San Leon Energy Live Discussion

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Eadwig 22 Mar 2019

Buy-back It isn’t just small-time shareholders who have sold out. In fact I doubt many would want to realise their losses as they have posted here and in other threads. Surprisingly (possibly) it appears some institutions are happy to escape with no losses. There should be RNSs along soon telling us who they are. Toscafund Asset Management llp 336,171,927 66.46% Midwestern Oil & Gas Company Limited 47,243,590 9.34% Total Investment Solutions SA*^ 39,743,590 7.86% Amara Equity Invest SA*^ 31,743,589 6.28% OWG PLC** 19,546,176 3.86% Total 93.8% Oisín Fanning 9,225,864 1.82% Total :95.62% 483,674,736 shares Shares total 505,847,127 - 483,674,736 = 22,172,391 in the hands of small P.I.s Number tendered for 81,177,508 or roughly 4 times that in the hands of the small, private investor. I wonder if OF was desperate enough to sell some?

LifeInPlastic 22 Mar 2019

Buy-back That’ll teach me to read past the headline! A lot of small investors must have put all of their holdings forward for tender then.

theprior 22 Mar 2019

Buy-back Not out, LiP, they’re being scaled back. Obviously lots wanted out completely but scale back means 10%+50% of what they tendered for. TP

theprior 22 Mar 2019

Could be interesting! 10% + 50% of excess sounds ok to me. Clearly a lot of PIs have tried to get out altogether ( or someone in the larger holders is telling porkies) So, I’m now left with a slightly larger holding than intended but not complaining. Technically each remaining share is worth around 10% more than yesterday! Let’s see where the sp goes now! TP

LifeInPlastic 22 Mar 2019

Buy-back 81m shares put forward for the tender. A lot of small holders will be out then. SP dipping a little so far today.

linksdean 22 Mar 2019

Could be interesting! RNS Number : 6542T San Leon Energy PLC 22 March 2019 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION CERTAIN INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSE OF THE MARKET ABUSE REGULATION EU (NO) 596/2014. UPON PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN. San Leon Energy plc (“San Leon”, the “Group” or the “Company”) Result of Tender Offer San Leon today announces the result of the Tender Offer set out in the shareholder circular published by the Company on 20 February 2019 (the “Circular”). The Tender Offer closed at 1.00 p.m. on 20 March 2019. The maximum number of Ordinary Shares authorised by shareholders under the Tender Offer, being 50,475,000 Ordinary Shares, will be acquired for a total cost of £23.2 million. This represents approximately 9.97% of the issued ordinary share capital of the Company, as at the date of this announcement. The Tender Offer was oversubscribed, with a total of 81,177,508 Ordinary Shares validly tendered by Qualifying Shareholders. Qualifying Shareholders who tendered Ordinary Shares equal to or less than their Individual Basic Entitlement will have their tender accepted in full. Qualifying Shareholders who validly tendered in excess of their Individual Basic Entitlement will have their tender accepted in respect of their Individual Basic Entitlement (being approximately 9.97% of their shareholding) plus approximately 50.23% of the number of Ordinary Shares in excess of their Individual Basic Entitlement that they validly tendered. It is anticipated that the proceeds payable under the Tender Offer to the Company’s shareholders who hold their Ordinary Shares in certificated form will be despatched no later than 29 March 2019 in the form of a cheque. Those shareholders who hold their Ordinary Shares in uncertificated form will have their CREST accounts credited no later than 29 March 2019. As set out in the Circular, the Ordinary Shares will be purchased by Cantor Fitzgerald Europe pursuant to the Tender Offer and the Company will purchase such Ordinary Shares from Cantor Fitzgerald Europe under the terms of the Repurchase Agreement described in the Circular. San Leon also announces that, pursuant to the exercise of warrants, an application has been made for an additional 250,000 ordinary shares in the Company to be admitted to trading on AIM (“Admission”). Admission is expected to take place on 26 March 2019. Following the issue of the new Ordinary Shares, the Company will have 506,097,127 ordinary shares in issue (at the time of the Circular there were 505,847,127 Ordinary Shares in issue). No ordinary shares are held in treasury. The Company intends to cancel the Ordinary Shares purchased by it under the Repurchase Agreement, reducing the number of Ordinary Shares in issue from 506,097,127 Ordinary Shares to 455,622,127 Ordinary Shares (the “Cancellation”). Accordingly, following the Cancellation, which is expected to take place on or before 1 April 2019, 455,622,127 Ordinary Shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interests in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

Eadwig 22 Mar 2019

Back to Half Way Up The Stairs I wont be out, Alaric. Typical of you to get that wrong because you never read my posts past the first half sentence, as usual. I’ll still be here pointing out your ramping and especially pulling you up when you attack and attempt to bully other posters because they don’t agree with you. If you got Nigeria right you would have been paid out 2 years ago. Close enough for OF work though, eh?I’m guessing he’d count that as bang on time as promised. Hero worship was never a great reason for investing beyond about 5 CEOs I can think of and OF is no Steve Jobs.

linksdean 21 Mar 2019

Could be interesting! [link]

linksdean 21 Mar 2019

Could be interesting! Very interesting seeing sle are owed 3 years back production revenues etc!.. Energy News | Oil and Gas News – 21 Mar 19 Eland eyes growth after 'ground-breaking' year ELAND Oil & Gas chief executive George Maxwell has highlighted the benefits of basing the Nigeria-focused business in Aberdeen as he said the firm could achieve a $1 billion (£0.76bn) valuation in future. Speaking after Eland posted a maiden annual...

Alaric 21 Mar 2019

Back to Half Way Up The Stairs it will be a relief to all when you’re finally out, Eadwig ,and taken your miserable tax loss elsewhere. we will then not have to read (well ok, as u know i don’t anyway) your endless and meaningless rants against Oisin and the company ( btw i’m with Martin Hughes on that one - i do rather rate Oisin. it is their partnership that has been the making of this company). so i got san leon wrong until NIgeria, thankfully with limited exposure and then got it right big time and at the right prices. sorry to have to tell you that, but i did explain all my reasoning along the way and it’s been 100% right since that time (by all means supply evidence to the contrary).sounds like you didn’t follow that reasoning (oh dear) but i guess you were wallowing in your bile. dangerous stuff bile - it clouds vision and judgement . and you strike me as the kind of guy with a lot of it.

Eadwig 21 Mar 2019

Back to Half Way Up The Stairs Alaric: had you not wrongly represented that i was in loss. you did so disengenuosly, to avoid discussing the factual argument i had set out in favour of not tendering. so maybe just better to stick to the facts in future? Perhaps you are in profit, if so you seem to have been around a helluva a lot longer than anyone else who is. I have no interest in your factual argument given how many times you have been wrong with your arguments in the past. A 100% track record to date. I’m (hopefully) selling all my trading tranche because it was meant as a trade. I’m happy to take 50% in 6 months, good business by anyone’s standards. The trap would be to continue holding in a company with management we know we can’t trust. I’ve made that mistake and learned my lesson. I must say, your whole tone isn’t typical of someone basking in profits. More like the bitterness of a loser who has slowly realised he’s been taken in but can’t quite admit it. Still, if you say you’re in profit I accept that, for what its worth. I wont do the maths which would reveal how much you must have ploughed into this company while it was close to its lows. I guess its almost within the feasible range although the upside (as described below by SLE) argues against such a high risk strategy: "At the time of making an award the Board will set challenging performance targets in order to align the interests of employees with shareholders and which must be satisfied before an award vests. Performance targets will be tested over a minimum three year period and will be structured: (a) As to 50 per cent. of the award, an evaluation by the Remuneration Committee of the participant’s personal contribution to the Company’s operations and performance; and (b) As to 50 per cent. of the award, based on the achievement of certain share price targets with a share price level of 75 pence being required for the maximum award to vest (with partial vesting on the attainment of prescribed share price thresholds in the range of 45 - 75 pence)." Eadwig P.S. Sorry T.P.

theprior 21 Mar 2019

Back to Half Way Up The Stairs FFS give it a rest, you’re like a pair of school kids …”my dads bigger than yours” Sigh!!! TP

Alaric 21 Mar 2019

Back to Half Way Up The Stairs you are correct Eadwig about one thing, you won’t make back your past losses since you display a born loser’s natural characteristics of bitterness and envy. i wouldn’t have dreamt of mentioning i was in fact in profit, had you not wrongly represented that i was in loss. you did so disengenuosly, to avoid discussing the factual argument i had set out in favour of not tendering. so maybe just better to stick to the facts in future? this is what i said again and very happy to debate on these statements. ‘Well cometh the hour I’m not tendering, why would I? Tosca won’t be, nor will Midwestern, Capital are now gone, our cash mountain gets bigger by the day and the story just gets better. Oh and if you think you’ll be able to get back in in any volume at a lower price after, good luck with that. My guess is we’ll get a positive news update soon after, re new well flows, new pipeline progress, production and targets. Possibly even divi aims and/or further tender opportunities at higher price. It is clear (to me at least) that Toscafund want to get the SP up. After all this time, this is most definitely not the moment to be exiting.’

Eadwig 21 Mar 2019

Back to Half Way Up The Stairs I take your point, but we have the same people in charge and the placement price from the past DOES make a difference to how the institutions will react to a buyback, so that water may have passed under the bridge, but it hasn’t come out the other side with my pooh sticks yet. It still matters when making a decision. All of it appears to have an impact on market sentiment as well. It also impacts the buyback so greatly that the board pleaded with OF to stop taking 80% of his salary in shares and take the straight million + that much in bonus, in cash. All that directly linked to the past goings on and affecting my payout. So while I don’t like to see Alaric hacking into people like OLDGEO, who used to work for SLE and knows what he is talking about and gave many of us much time explaining fracking strategies etc I don’t care whether or not he’s in profit personally. Maybe he is, though he doesn’t strike me as a nifty trader, much more of a stodgy buy and cling on style. I’ve traded SLE in the 40s and 50s for 10% or so gains several times and I now have a tranche bought in the 20s that I hope to sell 100% of a week on Friday. I still wont have won back my losses represented by my older stock holding valued @669p. And I came to the party late, around 2013 I think it was. All of the above, by the way, I’ve posted ‘live’ on the iii or ii boards which earns me the right by etiquette to question such an unlikely claim of being in profit. Not questioning wild, outlandish views has got the UK in a terrible mess, we must live and learn and not let such things pass.

theprior 21 Mar 2019

Back to Half Way Up The Stairs All water under the bridge, E. Time to look forward now, look at the positives. … anyone buying in the 20s ( not me) stands to make a tidy profit, anyone holding for future rises is, IMO, taking on more risk, but rewards could be massive. I don’t see much chance, short term of making up historical losses on investment made years ago but successfully trading the current situation could be profitable depending on where the sp is when the dust settles on the tender process. Let’s see! TP

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