posted
I have to wonder if MM's where ready to bring it down and the timing was with the news. I think people where waiting for it to take off and when it started dropping it caused more panick selling. JMO
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Lisbon - A source from Galp Energia said today that Galp Energia will launch a takeover to Grifco International Inc . Galp Energia, will notifie next friday the Portuguese National Securities Market Commission (CNMV) that it was willing to waive the condition of a 75% minimum acceptance level to which its public offer for the acquisition of Grifco International Inc shares was subject, taking into consideration that the response received will be sufficient to develop the business project pursued through the takeover bid. Galp Energia will launch a takeover bid for Grifco International Inc with the payment of $3.65 USD for each of the that responded to the tender offer, this initial offer could reach the limit of price of $4.10 USD for each share of the company.
About Galp Energia :
Born in the year 2000, Galp Energia is the holding responsible for the reshaping of the portuguese energy sector, in the oil and natural gas businesses. Our goal is to build a national oil and gas company, compliant with modern international standards, to be a key player in the Portuguese economy, and to grow in the international energy industry, by becoming a relevant competitor in the Iberian market.
Our commitment is to secure the consumers' preference through integrated energy offers and complementary services in the markets where Galp Energia may obtain competitive advantages, adding value to the shareholders, clients and employees.
Galp Energia, SGPS, S.A.
Edifício Galp Energia Rua Tomás da Fonseca 1600-209 Lisboa Portugal
posted
be careful with this one, i had called their pr # about a week ago and asked about the whole 2.25 buy and the guy was acting kinda weird and was sayin something about the buyout being for something else not for the gfci shares. Since then when I've read their pr's it doesnt really say what the buyout is for so .... just beware..
"Grifco...reached an agreement with Lyamec on a $2.25 proposed offering. Filings for either foreign securities registration or U.S securities registration are currently under review."
pffffft.
the ole' bait and switch: suddenly the buyout is magically recast as some sort of new filing.
have given GFCI the benefit of the doubt for a long time, but - the PR today clinched it for me - i'm out. i dumped all my GFCI shares today, which was kind of an absurd situation: was working where i had no net access and read the PR on my cellphone, so i had to call my wife at work and talk her through logging into scottrade and dumping it.
really am lucky to have ended up making a mild profit on GFCI in the end thanks to swing-trading, frankly - i deserved to lose money on this one.
who knows - know that i dumped it, it'll probably go straight to $1. but - i can live with that, the PR today was a clear sell signal in my eyes.
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"Further, Grifco announces that it has adopted resolutions to protect assets and to fend itself off as a target opportunity for a hostile takeover, with additional consideration and security in connection with Global Oil Tools Libya. In accordance with adopted resolutions and pursuant to agreements in place, Grifco International is to commence completion of consolidated audited financial statements as well as begin required asset separation agreements with certain subsidiaries as part of the offering. Pursuant to the terms of the asset separation agreement, certain subsidiaries will become "stand-alone" companies. The stand-alone company will operate independently of Grifco."
quote:Originally posted by Purl Gurl: "resolutions to protect assets and to fend itself off as a target opportunity for a hostile takeover, with additional consideration and security in connection with Global Oil Tools Libya."
in other words - the $28M additional number Lyamec bandied about in the previous PR was a poison pill, that no one will ever pay.
so the question is: can the previous PR from lyamec be considered fraud? probably not, they'll probably get away with it, blaming the language barrier and the vagueness of the wording.
the most shocking thing to me today is that GFCI actually went UP for awhile after today's PR. i'm completely befuddled as to how anyone could think it should go UP after reading that PR, must be truly a serious lack of reading comprehension imho.
eh who knows - if past history is any indicator; GFCI will shortly hit $3. i *always* sell too early.
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"must be truly a serious lack of reading comprehension"
You are such a gentleman. I would simply write, "They are idiots."
"Something ain't right." When I write this expression for readers, be sure this is true.
Very clear this is a shady bait and switch operation at play.
Previously, wording "suggests" a takeover of Grifco by Lyamec. Now, well, rather obvious a subsidiary is the target.
Lyamec partially funded this subsidiary "deal" last summer through their several million share purchase of Grifco stock, then promptly lost half of the share value equity, as noted in a previous article of mine.
Also noted by Blue and me, a number of times, a hostile relationship is involved.
Appears Lyamec is trying to recover some its losses on last Summer's deal.
Bottom line is this "buy out" involves only a single subsidiary not worth the initial published per share price.
You are right, Blue; another NDOL bait and switch.
Hmm, thinking I should take Glassyboy as my third husband. With the three of those boys around, Billyray, Blue and Glassy, might actually get some yardwork done around here.
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It sure seems like there's alot of people trying to pump up this stock, I'm not sure what to make of it.
On the one hand, gfci has been around for a while and people in the industry have heard of their products and name.
On the other hand, the press releases are so ambiguous that you cant really understand what they really mean. Either the person making them is incompetent or something else is going on.
I do know that both sharpeyed[daught]com and *********[daught]com have both initiated coverage and that ********* actually received 200,000 shares in order to do it. It also seems that there are other random sites trying to promote gfci as well ....capitalandcrisis[daught]com and the telecentro link telecentro.pt/forum/ler_questao.asp?qt=228&varid=2 which the telecentro link is clearly a fake by someone who posts other buyout links.
What does everyone else make of this?
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just as i figured...i knew the pr guy was actin shady. sayin something about lyamec buying a part of gfci not gfci itself...just not in so many words...
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Readers are encouraged to compare GFCI and NDOL stock for pump tactics.
Both companies used the same tactic of a classic bait and switch to defraud the public. I agree with Blue these may not be unlawful tactics but those tactics are fraud, nonetheless.
NDOL claimed a buy out offer at 2.17 per. GFCI claimed a buy out offer at 2.25 per.
In both cases, later, the companies disclose only a subsidiary is involved, no buy out, then the share price crashes.
A difference is NDOL hired a lot of pump and dump people to work their stock, including several pump and dump people with felony conviction records for just such. NDOL was able to drive share price up to 1.50 per before a crash.
GFCI and Lyamec is clearly a less clear picture. None of us can figure out exactly what is going on between the two companies; hostile or friendly. I cannot determine if GFCI is pumping or if this Lyamec is pumping, or both.
All of this supports my suggestion to readers, when dealing with high risk stocks, move in and out of that stock very quickly and repeatedly to protect your capital; do not hold more than a day.
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Thanks PG. I was fortunate enough that this got back above my original .245 buy in price the other day, so I could get most of my position sold.
Great DD as always. I never followed NDOL to closely, never played it either.
quote:Originally posted by Purl Gurl: Readers are encouraged to compare GFCI and NDOL
this thought has crossed my mind too, also i guess one could toss in IDWD i think it was.
maybe my perspective is colored and/or i'm flat out wrong, but - to me NDOL seemed like a scam from the start, whereas GFCI was more complex and promising. quite a few well-respected posters, posters i respect a great deal, also found great interest in GFCI and invested at least a small amount in it. posters who i have a moderate degree of trust in personally visited grifco and CTT and came back with positive reports.
i personally don't believe these companies are complete fabrications set up simply as a sham, i believe they sell real tools. there were plenty of screwups along the way, but - maybe naively - i always held out hope for GFCI up until that PR yesterday. but somewhere along the lines, the wheels just completely spun off.
i'm frankly still pissed at lyamec and grifco at that ridiculous stinking pile of sh!t they dumped on the table yesterday. really makes you wonder - just what the hell happened here. at one point i truly think there was an honest business here, and i still believe swinford is a skilled engineer with some promising inventions.
so - what the hell happened along the way? who's the "bad guy"?
if i had to guess, and i admit that this is purely a guess: dial and swinford are perhaps only guilty of a mixture of incompetence at management and inexperience at running a public company. lyamec, i used to hold out hope that lyamec would be able to right the ship. after the last 2 PR's though, one can't help but come away with a very negative view of them. they seemed to be behind these last 2 PR's, and - i don't see anyway around that they were a pure bait-and-switch load of sh!t.
eh, i dunno - just a mess at this point. just not enough information from these ridiculously dense PR's to truly make an informed opinion.
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