Ithaca Energy all over FPM… XXXXX… My record well out here checked acc’s seems i’m all out after last sale . Sales @ 163.8 today … odd as it went unconditional @ 160p 20 days back .
Ithaca Energy all over FPM… XXXXX… Had a limit to sell them all at 160.4 … got 161p massive buy at 161 shows @ 16.35pm … 76k my ones must of been among it.
Ithaca Energy all over FPM… XXXXX… Just read there was a higher offer @ 160 wile i was away and its gone unconditional today . A date set for delisting as they have 52% bought off others selling .
Proposed Acquisition/Placement Not changed my tune; I still think the 152p is derisory. However if they were to offer a tenner a share, I think I would be singing fairly loudly…
Proposed Acquisition/Placement I assume you mean tender offer? If you do mean tenner offer, I’d take that.
Proposed Acquisition/Placement You have changed your tune Alibi ?? “That initial and derisory offer from DNO should underpin the SP. The prompt dismissal of the offer, with the correctly contemptuous tone of the board’s response, would indicate that a takeover, if it occurs will be at a significantly higher level. From the bit about the 40% or thereabouts premium, I would say at least in the 225-250p range, given that we recently got to 177p. More if a bidding war develops. The current plummet in oil prices is unlikely to be maintained, especially after such an overblown drop”
Proposed Acquisition/Placement FPM… XXXX Tenner offer made to holders @ 152p
Proposed Acquisition/Placement FPM… XXXX Read Peel Hunt put a buy on it today ( its claimed there tip rate success 25 % )
Ithaca Energy all over Hi onedb1 Just reread your post was there an offer back in April ?
DNO offer I think the point is that 152p is not remotely a fair price - and Faroe’s BoD have made that pretty clear. Let’s get a bidding war going - and let’s see what PoO does after 6th December. SP is supposed to reflect the situation 6 months down the line and oil could be up over $80 by then. DNO are trying to get a bargain and it is their right to try, but FPM should continue to tell them to FO.
DNO offer At £1.52 they will only have to pay around £400m because they already own around £170m of the stock, its a greedy miserly offer. For that they get cash of around £150m and production of around 10,000 bbl/d going to potentially 35,000 bbl/d near to medium term which would be a real steal anywhere near £1.52. I think they will wait until after the OPEC meeting to see where oil is going to go before they decide if they will increase there offer. They are taking chance because if Faroe can increase production near term you would expect the share price to go up accordingly, depending on oil price stability and they would have missed there chance to get it at a fair price. Anything under a billion is cheap.
Proposed Acquisition/Placement That initial and derisory offer from DNO should underpin the SP. The prompt dismissal of the offer, with the correctly contemptuous tone of the board’s response, would indicate that a takeover, if it occurs will be at a significantly higher level. From the bit about the 40% or thereabouts premium, I would say at least in the 225-250p range, given that we recently got to 177p. More if a bidding war develops. The current plummet in oil prices is unlikely to be maintained, especially after such an overblown drop.
Proposed Acquisition/Placement FPM… XXXX Back up to to my September “moving about” RNS offer in today @ a low 1.58
DNO offer This DNO offer looks like an opportunistic low ball attempt and a cheeky one at that given we were at over 170p less than 2 months ago. The claim that this offer is a 20% premium ignores the recent PoO shenanigans which look likely to be a short term phenomenon, in reality (as the current SP of 158p shows, is that the 152p offer is actually nowhere near realistic. DNO should be told to do one. Will be interesting to see if this impertinence triggers a bidding war. That would be nice. Even if not, I think DNO are going to have to be a lot more realistic before anyone will consider accepting an offer, let alone getting a majority to accept. Add 50% and maybe we’ll talk.
Proposed Acquisition/Placement FPM… XXXX Fun with this today sold all the ( W ) on day spike to 1.69p ( took 1.6865 ). Went on to ( D ) locked out limit lifted @ 1.69 while messing . Managed to buy that same back @ 1.67p