2945 days ago
Until today the board of Petroceltic (PCI) has either opposed or refused to endorse the 3p a share offer made by Sunny Hill Ltd, aka 29% shareholder Worldview. Tens, if not hundreds, of thousands of pounds have been spunked on advisers and drawn as boardroom pay while the imbeciles who made Petroceltic what it is today ( effectively bankrupt) denied the inevitable.
2973 days ago
I reckon that Petroceltic (PCI) is toast and that the villains of the peace are the management who drove it into the ground. It is toast. But broker SP Angel thinks 29.6% shareholder Worldview has questions to answer and reckons other investors should put up a fight for a better deal. I think the broker is wrong but in the interests of balance, it writes today...
2984 days ago
Bidder Worldview has made it clear that Petroceltic (PCI) equity is worthless and the fact that the debt trades at 35 cents in the dollar shows that it is right. As such the 3p per share offer from Sunny Hill ( aka Worldview) is the best outcome for idiots who own these shares. That the Bulletin Board Morons are in denial - see HERE - is no shock but leading City brokers? WTF. Prepare to meet an analyst who makes an amoeba look like a multi-brained frigging genius.
3009 days ago
Anyone who thinks that Worldview is going to pay more than a nominal amount for Petroceltic (PCI) shares, if indeed it bids at all, needs to read this. A source close to the situation tells me that $60 million of its $220 million of borrowings is now being hawked around the debt markets at just 35 cents in the dollar.
3020 days ago
Oh how the morons like being rogered. Today's lesson is Petroceltic (PCI) where 29.6% shareholder Worldview has said that it may make a cash offer for the company subject to due diligence, etc, etc. Petroceltic shares have raced ahead by 85% to 20.1p valuing the company at £39.7 million. This is of course madness.
