STO - Santos Limited

[gooner]

Ok, looks like you sold your old shares today. The new ones are in your account, but probably not tradable.

Related to that, do you mind me asking when were you notified how many shares you have been allocated/scaled back?

Cheers

skyquake,

I sold most of my original shareholding down in anticipation of receiving rights shares - I sold more today than I had in my account at COB yesterday so have definitely sold some rights shares.

I saw how many shares were in my account so knew how many I received. STO's announcement today also explained the allocation policy. Also if you know your HIN, you can check your allocation on STO's website ("check your shareholding")

 

[qldfrog]

anyone who asked up to 5000 shares will get them, anything above 5000 restricted to 3 times your initial allowance
I "just" ask 20k worth, I could have asked three times as much..a good learning experience !!! even if I expect STO might fall a bit in the coming days as people like me offload a bit

 

[gooner]

anyone who asked up to 5000 shares will get them, anything above 5000 restricted to 3 times your initial allowance
I "just" ask 20k worth, I could have asked three times as much..a good learning experience !!! even if I expect STO might fall a bit in the coming days as people like me offload a bit

qldfrog

I expected to be scaled back as I assumed it would be oversubscribed, however I did not expect to be scaled back so shares could be given to non-shareholders. Underwriters enter into a commercial agreement - they are effectively suppliers, so Santos has chosen to transfer shareholder value from shareholders to a supplier.

 

[gfresh]

anyone who asked up to 5000 shares will get them, anything above 5000 restricted to 3 times your initial allowance
I "just" ask 20k worth, I could have asked three times as much..a good learning experience !!! even if I expect STO might fall a bit in the coming days as people like me offload a bit

Indeed.. I asked for 5 times my allocation (still under 5000), which I thought was being cheeky, but in hindsight I maybe should have bought more if I had known they would allow such large overbuys.

 

[gooner]

Indeed.. I asked for 5 times my allocation (still under 5000), which I thought was being cheeky, but in hindsight I maybe should have bought more if I had known they would allow such large overbuys.

I feel sorry for anyone with just a hundred shares on which the rights would be 40 shares

- apply for 5,000 additional shares and you get the whole 5,000
- apply for 5,001 additional shares and you only get 3 times 40 which is 120 shares

What idiot came up with that allocation policy?

 

[qldfrog]

gooner,
as I understand it, you can have 5000 PLUS 3 times your allocation so not so bad..but amazed indeed that they do restrict allocation while given shares to underwriters..
I do own STO...

 

[gooner]

gooner,
as I understand it, you can have 5000 PLUS 3 times your allocation so not so bad..but amazed indeed that they do restrict allocation while given shares to underwriters..
I do own STO...

qldfrog

The announcement is clear - if you applied for more than 5000, you only got 3 times your rights allocation. So if your rights allocation was 50 shares, you only got 150 extra shares. But if you applied for 5,000 you got the full amount even if you had only 50 shares. Some big anomalies apparently looking at posting on another forum.

I applied for lots so was not hit by this anomaly but was hit by the 3 times limit.

I can not conceive how the board consider it is acting in the best interests of shareholders (their legal obligation) by giving cheap shares to underwriters instead of shareholders.

 

[qldfrog]

Gooner, just went and read again the announcement.Indeed, you might be right and it does not make much sense.
As I asked less than 5000, I did not focused on that case.
Hard to understand why they would act that way, you would expect a minimum of 5000 unit for every participant.....Let's hope for you it is a misunderstanding

 

[db96]

Gooner, just went and read again the announcement.Indeed, you might be right and it does not make much sense.
As I asked less than 5000, I did not focused on that case.
Hard to understand why they would act that way, you would expect a minimum of 5000 unit for every participant.....Let's hope for you it is a misunderstanding

This is not a mistake. I know of a person who were eligible to 100 shares. He appied for 7000 shares and was given 300 shares. He emailed them arguing that he should be alllocated atleast 5000 shares. They gave a reason that they used some formula to work out the allocation and it is at there discretion. Nothing you can do about it.

 

[gooner]

This is not a mistake. I know of a person who were eligible to 100 shares. He appied for 7000 shares and was given 300 shares. He emailed them arguing that he should be alllocated atleast 5000 shares. They gave a reason that they used some formula to work out the allocation and it is at there discretion. Nothing you can do about it.

db96

ridiculous isn't it - those who supported the issue the most were shafted with less shares

 

[dan-o]

man that sucks, im a small shareholder, who wouldve loved to buy plenty under the offer but only took up what my entitlement letter said!

 

[gooner]

Seems to be languishing a bit - rights holders should have finished selling by now, so might start to see some move up soon.

Oil price is back at $70 as I write this, so looking forward to a good day tomorrow.

Still a way to go to get the theoretical ex rights price of $15.87

 

[vincent191]

Any idea why the SP of Santos has fallen by so much lately? It has fallen by much more than the drop in oil price.

 

[oldblue]

Any idea why the SP of Santos has fallen by so much lately? It has fallen by much more than the drop in oil price.

There was a recent report about delays in the Longtom gas project which impacts to some degree on Santos but IMO the SP decline has been a bit overdone.

For a more optimistic view, have a look at this interview with CEO, David Knox.

http://www.businessspectator.com.au...id-Knox-pd20090707-TQ3JT?OpenDocument&src=kgb

 

[Zaij]

Just bought into this today, seems to be solid company, low debt, good earnings, takeover potential.

Recent price battering unjustified too, will hope to see correction soon.

 

[Iggy_Pop]

Agree Zaij, I bought some a while ago at $14 and will buy a few more when I get my free money back from the ANZ share placement.

 

[philly]

Do people really think that STO is grooming itself as a takeover target when the ownership limits are removed? IMHO removing the limits will force it to become a big player or be gobbled up. Its recent purchase of a 20% interest in ESG shows that it is looking forwards.

 

[Zaij]

Win - Win Philly, Win - Win.

With NSW power in pretty much a shambles, green power on the up and up (gas is much cleaner than coal), such a massive field (8-9 billion BoE equivalent - I recall reading somewhere that iraq's second largest oil field could only extract 1.5mil at it's peak) and such high quality assets, hard to see a negative side to buying into STO.

Further, manufacturing indices in the US on the rise, indicating to me at least that manufacturing worldwide is going to begin getting out of it's current sluggish levels also means energy stocks should be some of the biggest winners in the coming months.

 

[oldblue]

Do people really think that STO is grooming itself as a takeover target when the ownership limits are removed? IMHO removing the limits will force it to become a big player or be gobbled up. Its recent purchase of a 20% interest in ESG shows that it is looking forwards.

The ownership limits have already been removed but what's holding up any possible "corporate action" is an embargo on the corporate advisers who were involved in a recent confidential look at STO's books.

STO has its own plans for moving forward, a lot of which involve the development of its coal seam gas assets, but that won't necessarily deter a determined big from a bigger player.

Disc: Holding STO.

PS. I've been trying to find the report on which I based my comment here but haven't been able to. Perhaps you should disregard my first paragraph unless/until someone else can verify or discount.

 

[jackson8]

The ownership limits have already been removed but what's holding up any possible "corporate action" is an embargo on the corporate advisers who were involved in a recent confidential look at STO's books.

STO has its own plans for moving forward, a lot of which involve the development of its coal seam gas assets, but that won't necessarily deter a determined big from a bigger player.

Disc: Holding STO.

PS. I've been trying to find the report on which I based my comment here but haven't been able to. Perhaps you should disregard my first paragraph unless/until someone else can verify or discount.

hi old blue

here is a link to a news report which may offer a little more information on the subject for you

http://www.news.com.au/perthnow/story/0,21598,25750635-951,00.html