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I guess that depends upon whether you regard TC as an asset?!
Having said that he has had a large stake & directorship for a while, so nothing new, but looks to me like today's RNS is a clear signal that we have a son of Dana.
There was a DJ newswire quote posted elsewhere earlier with a quote from TC which pretty clearly stated intentions. Won't post it because I don't have the original link yet.
If this is the case, then I think 100% is somewhat less than we will see in the very near future.
It was a £7m market cap & approx 70% of shares are 'tightly held'. Much more to come yet IMHO! But there will be a significant CR, probably in near future etc etc... could go anywhere in the short term.
Effectively, it's a small shell, and the only thing that matters is that TC is saying he's going to take it some where.
I wonder whether it will involve more of FPM?
OK, so here's the Wall Street Journal report:
http://online.wsj.com/article/BT-CO-20101020-704579.html?mod=wsjcrmain
A couple of choice quotes (which will explain the SP enthusiasm):
Cross told Dow Jones Newswires that Parkmead, an advisor to oil companies and governments and an investor in exploration, intends to acquire exploration and production assets and has identified the North Sea, Africa and the Middle East as key areas to focus on.
Cross said debt-free Parkmead is a "blank canvas." Shareholders and potential new investors have already indicated they are prepared to stump up cash to fund the purchase of licenses, assets or companies, he said in an interview.
"There's been a very strong wave of interest from investors who have said 'we are ready to get behind this when you have the right projects lined up,'" said Cross.
AND
Cross said Parkmead's long-standing industry relationships put it in a good position to identify promising assets and source deals. Board members include Brian Wilson, a former U.K. government energy minister, and Faysal Hamza, managing director of a Middle East private equity group.
Cross said the natural next step for Parkmead is to expand its investment activities in exploration and production. "That's what it is being encouraged to do by its shareholders," he said.
New investors and governments Parkmead advises have also urged it to get directly involved in running oil and gas projects, he said.
Cross said Dana Petroleum was built by gaining licenses and buying assets and companies and Parkmead will pursue a similar strategy. It will examine both exploration and production opportunities, he said.
I picked up some, purely speculatively, at 4pm yesterday (3.05p). I imagined I'd missed the boat.....
MT
That graph reminds me of Encore's
Except ......
That it has happened over a couple of days and not four months or more
PMG haven't found loads of oil ...in fact they've haven't done anything except appoint TC to an executive role.
Repeating his success at Dana may not be so easy as the punters jumping on board seem to think.
repobear
Agree Repo. I tried to pick up some a while back at 1.62 and 1,72 - never got filled.
Feel I've missed the boat for the timebeing - not paying 5.75p/sh
Perhaps this will tempt Schroders to take a quick profit and get out early - might spare us a repeat of the Dana debacle.
Congrats for getting in. I tried and failed twice back when it was 1.62 and 1.7 - kicking myself as I was paying the offer at the time....
Sold all mine this morning (bought in August, my hunch was right!), but will come back later.
Looks like plenty of profit taking this morning....
Down 15.7%....what a hair raising run this one has been.
http://www.telegraph.co.uk/finance/financetopics/profiles/8113069/Dana-Petroleum-chief-Tom-Cross-reflects-on-the-deal-of-the-decade.html
Up 37% this morning to 9.25p
Incredible.
It will end in tears (at least in the short term)....
Such a small number of shares for sale, and so many dream chasers buying!
Will be very interested to see what is brought to the table for the (inevitable?) deal, and at what price. Then there'll be a few more shares around I would hope, and some semblance of reality.
PMG will need to raise cash to launch any acquisition programme - whether it's acquisition of unexplored acreage or of undeveloped discoveries or of producing assets
The key question is therefore "could a significant placing succeed at or near the current price?"
Given that the SP has completely detached from the value of the underlying assets, I can't imagine any answer other than "no" - which leads me to expect the SP to fall back and fall back very sunstantially.
I have to confess to getting this one wrong by being much too early. I bought in at around 0.8p over a year ago - i had been watching Cross and he bought in at around 1p I seem to remember. However I decided I'd made a mistake and bailed out at more or less the price I paid.....
Despite my keeping the co on my watch list I missed its subsequent re-awakening. I'd be very happy to take a punt sized holding but not at anywhere remotely close to curren prices.
Same here Tourn. It's been on my watch list for a while and despite two attempts to buy at 1.6 and 1.7p.sh I was unable to do so. have watched it soar since to these ridiculous levels. Not a buyer here. am hoping it falls back substantially before dipping my toe in.