takeover- we are relisting but pushing it to be relisted by Christmas but you never know ??

SIB...i would speculate its the incoming group yhat is holdiing things up.I suspect the merger /takeover will be announced before An Angola announcement.The Angola assets being signed off would be an issue for the incoming group and not Tende.Im convinced Angola has been signed off and we wont be updated.I have major doubts we will get another update.No need to if we are close to the conclusion and might be why the AR was extended by a month.

Ok another thought … is the Angola completion / announcement holding up any merger / takeover or the other way round.Many contracts include change of control clauses that can stipulate the right to terminate or adjustment of rights. So if tende has contracts with these clauses then these would come up under DD.

Sir ian .i doubt any significant takeover group would be over excited by an AIM listing.

Let’s assume it’s some form of merger / takeover … would a listed or unlisted company be more attractive

Bron, “If a company intends to list it would advertise its wares to the world.â€￾ I don’t think this is necessarily an indication either way. If (IF) they relist I very much doubt they will want to raise a large amount of funds through a placing at the same time, although they have indicated that they may offer an opportunity for existing shareholders. Also in the case of a relisting they will have to issue an AD in advance which would surely serve as sufficient advertising at the appropriate time. So I don’t see their silence on the matter as an indicator either way, relist or takeover.

Doc.its my theory that after his posts tende was as good as taken over although we wont hear anything until all the ducks are aligned.That would explain why no news has been forthcoming and if under the control of another SherlOck silenced .Another entity would have demanded he stays quiet and his closeness to Hough at the AGM may have meant he was given his orders/advise from the lady i believe has probably been brought in to ensure a smooth last 12 months before takeover.

Why would the Angolans let Tende in for nothing?.Absolutely no Logic in that.If discussions between an incoming significant group had taken place then we could see the Angolans giving ground but why would they do it for Tende.Henderdon fired off to north africa so its bobo and pryde convincing the Angolans .A deal so good you cant refuse mr angola oil man but we dont want to pay anything so let the accruals mount up.. Its got to have been signed off on the assets a good while ago and some sort of takeover/merger agreed and now unfolding. Have we provided funding for the assets or for the incoming group. 5 billion going to the NNPCL and the remaining 3.25 billion for the incoming group and from the 3.35 billion an amount to pay off Tende.

Whatever may be going on in the background, whatever deal they may be waiting on, there is no justification for total silence regarding ongoing operations eg production at OML65 and Tunisia. In the middle of June they told us they would give us an update in about a month. What happened? Even if they are working on a takeover that doesn’t justify silence on current operations.

Owing nothing in Angola makes no sense.So we are backed up by some huge influential concern that is too good for angola to not play ball and the accruals covering all the debt was part of the plan or we are no longer involved in Angola.Louise is our consultant and in my view overseeing the possible takeover.

I understood that the various partners had cleared the deal. As for the "it is now out of our hands", what is IT? Abs no clue given as to what.Key date was mid-Oct. At the same time as a big signing in Luanda, 402m shares got exercised at 0.4p. I suspect the original lender shifted those onwards at 2p to a willing buy. Larsen also took up an extra newly allotted 33m at 2p, so shelling out £6.6m.Personally I think we are v near end of t/o process.As at 26 Aug, 29 monthly accruals at $10m leaves a mere $27m debt finance req for 18-31-27. Fantastic deal if they pull it off for themselves or the takeover group.

Converting a loan into equity provides a much greater capital up lift on listing or takeover than having the loan repaid !

In the hands of others .... doing what exactly? Waiting for third parties .... to do what? This blanket fob off is a blatant fuk off. Total confidentiality means total silence. Don`t rule out a full takeover, the agreement having been signed in Luanda on 16 Oct. You`d expect a 10 month completion period. Hendo already been shifted aside to run the N Africa division.