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Venoco, Inc. Message Board

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  • waywol waywol May 25, 2012 3:04 PM Flag

    Deal Likely To Go

    yep - in my haste to hit "post" I had a major brainfart on the calls - no way they'd be worth that.

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    • Well it looks like I may be wrong about the vote being automatic.

      According to the deal professor, “Earlier this week, Institutional Shareholder Services, the proxy advisory firm, recommended that shareholders vote against the deal.”

      I wonder if word of this leaked last week causing the big selloff? Either way, this has created some uncertainty so a vote approving the merger will eliminate that risk and should cause the stock price to go up.

      He also mentioned that the deadline for Marquez to secure financing has been extended until October 16th.

      • 2 Replies to bigdemeter
      • I am also a shareholder with a lot of shares. and I mean a lot. I kept pestering Investor Relations regarding financing. They kept telling me they cannot talk about financing. This is what they told me though, 6/12/12 - ONE WEEK AFTER THE JUNE 5 MERGER VOTE is the deadline for Marquez to give a firm financing commitment and 10/16/12 is the merger termination date - if the merger does not happen by 10/16/12, the merger is cancelled. In other words, Marquez has until October to do the voting but only until 6/12/12 to announce financing. If this is so, why does the vote come BEFORE the financing commitment? He could have announced the financing before doing the voting. I think that the reason why there has been no mention of financing until now is - if you read the SEC filing DEFM14A page 24, 2nd paragraph, 2nd sentence, it says that, "Marquez's financing sources indicated that obtaining a portion of the contemplated financing might be more successful after receipt of stockholder approval". See! He has to get shareholder approval of the merger first before he can finalize financing. What do you guys think? Look at the SEC filing mentioned and you can verify this.

      • FYI, here's the entire piece --

        The key takeaways have already been mentioned (in particular, ISS, prolly sparked the selloff -- I think the arbs were thinking a YES vote was a slam dunk. Prolly still is, IMHO, bet arbs are owning it).

        Anyway, I will say one thing, he's cute! Who wouldn't give that boy financing?