African Petroleum Plc

[ojforums]

Kinda lost now in the market

Originally Posted by BLUEMONEY

Thanks for completing the Statement.

African Petroleum Plc will likely Bottom when the Fundamentals of the company can support the price or will have another Artificial Support if the Political Predators are still Vying for Controlling Shares of the company.

[mosbe]

Originally Posted by ojforums

Kinda lost now in the market

Dont bother much...It will only be a matter of time...You will be found.

[mosbe]

"Copyright infringement"

[mosbe]

"Copyright infringement"

[savvy]

May the wind of change promised generate proper returns come 2009

[hispy99]

http://www.punchng.com/Article-print...09011213392762

[olusolakemmy]

Originally Posted by hispy99

Zenon Oil, AP admit flop in merger talks
By John Ameh
Published: Monday, 12 Jan 2009

The proposed merger between Zenon Oil and Gas Limited and African Petroleum Plc may have hit the rocks.

Both firms have admitted before the House of Representatives Committee o Capital Market that they have not made progress with the merger.

AP, in a letter to the committee, dated January 5, 2009, said that the merger talks were not encouraging.

The document, which was signed by the Chief Operating Officer, Mr. Tunde Falasinhu and the Company Secretary, Mrs. Elizabeth Idigbe, reads, “nothing concrete has been achieved or done towards the merger which was though proposed and approved at the last Annual General Meeting of African Petroleum Plc.”

On its part, Zenon, at meeting with the committee, headed by Mr. Ahmed Wadada on December 17, 2008, had informed the members verbally that it had withdrawn from the merger talks.

Following the development, the committee wrote Zenon, asking it to put its decision in writing so as to straighten the records.

The committee explained, “This is necessary so that the committee will not only have its record completed but also, to avoid a situation where by the matter remains with an open-minded conclusion.”

how is there merger difficult?
one man has major interest in the two companies, isnt?

[BLUEMONEY]

Originally Posted by olusolakemmy

how is there merger difficult?
one man has major interest in the two companies, isnt?

Maybe because of the outside pressure they have decided to Abandon the marger talks. As not everybody is happy with Zenon Oil joining the AP Family.

[yomyomng]

Hi Guys,
Can someone please tell me when we should hope to get our AP share allotment Or does the suspension of merger talks mean suspension of share allotment.? At least, one thing we do know is that the AP shares have now been politicised. Good tactics, after taking custody of peoples money!!!

[Michael]

Originally Posted by olusolakemmy

how is there merger difficult?
one man has major interest in the two companies, isnt?

Yes but he doesn't own them entirely does he?

[hispy99]

Originally Posted by Michael

Yes but he doesn't own them entirely does he?

I thought he had a substantial stake in AP (I'm sure he must have increased his stake during the last RO) and he owns Zenon (or does he not?)

[Babs_O]

SEC TO SANCTION BANKS OVER NON-REMITTANCE OF
N39BN AP FUND
THURSDAY 05, March 2009
The Securities and Exchange Commission yesterday
threatened to sanction some banks for failing to
remit about N39 billion proceeds of shares they sold
for African Petroleum (AP) during its 2008 public
offer. Director-General of the Commission, Mallam
Musa El-Faki, issued the threat in Abuja at an
interactive session with the House of Representatives
Committee on Capital Market. The Committee had
invited him to offer explanation on a petition by
African Petroleum alleging that underwriters of its
2008 offer of ordinary shares had yet to make the
necessary remittances to the issuer.

Babs_O Comment:
Which banks / groups did the underwriting. They now have to cough out the money for not doing proper oversight required for valuations before underwriting.

[BLUEMONEY]

Originally Posted by Babs_O

SEC TO SANCTION BANKS OVER NON-REMITTANCE OF
N39BN AP FUND
THURSDAY 05, March 2009
The Securities and Exchange Commission yesterday
threatened to sanction some banks for failing to
remit about N39 billion proceeds of shares they sold
for African Petroleum (AP) during its 2008 public
offer. Director-General of the Commission, Mallam
Musa El-Faki, issued the threat in Abuja at an
interactive session with the House of Representatives
Committee on Capital Market. The Committee had
invited him to offer explanation on a petition by
African Petroleum alleging that underwriters of its
2008 offer of ordinary shares had yet to make the
necessary remittances to the issuer.

Babs_O Comment:
Which banks / groups did the underwriting. They now have to cough out the money for not doing proper oversight required for valuations before underwriting.

I wonder who sent them to underwrite the PO in the first place. Well, Agreement is Agreement and they have to come up with the money.

[muranay@yahoo.com]

Guru in the forum,please at what price do you consider AP price attractive or bottom out?

[knightofdelta]

Originally Posted by muranay@yahoo.com

Guru in the forum,please at what price do you consider AP price attractive or bottom out?

The PE model generated N85.39 per share and the price to book model generated N65.63 with the average prices indicating a fair price of N75.51. At the current price of N63.18, AP is undervalued.

The selling pressure continues...

[tonidol]

Originally Posted by knightofdelta

The PE model generated N85.39 per share and the price to book model generated N65.63 with the average prices indicating a fair price of N75.51. At the current price of N63.18, AP is undervalued.

The selling pressure continues...

KOD, why the selling pressure on this stock from your own perspective

[knightofdelta]

Originally Posted by tonidol

KOD, why the selling pressure on this stock from your own perspective

Everybody has lost in the market over the past one year. Some investors had AP when it was selling for less than N50 in 2007... it sounds strange but people are actually taking profits, one of the very few profits still remaining on the NSE.

[zainabusman]

originally posted by sola12 in bank thread.....

am not sure if this is the best place to post this but did anybody see the AP paid advert in the dailies today? it's almost comical except that this is naija and things happens. na wa o. why is femi screaming his head off, i thot it's a game they all play so well. remember how AP shares entered 300 from 40 naira? any way, isnt it possible that he also manipulate the shares back in the other direction?
to be candid, it's almost scary, imagine the number of people who will be seriously and adversely affected or atleast be having palpitations. isnt this act criminal? how does this kind of activity reflect on the market? sometimes you just wonder. Nigeria puzzles me

[zainabusman]

Originally Posted by zainabusman

originally posted by sola12 in bank thread.....

am not sure if this is the best place to post this but did anybody see the AP paid advert in the dailies today? it's almost comical except that this is naija and things happens. na wa o. why is femi screaming his head off, i thot it's a game they all play so well. remember how AP shares entered 300 from 40 naira? any way, isnt it possible that he also manipulate the shares back in the other direction?
to be candid, it's almost scary, imagine the number of people who will be seriously and adversely affected or atleast be having palpitations. isnt this act criminal? how does this kind of activity reflect on the market? sometimes you just wonder. Nigeria puzzles me

Sola12 and savvy,

I moved the above to this thread as this is the appropriate thread to discuss it.

I saw the advert in Today's paper. It was made by AP.

It is indeed disgusting and exposes the manipulation that has been going on in the NSE. But how did AP get hold of the CSCS transactions of Dangote? Something unethical is going on in there.

Is there anything wrong strictly speaking in making this cross deals for a very illiquid stock if you can? Why cant this be done to Dangote Sugar for example? Afterall Forbes alledged that Femi is buying DSR although i cant see the effect on the share price.

I recall it was catweasel that mentioned the likelihood of being able to influence the share price of redstar singlehandedly. I recall there was a day that i was practically the main buyer on Nascon, and i could have easily determined the price.

I dont like the diemnsion this fight bw this men is taking. They should not bring us down with them. Furthermore it erodes the already fragile confidence in the market.

[zainabusman]

Originally Posted by zainabusman

Sola12 and savvy,

I moved the above to this thread as this is the appropriate thread to discuss it.

I saw the advert in Today's paper. It was made by AP.

It is indeed disgusting and exposes the manipulation that has been going on in the NSE. But how did AP get hold of the CSCS transactions of Dangote? Something unethical is going on in there.

Is there anything wrong strictly speaking in making this cross deals for a very illiquid stock if you can? Why cant this be done to Dangote Sugar for example? Afterall Forbes alledged that Femi is buying DSR although i cant see the effect on the share price.

I recall it was catweasel that mentioned the likelihood of being able to influence the share price of redstar singlehandedly. I recall there was a day that i was practically the main buyer on Nascon, and i could have easily determined the price.

I dont like the diemnsion this fight bw this men is taking. They should not bring us down with them. Furthermore it erodes the already fragile confidence in the market.

It is interesting how Thisday and other papers jumped at publishing such a very damaging advert. This advert has the potential to drive away any so called fgn investors that are thinking of coming in.

I recall when we tried to publish a genuine rejoinder on Sterling bank. It proved almost impossible. In the end we did not publish. Now this is published.