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The result of the vote will be interesting.
https://www.youtube.com/watch?v=Y9znA_dwjHw
By no means a foregone conclusion.
It only takes a couple of big holders to hang out for more money.
If you look at what the cash position must be now compared with the offer date, and oil and gas prices, together with the prospective North Sea deal that may be lined up, why would the big boys accept this figure?
Only three hours to wait and to buy in. Not a big risk play imho.
Hi Dana. If the deal isn't approved then the share price will fall if no higher bid was made?
i81,
"If the deal isn't approved then the share price will fall..."
But then you need to ask yourself, if so, how low and for how long ? With CoH estimated at >£24/share atm any possible fall will be bought into swiftly, let alone by Viaro et al. Higher offer will come if not passed at the first hurdle imo.
Viaro NEED RRE imo to be their cornerstone of NS expansion and growth so deal will be done. Too many large institutions have entered at >1840p for there not to be any mileage in it for them.
For me, the interesting question is, who will be on Viaro acquisition list next? Because one, or more are almost certain to follow in double quick time with both Brent and NatGas strengthening.
Not long to wait ..... atb
aimo.
Interesting day ahead for sure. I sold out last week after it was clear no higher offer was forthcoming. You would assume the SP would drop back to £12/sh (ish) if the result is a rejection but I really have no clue for sure.
MTSparky, I wouldn't expect the SP to drop back at all.
I cannot see the offeror dropping out if there is a no vote, they have spent millions on this, cash in bank now higher, oil and gas prices up and the prospect of a North Sea deal in the offing.
My belief is that one or two large holders that are not part of the concert party have said borrocks, you're not having this for less than the cash in the bank, there's 25,000 barrels of oil a day coming in here, and you're not having them for less tan nothing.
We will see in good time, but I would like to think that right now they are 'discussing' what level of bid would be acceptable to the intransigent investors, only the key players, as the private investors that are still here are clearly hoping for more, me included.
Tick..... tock....
dana,
Agree, has always been the case that late institutional arrival signaled this would not be an easy ride for Viaro. Question is, will RRE have to release an RNS today, stating failure to reach >75%. If so, expect Viaro to 'drag' out any talk of improved offer, with the hope that 'chicken sellers' are snapped up by Viaro ..... Viaro will also be seeking Irrevocable Undertaking from others to get their revised offer over the line at second time of asking..... New offer, if forthcoming will need to start with a '2' at least.
Risk of Viaro walking, I would hope is very low as I understand that if so they are unable to make another offer of 12 months ( could be 6, not sure) will need to check.
Could be on for an interesting end to the day and an even more interesting week.
aimo
I think the BoD would get lynched if there was a back room deal to agree an increased offer behind closed doors today.
I would think an RNS has to be released by 8am tomorrow.
That's correct. re rns 8am tomorrow
GLA
Hi investors, you know how we recommended selling the company to Viaro for £18.50, well sorry but we've just agreed to sell the company for £25/sh now. Sorry for your losses. xx
Actually should read...
Hi investors, you know how we recommended selling the company to Viaro for £18.50, well sorry but some big boys bought in and advised that that was too cheap a price to sell at so we've just agreed to sell the company for £25/sh now. Sorry for your losses. We are clearly clueless half wits. xx
Closing SP today will be interesting.
Should Viaro be 'talking' to other holders this would certainly be under NDA conditions and I would think, include a clause to restrict them from buying more.
aimo
Out of interest, I called Rockrose and a pukka young lady put me through to a very helpful aswerphone.
I called the Brokers, one is out at a meeting all day and the other is on the phone.
I called the financial PR people, and unfortunately they are all in a meeting.
Most interesting.
I wonder how long until the shares are suspended?
I am surprised that there were a few panicked sellers after 11 am, after all that waiting which seems absurd to me.
Very tempted to buy a shedload more before suspension.
must have balls of steel !!...;o))
Looks like the deal is done...;o(((
Yep, all done. Thanks for the good times RRE, I hope I'll find more like you.
I sold out at 18.44. Good luck all and take care.
Well, that surprised me ... they made it with only 39.67% of total available votes. They had 32% in the bag all ready. Just go's to show.
atb