UK 22:27 Monday, 5 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
On Thursday, as expected, the bond holders in Gulf Keystone (GKP) agreed to the restructuring which will give them 85.5% of the company. All that remains is for the scheme to be sanctioned in court next Friday, a formality. Within five working days of that date just shy of 20 billion shares will be dispatched to noteholders.
Shares in Gulf Keystone (GKP) could be toast by Friday but I think that incredibly unlikely. That they will crash is a racing cert after today's news. Gulf tells us that the owners of 82% of each of the two classes of bonds have both agreed to support the debt for equity swap. It needed just 75% support so that is in the bag. Next up..the Bulletin Board Morons.
When I last wrote about Gulf Keystone (GKP) I said it would be my final word on the subject but that was before Friday’s news of a $300 million bid from the Norwegian Oil company DNO, the details of which are on its website.
Gulf Keystone (GKP) says that it is considering a hostile bid from Norway's DNO which comprises $120 million of cash and $180 million of shares. Given that DNO will be taking on a net $100 million of debt, post the restructuring the offer is remarkably generous but not half as generous as the market implies.
My feelings of satisfaction at being vindicated on Gulf Keystone (GKP) when the details of the debt for equity swap were finally published yesterday were somewhat short lived, as I was put on notice that borrow was being recalled and I had to buy back a fair chunk of the position at more than three times its worth.
Its apology time. To all those morons who have berated me for being a Gulf Keystone (GKP) bear from 180p down it is time to apologise. Today, Paul Curtis and the GKP barmy army have suffered the final kick in the gonads with news of a massive debt for equity swap which sees near total equity wipeout. Its ouzo O'clock for the Sheriff of AIM who awaits the apologies.
Concrete details of the restructuring at Gulf Keystone (GKP) have apparently been leaked to the Times this weekend, confirming that the end is nigh for this once-loved and highly-debated stock.
June was a quiet month for Gulf Keystone (GKP), at least in terms of news for observers. Internally, there are doubtless all manner of interesting conversations taking place. We were given a twin helping of clues on Friday as to the content and direction of these discussions. Unfortunately, there is still no reason to believe that the shares have any value. But maybe the end is nigh.
There is massive speculation about Gulf Keystone (GKP) on the Bulletin Boards and I see that the shares are ahead at 4.2p today. But there are only two facts and I remind you of both as the clock is ticking, it is 11.59 Pm and at midnight shares in this company are likely to go pop.
