ADI - Adelphi Energy

[jancha]

they held 57 mill on the 18th

got about 7.4 mill yesterday


they need 84 mill or so for the 50%

there is already 2 mill there on the sell

kinda thinking its not likely that they wont reach their objective, with major holders and the directors not about to stay around..

its just a process now imho..

Agentm do you think the negativity with management is helping AWE get their 50% mark?
The only way AWE will reach 50% is if large holders like yourself sell & they're not atm.
Scare tactics with general holders might get them over the line tho imo you seem to be taking it quite calmly.
You've been on this thread for years & yet your calmly excepting defeat???
As i said before i think your bias as far as management goes or you dont like to admit being wrong.

 

[Agentm]

Agentm do you think the negativity with management is helping AWE get their 50% mark?
The only way AWE will reach 50% is if large holders like yourself sell & they're not atm.
Scare tactics with general holders might get them over the line tho imo you seem to be taking it quite calmly.
You've been on this thread for years & yet your calmly excepting defeat???
As i said before i think your bias as far as management goes or you dont like to admit being wrong.

lol

your back into your usual fashion.. why did i bother a reply to you?

jancha, you asked me a question that i politely answer and then go nuts and get insulting..

i think what ever your problem is with me is totally your deal, i will act as i chose and behave as i wish.. and obviously i am not acting as you want me to, and your behaving like a child..

the takeover was unexpected and a disappointment.. my preference was to ride the adi share through at least another 12 month cycle..

i think you meant to say i was accepting defeat in your post? which is kinda odd. i am a holder in adi and i have just witnessed a take over by awe with a final offer of .42.. i wasnt in any battle to begin with.. i held on hoping a better offer would come, or a new player enter the picture,, but thats very unlikely

unless some miracle happens today and a blindside happens (which is why i am not selling until later in the piece) i am certain i will not be leaving my capital in the hands of the awe directors..

from what i read in the release, the management is pulling out, so will the major holders, so what battle is left to fight?

i am admitting nothing to no one jancha. just watching an awe takeover on my adi shares atm..

your a totally rude piece of work jancha!

 

[jancha]

48% if the directors + GS sell. Add on major holder or a smaller hedge and that's at least 50%, hence the announcement IMO. I smell a rat, but from what I can tell this isn't that unusual in the game.

If the directors & GS sell.
So why are'nt ADIs management encouraging share holders to sit tight instead of the opposite?
Why state in their announcement yesterday that 21% of the company shares have been sold since the announcement of AWEs offer? Giving the impression that AWE will be picking them up.
If i was Goldman Sach why would i buy 10mil ADI shares (6%) @ 41c & sell @ 42 for a .25% profit?
Whats that? Wow a whopping 100k!!
I smell a rat alright.

 

[prgudula]

ARC ENERGY Limited’s Takeover: Form 604 – Notice of Change of Interests of
Substantial Holder
ARC Energy Limited ABN 74 009 204 031 advises that its current substantial holding in
Adelphi Energy Limited (ASX: ADI) yesterday 21 June 2010, has increased from 33.792% to
37.975%.

Please see the attached Form 604 for further details.
For further information please see our website www.awexplore.com or contact:
Bruce Wood Garry Marsden
Managing Director Corporate Development Manager
AWE Limited garry.marsden@awexplore.com
Phone: +61 2 8912 8000 Phone: 0400 040 106
26038984v1 Page 1

 

[Agentm]

Hi agentm,

I have a few small facts that i need my memory refreshed on and please feel free to correct me at any time....

1) I think in previous threads it was mentioned that you are/were a top 20 holder of ADI and in the ANN by ADI/AWE that major shareholders were consulted prior to the final .42c offer so were you a party to these negotiations??????

2) It also stated that the major players had indicated that they would be selling their stake to AWE at the .42c did that include you ????

3) Considering over the years your information has been very informative you seem subdued in your assesment of this latest development that could see the end of a company that has had your support over those years

puzzled

1/ i am not a top 20 holder atm.. just outside it.. i was not aware of the awe discussions with adi over the weekend at all.

2/ i will possibly sell in the next few weeks,, i am waiting for today to finish up, if nothing further comes through i would say with the board not hanging around, either will my capital. i place capital with those i think i can trust, and obviously awe would not fit that profile in any way.

3/ i am a realist, i have supported adi, as an investor, and its not like anyone who likes the region cant invest into it further.. i cant change the awe scenario at all.. its totally out of my control.. i would love to hold adi for another 12 months, but imho that cant happen..

 

[jancha]

lol

your back into your usual fashion.. why did i bother a reply to you?

jancha, you asked me a question that i politely answer and then go nuts and get insulting..

i think what ever your problem is with me is totally your deal, i will act as i chose and behave as i wish.. and obviously i am not acting as you want me to, and your behaving like a child..

the takeover was unexpected and a disappointment.. my preference was to ride the adi share through at least another 12 month cycle..

i think you meant to say i was accepting defeat in your post? which is kinda odd. i am a holder in adi and i have just witnessed a take over by awe with a final offer of .42.. i wasnt in any battle to begin with.. i held on hoping a better offer would come, or a new player enter the picture,, but thats very unlikely

unless some miracle happens today and a blindside happens (which is why i am not selling until later in the piece) i am certain i will not be leaving my capital in the hands of the awe directors..

from what i read in the release, the management is pulling out, so will the major holders, so what battle is left to fight?

i am admitting nothing to no one jancha. just watching an awe takeover on my adi shares atm..

your a totally rude piece of work jancha!

Lol
Not insulting Agentm just observant.

You tend to agree with everything that management does & have little criticism towards them which in my opinion makes you bias.
You only have to look back in your posts to see that.

In ADIs announcement yesterday they basically have given up the fort as you have.
There was too much negativity in their announcement.
Why did they bother with costs of the Target Statement asking share holders not to sell only a few weeks back & now instead of asking us to sit tight & not sell....basically telling us to sell.
Whats changed?
As someone else has enquired.... were you at that board meeting?

 

[lemontree]

I dont see any miracles happening agentm, AWE now have another 8mil in the first 25 minutes of trading today. So that brings their total to about 72 million shares now. It's funny how most of us will be making quite a decent profit, but everyone is still displeased cause there certainly would've been a bigger profit to be made in the future.

 

[Agentm]

Lol
Not insulting Agentm just observant.

You tend to agree with everything that management does & have little criticism towards them which in my opinion makes you bias.
You only have to look back in your posts to see that.

In ADIs announcement yesterday they basically have given up the fort as you have.
There was too much negativity in their announcement.
Why did they bother with costs of the Target Statement asking share holders not to sell only a few weeks back & now instead of asking us to sit tight & not sell....basically telling us to sell.
Whats changed?
As someone else has enquired.... were you at that board meeting?

lol jancha, your just plain insulting and rude ... never been anything else but that ..

your right jancha, i have supported adi and agreed with the direction the board took throughout. if i didnt agree with the direction they moved i would have removed my capital immediately..

that doesnt make me biased.. i have too much at stake to be biased..

your painting me as something i am not jancha.

i have not given up the fort jancha, as i dont own it, the shareholders do, and one major holder just bought the fort up.. if a better bid came through and someone wanted the asset then i would say things would be different, but i cant see any bids other than awe atm..

all i am seeing is the awe shareholder take over the majority of shares at .42

its not something i particularly am happy about, and i have no ability to change the situation thats happened.

jancha , your one mixed up puppy hey..

btw lol at asking me whether i was at the meeting.. your head is all messed up pal.. lol

 

[Agentm]

I dont see any miracles happening agentm, AWE now have another 8mil in the first 25 minutes of trading today. So that brings their total to about 72 million shares now. It's funny how most of us will be making quite a decent profit, but everyone is still displeased cause there certainly would've been a bigger profit to be made in the future.

i was just curious this morning if any bidders came in, but as none appeared i think awe has the lot now..

plenty of opportunities in the future,, there is always the eka and aut share for some punters..

 

[AngusSmart]

the question now i ask is to move into Awe? however they seem like a bunch of cowaboys who havent gotten much right lately except maybe this take over... or put what i have here back into Aut thru their share offer @ 75c

will hang onto them till the 9th and make my move late.

 

[jancha]

lol jancha, your just plain insulting and rude ... never been anything else but that ..

your right jancha, i have supported adi and agreed with the direction the board took throughout. if i didnt agree with the direction they moved i would have removed my capital immediately..

that doesnt make me biased.. i have too much at stake to be biased..

your painting me as something i am not jancha.

i have not given up the fort jancha, as i dont own it, the shareholders do, and one major holder just bought the fort up.. if a better bid came through and someone wanted the asset then i would say things would be different, but i cant see any bids other than awe atm..

all i am seeing is the awe shareholder take over the majority of shares at .42

its not something i particularly am happy about, and i have no ability to change the situation thats happened.

jancha , your one mixed up puppy hey..

btw lol at asking me whether i was at the meeting.. your head is all messed up pal.. lol

Lol Touchy touchy
I dont think calling you bias is being rude.
Mixed up puppy? Now who's being rude?
As i've said before you've been very imformative with ADI and i'm glad your still happy with managements sentiments but there's no way i'm mixed up as far as your sensitivity & loyalty to management.
Get over it

 

[Agentm]

lol angusSmart

awe is never to see a penny of mine!! i think a lot of investors will steer clear of them, and your correct in seeing their own performance is dismal thus far..

i am real curious on the aut share price,, 1.5% of the share traded on friday..

its got a wings after a 40% dilution hasnt it!!

 

[basilio]

An interesting ride with Adelphi.

Like many other investors/punters I have bought into the stock and followed it courtesy of Agentum's excellent research and discussion. Thanks again.

This neat little takeover trick by AWE and the seeming compliance by current ADI Board members does leave a sour taste in my mouth. The first offer for ADI is a very light 40c a share. Immediately the price goes to 41c and tons of stock changes hands allegedly into hedge funds.

We then have an independent evaluation which puts a fair value of 61c a share. In fact everyone is aware that what was once a speculative venture is becoming a well and truly profitable operation. Real oil, real dollars.

And now AWE comes back with a derisory 42c offer which is intended to pick up the millions of hedge fund shares that changed hands over the past few weeks. And the ADI Board seems to accept that the company the are supposed to represent is going to taken over for at least 50% less than a it's fair value

Neatly snookered. The investors to date took the risks. The big boys take the profits.

Most oil exploration companies fall over before they make a buck. It seems that most profits are made by the directors, in the initial IPO and then trading the stock between promising drills and dry hole disappointments . And now when a company actually seems to have made a worthwhile discovery - it's neatly swallowed up for a fraction of it's real value.

I think this represents an abuse of market power. I also think that if it is successful then it will be repeated with many other similar companies. It's just too good a lurk to be missed. That is not good news for investors who arn't in the big loop.

And finally. I wonder why the current Board didn't have the courage to say that the final offer is quite inadequate; that the shareholders interests have been seriously damaged by the current play and that the actions of AWE in creating this situation are unconscionable.

 

[jancha]

An interesting ride with Adelphi.

Like many other investors/punters I have bought into the stock and followed it courtesy of Agentum's excellent research and discussion. Thanks again.

This neat little takeover trick by AWE and the seeming compliance by current ADI Board members does leave a sour taste in my mouth. The first offer for ADI is a very light 40c a share. Immediately the price goes to 41c and tons of stock changes hands allegedly into hedge funds.

We then have an independent evaluation which puts a fair value of 61c a share. In fact everyone is aware that what was once a speculative venture is becoming a well and truly profitable operation. Real oil, real dollars.

And now AWE comes back with a derisory 42c offer which is intended to pick up the millions of hedge fund shares that changed hands over the past few weeks. And the ADI Board seems to accept that the company the are supposed to represent is going to taken over for at least 50% less than a it's fair value

Neatly snookered. The investors to date took the risks. The big boys take the profits.

Most oil exploration companies fall over before they make a buck. It seems that most profits are made by the directors, in the initial IPO and then trading the stock between promising drills and dry hole disappointments . And now when a company actually seems to have made a worthwhile discovery - it's neatly swallowed up for a fraction of it's real value.

I think this represents an abuse of market power. I also think that if it is successful then it will be repeated with many other similar companies. It's just too good a lurk to be missed. That is not good news for investors who arn't in the big loop.

And finally. I wonder why the current Board didn't have the courage to say that the final offer is quite inadequate; that the shareholders interests have been seriously damaged by the current play and that the actions of AWE in creating this situation are unconscionable.

Thank you Basilio
Finally someone is seeing what im reading into it.
ADI management appear to be selling down the river.

 

[AngusSmart]

lol angusSmart

awe is never to see a penny of mine!! i think a lot of investors will steer clear of them, and your correct in seeing their own performance is dismal thus far..

i am real curious on the aut share price,, 1.5% of the share traded on friday..

its got a wings after a 40% dilution hasnt it!!

Yeah i think i will stay clear of them, as for Aut, i think sitting out and waiting for it to drop below the 75c offer would be a good idea. the dilution is huge, yet still holding above 80c just..

Thank you Basilio
Finally someone is seeing what im reading into it.
ADI management appear to be selling down the river.

That they are, but i dont think there is anything they can really do about it.

 

[jancha]

That they are, but i dont think there is anything they can really do about it.

All a bit suss with the CR raising @ 25c to sophisticated investors a while back.
Seems like it's all about profit taking for the big boys.
What of those that bought in @ $1 in 2007?
I think the management stinks

 

[Sdajii]

It's a bit harsh blaming Agentm for what it going on. All he can do is call it as he sees it. Things have taken a turn for the worse, but that's not his fault, and shooting the messenger won't help. The reality is, AWE have very cleverly, perhaps underhandedly, and maybe even with some dodgy assistance, set things up so that they'll have over 50% of the company and thus be able to get their own way with everything. None of us wanted it, Agentm didn't plan or foresee it, but sometimes unfortunate events occur and things don't go as we'd planned.

If everyone who holds stood firmly together and refused to sell, sure, we'd be fine, but when there are more of them than there are of us, we just don't have a choice. If you're clearly outnumbered, sometimes it's better to retreat from the battle than be slaughtered, even if you would love the victory and deserve it.

 

[jancha]

It's a bit harsh blaming Agentm for what it going on. All he can do is call it as he sees it. Things have taken a turn for the worse, but that's not his fault, and shooting the messenger won't help. The reality is, AWE have very cleverly, perhaps underhandedly, and maybe even with some dodgy assistance, set things up so that they'll have over 50% of the company and thus be able to get their own way with everything. None of us wanted it, Agentm didn't plan or foresee it, but sometimes unfortunate events occur and things don't go as we'd planned.

If everyone who holds stood firmly together and refused to sell, sure, we'd be fine, but when there are more of them than there are of us, we just don't have a choice. If you're clearly outnumbered, sometimes it's better to retreat from the battle than be slaughtered, even if you would love the victory and deserve it.

Sdajii Agree with what your saying but if your referring to me i'm not blaming Agentm for anything other than he (in my opinion) has been bias towards ADIs management decisions. Informative yes & very sensitive also.
The CR issue for sophisticated investors?
I think Agentm comments was something along the lines of it was good move to bring in new blood?
Agentm has'nt critised any of managements decisions which leads me to believe he's bias.
Maybe i should just ask Agentm if he was one of the sophisticated investors who picked up ADI shares 25c?

 

[potchip]

I don't see why the overt pessimism for AWE taking majority stake. Sure the board might get replaced, sure AWE might be self-interested, but at the end of the day, ADI is still an exploration company, as such their valuation is based on predicting the future. These talks of AWE pillage and plunder is quite moot given there needs to be further development, before AWE will be in a position to pillage and plunder. Without that, ADI is just a company holding lease in a gas promising land, hardly tangible assets...

The upside is still there. Just prior people talked about ADI being de-risked. What's de-risked here is there's no longer uncertainty on the gas potential and in a big way the management/strategic direction (it's pretty clear now doesn't need a visionary to show there's gas here..). The other part the operation which is Hillcorp will drill on. So what has changed? The gas is still there, the ops teams are still there, just 'potentially' the management, and the fear of these upside not all will flow back to public share holders in the normal waym (which, btw by the looks of things is longer term than many poster's patience..)..However AWE needs to grow the fruits before they can steal them!

 

[estseon]

Potchip,

the AWE appointed directors won't be looking after your interests if you stay invested and AWE has already signalled in its Bidder Statement that it may seek to de-list ADI's shares. Even if you can sell them over the counter or to AWE, the investment will be less liquid than it is as a fully listed security.

The ADI directors might have been able to secure loyalty and support in respect of more than 50% of the share capital in the hands of the public but, because of its 34% launchpad, AWE only need 25% of the outstanding shares. In a true democratic fashion, the takeover rules allow a minority to dictate to a majority. The rules should require AWE's votes on the launchpad shares to be disapplied until it acquires 50% of the outstanding shares.

There's nothing that can be done about the deficiency in the rules except to lobby the politicians. It won't help ADI.

I bought during the offer period, I did not sell. If less shareholders had sold, the directors might have concluded differently. Don't blame the directors for the actions of others over whom they have no control.

I don't see how it can be agentm's fault either. I have made a lot of money through listening to him.