MEL - Metgasco Limited
- Thread starter pussycat2005
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Santos' farmin to ESG was simply the fourth move to shore up Gunnedah gas interests. They farmed in with CRM, farmed in with Macquarie, and acquired Gunnedah Gas in an off-market transaction. All those transactions occurred prior to their acquisition of ESG interest, and all are in the Gunnedah basin near ESG's tenements. Eventually Santos will make clear what their plan is for that gas; probably domestic supply, or perhaps a Newcastle LNG facility.
Pivotonian
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MEL up over 13% in a very short time today.
I would have thought at these levels we'd see some strong selling pressure from SPP participants, but doesn't seem to be the case
I would have thought at these levels we'd see some strong selling pressure from SPP participants, but doesn't seem to be the case
MEL up over 13% in a very short time today.
I would have thought at these levels we'd see some strong selling pressure from SPP participants, but doesn't seem to be the case
Dam it! I sold right at the start of todays spike. Sold at $0.75
Hopefully, my SPP will be approved!!
Pivotonian
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Dam it! I sold right at the start of todays spike. Sold at $0.75
Hopefully, my SPP will be approved!!
Hit $0.83 a few minutes ago ...
I thought the SPP shares had already been allocated and were available for trading already - wrong? If so, would help explain the lack of selling pressure ...
The date to apply is closed (03.12.2009). Dispatch date is 10.12.2009 so I guess after that the selling pressure will be felt in the share price.
Anyone know when the SPP will be registered and ready for trading? How long after the dispatch date?
SPP closed yesterday, allocation on the 10th, I believe the share registry does not permit selling atm as their arrangement with e*trade has run into some glitch. So probably needs a couple more days after to transfer to a from issuer to broker before SPP selling starts.
On the Share Purchase Plan Terms & Conditions document, the allotment date is Thursday 10th December and the first trading date will be Friday 11th December - although it says that says that shares will be able to be traded on the ASX on or around this date
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It will be a nervous wait between now and Thursday.
The last annual report said there were 4,000 shareholders. Assuming each of these applied for $15K that would total $60M. With max set at $25M that would mean scale back to aobut 13,000 shares max per person.
You would expect the offer to be substantially oversubribed. I am hoping to end up with 20,000 despite applying for 33,000. Even this could be optimistic....
$25M in the bank though will be a good result for a company that only had a cap of $75M a few weeks ago.
The last annual report said there were 4,000 shareholders. Assuming each of these applied for $15K that would total $60M. With max set at $25M that would mean scale back to aobut 13,000 shares max per person.
You would expect the offer to be substantially oversubribed. I am hoping to end up with 20,000 despite applying for 33,000. Even this could be optimistic....
$25M in the bank though will be a good result for a company that only had a cap of $75M a few weeks ago.
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Corella CSG well being spudded, hopefully more news on KF next week. Should be a strong sell off when the SPP shares come online as people have almost doubled their money.
Pivotonian
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Dammit.
I decided to take a whole lot of profit off the table on Friday at 0.825, with the intention of getting back in an another week or so. I couldn't see much reason for further upside in the very short term, and am expecting very strong selling pressure at the end of this week when the SPP shares come online, so 0.825 seemed a good price to cash in.
Now we're up another 11% inside half an hour today
I decided to take a whole lot of profit off the table on Friday at 0.825, with the intention of getting back in an another week or so. I couldn't see much reason for further upside in the very short term, and am expecting very strong selling pressure at the end of this week when the SPP shares come online, so 0.825 seemed a good price to cash in.
Now we're up another 11% inside half an hour today
Dammit.
I decided to take a whole lot of profit off the table on Friday at 0.825, with the intention of getting back in an another week or so. I couldn't see much reason for further upside in the very short term, and am expecting very strong selling pressure at the end of this week when the SPP shares come online, so 0.825 seemed a good price to cash in.
Now we're up another 11% inside half an hour today
If some people want to buy at lower price on Thursday, maybe market will use this chance to push SP to a another higher position. It seems that $1 will be broken soon.
SPP is 40% oversubsribed
They are going to cap it and do a scale back
Metgasco (ASX:MEL) advises that it has received strong support from shareholders for its Share Purchase Plan which closed on 3 December 2009.
The SPP has been oversubscribed by 44% with applications exceeding $36 million. As previously advised the maximum amount intended to be raised under the SPP is $25 million. Accordingly a scale back will be applied by the Company.
Allottment of New Shares will take place on Thursday 10 December 2009.
They are going to cap it and do a scale back
Metgasco (ASX:MEL) advises that it has received strong support from shareholders for its Share Purchase Plan which closed on 3 December 2009.
The SPP has been oversubscribed by 44% with applications exceeding $36 million. As previously advised the maximum amount intended to be raised under the SPP is $25 million. Accordingly a scale back will be applied by the Company.
Allottment of New Shares will take place on Thursday 10 December 2009.
Pivotonian
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Has now hit $1, less than two hours into the day's session.
Surely the market is getting a bit carried away with this ... ?
Sold on Friday for 0.75 and now the current price over 1.00, and I find out I most probably won't get all the SPP I applied for... banging my head x 1000!!
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Compare it to other CSG and it still undervalued, not to forget the potential of further near term upgrades in their reserves. Takeover potential is also there. This run has only just begun...
