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The AS is 500 million, not the OS. We have no idea what the OS is currently.
It is shame that EGOH is getting no love here, LOL!
Seems my memory was faulty, 173 wells:
http://investorshub.advfn.com/boards/board.aspx?board_id=16049
I am amazed that will all the pumping and smoke being blown ....here, that no one has mentioned that this company has 12 million barrels of known (proven) oil reserves, and 147 existing wells.
I don't much about them yet, been part time watching here for 12 months or more, but it looks like the investor was also some sort of vendor, or JV partner? May be more to the deal than we know?
Curious that they paid more than retail for 20 million new shares? Were their warrants, or something, were these preferred shares, or just simple common?
I was just reading my biotech newsletter, and it seems buyout fever, bargain takeover fever has just gotten started. Looks like beat up biotechs like CYTR are on a bull run now as a result! And you chart confirms the bull run here!!!
Every week, it seems, a new biotech deal hits the radar screens. GlaxoSmithKline ($GSK) went after Human Genome Sciences ($HGSI), hoping it could tempt investors whose shares had dropped precipitously over the past year. Bristol-Myers Squibb ($BMY) reportedly tried to tackle Amylin ($AMLN). But none of those deals have gone very far. And one--Roche's ($RHHBY) bid for Illumina ($ILMN)--collapsed when the sequencing company dug its heels in and demanded a better offer.
What's stopping the buyouts? Reuters' Ben Hirschler concludes that a handful of big shareholders at each of the target companies simply aren't interested in catering to Big Pharma's appetite for a bargain. When a few key investors like Fidelity, Wellington Management and T. Rowe Price control big chunks of stock, it's easy to brush off anyone with a low-ball offer. And unless the buyers start coming to the table with offers that are too good to refuse, the next round of offers is likely to be just as ineffective.
"There is a lot of concentration of power in the hands of certain shareholders, which basically demands more negotiations and more convincing arguments before deals get done," Index Ventures' Francesco De Rubertis tells Reuters.
Case in point: HGS, where shareholders have turned a cold shoulder to GSK's $13 per share offer. That's a big premium over its battered price, but far from the heady heights reached after Benlysta succeeded in helping lupus patients in clinical studies. And unless GSK starts rethinking the numbers, investors say they'll keep saying no.
More bids are certainly expected. Bayer has reportedly come close to announcing a multibillion-dollar offer, though reports of an "imminent" deal has so far been met with silence. And Pfizer ($PFE) has made it clear that it intends to be in the market for single-digit billion dollar buyouts, just like a hungry AstraZeneca ($AZN). With more buyers crowding into the market, the pressure to pay a premium is just going to go higher. And that's a trend that the big biotech investors are keenly aware of.
- here's the story from Reuters
Related Aritcles:
Pfizer scouts for bite-sized buyouts after Lipitor sales wilt
Pharma rides a wave of targeted M&A deals
2012: Year of the dealmaker in biopharma
Rumors put Bayer, Onyx at the M&A altar
Still wheeling and dealing on the road up to its spinoff this year, the drug arm of Abbott Laboratories ($ABT) has snagged Action Pharma's Phase IIb program for acute kidney injury with a one-time payment of $110 million in cash. The deal hits Abbott's sweet spot, adding an advanced drug program to the pipeline which can neatly complement other late-stage therapies.
The cash deal delivers AP214, in development to prevent acute kidney injury associated with major cardiac surgery. The treatment is a hormone analogue that "targets both systemic inflammation and apoptosis caused by hypoxia" which is a crimp in blood flow that can occur during surgery. Last fall Action Pharma reported that it had achieved positive Phase IIb results. Abbott will now mount another Phase IIb study, planned for later in the year.
"Clinical experience with AP214 in cardiac surgery patients suggests that it has the potential to be the first compound specifically approved to prevent acute kidney injury, a long-standing unmet need in the medical community," said John Leonard, Abbott's senior vice president, pharmaceuticals, research and development. "This acquisition complements and broadens Abbott's late-stage renal care pipeline and builds on our existing experience in treating kidney disease."
Abbott is already in an ambitious Phase III study of bardoxolone, a chronic kidney disease drug it partnered on with Reata Pharmaceuticals. An in-house program for atrasentan is being studied in a Phase IIb trial in patients with diabetic kidney disease.
The deal is unusual among biopharma partnerships. Abbott gets all rights for the lump sum payment, with no milestones or royalties due. And Action, a Danish biotech, gets the cash without risking a clinical setback. Zealand Pharma, meanwhile, gets $11 million for its stake in the program, along with the rights to a low, single-digit royalty.
A couple of months ago Abbott inked a $1.35 billion licensing pact with Galapagos on GLPG0634, a JAK1 inhibitor for rheumatoid arthritis. And late last year Abbott built up its deal with Reata, paying $400 million for rights to its second-gen portfolio coming up behind bardoxolone.
- here's the press release
Related Articles:
Abbott bets $400M on mega-blockbuster future for Reata program
Abbott spotlights blockbuster hopefuls in pitching spinoff
I hear the best time to call the EGOH CEO, AKA Wilmont, is 6 am, as he is an early riser!
LOL
Luke use the force!!!! Go EGOH
It certainly has a great start!!!!
LOL, since it is just "37 little pennies" how about donated a half million of them to me, LOL!
Heavy volume sell off here today. Down 50%!
LOL!!!
Yep, he told me today that he thinks EGOH bag holders are forked, LOL.
Heads up folks, my astrologer said this POS is heading for lunar orbit today!!!
LOL
The force is strong with one, Young Skywalker.
LOL
To the moon TGTXD!
LOL
I got tied up all day, off line.
Not true. The bid was raised twice by me and someone else, to $1.20
I will be making the high bid today as well.
News is coming:
HOUSTON, April 30, 2012
HOUSTON, April 30, 2012 /PRNewswire/ -- Dune Energy, Inc. (OCTBB:DUNR) will distribute a press release, after the market closes on Thursday, May 3, 2012, detailing its First Quarter 2012 financial and operating results. James A. Watt, President and CEO, will discuss these financial and operating results in a conference call to be held on Friday, May 4, 2012, at 10:00 a.m. CDT (11:00 a.m. EDT). Participants may call toll free:
United States:
(877) 209-9920
International:
(612) 332-0820
A replay of the conference call will be available on May 4, 2012 at 1 p.m. EDT and end on May 25, 2012 by dialing toll free:
United States:
(800) 475-6701
International:
(320) 365-3844
Access Code:
247272
LOL, I lost count. I also lost count on the share count during the dump he has not admitted to yet!!!
LOL
Some one posted last week that he said (in an email) that he was expecting good news any day, and that he would PR the news real soon.
If you are referring to EGOH AKA Wilmont, the answer is no. According to SE and WCD the public records show that EGOH bought the mineral rights. But they do owe 25% of any royalties to the original owners, when and if they ever pump something other than new shares.
LOL, yes, I don't think he has figured out how to print dollars yet, just shares, but I must agree, I did not see any dilution on Saturday or Sunday either!
LOL
GO EGOH!!!!
Dynamite might work better on his printing press!
I think it just needs more lipstick!!!!
LOL
GO EGOH!!!
But they did convert 1/4 to 1/2 of the Preferred shares (creating about 280 million new common) just before the R/S, so why would some of the preferred share holders agree to the conversion and R/S, and let the others not do a R/S? That would be suicide?
They need to hurry up and post an 8-K and tell us what they really did!
My only remaining fear now, is their seems to be a pile of preferred shares that did not yet convert, and we have no idea what their status is, or who converted and who did not.
But if the remaining preferreds did not also R/S at the same ratio as the ones that converted and R/S, then some one is getting screwed, and I kind of doubt they would do that to them selves (insiders), unless they wanted to sure each other and kill the golden goose before it laid any gold eggs, or unless the game they are playing is over my head and far more complex?
Nice, thanks, I did not know about the update feature!!! I found it on OTCBB before your reply.
Here is the deal at this point. Seems they only converted some of the preferred shares during the R/S, not all. Looks like about 275 million new common, out of a potential 480 to 860 million if all preferred shares get converted. There is something odd going on with the share count, as there was only suppose to be about 480 million total, but some how that number was nearly doubled in the recent votes for new directors and officers and the R/S.
Last data I had said they had about 4.5 cents in cash times the 480 million shares, but IIRC they got additional funding from Europe, JV funding, but I don't recall any shares added in that deal?
The new stock price looks like they want to up list to AMEX or Nasdaq this year, they have the market value, and the cash on hand to do this, and it would seem they want to sell shares to mutual funds and institutions.
I will be buying the knife here, if it shows up this week. If the MMs allow it. I will stay long. I am in at $22.5/share right now, so any discounted shares dumped would be a cost average gift to me. The new owners, than own 99% of the shares now, are all in at a cost of $2.50/share (but that includes the shares that have not been converted yet), so with the float at 5 million shares today, only those that want to risk shorting the stock will be selling here, and I doubt they will sell at less than $3-4/share. IN fact there may not be enough shares available to borrow to short it.
This will not be a typical R/S crash here. They have about $6/share in cash (30 million in cash IIRC?) or more, based on the reported common of 5 million shares today (this does not count the other convertible shares, that could be converted at any time to another 5-10 million shares).
I edited, corrected some numbers above!
Where did you get the actual R/S ratio data?
Nice, thanks for the link, post!
I guess they like the lipstick!!!!
LOL
That is a great tool. I used it for another area I was once invested in. Thanks for posting the MVTG hits when they Google!!!
Perhaps we should set up the general CO2 recycling topic, and Formic acid news as well since they are key to MVTG at this time?
JV deals are made all the time at various stages. In this case Novartis has the know how, clout and money to do a JV deal at this stage, while they could get on board cheap.
Am I reading this right, or missing something? Sounds like new cash going into the company at twice the market price of the common stock?
NO! And I hope it never does too!!!! LOL
Wow, that was unexpected good news for MVTG, no PR on that at all, how did you run across that?
Maybethistime,
Yes, even I was surprised at the CO2 market $$$$$s in the bit of news on the carbon trading. I had not realized it had gotten so huge already. And I am plugged into a good bit of news info on the CO2 GHG industry. I guess I have been at it so long, I missed the change....., happens sometimes when the news headlines get stale, and you just skim stuff like I sometimes have to do....
LOL, we should ask these pumpers to get the oil pumping instead of pumping the chart, LOL! Then we would all be rich!!!
Yes we did. Got the same reply as 4 months ago, they are working on things...stuff...plans, but have nothing concrete or material to report yet. Long story short, they have NOT abandoned ship, and neither have I. I missed the knife opportunity this past week to add shares when somebody dumped shares all at once (probably an MM with a plan, need for cheap shares, or that wanted to boost volume...).
As always, there is risk of dilution, but I am hoping they get the price way back up with proper deals and structure, before any dilution. I am hoping this because the market cap is so low right now. This stock was .60 just 2 years ago, at the current OS, and still has no more debt than it had a year ago, only 300,000 in debt, and all owed to a bunch of crooks at MNLU and Westbrook. If they R/S and dilute first they will loose all the old long term investors like me, and this will never be a serious stock or play again IMHO. If they raise cash with convertible debt, and strike a deal that can turn this into a company with oil well operations, drilling and producing, this could be an easy 10 bager from here.
Wilmont does want to pump oil, make no mistake. The problem is that he is ruled by fear now, because he has picked the wrong players, partners, contractors.....etc in the past, has been burned by them all and is gun shy, so he keeps trying to develop the field piece meal, but only small fry scam artists are willing to try that route. The big boys, with real know how, real successful operating experience and real money want the entire field, and total control or nothing, and Wilmont is afraid to give up total control, with out a huge cash deal upfront, at a price that no one will pay, as it is way over market value.
It is all about control (power), and fear. And so he nickel and dimes things to keep the game alive, including dilution when all else fails. He also has a history of ruining any chances of other investors taking over, via various poison pill tactics from what I can gather. If SE does not think is it possible to oust Wilmont via legal routes, and come out ahead, then we can forget that approach. And SE has said repeatedly that it is not possible oust Wilmont and come out ahead, as he will just dilute us out of the game.
New eyes us FBC this weekend. Bullwarriorsstocks.com had a bullish chart, bull flag, in this weekends email newsletter on FBC! It shows a pending break out to the upside.