Liberty Posted July 6, 2020 Share Posted July 6, 2020 If the 20% get their way there will not be the 10% acceleration, if they fail there will be - I'm OK with either option. I just don't have a problem with paying up for results - no results, no acceleration. SD Don't worry, at the rate the market cap is shrinking, soon you'll be able to buy the whole thing and do whatever you want with it. Link to comment Share on other sites More sharing options...
sculpin Posted July 16, 2020 Share Posted July 16, 2020 Turkeys are flying - OBE up 27% in weak energy market. The long awaited Cardium consolidation?? OBE - T 21.0 0.75 · 0.82 23.5 0.80 0.17 27.0 471.4 Link to comment Share on other sites More sharing options...
SharperDingaan Posted July 16, 2020 Share Posted July 16, 2020 Imagine what happens when they get a longer leash, and a better set of wings ;D SD Link to comment Share on other sites More sharing options...
Liberty Posted July 16, 2020 Share Posted July 16, 2020 Wow, now only down 40% YTD and 92% in the past 2 years. That's surprisingly good for this company! Link to comment Share on other sites More sharing options...
Joe689 Posted August 3, 2020 Share Posted August 3, 2020 Wow, ugly vote. But results were good, lowering debt in these conditions. And well performance top notch. Votes: https://www.obsidianenergy.com/press-releases/obsidian-energy-announces-voting-results-from-the-2020-annual-and-special-meeting-of-shareholders/ Discussion (pretty clear they continue to "try" to sell this company): https://pastebin.com/YSy52kqJ Link to comment Share on other sites More sharing options...
Joe689 Posted August 31, 2020 Share Posted August 31, 2020 https://www.bnnbloomberg.ca/obsidian-goes-public-with-offer-to-buy-bonterra-energy-1.1487281 Link to comment Share on other sites More sharing options...
bizaro86 Posted August 31, 2020 Share Posted August 31, 2020 https://www.bnnbloomberg.ca/obsidian-goes-public-with-offer-to-buy-bonterra-energy-1.1487281 I think that's the first time I've seen someone make a hostile takeover at a meaningful discount to the target's share price. Are they just trying to put themselves in play here? I honestly don't get it. Link to comment Share on other sites More sharing options...
Joe689 Posted September 1, 2020 Share Posted September 1, 2020 They have been 'in play' for years. No secret. Be interesting to see if the 'gap' closes. That might be telling Link to comment Share on other sites More sharing options...
bizaro86 Posted September 1, 2020 Share Posted September 1, 2020 They have been 'in play' for years. No secret. Be interesting to see if the 'gap' closes. That might be telling I know. I just don't see what they hope to gain here, and am basically just guessing. Maybe they're trying to get Bonterra to buy them at a premium, and are putting out a high ratio as a negotiating position? I'd be curious to hear what others think the motivation behind this bid is. Link to comment Share on other sites More sharing options...
Joe689 Posted September 1, 2020 Share Posted September 1, 2020 I think the banks are in control. The banks are both the biggest stakeholder in both companies. They share the same syndicate. Bonterra has been Month-to-Month literally in their re-determinations since March. That is unique to Bonterra. Actually, last night was another deadline, and only another 30 days.... Obsidian adds this (in bold) "We would note that we have shared our assumptions with our banking syndicate, our noteholders and their respective financial advisors." Link to comment Share on other sites More sharing options...
SharperDingaan Posted September 1, 2020 Share Posted September 1, 2020 Most would expect that the OBE/BNE consolidation is just part of a broader consolidation in the WCSB, it's simply become time to pull the trigger on the mutual discussion of the last year. It's a friendly deal, but there's obviously an expectation of some internal resistance in the BNE sharebase. There's a steel fist in the velvet glove should it be needed. It is clearly in everyone's interest to get it done - to achieve neutrality at today's prices, OBE just needs to rise to 76c (27%) post consolidation, and post news of their BCAP refinancing application. Not a big stretch. Is the combined entity worth $3.50/share 1-year out? Depends on your interpretation. If you were thinking of merging with the consolidated OBE next year - you know where the starting point is. SD Link to comment Share on other sites More sharing options...
Joe689 Posted September 21, 2020 Share Posted September 21, 2020 Looks like it came down to the "steel fist" Take-over/under circular filed today Link to comment Share on other sites More sharing options...
SharperDingaan Posted September 21, 2020 Share Posted September 21, 2020 It has been pretty obvious, and for quite some time, that this deal would very likely go ahead. The circular just indicates that OBE is confident of wrapping it up by Jan 04, and that it will receive at least 2/3 of the vote. Everything else is just trading spin. SD Link to comment Share on other sites More sharing options...
bizaro86 Posted September 21, 2020 Share Posted September 21, 2020 It has been pretty obvious, and for quite some time, that this deal would very likely go ahead. The circular just indicates that OBE is confident of wrapping it up by Jan 04, and that it will receive at least 2/3 of the vote. Everything else is just trading spin. SD I guess I still don't understand why any BNE holder would vote in favor? If you thought this was a good idea and you were a BNE holder, wouldn't you sell and buy 2.XX OBE instead of waiting to get 2.00 in the exchange? Maybe OBE thinks BNE's banks will put the hammer down crashing their share price between now and the vote? Link to comment Share on other sites More sharing options...
SharperDingaan Posted September 21, 2020 Share Posted September 21, 2020 It has been pretty obvious, and for quite some time, that this deal would very likely go ahead. The circular just indicates that OBE is confident of wrapping it up by Jan 04, and that it will receive at least 2/3 of the vote. Everything else is just trading spin. SD I guess I still don't understand why any BNE holder would vote in favor? If you thought this was a good idea and you were a BNE holder, wouldn't you sell and buy 2.XX OBE instead of waiting to get 2.00 in the exchange? Maybe OBE thinks BNE's banks will put the hammer down crashing their share price between now and the vote? Recalcitrant BNE shareholders believe they are entitled to the standard 20% industry takeout premium, and that OBE cannot do it (gives >50% ownership to BNE). Their BCAP funding allows them to drill for another 1-2 quarters, show good results, and get a better offer. It ignores that their banking syndicate has to agree to continuing one-month deferrals, and assumes the bird-in-hand is worth LESS than the two-in-the-bush. BNE has until Sep-30 - to either make it worth their bankers continuing 'as is', or take the bird-in-hand. It would appear that > 2/3 of the share base believe BNE should take the bird-in-hand, and that the outcome will essentially be decided by month-end. Formalities complete over October, cap structure settles over November/December. If you believe the combined entity will be worth more than the parts (& all do) - a done deal, is far more important than who gets what. Long-term shareholders just adjust their cost bases, and let the synergies demonstrate themselves. Restart drilling, show growing production, better results, and get a much better offer later. SD Link to comment Share on other sites More sharing options...
Joe689 Posted September 21, 2020 Share Posted September 21, 2020 https://www.bonterraenergy.com/investors/news-releases/bonterra-energy-corp-advises-shareholders-to-take-no-action-at-this-time-regarding-unsolicited-offer I think it is 100% driven by the banks. Bonterra is not taking up a full fledged defense strategy and instead 'waiting' till after their bank redetermination. So literally OBE's Loukas put it 100% on the banks. Maybe very well played. I think it is a done deal. Fink (who by OBE's disclosure was being uncooperative) is not part of the independent committee to review the deal. Link to comment Share on other sites More sharing options...
Joe689 Posted December 17, 2020 Share Posted December 17, 2020 We got action. Looks like the market wants the merger. Link to comment Share on other sites More sharing options...
Joe689 Posted January 7, 2021 Share Posted January 7, 2021 Looks to be going parabolic Link to comment Share on other sites More sharing options...
longlake95 Posted January 7, 2021 Share Posted January 7, 2021 When the junk goes vertical - there's pain ahead... ;) Link to comment Share on other sites More sharing options...
SharperDingaan Posted January 7, 2021 Share Posted January 7, 2021 The Bitcoin experience all over again 8) Good luck! SD Link to comment Share on other sites More sharing options...
SharperDingaan Posted February 24, 2021 Share Posted February 24, 2021 Just to stir the pot .. OBE closed the session at CAD 1.83 today, and the take-under from hell has finally achieved market acceptance. That famed house could very easily be bought within the year - and the year is still young ;) SD Link to comment Share on other sites More sharing options...
yzstevie Posted February 25, 2021 Share Posted February 25, 2021 The new disclosure shows that management is not in a hurry to add too much of a hedge. Is this a right move? Especially given the company is operating cash flow positive above USD38/barrel. Link to comment Share on other sites More sharing options...
SharperDingaan Posted February 25, 2021 Share Posted February 25, 2021 They are just being smart. SD Link to comment Share on other sites More sharing options...
yzstevie Posted February 25, 2021 Share Posted February 25, 2021 Agreed, this management/shareholder is much more shareholder friendly than previous ones. Link to comment Share on other sites More sharing options...
Joe689 Posted February 25, 2021 Share Posted February 25, 2021 And another 1 month only extension on bank line. Mgmt is trying to stay naked and banks are unhappy about it. Link to comment Share on other sites More sharing options...
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