TXN - Texon Petroleum

[Agentm]

slight increase in volume.. 2+ mill shares

put the sp up a touch as well as a bonus

starting to run as the teal ranch efs 1h is scheduled for a frac followed by a whole bunch of oil producing olmos sands wells

news will be coming non stop for a good many months imho

imho, buckle up.. its starting to smell like a run up to me

 

[Magic Man]

I agree Agent.. nice day today, awaiting a chance to get my hands on some 0.65 cent stock!

 

[bennywizard]

I agree 100%, TXN is ticking all the boxes, I too hope to pick up some at 65c
Has anyone got an offer yet or know when its coming?

 

[breaker]

65c I hope you won,t see that in awhile

 

[zzaaxxss3401]

I agree 100%, TXN is ticking all the boxes, I too hope to pick up some at 65c
Has anyone got an offer yet or know when its coming?

"...The Company also plans to offer eligible shareholders the opportunity to subscribe for additional shares under a Share Purchase Plan (“SPP”) in the near future at the same price as the placement. The Record Date for shareholders to participate in the SPP will be 5:00pm AEST on 22 February 2011. The SPP offer will be posted to shareholders on or about 7 March 2011..." - http://www.texonpetroleum.com.au/Documents/Investor/Announce2011/tplasx110223c.pdf

 

[donteatme]

I have done the calculations and worst case scenario, if every eligible shareholder takes up the full $15,000 worth of shares (highly unlikely) and we all get scaled back to 15% of the registry, then we'd get roughly 48% of what we want.

If not, it would require shareholder approval to get more.

DYOR, I might be wrong.

 

[condog]

looks like last chances to top up at these prices?

 

[boff]

looks like last chances to top up at these prices?

Unless you're eligible for the SPP

 

[geelongfan]

Unless you're eligible for the SPP

what does that mean exactly? if i purchased shares 3-4 weeks ago is there a limit to how many i can buy from the SPP? is it based off the amount you purchased in the first place?

 

[breaker]

Please excuse my ignorance, but does that mean normal shareholders ie you and me will be entitled to SSP at 65c

 

[estseon]

what does that mean exactly? if i purchased shares 3-4 weeks ago is there a limit to how many i can buy from the SPP? is it based off the amount you purchased in the first place?

I've not seen the terms of the issue: has anyone else?

 

[boff]

what does that mean exactly? if i purchased shares 3-4 weeks ago is there a limit to how many i can buy from the SPP? is it based off the amount you purchased in the first place?

From reading the Texon announcement (http://www.texonpetroleum.com.au/Doc...asx110223c.pdf), to be eligible you just needed to have been on the register at the record date, which you would have been. I see no reason why the number of shares you can apply for would be restricted based on your current shareholdings. donteatme reckons the most one could get is about $7,500.

 

[nioka]

The terms of the SPP are not available yet. Sometimes these issues are made on a proportional basis to your holding othe times it can be for different amounts up to $15,000 worth for each shareholder. At times if the amount required is oversubscribed then each application could be scaled back. Its wait and see.

 

[donteatme]

From reading the Texon announcement (http://www.texonpetroleum.com.au/Doc...asx110223c.pdf), to be eligible you just needed to have been on the register at the record date, which you would have been. I see no reason why the number of shares you can apply for would be restricted based on your current shareholdings. donteatme reckons the most one could get is about $7,500.

No, I would see that as the worst scenario, if everyone that is eligible subscribes for the full $15,000. Not everyone will have $15,000 floating around, so I think we would get at least 48% of what we apply for if it gets scaled back.

 

[breaker]

The announcement does mention 15k

 

[donteatme]

In my calculation I used 26m shares that they were gonna give out, looks like it's only gonna be ~24m. So the worst case scenario will be a bit worse that I have given it.

 

[shanti]

The announcement does mention 15k

15K even if scaled back would be great. That's how AUT did it's last SPP.
On the other hand EKA's offer was 1 new share for every 6s registered which disadvantages smaller holders with lesser means.
I hope TXN will go like AUT.

 

[AngusSmart]

Nice after missing the 15k on Aut.. i am going to apply for maximum on this one..

 

[Kremmen]

On the other hand EKA's offer was 1 new share for every 6s registered which disadvantages smaller holders with lesser means.

I don't see how giving everyone the same percentage gain is anything but fair. The $15k maximum disadvantages those who've contributed most to the company so far. It is also subject to scale-back, which is an annoying inconvenience and cost to everyone.

In the case of this TXN SPP, they have underwritten up to just under $10.5M, which is equivalent to 700 shareholders taking up their full entitlement. Above 700 of us, we don't know exactly what will happen.

 

[Agentm]

i have to agree kemmen, the smaller holders have an advantage for sure

my preference would be for a % attributed to the shares you hold

means nothing to me in the wash, i will pin my ears back and get what i can