Southern Pacific Resource Corp STPJF

Strategic Review

[hudson1234]

I have just looked through all the old news releases from December 2013 onwards and have not been able to find a date at which the strategic review was to be completed. The news releases all state:

"This process remains ongoing. The Company does not intend to disclose developments with respect to the strategic review process until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate."

Some have been saying it is to be completed May 30th, does anyone know where this date came from?

Additionally the December 2013 NR states:

"The Board of Directors has established a Special Committee comprised of independent directors to oversee the process and RBC Capital Markets have been retained to assist the Special Committee and the Company with this process."

The fact that independent directors are over seeing this may have some impact on the fact that the company hasn't been as forthcoming with information as they have been in the past. This is just my opinion, any thoughts?

 

[bmofoshizz]

Read the January credit line extension news release. It speaks to the timeline being end May for the credit line extension coinciding with the end of strategic review. 

[hudson1234]

Thanks bmo. I saw that one too I just didn't see it as being a difinitive date, especially with the credit line being taken care of already. To me that appears to just merely be an approximate timeline.Totally makes sense where people are getting the date from though. Hopefully we here something soon.

[Eyeinvestor]

The company was fairly clear in January that the deadline for the end of the strategic review was May. Since then they raised the term debt which gives them a longer runway. BUT....the strategic review and sale process started in December. Six months is a long time for a transaction with a professed willing seller . Last month the company sent a strong signal that a sale was imminent by

[Eyeinvestor]

Sorry, the para didn't work on my post. Reason #1 is dickering on price Reason #2 is that There are two parties bidding Reason #3 is that the deal has got complex.

[CommunityMind]

Eye, of all the posters on the board, I like reading your comments best :)

[himmler]

#4..there is no one interested. Everyone including you ,is very optimistic here,Eye.I hope you lads are correct but I am not so optimistic.Survival of this company is of utmost importance and despite managements claim of 'preserving shareholders value' ,Ithink we all know that is a phrase that means nothing. I am hopefull as well,nothing to do with reality of course ...only the fact that I

[Eyeinvestor]

Himmler, We know there were interested parties for two reasons:- 1. The Management raised $150 million and described a capex plan. A few weeks later they suspended the capex plan due to some kind of development resulting from the strategic review. The only development that we can think of that would cause capex to be suspended would be a potential sale of the company 2. Even a few cursory calls

[Junit290]

Eye- your posts are excellent. Good quality and well thought out. I agree you one most points but I would like to ask a question. They can't sell the company for less than the current share price can they? I mean I would have to vote 192k times against that as my average is in the .22 cents range. I so however agree that a 50cent value doesn't seem out of the question because the company

[ShatnersRug]

What if the ICDs on Pad 1 have been a complete failure, and those on Pad 2 have only marginally increased production? 350bbl to 700bbl Would this sufficiently "unlock" McKay's value? Or even a portion of it?