Fish
"Ironbark is scheduled to begin drilling anytime from april but more likely in the 3rd quarter this year."
The Beach Energy website is showing the likely drilling date for Ironbark as - Drilling planned for FY21
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Fish
"Ironbark is scheduled to begin drilling anytime from april but more likely in the 3rd quarter this year."
The Beach Energy website is showing the likely drilling date for Ironbark as - Drilling planned for FY21
.
A foolhardy action if they were to do this.
The securities solicitor advising them would be offering them two bits of advice;
1. NO! &
2. HELL NO!
And if the advice was ignored;
Get out of my office now.
Richmond & others v PPCS Limited [2004] 1 NZLR 256.
Boop boop de do
Marilyn
There is no reason to think that OGOG are doing anything illegal.
They may have tried to buy the company for a song, but any suggestion of illegal (or even borderline illegal) activity is nonsense.
They are a large and reputable organisation and I seriously doubt they would do something that stupid.
They have also told Brian Roulston to his face that there will be no additional takeover offers. They have reiterated this message to others too.
They may well exercise their right to grab another 5% of the stock. And if it is them buying up at the moment, so what?
It makes zero difference to the equity owners that plan to stick around for the Ironbark drill.
Whether OGOG own 70% or 75% is meaningless. In fact, it would make it harder in the future for them if they did change their mind about a takeover as the shareholders that are reluctant to sell would make up an even larger % of the remaining minority voter base.
"They have also told Brian Roulston to his face that there will be no additional takeover offers."
I can confirm what MisterTea is stating - the OGOG directors were quite definite that there would be no further offer, and were keen to learn what other shareholders want from the company. they will be reaching out to meet as many as they can to arrange one on one meetings. Noting that OGOG doesn't have any other company with third-party shareholders they were surprised at the feedback during the SoA process and have taken that on board.
Irrespective of the intent, they would be crazy to do anything stupid, especially so with their significant interests in other parts of the oil & gas industry.
Agree they will do nothing illegal.
However it was not honest to tell the takeovers panel that Ironbark has only a 5% chance success.
They have also mislead us before on 2 occasions about no takeover offer
We know they are capable of deception and I think they are going to find it difficult to work with such a disparate group of minority shareholders .At the AGM we saw one very capable and hostile shareholder.
Just because they say no further takeover offer does not mean they will not change their mind.
New information from other drills,an increase in futures for gas etc could be a good reason
They may want to enter a major transaction and minority shareholders who vote against the transaction have a right to be bought out at a fair and reasonable price.
My feeling is they are not buying shares as really there will be no point as they cannot get to 90% for at least 4 years.
The only thing that makes sense is to make a takeover offer at a fair and reasonable price
Fish, there was a lot wrong with the SoA process, but to be fair the OGOG directors weren't involved in that.
The 5% chance of success and other similar misleading factors were very much the fault of the Takeovers Panel itself together with Northington and the chair of the independent directors. Amateur hour is the term that comes to mind.
OGOG know from the feedback they received that it is going to be difficult to deal with shareholders with their wide range of views as to the way forward.
Agreed. And I don’t actually think it is in the best interest of the business for OGOG to spend a lot of time trying to canvass some kind of consensus from minority holders that they will never achieve.
They, along with Management, are supposed to be the experts and they need to chart a way forward. Just like we expected them to do before the SoA.
Trying to get useful information about what they specifically need to do from a generalist investor like myself would be nuts.
If they decide in the future that they want to have another crack at buying out the minority interest, then yes - they should have discussions with the larger minority holders to get a feel around expectations. Fairfax did this very thing when they attempted to buy Tower - and they got the blessing of two of the largest shareholders. The deal ultimately failed - but not because of their process. It failed because Vero were more cunning.
So beyond consultation in the future should they change their mind about a takeover - I think they just need to get on with it. Do with the cash what they would have done if NZOG was a private business. In other words, what they determine is on the best long term interest of the organisation as a going concern. The fact the company is listed and has many shareholders (instead of just one) is irrelevant in my view.
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My feeling is that they cannot do with the cash as if it was a private business.
They have to work with the minority shareholders and are confined by the companies act.
They have no experience of this.
So far they have not been well-advised judging by their use of the SOA which has resulted in hostile feelings amongst some minority shareholders.
Personally I do not feel hostile but I no longer trust the Independent directors and OGOG -voting for Rod to be re-elected may be see to be endorsing a duplicitous director(he is a director on CUE and if he was honest would not have supported the Northington report).
Thanks for the link, very interesting article. I love this bit "Kid said the chances of a discovery in frontier waters were low, with odds of success about one in eight". If that's the case for frontier waters then what is Ironbark with 1 in 20 odds?
Have enjoyed following this thread throughout the takeover attempt as a very new/novice investor I have learnt quite a bit. I've just taken the plunge and bought a small stake in NZO so I can jump on the bus for for the "1 in 20" chance of success :)
Speculation on a Cue thread - if PB-1 comes through the SP could go upwards of 20c.
If that is true, and if the NZX increases by a corresponding market cap for NZO’s share then the SP could lift to 75c- 80c.
Not sure if any of the recent gain to 68c takes into account the possibility of a discovery at Mahato.
https://www.asx.com.au/asxpdf/202001...xk6t56gxcr.pdf
Speak of the Devil. I just got this update.
What the hell is going on with The Operator?
If they really are not sharing information that is required under the agreement with Cue - that is absolutely outrageous. I can’t understand why they would do that and expose themselves to litigation.
I wonder where you saw this, mistaTea? I can't see it on HotCopper. Quite interesting.
Yeah, it looks like something underhand there - the operator have been paid what they wanted, but are still refusing to say what the result of the drill is. Except to say it has been drilled.
The drill was in Indonesia, the operators from Yemen. I hope if it goes to court, that that would be in Australia and not in either of those other 2 countries.
CUE's 6.9% rise today to a record high might suggest there is a good result at PB-1 and someone knows about it. Or it could be pre-Ironbark thrill-of-the-drill. Or both.
By the way, someone here said Ironbark could drill as early as April. I haven't heard that, I'd thought September was the best guess. Can anyone comment on this?