Held a few of these through my broker - so far, after checking my account, there does not appear to be any return of capital from the AEY liquidation credited to the account.
( Not that there will be much anyhow ).
If anyone out there has had some funds returned, we would be interested to know.
Just got a note from my Broker that AEY has gone down the tubes.....
Antrim Energy Inc
Voluntary Liquidation and Dissolution
Following shareholder approval at the meeting held on 30 August 2016, the board has announced that Antrim Energy Inc will be placed into voluntary liquidation which will result in the dissolution of the company.
Antrim Energy Inc shares will be cancelled from trading on AIM as at the close of market on 8 September 2016. The board anticipates that a return of capital, in the form of a cash distribution, will be paid. This is estimated to be CAD0.05 per share held. If and when the return of capital is paid, the sterling equivalent will be credited to your account accordingly.
Averaged down here to around 8p so this is another Oily loss, following on from Afren and probably XEL soon to join them, knowing my luck. Overall exposure to the junior oil market has resulted in my portfolio currently showing a !5% loss. Fortunately still a surplus of what the interest only mortgage payment is required in a couple of years time...
Interesting the market cap at this level is under £3 million.
No debt and just under $10 million in the bank plus opportunities??
Strange the disparity!!
From the RNS..
Antrim looking for M&A opportunities
By StockMarketWire | Wed, 25th May 2016 - 09:28
Antrim Energy posts a net loss of $913,000 for the three months to the end of March compared with a income of $461,000 a year ago.
Capital expenditures totalled $114,000 compared with $28,000 last time.
Antrimsays that with its current cash resources, no debt and no decommissioning obligations, continues to maintain a strong financial position.
Working capital at 31 March was US$9.2 million, including cash and cash equivalents of US$9.4 million.
Antrim says it continues to search for M&A opportunities, using a structured approach in its evaluation. Key criteria include strategic fit, focus on near term appraisal/development, use of funds, transformative potential with upside potential for Antrim shareholders and current or near term cash flow.
In a period of significant commodity price volatility, ensuring that the opportunity remains viable in a low oil and gas price environment is a key component in the evaluation.
At 9:28am: (LON:AEY) Antrim Energy share price was 0p at 1.38p
firstly - note the difference between dollars a pound. secondly note the cash burn due to decommissioning.
when all is done - they should have around 5 to 6mln in cash plus an interest in skelleg well / if when that happens
2p is cheap - 3p looks ok for time being but buyers market so they should be able to do something with a small interest that suits their tax credit shell. something like serica's deal from a year ago or so.
I think with the positive cash in the bank and the management making firm decisions for cost saving the price should get a lot better.
I am happy with the results and bought shares today and also have them is my sipp.:-)
Strong buy for now and oversold for me..
Wow - that's pretty cheap indeed to plug the wells and rid them of this black cloud.
Sp at 2p represents circa £3.5mln market cap.
Post decomm works, cash balance should be £7mln.
Throw in Skelig opportunity targeting 1bln barrels+ and if/when that gets a drill date, Antrim should be getting back to to double digits. Might be a year away or like Lansdowne Oil's rns this am - things could get drilled alot faster than many think.
That aside - Antrim has plenty of opportunities out there in this beaten up market to make £7mln work.
Nothing really new in there as far as I can tell, but a good summary. They say they are looking to "Evaluate new opportunities for transformative upside potential."
Current Market Cap is well below cash so worth holding on IMO. ($15m working capital and no debt)
SOU shares aren't the ones falling on the news though Hub, AEY down 21% (1.75-2.00) as their meal ticket walks out the door. SOU holders are probably relieved as this seemed an odd distraction to their strategy. £8m is peanuts especially once directors exit awards had been deducted.
they say.... ".... the resultant reduction in global appetite for deep water exploration, the Company has decided, having re-evaluated Antrim's assets, not to proceed further with an offer for Antrim at this time." END.
Ermmm - I thought the point of the cheap offer was to gain Antrim's cash balance of circa £8mln+ in exchange for some pony Sound Oil shares. In other words - a cheap way of gaining cash when the market is in no mood for placings without a heavy discount. In addition to that.. Antrim's tax losses are huge and worth millions. The Skellig opportunity was the last thing that Sound were after.
It was worth a cheeky bid though no matter how red faced Sound Oil execs might look today.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
13 January 2015
Sound Oil plc
("Sound Oil" or the "Company")
Withdrawal of Intended Offer for Antrim Energy Inc.
On 24 November 2014 Sound Oil announced its intention to launch a public offer (the "Intended Offer") for 100% of the share capital of Antrim Energy Inc ("Antrim").
Sound Oil confirms that following the continued deterioration of the oil price and the resultant reduction in global appetite for deep water exploration, the Company has decided, having re-evaluated Antrim's assets, not to proceed further with an offer for Antrim at this time.
Further information on Sound Oil may be found on the Company's website: www.soundoil.co.uk
Slightly old news from Oilbarrel, published on 31/12:
Calgary-based Antrim Energy has rebuffed the initial approach from fellow AIM E&P Sound Oil, saying the intended offer does not recognise the full value of the companys assets and potential. Last month Sound made an intended offer for Antrim of 0.3198 new ordinary shares for each Antrim share, valuing the Canadian company, which is trading below cash value, at 3.44 pence per share or £6.35 million for the entire issued share capital, representing a slim ten per cent premium.
If I were an Antrim investor I would be asking myself & the Company: where do we go from here? From a PIs point of view how long will it take for the sp to rise? What price drivers are there in 2015? Realistically,how long will the money last? I know they want a partnership: if not Sound Oil then who? What chances do we have of farming down our remaining assets for a free carry, still leaving enough worthwhile equity? Do the management have any plans other than extremely low COS high expense off-shore projects?And finally........what do the Directors of Antrim have against a partnership with Sound Oil, or are they really amenable but just want better terms?These are some of the questions I would be asking myself & anyone who is willing to listen in Calgary.
The O&G situation has changed beyond anyone's expectation or realization. Asset prices are almost rock bottom. M&A could be the difference between shareholders even getting their original investment back - or simply seeing it dwindle to negligible amounts. Sound Oil have a low risk asset portfolio & cash. They also have two big exploration assets. It's all on-shore & mostly previously discovered & therefore low risk & relatively high COS. However, our main asset is our CEO, James Parsons. He came to us with 12 years experience building new business for Shell Oil. So far he has delivered on every single stated aim................how many other AIM chiefs can say the same?
Antrim & Sound Oil could prosper together. As an Antrim Investor you need only ask one question of yourself: does my company have better near term prospects of making me money or returning my investment than Sound Oil? Look at your schedule & see the expected timeframe. Take into account that many off-shore projects may well be cancelled. Now look at what Sound Oil has to offer by way of price driving news. Check our RNS table or look at the website (new website coming in January).
Crude.........pie in the sky (any low chance of success asset) is just that. Sound Oil have a whole range of discovered assets they are bringing on stream. Plus some sexy pure exploration plays......although NOT wildcats. Come & join us & make some money............
Green..........when the vote comes, kick them into touch & join an ambitious company.......Sound Oil. Our CEO, James Parsons is dynamic & something of a tactical genius. He spent 12 years with Shell developing new business & has a business degree. He has appointed 2 ex ENI senior managers who have technical skill & know how to manage the permit process. You may be aware that we have been awarded a drill permit for our flagship Nervesa field today. The two permits we have are regional & local & the final permit from UNIMIG is now a formality. It looks like we are drilling in January...........come & join us!
As the oil price now stands Antrim have very little to bring to the table. That unfunded Skellig asset is hardly going to draw much enthusiasm in this climate. The cash could be put to so much better use in an enlarged Sound Oil. It's not as if Antrim investors will lose out - they won't. They will suddenly get exposure to what we bring: steady growth from previously discovered assets as we bring them on stream & a chance at the big time with our huge Badile gas project which we are drilling in the next six months - maybe sooner - not to mention our circa £14 million cash reserves & very little debt. We are a company that are starting to get noticed & have solid backing from big European investors. It's surely a win win situation for both sets of investors. If anything, Sound Oil investors will be slightly worse off because we will be the ones diluted by about 13% - Antrim will be getting a premium to today's prices. This deal makes too much sense not to happen & I fully expect the board at Antrim to recommend in the next few weeks. Anti need to merge
Voting at the AGM tomorrow to approve their executive compensation.
Termination without cause following a Change of Control:
 Severance provided pursuant to Executive Employment Agreement:
(i) two (2) times base annual salary
(ii) two (2) times annual bonus paid over the past one year
 Severance provided to CFO pursuant to the CFO Employment Agreement: 15 month's base salary and bonus paid for the calendar month immediately preceding the month in which notice is given.
 Payment for outstanding and accrued vacation pay
 Maintain benefits (health, dental, life insurance and disability) for a period of 12 months (or alternatively provide a lump sum payment to replace such benefits for a 12 month period).
After the AGM they can accept any offer from Sound Oil and be financially comfortable before the next stage of their career.
At current cash burn rates Antrims £10m will disappear in expensive offices and fat salaries and there will be nothing left in 2016 to drill Skellig. Do the maths, Sound will be 50p in 12-18 months if not taken over by ENI first, for a similar price.
Today Sound Oil Plc (LON:SOU) launched a public offer (intended offer) for 100% of the share capital of Antrim Energy, the RNS outlines the companys intention to leverage Sound Oils portfolio. Sound Oil has a decent balance sheet, a high impact drilling campaign, strong management and more importantly they are headed in the right direction. But what does this mean to investors.
Has clearly come off over the last few years, the company has some decent assets out in Ireland which have seen some progress however this really hasnt been enough for the company to gain any traction in the markets. As a result the company has traded weakly and without liquidity, which in itself becomes one of the biggest issues to face a sub £10m market capitalized company. The management has to hold up their hands and accept they may not have had the best of luck in the world but performance has just not been good enough. Todays offer gives shareholders some light at the end of the tunnel as together the offer will produce a company with a strong balance sheet, high impact exploration (near-term) and some production, whilst giving legs to the development of Antrims prospects and potential.
Sound really are in the driving seat with todays low ball hostile approach, they will clearly benefit strongly from the acquisition as the balance sheet would grow as would the upside potential of the business from Antrims key Irish asset. Its a brave call for the CEO to come in hard on Antrims sub prime BOD however fortunes favour the brave and this really is a deal which will suit both groups of investors, as it would mean a compounding of an even stronger balance sheet whilst encompassing newsflow, a billion dollar upside drilling campaign, cornerstone investors (institutional) and a strong dynamic management team. Sound oil has a mouth watering prospect to explore over the coming months with or without this deal.
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