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That was my instant view as well
Relax and enjoy the dividends. There will be plenty of opportunity for a merger, once the strategic objectives are executed! This is a long play. Personally I would like to see executive pay reduced overall and tied performance based targets.
Should have merged with Tullow. What a joke.
Kioto: You left out part of this announcement:
'Delivery on our shareholder return commitment set out in the strategic review, with ~$568m paid to shareholders in 2023 and a further planned dividend payment of $50m in Q2 2024, accompanied by a share consolidation, subject to shareholder approval'
Another share consolidation...
History suggests you would be better off unloading your shares before the ex-dividend date and buying them back after the excessive fall in share price; ie., the sp fall is greater than the dividend, and by quite a margin the last time. You won't lose as many shares that way (and can make more money with the eventual lift in share price back to where it should have been, after some months of recovery, if history repeats). It's troubling that CNE won't give shareholders a dividend without shafting them via a share consolidation at the same time.
I could use the divi cash!!!!!! thanks NEW BOD'S: now focus on growing share price, perhaps a merger??
https://www.investorschronicle.co.uk/news/2024/03/28/capricorn-energy-to-pay-50mn-special-dividend/#:~:text=The%20company%20will%20pay%20a,to%20the%20Cairn%20India%20battle.
I just received the following email:
Capricorn Energy PLC Proposes Special Dividend to Be Paid in Second Quarter of 2024
Capricorn Energy PLC announced that the company is proposing a $50 million special dividend to be paid in second quarter of 2024, subject to shareholder approval.
**Hats off to the ne BOD. Under the old BOD this would never have happened. Are we back in the game?
How much do they actually owe now and will we ever see it.
The company is a mess, totally ruined. Bill must be totally cringing to think what they have done. As a very long time holder this beggars belief, all that money just vanished.
Whats the BOD's next move to bring this stock bac to life? When will we see the
fruits from their proposed changes? When is the next update meeting/ announcement/ update
for shareholders??????
The dividend was nice, but need to pump life back into the stock.
Aye agreed.
Garbage company - could have been merged into one of the largest net producers in Africa alongside Tullow but instead... they got shafted my share holders wanting a large one off payment.
Wasted potential and now it has nothing worthy of note
Done .
Please sign and share on all social media platforms
https://petition.parliament.uk/petitions/657294
Hi SpArmada
I did see the data somewhere on the Capricorn Website that your looking for (sadly can't remember where exactly).
The terms are not the same virtually every field has slightly differently terms.
LOTM
Please sign and share
https://petition.parliament.uk/petitions/657294
Does anyone know where I can find the conditions to calculate the net entitlement in Egypt? Thanks
I've been monitoring this share thinking it might be worth a punt.
But reading the february rns gives me the impression Capricorn is truly scuppered.
1) the storage facility won't be in place, constructed and fully tested & certified until at least another month or 2 (looking may at best)
2) woodside have absolutely no incentive to achieve the 72hr continuous production and 30,000 barrells of 'saleable' oil. In fact, it is in Woodside' best interests to avoid it by the june deadline as then rhey don't lose in paying out minimum £25M to Capricorn.
3) I might be 'nieve' but..... if I was Woodside i could easily run production for 70hrs, shutdown, restart after 1 hr.... "rinse & repeat'. Capricorn can't do a damn thing about it.
4) the likelyhood of the Senegal government giving in to rescinding the £25M tax+interest+penalties is seriously doubtful. At best Capricorn will have to take it through the international courts... costing millions with little hope of success.
5) The government will (imho) immediately 'arrest' any £25M+ tax etc from Woodside if they were to meet the production deadline. Woodside would have no choice in the matter. Partly because the government will likely threaten their production license, but mostly because the government will establish it as a "Priority One" debt..... just as the UK government and any other government does.
So, my question is this..... how the Hell is Capricorn going to get over all those hurdles?
What are their plans to even negate any of the above?
Note: any 'contract', guarantee etc with Woodside for payments etc is legally null & void if (aka when) the government claims a Priority 1 debt.
Hi Varnish,
I hadn't seen the $8 Billion news, so that might help explain the rise in the share price today.
I'm not sure how far $8 Billion will though, given Capricorn were due $173M at the last notification, so there partner will be due the same amount so roughly $350M that's overdue just to 2 company's what about all the others in the O&G industry & then in other area's of the economy as well.
So it may help unfreeze some of it, which will be welcome.
The country needs power & the O&G's company's are going to invest as little money as possible until they get paid. Which means production will be less & as a consequence they'll need to import more energy to meet the countries need & that will be costly for the country.
LOTM
Thanks for your informative posts LOTM. I’m no expert just someone who’s held this share for too long! Anyway I see that Egypt has secured $8bn of funding from the IMF today. Could this help Capricorn secure some/all of the receivables due from Egypt? It may even explain the slight up tick in the share price today but WDIK
Hi Tren,
As Gruyere said, Capricorn have no input or involvement in Sangomar at all, there just crossing there fingers & hoping for the best. All or nothing rests on that 30th June date (& if that's achieved then they need $55+ average for Brent for 6 month's for $25M or over $60 for $50M.
If they'd structure the deal similar to the Waldorf one in the north sea regarding contingent payments they would be in a far better position than they are. They've lost out on a massive sum of money. FAR were far smarter with there deal with Woodside, its production based (similar to the Waldorf one) & it looks like they'll get all or the vast majority of there contingent payments over the next 3 years.
GLA
LOTM
Don't think so. Their update on Sangomar specifies what first oil achieved is.
Has Capricorn any involvement with meeting the 30th June deadline other than crossing their fingers?
Have been away for a while. Can someone summarize why the stock is in down so much? Damn, I thought the new BOD had the ship steady?????
Hi GrumpusLOL,
At least you saved some money compared to today's close, that was an awful auction for anyone still in the stock.
Hopefully the buy-back picked up at least 50,000 shares for the day with an average price of say £1.13
The 2 lots shorting the shares are sure raking in the £'s at the moment, the share price decline seems to have accelerated of late - no doubt in part because of them.
Market cap is down to virtually £100M now (a touch over £103 as it stands) who would have thought it.
So tempting to start picking up a few shares now at this price, but where is the sign of a bottom ? is £1 or less achievable/realistic ......
GLA
LOTM
Hi Johnnytaffia,
Yes I'm still watching it. It's getting to the point where I might dip my toe back in.
In all honesty thou, its really hard to do so when there is absolutely no visibility whatsoever on Egypt & what's going on there & knowing just how bad things really are.
A year ago the new board promised shareholders that they would be kept fully informed & the exact opposite has been true since late October & the cancellation of the Egypt update due for 30th November. 3 month's later & no sign whatsoever of when it will take place (if at all).
The buy-back is getting some really cheap shares at the moment (well relative to the price before ie £1.80) because of that information vacuum. Only time will tell if its a bargain price or not.
Good Luck All
LOTM