[posting]61987211[/posting]Hier die letzte Bewertung eines Teilnehmers:
Yes AJ. Quite incredible! Here is MIT's final EGM notes of the day (saved best for last!?)
. STARTS... Nobody of our original Board personally knew people from the Tamraz group. Tamraz Group approached Petrel that they were interested to use the company as a Vehicle and to develop it. The below is to the best of my memory and with carefully re-examining my extensive notes. Tamraz gave background (very modest attitude I thought): Largest stockholder of a Top-20 bank in US. Active in Middle East and Europe for the past 40 years in Natural Resources, Oil&Gas. Natural Resource was always private for them, until now. They now decided to go public (listed), so they were looking for a Vehicle with a background in Oil/Gas, where they could get enough shares themselves so they could put some HUGE assets in it, and they had reached that stage now. So after the meeting they would be working with the present management on certain assets to be in: Oil Reserves, Gas, and some Natural Resources, step-by-step. Then a short summary of enormous projects successfully achieved (e.g. pipelines (also round the Suez Canal), and e.g. Founder of Tamoil with 3000 gas-stations and refineries). Right now looking at both Upstream and Downstream, also a pipeline, but don't want to present this to us until its very specific. They think that within 90 days they have something to share with the Market. The Assets are there, but it just needs a lot of paperwork and some technical work before they can present it to the public. Question: What is the impact on existing Shareholders? Answer: The existing shareholders will carry on with the values of the new Assets we should have, and the effect that will have on the Market, which has already started to put additional value to the price since they came in, and that was without them being precise yet on the assets. They are now ready they think with 90 days with a precise Asset. Nomad has advised them to not be precise yet, but it will be proven Reserves Q: Could there come a situation where existing shareholders HAVE to sell? E.g via a bigger Take Over later A: (JT) That's exactly why we are meeting here today at this EGM - to avoid such situation. They want to evolve Petrel, and bring the Shareholders along. It could involve more of these EGM's, because the Assets are EXTREMELY BIG. The intention is to keep the LISTING. On question which Petrel Asset is the most important? A: Mr Teeling and Mr Horgan know much more about Ireland so they can better talk about that. For Iraq, they think they have an added value for Petrel - Iraq has a very big potential. Iraq is also talking about bringing a pipeline to "Akaba"? [Aqaba!] on the Red Sea (2 Billion barrels a day) which Tamraz are looking at. Ghana - Ghana is very interesting. They have very good relationships in Ghana. He thinks they will develop that. He also met 2 days ago the President of Republic of Congo who are looking at investments that they will bring to Petrel, and the Angola President is also close. In Iraq they have a good relationship with the Government now. Relationships are extremely important in ME and Africa In answer to a question on Block 6: JT: After all those years that passed by, the legal status has to be uncertain now. But the new Petrel structure puts us in a far-far better position with the Iraqi Government. On question if perhaps "Other" Tamraz related companies might buy further shares, Mr Tamraz said that this was NOT their attention, that we should be clear about their intention. We don't want to take this public company for say 75%, that wouldn't make sense. We want to bring in Assets with a value on the Market, so that it is reflected. 51% is enough to stop other companies wanting to step in when they see the quality of the Assets we bring in. Any asset they bring into Petrel will be a minimum of 100 million (pounds), so we don't need to buy more shares. We need to have their shares in the Merket reflect the value of the Assets, and therefore the 49% shareholders will follow that value. JT: For the foreseeable future, the current Board will have full control of the Board. But it WILL become a very different company. You can't expect that current Board will remain dominant. There WILL be more appointments to the Board. Tamraz said they won't be looking for resignations, they're happy with the board, but they want to bring in certain further other expertise. On a question if he thinks that the company will go strongly in the next year, Mr Tamraz re-emphasized that this was the intent. By bringing in important Assets - and that this should push the share price up. JT added that this is exactly why they recommend this proposal to the shareholders. On a repeat question if Tamraz had now committed to NOT INCREASE his 51%, he said again he didn't need to. And JT then explained that such hypothetical situation would anyway require a repeat of the same full process as current take-over. ENDS.