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VPC Venture Prod.

844.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Venture Prod. LSE:VPC London Ordinary Share GB0031423188 ORD 0.4P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 844.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Venture Production Share Discussion Threads

Showing 12776 to 12800 of 13000 messages
Chat Pages: 520  519  518  517  516  515  514  513  512  511  510  509  Older
DateSubjectAuthorDiscuss
15/8/2009
10:08
I biurnt all my Centrica bid documents ..hope this helps.
mitzis
15/8/2009
07:04
Good point by the Herald Hysteron, also mentioned elsewhere. CNA are unlikely to give up on this so my current strategy is to wait for the bid to fail and then quite possibly an agreed higher bid just 3 mths later by which time the UK gas price is likely to have doubled judging by the futures market: :-) imho dyor etc etc...
bountyhunter
15/8/2009
00:03
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.

scatty
14/8/2009
22:21
The Heralds view if the offer fails:

"While a takeover of Venture could prove pivotal for the company, there is little risk if the offer fails. It already owns nearly 30% of Venture and, under the governing takeover panel rules, it can come back within three months of offer expiry with a recommended offer from the Venture board."

hysteron
14/8/2009
18:13
Response to the extension of the Centrica Offer

The Board of Venture Production plc ("Venture") notes the announcement by
Centrica Resources (UK) Limited ("Centrica") of the level of acceptances it has
received by the first closing date for its offer and the extension Centrica have
now made.

The Board of Venture continues to believe that Centrica's opportunistic final
offer substantially undervalues Venture. The Board of Venture continues to
recommend that shareholders reject the Centrica Offer.

John Morgan, Chairman of Venture commented:

"Only by rejecting Centrica's offer and making it lapse will shareholders have
the opportunity to realise the real value of their investment, whether by
forcing Centrica to pay a fair price or through the continuation of the Board's
strategy to exploit the Company's unique portfolio of assets in the North Sea.

My message to shareholders remains clear - do not sell your shares on the cheap
to Centrica. Venture is worth substantially more than 845p per share.

Shareholders should not sign any document which Centrica or its advisers send to
them."

bountyhunter
14/8/2009
16:47
not directly over 30% while the offer is still open as far as I am aware
bountyhunter
14/8/2009
16:43
Can centrica now start buying in the open market?
fatfin
14/8/2009
12:31
I see in VPCs reply they mention CNA paying a fair price... that seems the most likely outcome
cb7
14/8/2009
12:16
Cheers zing, thanks :-)
cwa1
14/8/2009
12:09
This is the link to the full transcript of MArketsLive tday



Scan down to about 1/2 way. Here is the extract
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
How about Venture Production?
BE:
Aha - statement today provided some rare excitement for the merger arb boys.
BE:
Centrica Resources further announces that the Offer, which remains subject to the terms and conditions set out or referred to in the offer document posted to Shareholders on 16 July 2009 (the "Offer Document"), is being extended and will remain open for acceptance until the next closing date which will be 1.00 p.m. (London time) on Friday 28 August 2009.

Any further extensions of the Offer Period will be publicly announced no later than 8.00 a.m. on the Business Day following the date on which the Offer was otherwise due to expire, or such later date or time as the Panel may agree.
BE:
You got any comment on this, Murph?
PM:
Yes, got stuff from Collins Stewart
PM:
Centrica offer misses acceptance threshold at the first closing. We think Venture is worth well above the offer price
BUY | Target: 950p | Price: 839p | Europe | Oil and Gas Exploration and Production | 14 August 2009
PM:
¦ We think Venture offers good value – buy on any weakness
We think the fact that Centrica only received acceptances to its 845p/sh offer for Venture from owners of 10.9% of the current issued capital (equivalent to 15.5% of the shares not owned by Centrica) supports our view that Venture's real value is comfortably above the level of the offer. We reiterate our Buy stance on Venture and our 950p/sh target price. We would view any short term weakness in Venture as a buying opportunity.
¦ Centrica offer: acceptances only take potential interest to 40.8%
Centrica announced yesterday (the first closing of its offer for Venture) that it had acceptances from owners of 10.9% of the current share capital (9.4% fully diluted). On top of its own 29.9% (25.8% diluted) this would take it's the total of acceptances to 40.8% (35.2% diluted). Centrica requires 50% acceptance on a diluted basis for the offer to go unconditional, although it may decide on a lower acceptance provided this exceeds 50% of the then exercisable voting rights. Centrica's offer has now been extended until 1300 on 28th August, two days after planned completion of the European Commission's review, and the final possible date of the offer is 14th September. Centrica reiterated that the 845p/sh offer is final but reserve the right to revise/increase it if a competitive situation arises.
PM:
We value Venture at 967p/share
In a recent note (7th August) we outlined our NAV estimate of Venture, which we place at 967p/sh. This represents upside of 15% vs the current share price and 14% vs Centrica's offer. We see two other important contexts for this value: 1) we use a 10% discount rate in our NAV estimate – if we use a more appropriate WACC for Centrica (around 8%) our NAV rises to around 1030p/sh; 2) Venture's recent sale of part of its Greater Markham assets at an implied value of $17/boe – while a simplistic basis for comparison – seems to indicate strong upside vs the $10.5/boe implied by Centrica's offer.

 What happens next?
Venture's management has already stated that the company is not set on remaining independent at any cost, but is keen to realise value for shareholders. Possible value realisation scenarios if Centrica's bid fails are 1) a recommended offer, which Centrica could do within 3 months of offer expiry with Venture's board's consent or 2) further divestments to highlight the value of the portfolio

zingaro
14/8/2009
11:49
And they say what zing? Or do you have a link?
cwa1
14/8/2009
10:50
VPC has just been discussed on FT Alphaville
zingaro
14/8/2009
10:42
Planet Shill !!
o1lman
14/8/2009
10:39
Ludlow what planet are you on ?
coco
14/8/2009
10:36
Judging buy the latest deals going thru the market CNA are not the only company in the world looking for cheap oil/gas assets, don't think the management of CNA would look very good with a half a billion plus loss on their stake, if they fall to to 300p I will sell every share I own and buy VPC !!
o1lman
14/8/2009
10:32
greed normally destoys holders a bird in the hand.
ludlow3
14/8/2009
10:21
cna will NOT lift the offer sell and buy back around 300p it will happen if cna walk away.
ludlow3
14/8/2009
10:14
current pe's
VPC 15.4 rolling on to 18.79
PMO 10.9 > 22.8
DNX 11.0 > 25.0

Whilst I agree that the share price will be weak, whilst some shares look for a new home, remember CNA will still have a 30% stake.
Compared to other companies price is about right.
I think everybody realises that VPC will be taken over at some time, it's just the price that has to be agreed, will it be CNA though ?

o1lman
14/8/2009
10:11
Interesting daily rise today, much stronger than the 1p per day of the last 4 weeks.
zingaro
14/8/2009
10:01
ludlow 3, I think you are right that they will fall back a little if there is no deal, but don't think it will be by as much as you say, perhaps to 750 or thereabouts, as the prospect of Centrica coming back at a later date with a higher bid will underpin the price. It will provide a decent buying opportunity if this happens though....
failedqs
14/8/2009
09:50
that is why i sold out andwill buyback at 300p or there abouts.
ludlow3
14/8/2009
09:49
if the deal doesnot go ahead these will fall to about 320pthat is the fact of it .
ludlow3
14/8/2009
07:07
exmooroil - it would be 6 mths (not 12) as per takeover panel code and only re CNA making a 2nd hostile offer
CB7 - I agree, an agreed offer of a tenner would probably go through

bountyhunter
14/8/2009
07:05
You may be right, exmooroil/CB7. The buy side of the order book is very strong this morning. Maybe some are gambling on a recommended offer? Although I'm out, it's a fascinating tussle to watch. GLTA.
ed 123
14/8/2009
07:03
They could do an agreed takeover. With large holders like Kinch and Arclight saying zround a tenner would win them over, its not much of a premium above 845p. I still think that CNA would like VPC before this winter.
cb7
Chat Pages: 520  519  518  517  516  515  514  513  512  511  510  509  Older

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