500,000 BUY

By robjobscotland
Fri, 24 May 2013 17:43:00 GMT

from wednesday

100% a buy

nice one

By robjobscotland

Re: Odd

By Wordbodger
Thu, 23 May 2013 14:57:00 GMT

£200 million for Signet always looked like a wild punt. I would be ecstatic with half of that, which would represent a decent profit on the various Signet injections. Not many IPOs of junior oil companies raise nine figures in pounds. £200 million was an unattributed quote by an unnamed broker and a number of things need to be remembered.

We haven't seen the 3D on Mnazi Bay which might support a decent IPO, if Jodari or Chaza do clearly extend into Hydrotanz' acreage. (I doubt the broker with that opinion has seen the 3D either, but perhaps he has ....)

Also, regarding Namibia: HRT's announcement, of drilling success concerns results of the first drill of a three-drill campaign starting in Walvis Bay, four hundred miles north of Signet acreage, The IPO will surely wait for the Oranje Basin drill (the third drill scheduled by HRT) even though Signet is not directly involved in the campaign. Success at Walvis Bay means the rig will be delayed and there won't be results from Oranje Basin for months.

On the face of it we shouldn't expect an IPO for months, unless they are ready to prematurely disclose confidential seismic leads to the public. But with SD ...

So it it interesting that an astute investor has been prepared to pay 40 pence a Polo share to get in early. The remark about trebling Polo's sp if there is a successful IPO in Hong Kong is just about consistent with the $200 million valuation because it would raise Signet from a holding-value of £28 million (Spight, . 15/05) to £96 million. A £68 million uplift is equal to present Market Value so the sp should at least double. I have no doubts at all about the value implicit in Nimini, that could be another £50-£100 million in the right market.

Finally, I am mystified by the GCM angle. Michael Tang seems to want a strategic holding in GCM ahead of clearing the political obstacles but why not deal as an outsider directly with Polo for their 30%? Why not sound out what Polo wanted, and bid that to the market? By Wordbodger

Re: Dattels 3.92% of Polo

By nahkit
Thu, 23 May 2013 10:01:00 GMT

Thats the Regent Mercantile Holdings figure you are quoting, according to Natwest Stockbrokers, SD also holds shares in his own right. By nahkit

Re: Odd

By nahkit
Thu, 23 May 2013 09:57:00 GMT

I'm basing it on what Natwest Stockbrokers say:

Major Shareholders
Shareholder Amount % Holding
Steve Dattels (dup) - 42,318,368 15.70
Michael Tang Vee Mun Tang (dup A) - 39,218,775 14.55
Mettiz Capital Ltd (dup A) - 31,738,775 11.77
Ingalls & Snyder LLC - 11,843,995 4.39
Neil Lindsey Herbert - 11,338,562 4.21
Regent Mercantile Holdings Ltd (dup) - 10,759,592 3.99

As the amount shown for Regent Mercantile is up to date, I'm assuming the rest is accurate also.

That comes to 19.69%, I said "almost 20%".

I can only go by the figures they have published.
By nahkit

Dattels 3.92% of Polo

By Spight
Wed, 22 May 2013 14:22:00 GMT


10.759,592 shares By Spight

Re: Odd

By dreamerr
Wed, 22 May 2013 12:10:00 GMT

I'd be interested to know how you calculate that SD still owns 20% of the company. By dreamerr

Re: Odd

By andyb28m
Wed, 22 May 2013 10:40:00 GMT

Whoops me and my big mouth By andyb28m

Re: Odd

By andyb28m
Wed, 22 May 2013 09:29:00 GMT

I doubt if he would let the company be bought out for a pittance.

Totally agree. I see the recent purchase as being "allowed" to go thru as it is a good deal for both parties. In the longer term the 40P will be a snip. We just need to sit tight.

For those that trade (I rarely do as my timing is invariably rubbish), it would appear that the SP is beginning to follow a fairly simple pattern. I trust that we will be above 27 shortly before any pull back again. I am holding and trying to accumulate. By andyb28m

Re: Odd

By nahkit
Wed, 22 May 2013 08:25:00 GMT

Stephen Dattels still holds almost 20% of the company which at todays price is worth just over 12m, I doubt if he would let the company be bought out for a pittance. By nahkit

Re: Odd

By Betamax man
Wed, 22 May 2013 07:03:00 GMT

"....the thing I would probably watch is he trying to gain control and then offer the minority shareholders a stupid price to sell ! Not sure he can do that...."
==

It's pretty much EXACTLY what happened at European Nickel. Long term holders there were ultimately forced to sell some way below what should have been fair value.

Was very frustrating, leaving the feeling that your shares were basically being stolen !
By Betamax man

Re: Odd

By andyb28m
Tue, 21 May 2013 14:21:00 GMT

Hi OC. Commiserations on your position for now. I actually think the situation will resolve itself pretty smartish. I am adding considerably to my long-standing position here. I have always appreciated with Polo that from time to time ordinary private guys like me get a pretty nice pay-out along the way. I think that what we have developing here is at least as good as that as I think the recent RNS' suggest that there are going to be some pretty hefty unlocking of value in the forseeable future. I am trusting that we will be moving North again and our next low will be some way above the 23 level. Today's action tends to suggest this, although it is a bit early to be sure. Best wishes. By andyb28m

Re: Odd

By dreamerr
Tue, 21 May 2013 11:43:00 GMT

Is it possible that Signet is not worth anything like £200 million? Why else would Dattels sell for "only" 40p if he thought the sp could treble on Signet news? Surely, all he'd need to do would be to wait.. By dreamerr

Re: Signet Petroleum

By Leicesterboy
Tue, 21 May 2013 11:06:00 GMT

MC £63 million I would say Polo grossly undervalued on a NAV basis !
Tang could make a bid for the rest of Polo
LB By Leicesterboy

Re: Odd

By Leicesterboy
Tue, 21 May 2013 11:02:00 GMT

I have no shares in Polo at ATM but its a solid company with solid assets, why would Tang pay 40p a Share for Dattels shares unless he thought it was a good investment, the thing I would probably watch is he trying to gain control and then offer the minority shareholders a stupid price to sell ! Not sure he can do that, but that would be the only reason I can see for Tang to pay over the SP if he thought Polo was overvalued, He bought Dattels shares to avoid any problems in purchasing them in the Market, as if he started buying those shares piecemeal then the Market would react and he could end up paying more than 40 pence !
LB By Leicesterboy

Signet Petroleum

By ICB888
Tue, 21 May 2013 09:59:00 GMT

There was recent comment in press reports that Polo's 48% interest in Signet could be worth £200 million.There has also been comment from Polo that Signets interest in Namibia is their most favoured prospect. Todays announcement by HRT that they have discovered oilsource rock and high quality light oil(admittedly in non commercial quantities) on their first Namibian drill has derisked the rest of Namibia and should have increased the value of Signet.
Lets hope we see this is reflected in Polo's sp and in any upcoming IPO of Signet. If that level of value can be unlocked from Signet then Polo could triple on that alone although at the moment 30p would be good! By ICB888