anyone got any ideas about the block trades that went through today?

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HALIFAX - I discused this on threads dated 11 September, mainly with Master RSI, who seems to have more of a clue than most thread writers. As Master RSI said, and I now agree, it is not a rights issue but an "open offer". Those who were registered with SEY shares, I think at about the beginning of September, will be invited to buy more shares at 2 for 9 at 1.3p sometime in November i.e an entitlement. One does not have to take them up ( but should do ), and those shares not taken up will be offered to "underwriters". Their is no ex rights price or premium and no exrights date. I guess the open offer may stay open for a limited period of about 2 weeks. At 2 for 9 at 1.3p we are not talking about big money or big share price changes, but I personally think the shares may weaken at that time by a small amount but not significantly.
Also after this it was said that their would be a share consolidation, which is no bad thing. I think you do not have to worry and personnaly I would not try waiting until November for a better price, as you may be late for the forthcoming action. (Refer 11 Sep blogs )

REQUIRED FIELD - Evidently as you keep saying SEY is overvalued, you do not have any ? So why keep singing the same hymn ? As a matter of fact, besides Kurdistan, SEY has assets for sale in USA probably valued now at $100 million, plus small production offshore Mauritania, plus two large very promising acreages offshore Madagascar ( one of which Exxon is said to be drilling next year ), plus promising acerage offshore Eqitorial Guinea / Cameroon, and other interests. If Kurdistan stays stable, SEY will not be priced at 4.25p after they spud in, (December). If they find nothing of course they will drop back, but they do have other things.

rekirkham tks for the explanation, then as we see it as they are "ex" the offer if shareholders/underwriters buy all the shares on offer then at todays price the sp will be 3.75p when adjusted downwards by MM's.So if considering topping up best wait till after the new shares are issued in November, unless of course they announce some good news meantime which drives the sp upwards.

Halifax - Just had a word with my stockbroker. He says although their is an " Open offer ex date", it means that the offer will be sent out to those shareholders on the SEY register at 8 September 2009. It should not be read as the "Ex-Offer date". Confusing is it not ! He said an Open Offer is like a Rights Issue in so far as it has an Ex Offer Date, afterwhich the price may drop to 3.75p as you suggest, but no nil paid shares are marketed. Do you get it ? I just about do.
Therefore the current price of SEY includes the entitlement of 2 for 9 at 1.3p, and is not "ex-offer" ( as I wrongly suggested). Does that help or confuse ???
I suppose in November we shall receive the offer and have to take it up or not by the closing date. ( Unlike a rights issue we do not have nil paid shares )

rekirkham don't disagree but the entitlement to buy the new shares only applys to shares held prior to 8th september as we see it. Therefore if we buy more shares before november then we are not going to get any offer on those shares. The november offer will dilute existing shareholdins by 22% approx.

Looks like i have missed out on this one,
The doomsters predicted quite a retracement and in fact we have quite the opposite,double the sp from its low as a result of the last RNS.
Good luck to holders.

I expect 5p sometime capetown.

When they spud in at Kurdistan in December the price will be more like 7p. If they find any oil, which they almost certainly will, 7p will be history.

can anyone explain what spud means

Start of drilling

To enotsnugnel - Never mind "spud" - what the hell does "enotsnugnel" mean ?

Probably Len Gunstone????????

Well done HARRYCAT - It takes me all my time to think round corners, backwards, and into the future with share trading. Never mind somebodies name.

lol...Come and look into my dealing harry......you can see more than us..

We don't know that I am right yet!! But happy to bug*er up your portfolio as well as my own! ;o)

lol thanks harry i'm doing that quite well myself.... re: CAD

Come on "enotsnugnel" is HARRYCAT right - take us out of our misery ?

Decided to sign up here as well last week....overvalued : I still think this is but the sp keeps on rising and spudding can't be far away....

Ah, the lure of filthy money eh RF???? Duster or gusher, should be worth trading in & out a bit as the RNS are issued.

Not filthy money ...good, honest stuff....just bought a smallish amount to have a foothold in the stock.....

After one year of talking SEY down, I think you will not be sorry now you have a few.- Good luck with them. I have a shed full.