Registered Members Login:
Forgotten Your Details? Click Here To Recover +
Welcome To The ShareCafe Community - Talk Shares And Take Stock With Smart Investors - New Here? Click To Register >

184 Pages (Click to Jump) V  < 1 2 3 4 5 6 7 > »    
Reply to this topic

post Posted: Jan 19 2012, 09:59 AM
  Quote Post

Posts: 480
Thanks: 30

Getting a bit interesting over at NXS at the moment but it's hard to know if I should be getting Big Kev excited just yet - Is it a bit of a dud deal that's way inferior to the liquids stripping plan? I dont know... Anyway any news is better that long periods of "news just around the corner". I've been hearing that for over 6 months and getting really over it. Looking back it's amazing I've hung on to 75% of my shares considering how disappointed I've been with this company recently.

Oh there's this article from the journalist that's written a few stories on NXS already over at The Australian...

google the title of the article for the link because if I post it here it will ask for login/password

Nexus Energy deal with Shell looms at Crux
BY: MATT CHAMBERS From: The Australian January 19, 2012

NEXUS Energy is expected to today announce a deal with oil major Shell that will see it abandon plans to build a petroleum liquids-stripping operation at the Crux gas field off the coast of Western Australia.

Nexus has been in talks with Shell, which owns the rights to Crux's gas, to jointly develop the field, probably in association with Shell's planned Prelude floating LNG project.

Yesterday, Nexus went into a trading halt ahead of an announcement on Crux. It is believed a deal has been reached with Shell and an announcement is expected today.

This means discussions with potential Chinese partners on a liquids-only development have been shelved.

Neither Nexus nor Shell would comment on the talks yesterday.

Depending on how the deal shapes up, in going with Shell, Nexus is probably choosing further out but less risky revenues than if it went with a separate development.

Nexus shares have risen 20 per cent in the past week and were at 24c before the trading halt.

Executive chairman Michael Fowler is at the helm of Nexus while the search continues for a chief executive to replace Richard Cottee.

Mr Cottee, who unsuccessfully tried to have Mr Fowler thrown off the board in November, left Nexus on September 22 after the board refused to back a deal he brought to it on the Echuca Shoals gas project, also off the WA coast.

BBY analyst Scott Ashton said some investors would view abandonment of the liquid-stripping project as a negative and might want to see a large upfront cash injection from Shell to offset deferred potential revenue.

Said 'Thanks' for this post: triage  
post Posted: Jan 18 2012, 06:42 PM
  Quote Post

Posts: 480
Thanks: 30

In Reply To: coorg013's post @ Dec 22 2011, 12:49 PM

Trading halt today and an article in AFR about expectations that Crux deal wont be made with some other Chinese third party but more likely to be something with Shell... apparently announcement revealing everything to come by friday at the latest

A bit annoyed I sold 25% of my share late last week at a small loss. I needed a bit of cash and wasn't expecting good news before sometime in mid march at the earliest...

Oh well. 12% loss is not bad if the rest of the shares end up in very healthy profit. Somehow I dont think it's going to go crazy even if the news is really good. People might have become a bit doubtful of the current board's promises after the last few years.

oh there's also this

Said 'Thanks' for this post: Commander C  noosaman  
post Posted: Dec 22 2011, 12:49 PM
  Quote Post

Posts: 174
Thanks: 7

In Reply To: slick7's post @ Dec 22 2011, 12:37 PM

very,very disappointed in this mob! thumbdown.gif

post Posted: Dec 22 2011, 12:37 PM
  Quote Post

Posts: 480
Thanks: 30

certainly not a merry christmas in the nexus camp

that shareholder update yesterday could only have disappointed me more if it said the company went broke and will stop trading... that major deal that was a couple of weeks away at the AGM probably saved the board and convinced large shareholders to support them instead of Richard Cottee. Except imminent announcement became end of calendar year, that became chinese new year and now it's by the end of Q1 2012... Given the current situation in europe I'd be getting cold feet getting into major deals because it could be possible to get a better deal / distressed asset type thing in a few more months.

didnt think I'd see 20c again - major disappointment - the board should take a 80% salary cut and even then they'd be getting extremely well reworded for their efforts this year

post Posted: Nov 18 2011, 01:07 PM
  Quote Post

Posts: 546
Thanks: 110

In Reply To: Commander C's post @ Nov 17 2011, 02:47 PM

36% I think it was actually. A good healthy protest. Maybe Cottee should have left it till next year when another protest against the remuneration report would give him a real chance.

I met Cottee before the meeting and found him straight up, as I had expected. As it turned out, and if the report in to-day's Australian is accurate, he misread things or failed to maintain contact with M & G and oither supporters.

I felt the directors acted arrogantly at the meeting, acting with a touch of triumphalism from the start, long before the resolutions were put and before the shareholders knew the proxy figures. Then later in the meeting when the first resolution was put the chairman put up on the screen the proxies received for the first three resolutions. Bad form indeed! That could influence the vote. Stephen Mayne got up and said so. He spoke well as he always does, but he was a bit restrained for him.

The meeting began more than half an hour late because Computershare couldn't get its registration act together. As usual, they couldn't find my name on the register and I had to lead the dill through the steps to find it. It's not rocket science. I don't know where they find their staff.

If the show is not on the road next year we should simply vote the remuneration report down again. I was certainly not satisfied by the explanation given for the Chairman receiveng a severance payment and then being reinstated in the job he had been paid severance money to vacate. That is how the PNG Public Service operates. I thought we were a bit more circumspect about the way we did things in this country. weirdsmiley.gif

Said 'Thanks' for this post: Brierley  slick7  
post Posted: Nov 18 2011, 11:10 AM
  Quote Post

Posts: 531
Thanks: 57

In Reply To: slick7's post @ Nov 17 2011, 09:36 PM

Todays "The Aust" reports ...Fowler confirmed a report the co. was in talks with a Chinese party...also said it might combine with Shell.."
As the Chinese are renown for not making quick decisions , if they are the likely candidate,very unlikely to be a near announcement.
I've always thought Shell to be the likely candidate, but perhaps they think they'l get crux for nothing.


post Posted: Nov 17 2011, 09:36 PM
  Quote Post

Posts: 480
Thanks: 30

not happy - hard to get excited about Crux when the absolute latest we had a deal was end of 2011 according to promises by the board and now it's early 2012 (whatever that means).... March? Oops slight delay June-July 2012 at the very latest

I'm still in - adjusted my stops to 23c initially but in the end decided to hang on a bit longer

Commander C
post Posted: Nov 17 2011, 02:47 PM
  Quote Post

Posts: 1,116
Thanks: 49

In Reply To: rick001's post @ Nov 17 2011, 02:23 PM

Yeh not so good news for the Cottee camp

Still 35% voted "no" against the remuneration report = 1 strike

If at the next AGM more than 25% vote "no",

then a resolution to remove all directors (spill the Board) must be put to shareholders (requiring 50% to succeed) at the same AGM

then within 90 days, a new vote on who should be a director (where the spilled directors can stand again of course)

post Posted: Nov 17 2011, 02:23 PM
  Quote Post

Posts: 16
Thanks: 2

In Reply To: Commander C's post @ Nov 17 2011, 12:50 PM

Hi Notice to asx now out. All motions passed. The board re-elected. Cheers...Rick

Commander C
post Posted: Nov 17 2011, 12:50 PM
  Quote Post

Posts: 1,116
Thanks: 49

In Reply To: lgrif's post @ Nov 17 2011, 11:08 AM

Any word on the voting?


184 Pages (Click to Jump) V  < 1 2 3 4 5 6 7 > » 

Back To Top Of Page
Reply to this topic

You agree through the use of ShareCafe, that you understand and accept the TERMS OF USE.