RPM - Roma Petroleum

[YOUNG_TRADER]

You'd think that both of them (QGC and BOW) would just be buying on mkt up to their offer price's, but nope they're both conserving their cash .......... for now

 

[UPKA]

You'd think that both of them (QGC and BOW) would just be buying on mkt up to their offer price's, but nope they're both conserving their cash .......... for now

I think BOW already used up $4.5m of their $8m cash... so I think thats all BOW can afford. RPM is a company in the dark, I really can't find much about their projects... they are rather brief with their quarterly activity report, not very investor friendly.

 

[Shrewd Crude]

UPKA,
you could be quite right... once you take out 20% of VPE's stake, it could be closer to 650 BCF than 1 TCF...... its still massive and still a few dollars worth...
If roma gets taken out, theres a couple of other beauties in the market place... after Blamore CTP is going to drill a 30-70 TCF CSG target,
ICN has bigger reserves than Roma and more advanced,
and BUL is one of the best positioned in the market with announced 21.3 TCF GIP and only just over 100 Mill cap.....
this sector is truely amazing... we have seen a major selloff, get yourselves positioned for a rally...
CSG is no bubble...
im tipping that the DOW is going to rise tonight...

.^sc

 

[Shrewd Crude]

Whatever you do, do not accept the QGC offer, (yet)... if these smaller more leveraged stocks get taken over by the giants then there will be no leverage left for the rest of us...
next week I will provide abit of research on BOW... dont sell yet, wait and see BOWs drilling activity first (its a free look anyway)...

.^sc

 

[Dukey]

Whatever you do, do not accept the QGC offer, (yet)... if these smaller more leveraged stocks get taken over by the giants then there will be no leverage left for the rest of us...
next week I will provide abit of research on BOW... dont sell yet, wait and see BOWs drilling activity first (its a free look anyway)...

.^sc

QGC ann. - up to 30% RPM now.
... at what level does the takeover become compulsory in this situation??....

That would be annoying!!

 

[UPKA]

i think we now need to wait for BOW's response... like YT said be4, QGC needs to aquire 90% of the stakes for a successful takeover... but that's unlikely to happen since BOW holds 10.2% stake in RPM

 

[Dukey]

Just made a call to an associate of mine UPKA who's a Corporate Lawyer specifically mergers and acquistions,

For a compulsory takeover a company needs GREATER than 90% of the shares

Conditions for compulsory acquisition under s 661A (Corps Act)
(1)(b) 90% relevant interest by number; and
75% by number of securities bidder offered to acquire i.e. if had 80% to start with (eg: 80 shares), need 75% of remaining 20 shares (i.e. 15 shares)

ss (2) disregard any RI that bidder has bc of s 608(3) (RI by 20% in body corporate)
(3) court may allow compulsory bid even where the compulsory acquisition threshold is not reached

Basically what BOW has done by acquiring 10.2% of RPM's shares is ensure that QGC can't get over 90% to do a compulsory acquistion, so even if QGC get 100% acceptance from everyone else and end up with 89.8% of RPM they cannot do a compulsory acquistion and force BOW to sell there shares

So yes BOW now has a blocking stake

Yup - thanks UPKA - I should've read this more carefully!!

... lets hope BOW get cracking!! - or maybe they'll just wait now and see how much QGC will offer. Or - could they just reach agreement to retain 10% investment in RPM assets, letting QGC develop them ???

 

[UPKA]

looks like a bit of "counter attack" from BOW... still, i think they need to up their offer a little to tempt the shareholders... another good sign is not all directors have taken up QGC's offer.

 

[Dukey]

looks like a bit of "counter attack" from BOW... still, i think they need to up their offer a little to tempt the shareholders... another good sign is not all directors have taken up QGC's offer.

Sorry - I missed that UPKA - I thought all RPM directors had accepted & recommemded QGC's offer - can't find where any other suggestion is made...

Dunno if it's worth the wait for theBOW offer...Dukey

 

[UPKA]

Sorry - I missed that UPKA - I thought all RPM directors had accepted & recommemded QGC's offer - can't find where any other suggestion is made...

Dunno if it's worth the wait for theBOW offer...Dukey

well looking at the "Change of Director`s Interest Notice" only two directors have accepted QGC's offer, and one of them only sold about 1/8th of his holding... so i think he's not too keen on QGC's offer either...

 

[Dukey]

well looking at the "Change of Director`s Interest Notice" only two directors have accepted QGC's offer, and one of them only sold about 1/8th of his holding... so i think he's not too keen on QGC's offer either...

Mmmmm interesting.... BOW's Don Juan looks good, but I don't know enough about their regular Oil/Gas prospects. decisions decisions....

 

[Shrewd Crude]

Today I completely sold out of beautiful Roma....
Getting sandwiched between BOW and QGC is no fun, and there seems like little breathing room for a new player...A new player cant be totally written off, but I just cant have funds sitting in idol...
Ive Been buying More CUE and getting more funds into a conventional type play as all my previous holdings were more risk...
all the best... later...

.^sc

 

[Dukey]

Today I completely sold out of beautiful Roma....
Getting sandwiched between BOW and QGC is no fun, and there seems like little breathing room for a new player...A new player cant be totally written off, but I just cant have funds sitting in idol...
Ive Been buying More CUE and getting more funds into a conventional type play as all my previous holdings were more risk...
all the best... later...

.^sc

I'm out too. had an order in since friday that was traded today.
A small loss - but it was a bit of a punt.... now that I'm back to full time work, I'll find something more steady.... maybe AJL .

 

[UPKA]

surprised that u guys sold out this early, after 2 weeks, QGC only managed to gain about 15% of the holdings... now offering quick cash incentives to persuade more holders to take up their offer, when they run out of ideas, QGC will eventually up their offer...

 

[Shrewd Crude]

UPKA,
I had one of the best runs Ive had, with this stock... now that QGC has come through with BOW, theres little room for RPM to get its assets fully realised which was what got me in in the first place..... I decided to buy a bunch of CUE instead and am sitting on an average of 21.8cents...
Ive got a chunk of my holdings on CUE, and LMP....
both look quite pretty...

.^sc

 

[UPKA]

Another substantial holder joined the race. looks like an individual...

Does anyone know wat would happen if u refuse to accept QGC's offer, and they hold less than 90% of the total holding?

 

[bassmanpete]

BOW makes a better offer, RPM's board issues a letter to shareholders saying that BOW's offer is better than QGC's, now QGC say they have gained effective control of RPM with 54.7% of the shares.

I take it shareholders who haven't already accepted QGC's offer can take up BOW's offer if they wish?

 

[UPKA]

hmmm i would wait for a lil longer... see wat move will QGC make next... at the moment i think BOW's offer is still 10-15% superior than QGC's.

 

[bassmanpete]

Just to clarify UPKA, I don't hold RPM or QGC but I do hold BOW. I was hoping BOW would win out but it's not going to happen now.

 

[MrDevine]

Bassman, I don't think BOW ever thought they'd get 100%, how could they when QGC already had 25% before BOW put their offer on the table.

Ron Prefontaine I think wants something around 30% of RPM.

Think about it, if QGC really wants RPM, they could take BOW out too. They have $700m in cash.

I still hold RPM, and am swaying towards converting my RPM into BOW.

But you never know QGC might substantially up the offer to grab the rest of RPM.