ODN - Sold VPE, where 2 from here.

[tricha]

How can they do nothing while VPE go up 23.8% :confused:

Weird market.

Has anyone valued Odin just on the VPE shares they own ??????????

Why I ask that is I bought 74,000 shares at 9.2 cents today :D and I got home from work at 1750, dam an hour earlier I could have got them for 9 cents :mad:

[shasta]

How can they do nothing while VPE go up 23.8% :confused:

Weird market.

Has anyone valued Odin just on the VPE shares they own ??????????

Why I ask that is I bought 74,000 shares at 9.2 cents today :D and I got home from work at 1750, dam an hour earlier I could have got them for 9 cents :mad:

ODN own 18.4% or approx 50m shares in VPE @ todays close of 26c = ~$13m

ODN have approx 107m shares @ todays close 10c - approx ~$11m

They also have ~$1m in cash

So with a negative EV, you get all ODN's other projects for free*!

* Including a promising 25% stake in the Spinel Block (with Blue Energy "BUL")

Have been looking at ODN myself

[STRAT]

Its already been chewed over onthe VPE thread Tricha but this is not uncommon. There are a few companies with unrecognised and signficant shares in other companies. Is it perhaps that the value of such investments is not seen by the market as value that will ever end up in the hands of shareholders?

Shasta I really am going to sign off in a second:rolleyes:

[AMR]

NZO is still cheap even though PRC has gone up 50%...but yes, ODN does seem undervalued. It was suggested on the VPE thread that they might have to sell off VPE to get by

[shasta]

NZO is still cheap even though PRC has gone up 50%...but yes, ODN does seem undervalued. It was suggested on the VPE thread that they might have to sell off VPE to get by

I do think it would be hard to raise funds for just the Spinel Block, especially as ODN have already spent close to $5m earning into the permit.

Perhaps a sell down of VPE to 10% on the cards?

The $1m cash at last quarter wont last long,

Strat - yeah righto!

[Dr_Who]

I bought ODN below 8 cents for the same reasons.

Here's my spreadsheet on ODN.

Shares: 108m

Cash: $1m

Spinel: $4m (I discounted Spinel. They spend $4.6m)

VPE 18.4%: @ 26c = $13m

*ODN NTA = 16.7 cents

I bought ODN based on the sp trading below NTA and potential for VPE upside. I dont think they will sell VPE unless there is a T/O at a huge premium. Also if Spinel comes out good, the sp will boom.

There are only 61m shares listed. The balance are convertable pref shares that converts to ordinary shares on successful drilling of spinel. If Spinel drilling is not successful then the pref shares doesnt get converted and there will only be 61m shares listed making ODN's VPE holding worth 21 cents at current VPE price of 26 cents. If Spinel is successful, then the sp will rocket depending on what they find. So it is a win/win situation.

I dont know much about the potential of Spinel. Maybe someone with knowledge in Spinel area can give us a run down.

[shasta]

I bought ODN below 8 cents for the same reasons.

Here's my spreadsheet on ODN.

Shares: 108m

Cash: $1m

Spinel: $4m (I discounted it. They spend $4-5m)

VPE 18.4%: @ 26c = $13m

*ODN NTA = 16.7 cents

I bought ODN based on the sp trading below NTA and potential for VPE upside. I dont think they will sell VPE unless there is a T/O at a huge premium. Also if Spinel comes out good, the sp will boom.

There are only 61m shares listed. The balance are convertable pref shares that converts to ordinary shares on successful drilling of spinel. If Spinel drilling is not successful then the pref shares doesnt get converted and there will only be 61m shares listed making ODN's VPE holding worth 21 cents at current VPE price of 26 cents. If Spinel is successful, then the sp will rocket depending on what they find. So it is a win/win situation.

I dont know much about the potential of Spinel. Maybe someone with knowledge in Spinel area can give us a run down.

The Spinel Block has ODN (25%) along with GOG (25%) (Tricha will know them) & BUL (50%) a company going places, that i rate,especially there CSG permits.

From the Blue Energy (BUL) website...

The Spinel Block Farmin:

blueenergy fully funded a 330km2 3D seismic survey over the Spinel Block which completed in April 2007 and is part of the largest exploration 3D seismic program ever undertaken in this region of the Cooper Basin. The seismic survey results will be processed and interpreted over the next 6 months and will be followed by a 4-well drilling program to earn blueenergy’s 50% interest in the block, which includes the already completed Paprika 1 gas and condensate discovery.

The seismic program will focus coverage on the western rim of the Patchawarra Trough and aid in the delineation of both structural and potentially large stratigraphic gas/condensate traps in a geological setting similar to that of the Raven Gas Field. The program is expected to enable a large drilling inventory to be established.

[metal mickey]

agree with the good doctor,
the way they have structured the convertable pref shares is cunning and guarantees a win at this price. may need to sell down a little VPE/farm-out Spinel to provide the required cash to stay alive, but VPE SP looking good recently.
i got in at 9.1 on thursday. feel its also a strong takeover target pre 'spinel' IMHO

[underDOG]

yup,
got a buy in at 8.9 for 100k

see how we go, may have to chase it up next week but very interested in the ODN story right now,

no downside imo, just watch VPE.

[Dr_Who]

The more I read into the Spinel Block the more excited I get, but yet the more confused with the ownership structure. Shasta, you may able to clearify my confusion. My research suggest the spinel block is owned by BPT and Great Artesian, so where do ODN, BUL come into it?

Worldwide Energy News - Article

This article is extracted from International Oil Letter, Vol 22 issue 51 published 25 December 2006.

Great Artesian Oil & Gas starts Spinel 3D in Cooper Basin - Australia

Since it will take four months to complete, cost over US$ 6.2 million and cover around 500 sq km, it is no wonder Great Artesian describes the Spinel 3D survey now underway in part of PEL 106 and 91 as the largest 3D seismic survey ever undertaken in this part of the Cooper Basin. Around 150 sq km of the survey will be funded by Beach Petroleum and 300 sq km will be funded by Energy Investments as part of their farm-in commitments while the remaining 50 sq km will be spread across the Middleton, Udacha, Paprika, Rosco and Smegsy fields. The program is intended to establish a large drilling inventory on the western rim of the Patchawarra Trough and aid in the delineation of potentially large gas/condensate discoveries. On completion of the Spinel data acquisition, Beach will have a commitment to fully fund two exploration wells and Energy Investments between one and four wells in their respective blocks; Great Artesian will retain a 50% stake in both. The company describes the 1,010 sq km PEL 106 license as a cornerstone gas and condensate permit comprising low geological risk with proven nearby exploration and production success, located adjacent to existing infra-structure. With a historical success rates of over 70% and the recent flow of 11.8 MMcfg/d from a drillstem test of Middleton-1 well, Great Artesian continues to rank this permit as very prospective for gas/condensate exploration.

Podcast
GOG - Spinel 3D Seismic Survey Progress Report - Dr Ray Shaw, MD

http://www.brr.com.au/event/21562

[shasta]

The more I read into the Spinel Block the more excited I get, but yet the more confused with the ownership structure. Shasta, you may able to clearify my confusion. My research suggest the spinel block is owned by BPT and Great Artesian, so where do ODN, BUL come into it?

Worldwide Energy News - Article

This article is extracted from International Oil Letter, Vol 22 issue 51 published 25 December 2006.

Great Artesian Oil & Gas starts Spinel 3D in Cooper Basin - Australia

Since it will take four months to complete, cost over US$ 6.2 million and cover around 500 sq km, it is no wonder Great Artesian describes the Spinel 3D survey now underway in part of PEL 106 and 91 as the largest 3D seismic survey ever undertaken in this part of the Cooper Basin. Around 150 sq km of the survey will be funded by Beach Petroleum and 300 sq km will be funded by Energy Investments as part of their farm-in commitments while the remaining 50 sq km will be spread across the Middleton, Udacha, Paprika, Rosco and Smegsy fields. The program is intended to establish a large drilling inventory on the western rim of the Patchawarra Trough and aid in the delineation of potentially large gas/condensate discoveries. On completion of the Spinel data acquisition, Beach will have a commitment to fully fund two exploration wells and Energy Investments between one and four wells in their respective blocks; Great Artesian will retain a 50% stake in both. The company describes the 1,010 sq km PEL 106 license as a cornerstone gas and condensate permit comprising low geological risk with proven nearby exploration and production success, located adjacent to existing infra-structure. With a historical success rates of over 70% and the recent flow of 11.8 MMcfg/d from a drillstem test of Middleton-1 well, Great Artesian continues to rank this permit as very prospective for gas/condensate exploration.

Podcast
GOG - Spinel 3D Seismic Survey Progress Report - Dr Ray Shaw, MD

http://www.brr.com.au/event/21562

This from ODN...

http://www.stocknessmonster.com/news-item?S=ODN&E=ASX&N=405220

From BUL...

http://www.blueenergy.com.au/content.asp?mainid=1&pageid=3

Some light reading for you...

PS, Check the date on your link, my info is more recent

[tricha]

I bought ODN below 8 cents for the same reasons.

Here's my spreadsheet on ODN.

Shares: 108m

Cash: $1m

Spinel: $4m (I discounted Spinel. They spend $4.6m)

VPE 18.4%: @ 26c = $13m

*ODN NTA = 16.7 cents

I bought ODN based on the sp trading below NTA and potential for VPE upside. I dont think they will sell VPE unless there is a T/O at a huge premium. Also if Spinel comes out good, the sp will boom.

There are only 61m shares listed. The balance are convertable pref shares that converts to ordinary shares on successful drilling of spinel. If Spinel drilling is not successful then the pref shares doesnt get converted and there will only be 61m shares listed making ODN's VPE holding worth 21 cents at current VPE price of 26 cents. If Spinel is successful, then the sp will rocket depending on what they find. So it is a win/win situation.

I dont know much about the potential of Spinel. Maybe someone with knowledge in Spinel area can give us a run down.


Thanks for your analysis, Dr Who, we have got ourselves an absolute bargain. hey Shasta are u in or still watching ?

[STRAT]

There is some talk of these guys being short of cash and the possibility they may have to sell some of their interest in VPE to get by. Reckon they wont. Seems to me VPE is more than an Investment to the folk at ODN. I think they are very keen to gain control in and over the direction of VPE. They have made a very deliberate attempt to soak up shares from all small holders in VPE and according to their website are the biggest share holder. Their interest in VPE is hands on for sure.

Our vision for Victoria Petroleum NL

Odin Energy Limited, through its wholly owned subsidiary Glory Run Pty Ltd, has acquired approximately 24.5 million shares, or 10% of Victoria Petroleum NL (VPE) issued capital. This makes Odin Energy the largest shareholder in VPE. We believe there is an exceptional opportunity to release the value in VPE, concentrate on producing assets and in turn increase the value provided to shareholders. In order to release the value we have requested that a general meeting of VPE be called to amend the control of the board.
Odin's Vision for VPE
By resourcing the company with a board, management and technical team who possess the requisite skills and experience, VPE has the opportunity to put the strategies in place to realize the value of its assets and concentrate on its core business in the CooperBasin.
To achieve this vision, the strategic plan is to:
• Conduct a review of the asset base with the objective to identify those assets that are underperforming or do not meet the value potential
• Focus resources on the exploration, development and production of the Cooper Basin
• Build value of existing producing assets through the application of leading production techniques
• Develop a team to concentrate on core business
About Odin Energy Limited
Odin Energy is focused on oil and gas exploration and developments in the Cooper Basin of South Australia. The company is focused on unlocking the value in the CooperBasin by acquiring strategic assets. The company is earning a 25% interest in the Spinel Block of PEL 106 through the acquisition of the Spinel 3D Seismic Survey and the contributing 50% of the cost of drilling 4 wells. The company is continuing to evaluate further opportunities in the area.



So is the Spinal Block their second biggest project? Their first being VPE?

[Corporate]

I'm still not clear on the amount of shares on issues.....direct broking now says 79Million. We have talk about 60 odd and then 100 odd. Can anyone explain the change between 60? odd and 79m?

[Dr_Who]

I'm still not clear on the amount of shares on issues.....direct broking now says 79Million. We have talk about 60 odd and then 100 odd. Can anyone explain the change between 60? odd and 79m?

Read my post above and it will explain everything you need to know.

[Corporate]

Read my post above and it will explain everything you need to know.

I'm not sure if it does. You have explained the increase from 61m to 107m. What what about directbroking saying 79m?

I'm really liking the look of ODN. More reading to be done about spinal today :-)

[shasta]

There is some talk of these guys being short of cash and the possibility they may have to sell some of their interest in VPE to get by. Reckon they wont. Seems to me VPE is more than an Investment to the folk at ODN. I think they are very keen to gain control in and over the direction of VPE. They have made a very deliberate attempt to soak up shares from all small holders in VPE and according to their website are the biggest share holder. Their interest in VPE is hands on for sure.

Our vision for Victoria Petroleum NL

Odin Energy Limited, through its wholly owned subsidiary Glory Run Pty Ltd, has acquired approximately 24.5 million shares, or 10% of Victoria Petroleum NL (VPE) issued capital. This makes Odin Energy the largest shareholder in VPE. We believe there is an exceptional opportunity to release the value in VPE, concentrate on producing assets and in turn increase the value provided to shareholders. In order to release the value we have requested that a general meeting of VPE be called to amend the control of the board.
Odin's Vision for VPE
By resourcing the company with a board, management and technical team who possess the requisite skills and experience, VPE has the opportunity to put the strategies in place to realize the value of its assets and concentrate on its core business in the CooperBasin.
To achieve this vision, the strategic plan is to:
• Conduct a review of the asset base with the objective to identify those assets that are underperforming or do not meet the value potential
• Focus resources on the exploration, development and production of the Cooper Basin
• Build value of existing producing assets through the application of leading production techniques
• Develop a team to concentrate on core business
About Odin Energy Limited
Odin Energy is focused on oil and gas exploration and developments in the Cooper Basin of South Australia. The company is focused on unlocking the value in the CooperBasin by acquiring strategic assets. The company is earning a 25% interest in the Spinel Block of PEL 106 through the acquisition of the Spinel 3D Seismic Survey and the contributing 50% of the cost of drilling 4 wells. The company is continuing to evaluate further opportunities in the area.



So is the Spinal Block their second biggest project? Their first being VPE?

Correct.

Tricha - No, not holding any - just one of many on watch!

[Corporate]

The prospectus seems to indicate the capital structure was 107million shares on issues plus 10,500 preference shares that convert on the completion of certain activities. The preference share convert at 1000 shares each. Therefore another 10,500,000 shares.

[shasta]

The prospectus seems to indicate the capital structure was 107million shares on issues plus 10,500 preference shares that convert on the completion of certain activities. The preference share convert at 1000 shares each. Therefore another 10,500,000 shares.

You are quite correct.

Refer the latest quarterly for the exact number of shares on issue currently

[Corporate]

You are quite correct.

Refer the latest quarterly for the exact number of shares on issue currently

So if we are quite happy with the 107mill (currently issued) plus the additonal preference shares. Where does the 61million and the 79million quoted by directbroking come into it?

I'm just trying to get this clear as it is key for valuing ODN value per share in VPE

[Dr_Who]

The sites are not always correct. Just look up the latest quarterly for a more accurate guidance as mentioned by Shasta.

I emailed the company and got the correct figure of 108m shares.

[shasta]

So if we are quite happy with the 107mill (currently issued) plus the additonal preference shares. Where does the 61million and the 79million quoted by directbroking come into it?

I'm just trying to get this clear as it is key for valuing ODN value per share in VPE

Must be old data, perhaps not adjusted for options/placements?

Interesting when i checked a usually relible source "Trading Room", they show only 79m shares (which is incorrect).

Best to email the company secretary & get it from the horses mouth.

[Corporate]

Must be old data, perhaps not adjusted for options/placements?

Interesting when i checked a usually relible source "Trading Room", they show only 79m shares (which is incorrect).

Best to email the company secretary & get it from the horses mouth.

Confusing. I have sent ODN an email.

It makes a significant difference to the valuation.

[bermuda]

Correct.

Tricha - No, not holding any - just one of many on watch!

Shasta,

So much for ODN's vision.

They didnt even list the CSG potential at the time of this 'vision'

[Corporate]

Shasta,

So much for ODN's vision.

They didnt even list the CSG potential at the time of this 'vision'

Bermuda, you seem to be very much up with the CSG scene and VPE. What is your view on ODN, and buying then to get exposure to VPE?

Cheers,

[STRAT]

Shasta,

So much for ODN's vision.

They didnt even list the CSG potential at the time of this 'vision'Hi Bermuda,
Heres hoping they dont turn out to be a problem for VPE :eek:

[Rif-Raf]

There are only 61m shares listed. The balance are convertable pref shares that converts to ordinary shares on successful drilling of spinel. If Spinel drilling is not successful then the pref shares doesnt get converted and there will only be 61m shares listed making ODN's VPE holding worth 21 cents at current VPE price of 26 cents. .

Not sure if the above is right??? All the doc's I have found indicate there are 108m ordinary fully paid shares all but 61m are restricted. The 47 million of restricted shares are those owned by the vendor at the time of the float and they are currently unlisted and unable to sell them for about 12 and 24 months from float. There are only 10,000 convertibles, not sure of the conversion terms however I doubt they are material in the grand scheme. However there are also a hefty105m options. About half of the restricted securities are now at the point where the restrictions are coming off them so expect a lot of stock to be offloaded.You can check the numbers on the announcement of 8/11

[Rif-Raf]

The prospectus seems to indicate the capital structure was 107million shares on issues plus 10,500 preference shares that convert on the completion of certain activities. The preference share convert at 1000 shares each. Therefore another 10,500,000 shares.

mmm that's another 10m shares

[bermuda]

Hi Bermuda,
Heres hoping they dont turn out to be a problem for VPE :eek:

Wont be a problem. Odin will await their opportunity and sell out later this year. jimho of course.

[metal mickey]

the 79,000,000 shares relates to the the 61,000,000 already quoted + the 18,000,000 of shares that were released from escrow halfway thru this month. another 22,000,000 will be released next year i think to bring the total to up to the 100,000,000. the convertable preference shares (10,500,000 more ) are dependant on the spinel success clauses to be converted.
and the options are 25c strike price til nov/dec 2012. bloody confusing but i think ive got it straight now.

[Dr_Who]

Am I having delusions or do ODN look extremely cheap at 10 cents? Are my numbers correct?

I have ODN nta @ 22 cents (VPE @ 29 cents) !!!

ODN's 18.4% VPE holding is worth over 18.4 cents !!!

Shares: 108m

Cash: $1m

Spinel: $4m (I discounted Spinel. They spend $4.6m)

VPE 18.4%: @ 29c = $19m

*ODN NTA = 22 cents

[Grand Uber]

http://www.brr.com.au/event/45883

Chairman Alex Bajada on boardroom radio talking about the loss of ANZ as a major shareholder and interest in GOG

[Dr_Who]

Thanks GU.

Sounds exciting when Alex mentioned looking to acquire assets in the Cooper Basin. Looks like more M&A in the cooper basin. Bring on the corporate activities.

Topped up some more ODN. Couldnt help myself, they look way too cheap.

[Grand Uber]

yeah, could be one to watch in the future but i cant see the sp moving anywhere in a hurry

[underDOG]

yeah, could be one to watch in the future but i cant see the sp moving anywhere in a hurry


I disagree, I think the word is out and ODN will hit 15c+ quite soon.

[tricha]

I disagree, I think the word is out and ODN will hit 15c+ quite soon.

I was lucky enough to pick up a few more at 10 cents ;)

I'll stick to Dr Who's numbers - 50% discount today @ 10 cents with VPE up there .

The good Doctor -"Am I having delusions or do ODN look extremely cheap at 10 cents? Are my numbers correct?

I have ODN nta @ 22 cents (VPE @ 29 cents) !!!

ODN's 18.4% VPE holding is worth over 18.4 cents !!!

Shares: 108m

Cash: $1m

Spinel: $4m (I discounted Spinel. They spend $4.6m)

VPE 18.4%: @ 29c = $19m

*ODN NTA = 22 cents "

[Corporate]

I was lucky enough to pick up a few more at 10 cents ;)

I'll stick to Dr Who's numbers - 50% discount today @ 10 cents with VPE up there .

The good Doctor -"Am I having delusions or do ODN look extremely cheap at 10 cents? Are my numbers correct?

I have ODN nta @ 22 cents (VPE @ 29 cents) !!!

ODN's 18.4% VPE holding is worth over 18.4 cents !!!

Shares: 108m

Cash: $1m

Spinel: $4m (I discounted Spinel. They spend $4.6m)

VPE 18.4%: @ 29c = $19m

*ODN NTA = 22 cents "


I would be more conservative in my valuation. Spinal could be a dud and worthless. I put ODN value at just over 13cps with Spinal as a bonus.

[underDOG]

I would be more conservative in my valuation. Spinal could be a dud and worthless. I put ODN value at just over 13cps with Spinal as a bonus.



Im in here too, small buy today
50,000 @ 9.8

and with 50,000 yesterday of VPEO @ 9.2

I think I must like the VPE story going forward, bad presentations aside;)

[tricha]

I would be more conservative in my valuation. Spinal could be a dud and worthless. I put ODN value at just over 13cps with Spinal as a bonus.

On a one for one swap, 13 cents still represents an excellent discount available.
Lets face it if u had $1.00 in VPE, but that same $1.00 in ODN is worth $1.30 in VPE.
It bargin shopping.;)

[upside_umop]

the only difference is that odn could never realise that amount if they had to sell out quickly...you could if you owned vpe directly.

but if there was a takeover on vpe...these would fly more than vpe heads, as it would be cash underlying that nta...not another share.

[Rif-Raf]

Finally moved up to catch up with VPE's movements. Up 20% but still 38% below the estimated value of assets of 19.2c.
I've been tracking this over the last few weeks and it has been around 40% discount.

Share price of 12c still 20% below the value of their VPE holding alone i.e 14.1c based on VPE @ 29.5c

[Dr_Who]

Rif Raf, your numbers are right. I think I got some of the numbers wrong above. Got the spreadsheet abit mixed up. Still, ODN is very much under valued.

I wonder when we will see some results from the Spinel drills? I assume this can be significant if they strike?

[AMR]

Dr, do you have a spreadsheet comparing ODN to VPEO in terms of leverage?

[underDOG]

Dr, do you have a spreadsheet comparing ODN to VPEO in terms of leverage?


AMR, would you mind commenting on VPE TA wise on the VPE thread?

Im interested in the chart formation
cup and saucer and breakout?


just learning

[Dr_Who]

Dr, do you have a spreadsheet comparing ODN to VPEO in terms of leverage?

NO I dont. I am not much of a options man. Prefer bread and butter. I know, you guys may think I am old and conservative, but I just prefer head shares over options.

I am assuming the selling in ODN maybe is coming from some of the shares some dude purchased from Opes at below 8 cents.

[Dr_Who]

ODN is solid as a rock.

Feels like there is decent buying at 12 cents.

[tricha]

ODN is solid as a rock.

Feels like there is decent buying at 12 cents.

Yes still relatively cheap compared to buying VPE itself and when the big fish arrives, I'm guessing they will knock at Oden's door 1st ;)

[Rif-Raf]

Rif Raf, your numbers are right. I think I got some of the numbers wrong above. Got the spreadsheet abit mixed up. Still, ODN is very much under valued.

I wonder when we will see some results from the Spinel drills? I assume this can be significant if they strike?

From the latest quarterly report they are still evaluating the seismic surveys on Spinel.
Discount of around 39% still exists, this could easily turn to a premium if someone is looking for a big chunk of VPE

Just for fun did a rough leveage comparison potential of VPE/VPEO/ODN at 4 different price points assuming:
- ODN trades at zero discount/premium to assets
- ODN non VPE assets at cost
- Same $gap between VPE/VPEO
- Not taken into account the options on issue for both stock

Base Target Target Target Target
$0.285 $0.40 $0.50 $1.00 $2.00

VPE 40% 75% 251% 602%
VPEO 115% 215% 715% 1715%
ODN 111% 153% 360% 776%

[underDOG]

From the latest quarterly report they are still evaluating the seismic surveys on Spinel.
Discount of around 39% still exists, this could easily turn to a premium if someone is looking for a big chunk of VPE

Just for fun did a rough leveage comparison potential of VPE/VPEO/ODN at 4 different price points assuming:
- ODN trades at zero discount/premium to assets
- ODN non VPE assets at cost
- Same $gap between VPE/VPEO
- Not taken into account the options on issue for both stock

Base Target Target Target Target
$0.285 $0.40 $0.50 $1.00 $2.00

VPE 40% 75% 251% 602%
VPEO 115% 215% 715% 1715%
ODN 111% 153% 360% 776%


bery niice

I hold VPEO and ODN

who dares wins

[underground]

from what i gather ODN was floated in November last year @ 20cps ??

so in 7 months..
share price has gone down by 50%
the company's shareholding in VPE has gone up by 100% (give or take)

spinel prospect still remains in play - and thats the purpose for which it was floated at the time, if shareholders saw value to subscribe in the ODN issue fundamentally nothing has changed in that regard either? or am i missing something?

now we can buy in at 10c and get significantly more value than those who bought on IPO at 20c?

feels cheap as chips to me.. i think this is a medium term hold.. if VPE heads hit to 40c on any news then i can see ODN trading at about 15-19cps quite easily. nice leverage but without the volatility of holding VPE heads, limited downside IMO.

where do others see the shareprice going?

[Rif-Raf]

from what i gather ODN was floated in November last year @ 20cps ??

so in 7 months..
share price has gone down by 50%
the company's shareholding in VPE has gone up by 100% (give or take)

spinel prospect still remains in play - and thats the purpose for which it was floated at the time, if shareholders saw value to subscribe in the ODN issue fundamentally nothing has changed in that regard either? or am i missing something?

now we can buy in at 10c and get significantly more value than those who bought on IPO at 20c?

feels cheap as chips to me.. i think this is a medium term hold.. if VPE heads hit to 40c on any news then i can see ODN trading at about 15-19cps quite easily. nice leverage but without the volatility of holding VPE heads, limited downside IMO.

where do others see the shareprice going?
Agree with your logic,except if VPE gets to 40c would see ODN's price being higher than 19c as would expect the discount to start to shrink - approx. 44% discount seems crazy

[underground]

hmm..interesting times ahead...

ODN is now not the largest shareholder of VPE..as of now it is GQC

between the two they own about 40% of VPE and with ODN directors on the board in deeper discussions with QQC it cant be a bad thing..

in relation to QGC's market cap they saw a good value position which gives ODN holders a lot more leverage with similar upside.

QGC paid out more than ODN did also. i think this strategic alliance has already had an impact on todays share price. but not as much as it would over the long term

thought it would have been in QGC's best interests to simply take over ODN and automatically get two seats extra on the board and a reasonable price?

discl: i hold ODN, and blimen glad i do right now =) DYOR.

[Corporate]

hmm..interesting times ahead...

ODN is now not the largest shareholder of VPE..as of now it is GQC

between the two they own about 40% of VPE and with ODN directors on the board in deeper discussions with QQC it cant be a bad thing..

in relation to QGC's market cap they saw a good value position which gives ODN holders a lot more leverage with similar upside.

QGC paid out more than ODN did also. i think this strategic alliance has already had an impact on todays share price. but not as much as it would over the long term

thought it would have been in QGC's best interests to simply take over ODN and automatically get two seats extra on the board and a reasonable price?

discl: i hold ODN, and blimen glad i do right now =) DYOR.
.


Very interesting times. VPE has seen decent rises over the last couple of days where as ODN remains at 12c.

ODN's 50million share at worth $16mill of VPE....compared to a MCAP of $9.8M.

Does anyone know ODN's cash position?

[underDOG]

.


Very interesting times. VPE has seen decent rises over the last couple of days where as ODN remains at 12c.

ODN's 50million share at worth $16mill of VPE....compared to a MCAP of $9.8M.

Does anyone know ODN's cash position?


between $1 and $1.4m
very little in the pot


remember ODN have 108m shares fully diluted when you do the calcs

They own roughly 49m shares in VPE...so thats a better calc to use since QGC was "gifted" their placement.




still a safe ride, although VPEO will probably go better



I hold both

[Corporate]

between $1 and $1.4m
very little in the pot


remember ODN have 108m shares fully diluted when you do the calcs

They own roughly 49m shares in VPE...so thats a better calc to use since QGC was "gifted" their placement.




still a safe ride, although VPEO will probably go better



I hold both

It maybe time to get some ODN very soon!

[Dr_Who]

I am keeping a close on on ODN.

The problem is liquidity and also QGC is major shareholder now.

If there is a T/O of VPE, I am sure ODN will want full value for their block stake.

[COLIN]

Please ignore earlier post. I have just had it pointed out to me that ODN and ODE are entirely different fish.
My humble apologies for any unnecessary excitement/concern - will read announcements more carefully in future.

[Dr_Who]

QGC has announced their acquisition of ODN's shares in RPM today, under pre-bid agreement. QGC slowly rounding up the cattle.

???? Link please!

I cant find the announcement.

[shasta]

???? Link please!

I cant find the announcement.

http://www.stocknessmonster.com/news-item?S=RPM&E=ASX&N=200605

[bermuda]

QGC has announced their acquisition of ODN's shares in RPM today, under pre-bid agreement. QGC slowly rounding up the cattle.

Colin,
ODN and ODE are different animals.

Nearly got me excited!

[COLIN]

Colin,
ODN and ODE are different animals.

Nearly got me excited!

Yes, I've just had that pointed out to me. I will correct my post.
My humble apologies to all. I must not be so hasty in future!

[STRAT]

Havent done the math but it would seem that ODN has dropped roughly the same $ value this month as has its shares of VPE. I guess the leverage into VPE mentioned earlier goes in both directions.

[Corporate]

Havent done the math but it would seem that ODN has dropped roughly the same $ value this month as has its shares of VPE. I guess the leverage into VPE mentioned earlier goes in both directions.

Current ODN Market cap is $7.3m, share of VPE is $14m. Crazy stuff especially given QGS advances.

[Dr_Who]

Current ODN Market cap is $7.3m, share of VPE is $14m. Crazy stuff especially given QGS advances.

I am thinking of getting more shares in ODN, but there is a problem of liquidity.

[bermuda]

I am thinking of getting more shares in ODN, but there is a problem of liquidity.

Have been following this thread and believe your summary is correct. Thought about buying ODN but the emotional side of me took over. Sometimes I think these guys know they failed so they jumped onto something good.

Someone will give them a good offer and they will disppear.

Probably a bit critical as they have some good people on board who unfortunately failed to get ODN to fire. Such is the oil game.

[underground]

we will see soon enough, first major hurdle is to get over this tax loss selling frenzy. patience is a virtue and a lot of holders arent in a hurry to realise the intrinsic value that exists. there is a fundamentally high margin of safety in this stock. you can sleep easy at night with this under your pillow.

[diamond h]

we will see soon enough, first major hurdle is to get over this tax loss selling frenzy. patience is a virtue and a lot of holders arent in a hurry to realise the intrinsic value that exists. there is a fundamentally high margin of safety in this stock. you can sleep easy at night with this under your pillow.

Hi underground. Hold a few of these and agree they look a like a sound investment and will track up along with vpe and rest of market in due course. Just wondering about your comment that you sleep easy at night with this stock but you are on line at 2.00am ?

[tricha]

I am thinking of getting more shares in ODN, but there is a problem of liquidity.

WELL I certainly did today, yes last tax day today and the last opportunity to buy cheap maybe.

Liquidity isn't a problem, I doubt if they need much and if they have to, selling a couple of million VPE at a great profit :)

[Dr_Who]

Tricha, where you the lucky bugger that bought at 8.6 cents??? Nice buying!!! :)

[tricha]

Tricha, where you the lucky bugger that bought at 8.6 cents??? Nice buying!!! :)

No, at work Dr Who and missed a golden opportunity :(

I got 45 K at 9.2 cents, still 5K to fill the order.

Lets face it, Mr Market does not have a clue how to value a share.

1 - VPE goes up, net worth to Odin Increases.

2 -Oil goes up, CSG more valuable.

3 - Oden linked to Opes, so what.

4 - Tax selling who cares.

1 + 2 + 3 + 4 = Odin goes down big time :rolleyes:

The logic in that ??????? Someones loss, my gain ;)

[Dr_Who]

I was out most of the day yesterday and miss out on buying some cheap ODN also. I think Opes finished selling awhile back. Maybe the market is discounting ODN cos of management and the fact that now they are now majority holders of VPE. QGC is now major shoulders of VPE.

[underDOG]

ODN back to MC of $6m
VPE holding $10m

equivalent value at QGC placement price = $11m



why dont QGC just take out ODN for 10c?
is it against the rules?

[Dr_Who]

why dont QGC just take out ODN for 10c?
is it against the rules?

The day QGC buys out ODN's VPE it will trigger a full T/O of VPE. If you buy over 20% it will trigger a full T/O.

[tricha]

ODN back to MC of $6m
VPE holding $10m

equivalent value at QGC placement price = $11m



why dont QGC just take out ODN for 10c?
is it against the rules?

Very simple calculation underDOG, ODN dirt cheap :rolleyes:

[Rif-Raf]

Worth a listen
www.brr.com.au/event/48895/partner/sharescene2?popup=true

Still trading at big discount to underlying assets. 21% to VPE holding at market and around 47% to estimated assets. A placement to London inst's may dilute this discount, however feel the market is discounting this stock because it has low cash reserves so have no problem with a placement as long as it is close to market.

[bermuda]

Worth a listen
www.brr.com.au/event/48895/partner/sharescene2?popup=true

Still trading at big discount to underlying assets. 21% to VPE holding at market and around 47% to estimated assets. A placement to London inst's may dilute this discount, however feel the market is discounting this stock because it has low cash reserves so have no problem with a placement as long as it is close to market.

Hi Rif Raf, How are you doing?

They will probably have to sell out at the going price.jmho. Cheers

[Rif-Raf]

Hi Rif Raf, How are you doing?

They will probably have to sell out at the going price.jmho. Cheers

Doing well Bermuda,even read twilight in the desert a wee while ago based on your endorsement.

After reading the announcement and listening to the Bajada's broadcast certainly didn't get the impression they would be selling. Seemed very confident he's got some fund managers lined up ready to write cheques out.

[bermuda]

Doing well Bermuda,even read twilight in the desert a wee while ago based on your endorsement.

After reading the announcement and listening to the Bajada's broadcast certainly didn't get the impression they would be selling. Seemed very confident he's got some fund managers lined up ready to write cheques out.

That sounds good. He has got his head screwed on but faces a few battles methinks.

[Corporate]

Is anyone able to overlay the ODN chart on VPE?

That would be much appreciated!

[Grand Uber]

Nothing impressive to note here

[tricha]

Grand Uber "Nothing impressive to note here"

Hmm, depends how u look at it Grand Uber, the way things panned out today ODN just got even cheaper, Oh and I topped up, only 50,000 of them, but the way CSG panned out today, watch this space ..............:rolleyes:

P.S because that trend of yours painted a very nice story!

[Grand Uber]

Your logic never ceases to amaze me tricha

[CAM]

I get his logic....
ODN have about 18% or 50M shares in VPE
Your chart shows an upwards move in VPE but no move in ODN so none of the increased value in VPE has translated to ODN....(yet!)....hence cheaper (if you believe in them) as they are at an even more significant discount to NAV

[Grand Uber]

when vpe went up 120%, odn went up 20%, there is a very weak correlation, the people who believed that vpe would drag odn up 6 months ago are now down 50%, i dont see why you would make the same decision again.

Exactly the same thing has happened with HGO

Im not saying dont buy ODN, Im not saying do buy ODN, im just saying i wouldnt base my decision on that. Cut the VPE holding out of the picture and you'll see what the company really has on offer. Thats what the market is seeing

[Dr_Who]

The problem with holding ODN is the lack of liquidity. It is hard to buy and sell large quantity in a thinly traded market. I think ODN is trying to raise more funds recently. Dont know how they will go about doing it.

[bermuda]

The problem with holding ODN is the lack of liquidity. It is hard to buy and sell large quantity in a thinly traded market. I think ODN is trying to raise more funds recently. Dont know how they will go about doing it.

The good thing about having Odin on the Board of VPE is that VPE will not be shatfted by any party ( most likely QGC ) putting in a low ball bid. ODN need top dollar. They , ODN, remind me of a parasite...or one of those little cleansing fish that attach themselves to something much bigger.

[STRAT]

Nothing impressive to note hereIm thinkin if money in the bank isnt raising the SP ( NZO for eg ) then shares in another company aint going to do it either. The chart clearly shows the market doesnt think it will.

But who knows, the market may change its mind tomorrow :rolleyes:

[Dr_Who]

The good thing about having Odin on the Board of VPE is that VPE will not be shatfted by any party ( most likely QGC ) putting in a low ball bid. ODN need top dollar. They , ODN, remind me of a parasite...or one of those little cleansing fish that attach themselves to something much bigger.


Agree. VPE shareholders will get a good premium with ODN on board if QGC makes a T/O. I dont think ODN is a parasite at all. I think of them as having a lack of direction, saw an opportunity and climbed on board. Abit like GPG, BRY, managed funds and some of us here, we will climb on board any high speed train if it will take us to the wonderland.

[tricha]

I get his logic....
ODN have about 18% or 50M shares in VPE
Your chart shows an upwards move in VPE but no move in ODN so none of the increased value in VPE has translated to ODN....(yet!)....hence cheaper (if you believe in them) as they are at an even more significant discount to NAV

Well done Cam, excellent explantation, a picture tells a thousand words and maybe I should have explained it better.

And this developement within Origin, comfirms to me VPE and BOW are way undervalued, just like Bermuda has long been telling us.

And where does this leave British Gas ?

A lot of unanswered questions to be answered and I'm sure the patient will be WELL rewarded ;)

[Corporate]

Odn starting to look cheaper by the day!

[tricha]

Well done Cam, excellent explantation, a picture tells a thousand words and maybe I should have explained it better.

And this developement within Origin, comfirms to me VPE and BOW are way undervalued, just like Bermuda has long been telling us.

And where does this leave British Gas ?

A lot of unanswered questions to be answered and I'm sure the patient will be WELL rewarded ;)

WELL, looks like Odin sold the farm on Friday, they will sit with about 9 - 10 cents a share cash.

Where does it leave us shareholders, who knows. In this septic market, they would be WELL advised to call it quits, while they can.
Anyone with out an income will continue to get trashed.

assumption is the mother of all ........ :rolleyes:

[Corporate]

WELL, looks like Odin sold the farm on Friday, they will sit with about 9 - 10 cents a share cash.

Where does it leave us shareholders, who knows. In this septic market, they would be WELL advised to call it quits, while they can.
Anyone with out an income will continue to get trashed.

assumption is the mother of all ........ :rolleyes:

It makes anything that ODN have ever said a load of BS. I was under the impression that their VPE holding was for the long term

[tricha]

It makes anything that ODN have ever said a load of BS. I was under the impression that their VPE holding was for the long term

Things have changed, we are in a market from hell. Raising funds in todays climate is nigh impossible.

[Corporate]

Things have changed, we are in a market from hell. Raising funds in todays climate is nigh impossible.

So basically they sold their holding to pay salaries?

Tricka do you hold odn? If we assume that they have have sold VPE they'll have about $10million in the bank and a market cap of $4million. I wonder how this is going to play out.

[underDOG]

So basically they sold their holding to pay salaries?

Tricka do you hold odn? If we assume that they have have sold VPE they'll have about $10million in the bank and a market cap of $4million. I wonder how this is going to play out.

they were very short of cash to spend on JVs and as tricka says, raising more money difficult

so better to cash in given the discount that they were given
so NTA 40% of CASH + about $5m worth of other assets.

[Dr_Who]

WELL, looks like Odin sold the farm on Friday, they will sit with about 9 - 10 cents a share cash.

:rolleyes:

Where's the announcement? Did they sell VPE????

If they've sold VPE holding then they should give all the cash back to the shareholders.

[Financially dependant]

Where's the announcement? Did they sell VPE????

If they've sold VPE holding then they should give all the cash back to the shareholders.

It will be next week! (tomorrow).

[tricha]

So basically they sold their holding to pay salaries?

Tricka do you hold odn? If we assume that they have have sold VPE they'll have about $10million in the bank and a market cap of $4million. I wonder how this is going to play out.

Yes I do hold Shep and lets hope they just stop paying salaries and fold the company up while they still can.

Where this leaves VPE holders if a full take over happens, that's another story.

[underDOG]

VPE SSH ann out tonight

$9.7m of VPE bought around 15%

but nothing from ODN???????



no buy volume on ODN at all, so cash is worth about 10c now. (if indeed it is them)

buyer at 3c!

[Dr_Who]

I worked out that the cash from the VPE is around 9-10 cents for ODN. Is that correct?

We have to pressure them to return cash to shareholders. I have already written to ODN to put pressure on them to return cash and not use it like a gravy train.

[Corporate]

I worked out that the cash from the VPE is around 9-10 cents for ODN. Is that correct?

We have to pressure them to return cash to shareholders. I have already written to ODN to put pressure on them to return cash and not use it like a gravy train.


They would have sold to cover admin expenses. I can't see them returning it to shareholders.

[Dr_Who]

Doesnt give shareholders much confidence when the people at ODN dont return calls and emails!!!!!! They need all the support they can get looking at the current sp of 4 ****en cents! :mad::confused::mad::confused: What a bunch of idiots.

[STRAT]

Doesnt give shareholders much confidence when the people at ODN dont return calls and emails!!!!!! They need all the support they can get looking at the current sp of 4 ****en cents! :mad::confused::mad::confused: What a bunch of idiots.Hi Doc,
Im a bit confused :confused:
Did yall really expect the value of their VPE holdings to end up in the hands of shareholders in ODN?

[Dr_Who]

Anyone here still hold ODN?

I ve emailed them many times with no replies. :mad::confused:

[underDOG]

Anyone here still hold ODN?

I ve emailed them many times with no replies. :mad::confused:


yup, still hold v sml 50,000

[Dr_Who]

yup, still hold v sml 50,000

Have you tried contacting these geezers? I want to have a go at them. How else can one contact them? Maybe I should approach the media? I know for a fact that most on the board of ODN are also on the board for a number of other listed companies.

[underDOG]

Have you tried contacting these geezers? I want to have a go at them. How else can one contact them? Maybe I should approach the media? I know for a fact that most on the board of ODN are also on the board for a number of other listed companies.


no I havent Doc, as its a sml holding for me and I havent thought much about it, however I am very dissappointed they havent given an announcement regarding the sale, and consider this very very poor given that it represents most of the value of the company bar Spinel...so probably 99% including current cash in reality

There are many opportunities for them of course with $10m cash in this market but I bought to really mix up my investment in VPE heads and options

see what they come up with, if i dont like the investment and there is any rerating, ie 80% of nta, I will sell and buy more VPE directly.


right now there is no market for ODN

1 200,000 0.030
1 200,000 0.020

[Rif-Raf]

Anyone here still hold ODN?

I ve emailed them many times with no replies. :mad::confused:

Very unimpressed with these guys.
Have just sent email, however togive benefit of doubt, email is notoriously unreliable particularly as they have listed email address on website in a way that spammers would collect, so any email messages sent to them are probably lost amonst the clutter.

May try calling them tommorrow.

[Corporate]

Very unimpressed with these guys.
Have just sent email, however togive benefit of doubt, email is notoriously unreliable particularly as they have listed email address on website in a way that spammers would collect, so any email messages sent to them are probably lost amonst the clutter.

May try calling them tommorrow.


What are you going to say tho...."you sold the reason i bought ODN"?

Feel sorry for the people that got into this company in the beginning at 25c!

[Dr_Who]

May try calling them tommorrow.

If you manage to contact these geezers, can you please list their contact number and name of contact on here or PM me? I wanna call them also to find out WTF is going on and what they are gonna do with the $10m.

I may even contact the media on this one. Management has alot to answer to.

[underDOG]

If you manage to contact these geezers, can you please list their contact number and name of contact on here or PM me? I wanna call them also to find out WTF is going on and what they are gonna do with the $10m.

I may even contact the media on this one. Management has alot to answer to.

at least take advantage of a possible fire sale

Im in there with top bid for 200,000 at 2.4cps;)


now theres a discount!

[Dr_Who]

at least take advantage of a possible fire sale

Im in there with top bid for 200,000 at 2.4cps;)


now theres a discount!

I have no confidence in management. Abit like ADY, so much potential, but management is no credible and incompetent. My concern is that they will use the cash as a gravy train for their own benefits.

[underDOG]

I have no confidence in management. Abit like ADY, so much potential, but management is no credible and incompetent. My concern is that they will use the cash as a gravy train for their own benefits.

Im afraid ODN is nothing like ADY, and there is little potential as they basically own nothing

ODN are a cashed up shell with $10m

a minnow, but with a MC of $3m, its just silly


they will be looking over options right now.

[Rif-Raf]

If you manage to contact these geezers, can you please list their contact number and name of contact on here or PM me? I wanna call them also to find out WTF is going on and what they are gonna do with the $10m.

I may even contact the media on this one. Management has alot to answer to.
Spoke to Company Secretary and yes they have sold, however haven't placed a notice yet as they were waiting for settlement which is about a week away. He took feedback on aboard and agreed it is probably appropriate and was going to pass comments on to Directors recommending they make announcement either today or Monday.
I expect they will announce their future intentions after settlement.
Apparently nobody has contacted them until now.

Ps - Emails were bouncing and probably due to a server upgrade that they had.

[Dr_Who]

Thanks RifRAf.

We need to put pressure on them to distribute cash back to shareholders and close shop.

[underDOG]

Spoke to Company Secretary and yes they have sold, however haven't placed a notice yet as they were waiting for settlement which is about a week away. He took feedback on aboard and agreed it is probably appropriate and was going to pass comments on to Directors recommending they make announcement either today or Monday.
I expect they will announce their future intentions after settlement.
Apparently nobody has contacted them until now.

Ps - Emails were bouncing and probably due to a server upgrade that they had.


well done Rif Raf

Im still surprised they hadnt thought to announce something immediately to the market

I would have thought it would be rule to announce something as massive as that to the market since VPE was nearly all they had!

[underDOG]

http://imagesignal.comsec.com.au/asxdata/20081017/pdf/00891621.pdf

;);)

[Rif-Raf]

well done Rif Raf

Im still surprised they hadnt thought to announce something immediately to the market

I would have thought it would be rule to announce something as massive as that to the market since VPE was nearly all they had!

I'd suggest it's a case of being a small cap without the resources of staff that attend to these sort of matters compared to medium & larger companies.

[tricha]

I'd suggest it's a case of being a small cap without the resources of staff that attend to these sort of matters compared to medium & larger companies.

WELL, when u look at VPE now 13 cents, Odin sold them for 19.5 cents, wow what a trade, if they could buy them back for 13 cents they would have a few million in the bank :D

Seriously, where to from here.

Dr Who "I have no confidence in management. Abit like ADY, so much potential, but management is no credible and incompetent. My concern is that they will use the cash as a gravy train for their own benefits."

Underdog "I would have thought it would be rule to announce something as massive as that to the market since VPE was nearly all they had! "

I would have to agree Dr Who and Underdog, doggie, they might as well dissolve the company and pay all us shareholders out.

[shasta]

WELL, when u look at VPE now 13 cents, Odin sold them for 19.5 cents, wow what a trade, if they could buy them back for 13 cents they would have a few million in the bank :D

Seriously, where to from here.

Dr Who "I have no confidence in management. Abit like ADY, so much potential, but management is no credible and incompetent. My concern is that they will use the cash as a gravy train for their own benefits."

Underdog "I would have thought it would be rule to announce something as massive as that to the market since VPE was nearly all they had! "

I would have to agree Dr Who and Underdog, doggie, they might as well dissolve the company and pay all us shareholders out.




Whats the bet management drain the dosh whilst they contemplate there next move...

Too many snouts in the trough for my liking

[underDOG]

yep, they certainly look like they got a premium now!

Id be very happy if they started buying back VPE on market at 13c:D

They will have a new plan by year end, lots of options right now with $10mill.


they should start by taking over TAS;)

[Corporate]

yep, they certainly look like they got a premium now!

Id be very happy if they started buying back VPE on market at 13c:D

They will have a new plan by year end, lots of options right now with $10mill.


they should start by taking over TAS;)

ODN dropped the ball big time when the sold VPE. A profit of $1.4 Million after holding VPE for how long....!