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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Venture Prod. | VPC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 844.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 844.00 | 844.00 |
| Top Posts |
|---|
Posted at 28/11/2009 16:20 by gclark When VPC bought Wham Energy I accepted some deferred shares which would convert into VPC shares subject to finding oil/gas in Wham's fields.Does anybody else have these? And have you been informed as to how the takeover has affected them? I would believe that Centrica has taken over the responsibility to 'pay out' on these shares - they can't just ignore them. Anybody else got them and know anything? ta, G |
Posted at 18/8/2009 10:07 by davidhp scatty : Sure they do! I too would advise a client to buy 'gold ingots' for 20p each if they had the chance too! Unfortunately nobody is selling gold ingots (or gas fields!) at such a discount, even in this climate.However, the Centrica offer is NOT a good deal for VPC and even if CNA has a gas supply problem making a poor and badly thought out offer for VPC that would be rejected out of hand by most investors illustrates a genuine lack of intelligent management up at CNA. A better offer would have sailed through and it reflects badly on Centrica. The wasted time and effort could have been avoided. I won't be holding CNA anytime soon with that bad management in charge. Kinda explains the reasons WHY they need VPC so badly doesn't it? A poor management team at the head of a large concern like Centrica must worry their shareholders! |
Posted at 17/8/2009 21:31 by scatty I believe most institutions consider CNA's move on VPC very sensible. Once CNA broke-cover in March with the Schroders and Aberdeen stakes (i.e. to 22%), most commentators assumed CNA would wish to take the remainder, and expected an offer to be pitched at 950p or higher. There have been developments since, with equity markets and oil markets up significantly. Gas futures remain strong (although summer spot prices remain weak). VPC reserves have increased and the Nuon agreement underpins valuation measures. If VPC falls to CNA, that should be positive to CNA. If VPC holds out, I think CNA will be back soon - either way should be good for VPC and CNA shareholders. |
Posted at 15/8/2009 01:03 by scatty With thanks to a good point made by Scruffle on the iii board -"If the bid fails then the VPC deal with Nuon in the southern North Sea finalises - which gives VPC some more capital (£96.5m) to work with" and, of course, could make it more costly for CNA to take VPC out (as embedded value per share will rise). FWIW, I don't think CNA can countenance walking away - VPC is strategic and available without a competing bid if they make a reasonable offer. The recent rise in oil should enhance the value of fields they may sell on, so further reducing their net outlay for gas. Long term gas futures are still perky. I find it difficult to imagine downside from these levels, particularly during the offer period. |
Posted at 07/8/2009 18:14 by ygor705 Salpara111I agree with your thought process ie CNA will probably get more than 50% but less than 75%. In these circumstances Phillis is correct, CNA will almost certainly make the offer unconditional and extend the offer to shake out as many VPC holders as possible to try and get to 75%. By then it will be too late for VPC to attract a White Knight. If this happens I will accept the CNA offer for the 50% of my holding that I retain. If CNA don't get to 50.0001% then the bid will have failed as CNA have said that they won't increase it unless a competitive offer comes in. The old rule was that an offeror could not make another offer for a year but that may have changed. Anyway, my belief is that the VPC share price will fall in these circumstances and I will be looking to buy back the 50% of my holding that I have sold at around 835p. Thats's my logic...........doub |
Posted at 06/8/2009 10:01 by cb7 I am a longstanding sizeable shareholder. As much as I have always liked VPC, we should not let emotions get in the way, afterall our money is at stake. A clear head and trying to look objectively is the best way.Is my money at risk? Well, larger shareholders than me are advising and will say no. So I am holding fire. If CNA get a large %, they will then extend the deadline for others to accept. If they dont, they can walk away and wait, or they can offer more. Now it seems clear to me that CNA want VPC, you must remember that. And I think they want them before this winter. So the logical thing to do is wait. Either, I will get the 845p if CNA are successful or they will have to bid higher. (I have already posted that an extra quid would only cost around £100m) CNA have played a blinder and even with a higher bid, will still get VPC for a good price. Much of what they say seems to ring true, but only on the surface. I dont buy their arguement that VPC will have to raise funds. Nor do I think their assessment of assets is correct. The North Sea is one of the best mapped and understood oil regions, yet they seem to ignore this and say that even probable reserves are debateable, let alone contingent.If I dont believe these aspects, why should I give their other reasons credibility. |
Posted at 05/8/2009 08:58 by shanklin HysteronVPC have gone from having (what they thought was) a supportive shareholder with circa 30% of the company to having a hostile shareholder that currently holds 35% of the company, albeit 5% of this is in the form of a convertible bond. They have managed to achieve this at an average purchase price which is circa 30% below VPC's stated NAV. This is now the best case for VPC (i.e an extremely hostile holder of over a third of the company), with the possibility that CNA will end up with over 50% of the shares. So in the real world, yes I'd have to say that IMHO CNA have thoroughly outplayed VPC. Cheers, Martin P.S. Its all very well VPC saying that CNA got their holding at distressed prices, but these were prices that nobody in the market including VPC were prepared and/or able to match/beat |
Posted at 24/7/2009 12:53 by o1lman VPCDefence document has been released today. Hysteron if u go to VPC website alongside the Defence circular is a report commissioned by VPC on comparable upstream transactions, which I am sure u will find of interest. Niels they said they are going to de-list the shares, u would then be forced to sell before the date otherwise they would be tricky to sell at a later date because there would be no quoted price for the share. |
Posted at 20/7/2009 18:24 by hysteron I read an article today in an in-flight magazine about Tullow oil, they are producing 66,000 boed (VPC 52,000)and have reserves of 825m boe(VPC 240+).Their market cap is in excess of 5 times that of VPC yet they are in far more risky areas, apperantly for one of their best propects, to the get the oil to the market they will have to build a pipeline around 1300kms long. Can no one recognise value when they see it just because it is sitting right on their own doorstep? |
Posted at 23/6/2009 09:38 by bomfin Well for me it was worth doing the research on the Dutch assets this morning because it was a little bit of a blind spot for me regarding VPC. Now I feel I am more aware of their value and hench more aware of VPC's value. I also wanted to find out why VPC would bother buying 1.8% of a Dutch gas pipeline. I now think I'm better informed. I shared some of that information. Most no doubt knew that information already but some probably didn't. This then got me to thinking as to whether or not the cynergys that would be gained by VPC bidding for Cirrus might be compelling. That's another one for Phillis's 95% bin. In fact I might post all day just to make him/her read the stuff in case they miss something:-) |
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