Gulf sands der også er aktive i Kurdistan har afvist fjendtligt tilbud. Kan turen komme til DNO?
http://www.iii.co.uk/articles/articledisplay.jsp?section=Markets&article_id=10092183
Gulfsands rejects takeover approach
Fiona Bond
19.03.10 12:41
Gulfsands Petroleum (GPX) put an end to its rocketing share price on Friday, with the announcement that it has rejected yesterday's unsolicited approach for a possible takeover.
The AIM-listed group slammed the preliminary approach made on Thursday for being "wholly inadequate" and materially undervaluing the company.
Reports in The Financial Times suggest that the preliminary approach came from an India-based oil explorer and valued the company in the region of more than £400 million.
Nobody from the company was available for comment.
Shares in the company hit an all-time high of 312.5p on Thursday, after feverish speculation forced the company to admit that it had been approached.
At the time, the group urged shareholders not to act as there was no certainty that the approach would lead to an offer for Gulfsands.
However, today it said the board was unanimous in its belief that the offer was inadequate and said it was not currently involved in any process to solicit offers for the company.
Fox Davies Capital said in a note: "Gulfsands' board, advised by Royal Bank of Canada, is understood to be unwilling to recommend any offer that is below 400p.
Our valuation of the company is about 300p, which even allowing for a control premium would result in a possible offer just below 400p and with anything above that level being unjustified on current shape of the company."
The AIM-listed group is currently making headway with its exploration and appraisal programme in Syria, which involves the Khurbet East field of which it is operator.
In January, the company said it was embarking on a four-well drilling programme on site during the course of 2010.
"The board is confident in Gulfsands' strategy to become one of the pre-eminent exploration and production companies in the Middle East and to continue to demonstrate tangible growth," it said in a statement.
Its shares slipped 1% to 309.25p.
Finlay Thompson, analyst at Canaccord, commented: "Gulfsands is one of our exploration and production sector favourites, and in our Wildcat sector report last week, we increased our target price by 7% to 322p per share - 10p above where the shares closed yesterday.
"With the company now clearly in play as a takeout candidate, we see the potential for further upside. If a bid does indeed go ahead, it will be interesting to learn the identity of the buyer. We think the most obvious candidate is Sinochem, one of the Chinese state oil companies, who last year bought out Emerald Energy.
"We would suggest that a takeout price in the range of 350-400p/share is likely."
http://www.iii.co.uk/articles/articledisplay.jsp?section=Markets&article_id=10092183
Gulfsands rejects takeover approach
Fiona Bond
19.03.10 12:41
Gulfsands Petroleum (GPX) put an end to its rocketing share price on Friday, with the announcement that it has rejected yesterday's unsolicited approach for a possible takeover.
The AIM-listed group slammed the preliminary approach made on Thursday for being "wholly inadequate" and materially undervaluing the company.
Reports in The Financial Times suggest that the preliminary approach came from an India-based oil explorer and valued the company in the region of more than £400 million.
Nobody from the company was available for comment.
Shares in the company hit an all-time high of 312.5p on Thursday, after feverish speculation forced the company to admit that it had been approached.
At the time, the group urged shareholders not to act as there was no certainty that the approach would lead to an offer for Gulfsands.
However, today it said the board was unanimous in its belief that the offer was inadequate and said it was not currently involved in any process to solicit offers for the company.
Fox Davies Capital said in a note: "Gulfsands' board, advised by Royal Bank of Canada, is understood to be unwilling to recommend any offer that is below 400p.
Our valuation of the company is about 300p, which even allowing for a control premium would result in a possible offer just below 400p and with anything above that level being unjustified on current shape of the company."
The AIM-listed group is currently making headway with its exploration and appraisal programme in Syria, which involves the Khurbet East field of which it is operator.
In January, the company said it was embarking on a four-well drilling programme on site during the course of 2010.
"The board is confident in Gulfsands' strategy to become one of the pre-eminent exploration and production companies in the Middle East and to continue to demonstrate tangible growth," it said in a statement.
Its shares slipped 1% to 309.25p.
Finlay Thompson, analyst at Canaccord, commented: "Gulfsands is one of our exploration and production sector favourites, and in our Wildcat sector report last week, we increased our target price by 7% to 322p per share - 10p above where the shares closed yesterday.
"With the company now clearly in play as a takeout candidate, we see the potential for further upside. If a bid does indeed go ahead, it will be interesting to learn the identity of the buyer. We think the most obvious candidate is Sinochem, one of the Chinese state oil companies, who last year bought out Emerald Energy.
"We would suggest that a takeout price in the range of 350-400p/share is likely."
