Oh dear. You cannot say that you were not warned by this website but those morons who were hoping that they would get at least 3p for their Petroceltic (PCI) shares must now brace themselves for 0p. It is a day of shame for certain City analysts, the board and the morons who, in many cases, were the architect of their own doom.Vindicated I laugh at my abusers...
Having stated its offer for Petroceltic (PCI) was conditional on 90%+ acceptances, Worldview has announced at closing valid acceptances of 54.6% have been received and that resultantly “the acceptance condition has not been satisfied and the offer has lapsed”. Uh oh…
Until today the board of Petroceltic (PCI) has either opposed or refused to endorse the 3p a share offer made by Sunny Hill Ltd, aka 29% shareholder Worldview. Tens, if not hundreds, of thousands of pounds have been spunked on advisers and drawn as boardroom pay while the imbeciles who made Petroceltic what it is today ( effectively bankrupt) denied the inevitable.
I think it is probably fair to say that Petroceltic (PCI) Chairman Robert Adair and CEO Brian O Cathain do not feature on the Christmas card list of Worldview’s Angelo Moskov who now, finally controls the company, having snapped up 70% of the company’s debt at a substantial discount to face value.
I reckon that Petroceltic (PCI) is toast and that the villains of the peace are the management who drove it into the ground. It is toast. But broker SP Angel thinks 29.6% shareholder Worldview has questions to answer and reckons other investors should put up a fight for a better deal. I think the broker is wrong but in the interests of balance, it writes today...
And yet again the Bulletin Board Morons take something of a battering because they thought they knew better. This time it is - essentially bankrupt - Petroceltic (PCI), shares in which have this morning been suspended pending clarification. Ooops a daisy.
One of the benefits of being a short seller is the joy and happiness that one engenders in others when being sandbagged by a short call that goes wrong. I have closed out my position in InternetQ (INTQ) at a substantial loss,
Petroceltic International (PCI) has released a convoluted response to 29.6% shareholder Worldview Capital Management’s 3p per share offer for the company. A clear job for the ShareProphets RNS translation service...
At first I thought that Angelo Moskov of Worldview must have gone crazy to bid 3p per share for the 70% of Petroceltic (PCI) that he doesn’t already own. But I see now that there is method in his madness and that he is merely trying to remove the current management from ongoing discussions with the banks before they lose patience and pull the plug on the company.
Bidder Worldview has made it clear that Petroceltic (PCI) equity is worthless and the fact that the debt trades at 35 cents in the dollar shows that it is right. As such the 3p per share offer from Sunny Hill ( aka Worldview) is the best outcome for idiots who own these shares. That the Bulletin Board Morons are in denial - see HERE - is no shock but leading City brokers? WTF. Prepare to meet an analyst who makes an amoeba look like a multi-brained frigging genius.
Time and time again we bears warned folks that shares in Petroceltic (PCI) were essentially worthless. But the Bulletin Board Morons - as always - knew better. Tom Winnifrith is just a failed fund manager/pizza boy/alcoholic they chanted as they bid the shares to 20p+. Oh dear folks, this former oil analyst has no sympathy as today Petroceltic received a bid at just 3p per share and that is as good as it will get. The Morons - as ever - just do not know what they are talking about.
