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Started: klipriver, 26 Feb 2019 20:24
Last post: Love_You, 16 Nov 2019 18:11
Without interest rates being cut to emergency low levels in late 2008/early 2009 where would your investment in this company have been? If interest rates had stayed at 6% from 2008-2018 then I'd have been surprised if the shares in this company would of ever recovered very much from the lows seen during the great financial crisis. I mean shares in most companies would not have recovered very strongly if interest rates had stayed at 6%. What does this say about the state of the economy in 2007 and the competence of economic management since. Emergency financial measures are still needed more than ten years after the credit crunch/financial crisis - does this suggest the financial mess in 2007 was the biggest every created in the whole of human history as there hasn't really been a recovery from it - just a dire attempt by politicians to justify to citizens why they should accept getting poorer, slashed benefits, and zero hours contracts.
Just a thought.
the shareholders have left, and the company lights have dimmed, its as if you have been forgotten......you were an interesting share journey for me since 2007. Price paid was £1.25 per share. Highest price reached has been £2.30, and lowest...…? You were long term for me, and I felt, finally making traction.
You did not grow to your true potential. Sold too cheap? I think so, the topsy-turvy price per barrel of oil did not help. DNO were hostile and rude.
I'm grateful for £1.60 per share but............farewell faroe.
Started: SunGod, 24 Feb 2019 14:51
Last post: SunGod, 24 Feb 2019 14:51
FPM thank you
Hi
I have shares that I have held fo r awhile, offered 1.60
But why are there so many buys?
Confused
Sorry not a whizz at this
cheers
Started: ripley94, 5 Feb 2019 22:51
Last post: ripley94, 5 Feb 2019 22:51
Deals going through @ 164 .... i should of waited , thought 1p over offer was good lol
Started: Analysister, 16 Jan 2019 22:49
Last post: Analysister, 16 Jan 2019 22:49
Everyone should sell to DNO asap and wait for the next investment that Graham Stewart and his team embark on!!
GLA
Started: stonyboy, 16 Jan 2019 10:21
Last post: foggy100, 16 Jan 2019 18:59
In the RNS it says that as of 07:00 14 February FPM will be de-listed so effectively it becomes a Private entity
Game over I would think
Thanks for Your advice well appreciated.
Kind regards.
You need to sell. If you do not do so one of 2 things will happen. Either DNO will get more than 90% of shares and force you to sell at 160 or they will not manage that but will get to 75% and delist the company. At that point you have no easy way of selling the shares and DNO can do what they want with the company. A bad outcome
Please can anyone let Me know, if i do not fill in the final form of acceptance what will happen to my Shares? I have had them for a very long time and they cost Me more than the 160 offer, should i sit on them or take the offer?
any help would be gladly received.
Kind regards Tont
Too bad. Great management and company. Turned into a nice profit, but could have been better in the longer term. Will certainly follow-up on what management will be doing or where they will be heading.
Sold (reluctantly) at 160p for a 53% profit. Looking at the volume traded today, coming up for 50 million, it's clear that they're going to get the deal over the line. Mixed emotions: a profit is a profit but I feel as if I have been mugged. Daylight robbery considering this was over 170p not long ago.
This thread will probably have a use by date on it now as FPM won't exist in the next few weeks or months. Been nice knowing you all. Good luck.
Started: Londonwolfie, 9 Jan 2019 09:25
Last post: Alibi, 9 Jan 2019 09:50
What happens if you DON'T sell? Is it just a matter of waiting until you get notification that the takeover has succeeded? I'm on the verge of selling as it looks like DNO have got enough shares now. Very disappointed with the takeover price but seen this before with Emerald Energy. My averga ehere is about 104p and I have a fair amount so it's a good profit, but should have been at least twice as much profit had we got even close to a fair price.
DNO now has majority stake (52.44%) - this is game over despite anything that the board may wish to say about it
Started: Onemoredeal, 9 Jan 2019 09:12
Last post: Onemoredeal, 9 Jan 2019 09:12
That’s it I think selling out at 160 and moving on
I was looking for a higher offer as I think this still undervalues FPM.
from my point of view happy with a good return as bought into FPM after Delek Takeover of Ithaca so no surprise to see a takeover. Looking to share some of the proceeds around SDX PPC AMER and RBD
Good luck to all FPM shareholders
Started: BertieBassett, 9 Jan 2019 08:53
Last post: BertieBassett, 9 Jan 2019 08:53
It's (sadly) going ...
It's been fun and fruitful.
Now - RRE, SQZ ...
-- BB --
Started: Mommur, 9 Jan 2019 08:51
Last post: Mommur, 9 Jan 2019 08:51
sold at 160p - another 120,000 FPM for DNO. Onwards an upwards with SQZ as my last LTH. GLA.
Started: notrac, 9 Jan 2019 07:39
Last post: BertieBassett, 9 Jan 2019 07:46
DNO has around 43.8% of the FPM ... BUT it's buying & buying so that figure is increasing daily... I sadly see that once it is over 50%, institutions will sell as the liquidity dries up ...
Even at this amount and a rejection by FPM, FPM will have to allow DNO on the Board.
160 pps is not great but if you bought at 75 - 90pps, it's very tempting.
-- BB --
They have. It's not showing here. I am sure there will be a statement rubbishing the offer later in the day. I'll be surprised if DNO win this at £1.60.
Started: Giveusaclue, 8 Jan 2019 23:26
Last post: JH77, 9 Jan 2019 07:19
Surprised FPM have not issued an RNS this morning....
DNO to increase its offer to £1.60 Reuters 1H ago
Started: chilipepper64, 8 Jan 2019 18:43
Last post: Analysister, 8 Jan 2019 19:01
Must be DNO buys. Hard to see anyone else muscling in here. Particularly as Norway production attracts 78% tax!!!
Good luck to DNO I suspect they will regret this decision.
Hi, can someone explain all the massive buys at the price DNO are offering, I don`t get the point or are they DNO buys ?
Started: BertieBassett, 8 Jan 2019 17:06
Last post: Analysister, 8 Jan 2019 18:33
I doubt if the Faroe Board can or will recommend acceptance of a 160p bid.
Since DNO made the initial bid several fairly negative things have happened to Faroe: dry hole results obviously being disappointing, oil price weakness, the asset swap with Equinor works for Faroe but not for DNO as they don’t need to swap a great development project for near term production!!!! The worrying 30% reserve downgrade on the Oda field was the latest bad news. However Faroe are one of the very few exploration led investments that the public can own in the North Sea. Would be a shame to see it go but I suspect the institutions will take the cash. They usually do!
Just clocked all the massive sells after the bell. Forget previous post. Looks like game over all right.
You never know...could go to 165...or maybe a counter bid could emerge.
Think that is our lot unfortunately
oooh! aaah!
-- BB --
Dno have issued an RNS increasing their offer to 160. See ADVFN board
Agreed, it’s going to be a difficult second half for the Faroe defence!! However they have played a great holding game over many months. GLAH.
I'm sure they are but the fact DNO already has >30% makes it particularly difficult; they would immediately vote against any takeover which means you need the vast majority of the other 70% to agree to force DNO's hand.
DNO's brokers (Pareto) sent out an email to institutional holders yesterday stating that they are block buyers of stock - they are legally entitled to buy below the 152p price, so this should prove a floor to the price over the next couple of weeks.
I think their game plan is to pick up as many more as possible under 152p, then up the bid to, say 165p. Think, unfortunately, that this would be enough to get institutions on board.
I'm thinking that...given tbe board are completely opposed to this lowly offer, shouldn't they be putting out a few feelers to see if another party is interested ( Cairn maybe?)
Started: notrac, 3 Jan 2019 09:02
Last post: Analysister, 8 Jan 2019 14:44
Quote from the DNO website: “We are agile. We are flexible. We are resilient. We are DNO.”
DNO don’t lack in confidence and I suspect they are not going away. It wouldn’t surprise me to see them sit with a larger minority stake in Faroe Petroleum as long as they can get some Board representation. After all RAK Petroleum currently owns 40.45% of DNO and 33.33% of the delightfully named Foxtrot International LDC who operate in Cote D’Ivoire. So mintorty investments are in the DNO DNA. Sorry couldn’t resist!
Ii was having a look at the number of shares in issue and the volume of trades to see if DNO are likely to get anywhere near their required 57.5%. Something like 373 million shares in issue, and 57.5% of that is 214 million in round figures. The last figure of shares owned by or favourable to DNO was given as 43.1%, i.e. 154 million. That would imply that to get to the target, they would need to acquire an additional 60 million shares over the next 9 trading days (including today). That's about 6.7 million a day. Not sure what the current volumes are (and not all trades will be buys by DNO or others friendly to them) but if my figures are correct (big ???? there...) doesn't look likely they will get there.
Had DNO not already made an offer them when they reached 33% then they would be compelled to so the mandatory applies to DNO not us
Nope don’t think so. Usually the “squeeze out” ie. compulsory purchase of shares is when the bidder gets to 90% acceptances.
An offer becomes mandatory when the bidding co has more than 33% of the Target
Started: Analysister, 3 Jan 2019 09:57
Last post: Analysister, 3 Jan 2019 09:57
Judging by the DNO comments this morning if they don't get control, the Faroe directors will need to get a supply of hard hats from the rigs just to attend the Board Meetings!!
This is a small (but real) test for U.K. Institutional shareholders. Back a proven mgt team or take the DNO cash!!!
Close call....
Got offered 154 to sell just now. Hanging in as looks like a wall of buys coming in.
Started: notrac, 3 Jan 2019 07:27
Last post: mike1966, 3 Jan 2019 08:11
There is more left in this game yet. I am holding to see if we get near the £2 offer as already holding a decent profit. Its all about who blinks first. I have no loyalty to either as we are all here to make money. Harsh but true.
Absolutely. They keep trashing Faroe but they have extended their offer by 14 days and have received acceptances for a further 14%.
Started: Analysister, 1 Jan 2019 17:56
Last post: mike1966, 3 Jan 2019 07:16
https://www.investegate.co.uk/dno-asa--0mhp-/rns/extension-of-cash-offer-for-faroe-petroleum/201901030700100904M/ DNO have extended their offer for 14 days. An aggressive rns released.
Would not surprise me if an RNS pops out at
7.00 am
Lunchtime tomorrow for the DNO bid deadline acceptances at 152p per share. No way will DNO achieve 57% acceptances IMO. Bid will probably be extended and perhaps they will raise the offer price in spite of their harsh words about Faroe management, strategy, field development progress and decommissioning cash availability! I know it’s a game, but you’ve really got to wonder why DNO want to buy Faroe so much if they really think it’s such a badly tun bag of nails!!
Started: Analysister, 2 Jan 2019 21:45
Last post: Analysister, 2 Jan 2019 21:45
Ok I assume DNO got very few acceptances by 2pm today from the other Faroe shareholders. Plus I understand DNO have to question the credibility of the assumptions in the Gaffney Cline CPR statement (oil price assumption optimistic and is G&A, Corp overhead and southern gas decommissioning costs included in the NPV etc).
However they also claim 1. The Faroe crown jewel project has been given away in the Equinor swap deal plus
2. Brasse developmemt project (35%) of the total company value is 2 or 3 years delayed and commercial agreements not finalised, Brasse East is not there etc they are basically questioning its viability.
Why the devil do they want to buy Faroe then?
Started: Mommur, 29 Dec 2018 08:50
Last post: Mommur, 29 Dec 2018 08:50
Sold half and bought back yesterday..... as Corporal Jones might say . some like it up em... figuratively speaking that could turn out to be myself !!!!!!
GLA - even though I agree with DNO that FPM management have been self serving, this broadside will surely make them look to their shareholders if they survive.
Started: Maverick7, 18 Dec 2018 22:43
Last post: Analysister, 28 Dec 2018 20:04
Hold your nerve Captain Mainwaring!!!
Faroe's assets & mgt haven't changed overnight.
Sunday newspapers will probably carry a story or two!!!
I mentioned this over a week ago, can’t see the deal progressing and share price will go down. I said around £1 previously but can’t see that now. Probably back to around 120p
Board rejects offer.... as too cheap.
Touch it not tough lol
Pure explorers are risky AF! Only put money there if you are willing to lose the lot!
A little debt is healthy but TLW is infested with debt! I wouldn’t tough it if it was lay London listed oily ! If the oil price hits 40 or lower , companies like TLW PMO and ENQUEST will be torn a new one! You’ll start getting RNSs about debt covenants and bond holders again !!!
SQZ is a good shout , cash rich decent cash flow , no debt and now diversified....
Started: BertieBassett, 27 Dec 2018 07:25
Last post: tom111, 28 Dec 2018 15:38
They might walk for now. Maybe the SP is telling a story
Very risky to be in imo getting near the wire
Understand your actions. Feel sorry for Faroe mgt, they've built a really good company over the years and have created a very attractive group of oil & gas assets and prospects with great production growth (cash flow) and loads of exploration potential. They will continue to build value in my opinion if left to get on with it. Another outfit come along with with their only real production in a danger zone and criticise everything Faroe have done just to try and buy them for a bargain price. I hope the Fund Mgrs do the right thing, but I suspect they will take DNOs cash in the end. I don't believe for one minute that DNO can or will walk away. They need assets in a more stable environment than Kurdistan!!!
I sold last week for the same reasons just cant see them bidding much higher just not worth holding.i can see the sp falling to 115p on a failed bid imo
I've made my mind up. I'm out! Just sold up cos if this bid doesn't go through I can see the SP tanking. On the other hand if DNO up their offer I can't see them going above 160. So risk/reward ratio not looking good for holding.