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maybe maybe not? the other side of your argument is that it was clear as day. Of course we will never know! I'll leave it at that though - hopefully they get moving on this Chad deal asap and move up the SP. I will cheer these guys on whole-heartedly once I think they performing as they should.
Execution and clear communication will take care of everything else. It's that simple.
Jim - according to King's post, that's not the case and that's what bothered me about this in the first place (I can't fault them if the rules weren't available but it appears they were part of public law):
3.0 BID EVALUATION
Bids were evaluated in accordance with the requirements of the bidding document and the Public Procurement Act of 2004 and the Public Procurement Regulations of 2005 by the Evaluation Committee appointed by the Managing Director.
seek - do you still expect SP-moving news before mid-august as you have previously stated?
Actually I don't. I simply call a spade a spade and refuse to wear blinders and practice blind faith. I am stockholder and I (and friends and family) have lost alot of money here but I won't give someone a pass just because I have money at stake. And if you care to look at my posting history...I actually used to defend PN and this management team and I will support them again when I think they are doing a good job. It's that simple.
So you are justifying a possible screw-up because other's screwed up? Aren't we supposed to be better than some unknown african entities? I am sure when you were working for your NYSE-listed company in PR that your boss would be totally ok if you told him/her that you released an incorrect PR...but it's ok because others have done it as well.
We tout that our edge is our good relationships and business acumen in Africa. If you want be a solid E&P company like they keep saying they are trying to build, you do your homework and don't make these mistakes. Look at the company we are in with that list... not exactly heavy-hitters. Potential partners doing DD on us will see this - I can't imagine it will be looked at positively.
Again, maybe there is more to it and there was some reason for it and they knew they wouldn't get it anyway etc etc... I don't know...but again on the surface, it just looks bad to me. As always, IMHO.
and there is no blame for not knowing bidder qualifications as specifically laid out by law?
Pete - I don't blame them for going after new blocks but at least do some homework! A) They were going up against Total B) They didn't even qualify in the first place. Isn't that part of the due dilligence process? You would think they would have known the qualifications in advance? Maybe there's more to it...I don't know but from a shareholder's perspective...it doesn't give me confidence.
I would laugh if I didn't have money invested in this thing. Wonder how much money was spent on this fun little exercise?
hind sight is always 20/20. Did you ever think that the shelf may have contributed to the decline in SP?
so you will just ignore this line and blame it on comprehension?
NSAI does CPRs and a whole range of other services. They have done a reserve report for us in the past but it is entirely coincidental that we asked them to do the CPR as well.
I don't see it as deliberate either... I see it as an absolute and complete failure of communication. Anyone ask DK about it?
maybe I'm missing something but in all this correspondence from DK to DR J, he says an NSAI RESERVE report is being worked on. PN said there was never such thing to Krom yesterday and NSAI is simply working on the CPR. I'm being completely honest...am I missing something? Or does the rest of the board read the contradiction the same way I do? Comments/suggestions welcome.
Execution and clear communication will take care of everything else. It's that simple
Oh how I have missed your entertaining posts, TOB! Welcome back SKIP!
the discovery process would be quite interesting...I doubt they want to go down that road (remember the smiley pete video and "results soon"? that wouldn't look so good in front of a judge). They need to just stick to worrying about execution and not worrying about a message board. I highly doubt any credible institution will put money into a company (whether on the AIM or not) that publicly blames message board posters for the poor shareprice. It's the ultimate sign of amateur management. Look at any company that has ever done that in the past... they are either in horrible shape or no longer exist.
Also, it doesn't matter what exchange we trade on. There will be bashers, pumpers and manipulators everywhere. Manipulation happens from the NASDAQ to the OTCBB (hello flash crash anyone? if people can manipulate major indices...they can manipulate little ol erhc on the AIM). It's not a panacea. As the saying from field of dreams goes...if you build it, he will come. People will buy this stock once there is reason to and hope no longer counts. Right now all there is is a bunch of possible stuff but nothing definitive. In the present marketplace/investing world, there is not much risk appetite. I (and all those i got in to this stock) still hold because I think there could be something at some point and it's not worth it to sell at these ridiculous prices. That being said, I won't be telling anyone to buy until there is more clarity. I truly hope that them saying we will hear more "in the coming months" is not another "soon". I will once again give them the benefit of the doubt to deliver.
Execution and clear communication will take care of everything else. It's that simple.
Pretty sure it was mainly amj ... and having a misunderstanding is not illegal. The question was posed to dk a hundred times and he never took the the time to clarify it and so the misconception snowballed. Why was it never clarified? At least PN finally clarified which begs the question.... Is PN even seeing our complaints? He was obviously very forthcoming once he was asked the question directly.
That was the biggest piece of news to come out in awhile. Just think if this had been straight from the beginning.... This was a big cause of distrust. Stunning.
Execution and clear communication...
I am more dumbfounded that it wasn't made clear to shareholders up until a few minutes ago after all this time. And they can't say we are just bashing - literally every poster on this board probably just said "ahhhhhh haaa!". They have never stated it in the way PN just did. Amazing.
Execution and clear communication will take care of everything else. It's that simple.
another spot on post - you should forward to PN and DK.
Krom - if you were involved in nefarious activity (as the company seems to amazingly imply), you would have to pretty freakin dumb to reveal your name to them (they afterall have your name from email correspondence and they could also reconcile against the shareholder registry to verify you are a stockholder and don't trade).
My simple advice and thoughts on this sad state of affairs (blaming shareholders on a poor SP): look at Lehman Bros and Bear Stearns. Both companies' management teams went after "short-sellers" and "defamers" and "rumor-mongerers" instead of focusing on fighting the fires at hand and executing their business plan. Well, Bear was sold for a song and a dance and Lehman went BK. Did short-sellers and rumor-mongerers hurt? Sure, but if the business of both companies was sound, it would have simply been a short-term speed bump.
I hope DK reads Petemantx's last post. Pete has always been a reasonable, yet optimistic bull. His post is a perfect summnation of what I would say most shareholders, like myself, feel at the moment. I used to be a huge bull myself...heck I got my dad, his friend, my brother AND my father in law in this (HUGE MISTAKE HAHA - think they're happy?).
Execution and clear communication will take care of everything else. It's that simple.
excellent/sobering post from someone I have tagged as a very objective and smart poster.
More than 95% of shares voted in the last board election endorsed the board and Peter Ntephe
This was pure spin... look at the number of shares voted. Most of that 95% were SEO's shares and the rest simply chose not to take any action because they knew it was fruitless
complete BS - if there is something to buy...people will buy, no matter what exchange.
Question for Peter tomorrow: What is your definition of "soon"?
we are in the low teens... your conspiracy theory has already come true and most have already sold!
There is no conspiracy here... just incompetence. I can't believe another "soon" has not come to fruition. Fool me once...
Further proof that the Exile/Oando deal have nothing to do with ERHC and was done for purposes of the RTO:
FAQ on Oando Plc and Exile Resources Inc.
August 09, 2011
Here is some additional information on this transaction.
1. We read this announcement of this deal that Oando is doing with Exile and see newspaper headlines suggesting that Oando is exiting the E&P business. Is this true?
No, Oando is not exiting the E&P business but rather strengthening its commitment to the growth of its E&P business by giving it a platform to raise Equity for faster growth through both organic and inorganic means.
2. But the announcement says that Oando is selling OEPL to Exile?
No, Oando is not selling OEPL to Exile, but rather undergoing a Reverse Take-Over (RTO). An RTO is a financial arrangement where a large unlisted company (Company A) offers itself to be bought by a smaller listed company (Company B) but asks for shares in a combined company (Company C). Company A thus owns a very large percentage of the new company C (in our case 95%), has a majority on the Board of Directors and selects the Management team. In most cases, such as this one, Company C changes name to Company A’s name.
3. So OEPL will not be called Exile Resources when this is completed?
No, upon completion of the transaction, subject to all necessary approvals, the new company will have a new name, to be determined by Oando. The company has announced that it will most likely be called Oando Energy Resources Inc or any name Oando chooses.
4. So, who runs the new company, Oando or Exile?
Oando will have the right to appoint members to the management team of the new company. The board of directors of the company will be comprised of three nominees of Oando, two nominees of Exile and two independent directors, and the Group Chief Executive of Oando Plc, Mr. Wale Tinubu, will be appointed as the chairman of the new company.
5. What is OEPL’s current relationship with Exile Resources Inc?
OEPL is a Joint Venture Partner with Exile Resources on the Akepo oil field located in OML 90 in Nigeria. Oando acquired 75 percent working interest in Exile’s 40 percent stake in the Akepo field in OML 90 in 2009. Thus, Oando owns 30% of Akepo and Exile owns 10% of Akepo. Oando’s Partner, Sogenal, owns the balance 60%. Oando is the Financial and technical partner, which means it is funding and leading the technical part of the operation in return for a higher than 30% portion of the cash flow.
6. What is the benefit of this transaction to Oando?
A listing will create a platform that will facilitate OEPL’s access to equity capital required for acquisition of proven and producing assets as well as the further development of our current E & P portfolio, which is comprised of current production of 5,000 barrels a day, near term development opportunities and exploration upside. The transaction will also create a standalone E & P company that would be readily comparable to its international peers and provide a pure play investment vehicle for our shareholders and new investors.
7. What is the benefit of listing on the Toronto Stock Exchange (TSX)?
With a listing, OEPL will have a platform to raise the Equity financing required to develop the exciting opportunities in the upstream sector. In addition, by carving OEPL out of Oando PLC, Oando PLC shareholders will receive a proper valuation for OEPL assets, which is currently subsumed, at a discount, in Oando Plc’s share price. By having a listing on one of the foremost Exchanges for resource companies, Oando Plc is enabled to grow and create value at a faster pace than its previous debt-financed and Group-financed pace allowed.
8. What stage is the transaction currently at?
Oando and Exile have executed a term sheet dated July 28, 2011 providing for, subject to the completion of satisfactory due diligence by both parties and other conditions.
9. When is the transaction expected to be concluded?
Oando expects to sign a definitive agreement with Exile before the end of September, 2011 and then begin the process of approvals. This will probably go on till the end of November.
10. How is this expected to play out?
Subject to satisfactory completion of due diligence and obtaining all the approvals, OEPL would be a separately listed company from Oando PLC, owned by Oando PLC and listed on the Toronto Stock Exchange. This listing still keeps OEPL, a Nigerian Company and its assets Nigerian owned, with the company on the fast track path to becoming Nigeria’s leading indigenous E&P company.
11. Will ALL upstream (i.e. OEPL) assets of Oando be part of the new entity?
Oando is yet to decide on the structure for the new company and which assets will immediately be transferred to the new company.
12. How much of net debt will be assigned to the new entity?
Oando is yet to decide on the structure the acquisition will take and on whether the debt will remain in OEPL or be transferred to the Group.
For further enquiries, kindly contact:
Meka Olowola
Head, Corporate Communications
Oando PLC
5th, 7th -10th Floors
2, Ajose Adeogun Street,
Victoria Island
Lagos, Nigeria
Tel: +234 (1) 2702400 Ext 6376
Fax: +234 (1) 261 1366
DL: 01-2805593
Website: www.oandoplc.com
could be but that doesn't mean we still won't be massively diluted. Even if we owned 100% right now, we would still only have 5% in newco.
No - take a look at the updated text in yesterday's release. And erhc's stake will be massively diluted in newco.
Looking at it objectively (albeit IMHO), the Oando and exile deal have nothing to do with ERHC. Oando did this deal as an easy way to get listed on a better exchange and they aren't injecting really anything since they will own over 95% of newco. Kingpin pointing out the "was" is also pretty telling in the exile text IMO. Looks like petey telegraphed his moves and Oando swooped in.
hahaha good stuff Krom...
baffled as always with these guys, HP... I would imagine (hope) there will be an extensive PR released Thursday after the close or at worst early Friday.
I find it pretty strange. You rarely see a company have a conference call that could run into market hours.
haha the onion is a purely satirical publication...and a quite hilarious one at that.
Oando did it as a cheap and easy way to get on the TSX...ie reverse merger. I'm guessing there's not much more to it though I'm sure you see it as some grand conspiracy from the mystery man behind the curtain who is secretly making erhc buy properties for the mythical buyout that will happen "anytime soon this year".
you also have to assign value to the onshore properties.
the implication was that ERHC bought their first shares with prior knowledge of the Oando deal... sorry but that would be trading on MNPI. and you also make alot of assumptions in your post (such as the fact that we have no way of telling that erhc was "clearly" intending to buy Exile)
JMHO
if they were aware of it, that would mean they were buying shares of a company while possessing material, non-public information...yikes.
I am guessing (hoping) that's not the case with the amount of lawyers we use...if there is one thing they are good at, it's being as conservative as lawyerly possible.
I agree - there is not some mystery entity (other than SEO). I have never heard of a potential buyout happening like that. If there were previous offers (in this case we are relying on friends of annonymous message board posters...slightly suspect), they were for what the potential bidder valued the JDZ assets at... AND THAT'S IT. SEO didn't agree so as is typical in this situation... the bidder simply walks away.
They don't say "hey... we will give you your x amount of money in 2-4 years once you have obtained some assets that we have no idea could exist at some poin in the future. It's a completely asinine way of doing a deal/business. Again, the previous bids (if they existed) were for the perceived JDZ value ONLY...not for some unknown assets that may or may not exist sometime down the road.
It looks like some more Window Dressing before the Big Dance!
How you can misconstrue this to have anything to do with an ERHC buyout is utterly amazing to me.
re-read my post. that is exactly what i said.
Krom - current shareholders (ie 93mm) will we receive 1 share + warrants for every 20 shares held in oldco for newco (so 93mm/20). Oanado will then receive 100mm shares of newco as well (100mm + 93mm/20 + exercised warrants = new total O/S). that is how I read it.