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Just received my settlement for WEN in my share account, so that concludes the business here. Overall, I was fairly happy with my investment, and dividends here but 2023 was a drag for sure (with no divs). So thanks all and esp. Mick.
Mick2020;
I have not been here/in WNW for a year, and have only came back to this board when I saw it hit the highest daily rise radar, and I was curious as to what had transpired. I checked the price I sold at and it was half a penny higher than that end day jump - a year ago. My main point was to thank you for your contribution to this board, which when I was in , I very much valued . I wanted you to be wrong in your forthright whilst considered views. The nature of which precipitated me selling out a year ago. Everything you suggested, and was frequently derided for, has transpired, which is why, like Ecologist, I bought M&P, long before the initial buy announcement.
Mick2020, you did me, as you have this board a great service, and I thank you for that.
Well done ecologist. I think the deal is done, your timing for this investment was excellent. For the real long-term shareholders the deal was actually terrible, but for people who bought later (including myself) it was probably good enough. You cannot expect more from a greedy and incompetent management unfortunately. Katherine got her deal, and most important to her, she now got her ~3 mln bonus. It's actually symptomatic for many companies listed on AIM : the main purpose of the company is 1) to get money out of the market and 2) to make management rich... All you need is 3) promises of huge future profits and 4) clever marketing.
Time to move on and say goodbye to WEN. Also time to retire "Mick2020". All the best everybody!
Could M&P be picking up shares at a slightly cheaper price?
I voted against the t/o last year but when the majority vote went for the deal, decided to put the equivalent amount into M&P. Almost a 100% return, so no moans from me.
I find todays announcement pretty vague, and the jump in SP strange. After countless promisses that turned out to be nothing burgers, I get supicisous. It is a bit conveniant that everything is supposedly falling in place just a working day after AGM, where Roe's position is expected to be discussed..
Or is it just me?
RNS today and SP recovery suggests we are game on for the deal by the long stop date, but who is buying all of a sudden at 31p? Not really much of an uplift on the deal payment of 32.5p. A 500k buy earlier too..
FY 2022 final dividend (1.4p ) + interim H1 2023 dividend: (~0.8p) = 2.2p. With 2 new wells and a compression project planned for next year (100 mln gross?) the company will need a lot of cash the next 12 months. I don't expect the additional special dividend to be much greater than 1 pence.
Note that if the company reduced its G&A costs (to normal levels), they could easily pay out the special dividend every year, as normal dividend.
So you reckon 3-4p will cover all this " FY 2022 final dividend, the interim H1 2023 dividend plus an additional "special" dividend "?
The AGM will be held on 15 December, see the announcement below. Shareholders finally have an opportunity to force change, by voting out Katherine.
She has misled shareholders for years now, e.g. by stating that she would reduce G&A spending, by pushing through a bad deal, by talking down the asset at many occasions this year, by saying that M&P have no plans to further investment in the field, by not sharing essential cost recovery information, by pretending that WEN is a semi-operating company.
If the take-over fails, she has in fact achieved very little at all. Costs are so high that despite record production the company is barely breaking even. We desperately need change. We need a management represents the shareholders and focusses on reducing costs to the absolute minimum.
Note that the company now wants to “soften the blow” pay paying an extra dividend early next year. Expect a one-off 3-4p dividend, not more. Nice, but not very much. If the company had reduced costs earlier we would easily get such a dividend, every year, so not as a special one-off. Time for change, time to vote out Katherine. Vote “NO” on resolution 3!
https://wp-wentworth-2020.s3.eu-west-2.amazonaws.com/media/2023/11/WEN-2023-Notice-of-AGM-final.pdf
wow mick!!!!
i just asked a question and most of your reply is a harassment. having had a different opinion to you mick is not allowed.
i understand.
this message board is joke. how many people read posts here? i probably was one of the few and i was annoyed by your constant negativity,i thought many people would read messages here. i stated you have posted probably more than 1000 posts bashing people who don't agree with you , and stating that you posted libellous and defamation messages about named persons. i did not like that and i think those people in the board got really ****ed off by your negative attacks. imo the constant complaint from people like you and a lot of people in the norwegian xtrainvestor had an negative effect and if it would have been me, i think i wouldn't bother anymore.
anyway. the mismanagement regarding the take over seems to be very grave ( i wondered if it could be a class action against the management) . from my understanding the board of directors has not acted in the interest of the shareholders. would it help to get a new board of directors, i don't know, if i understand correct, you are one of the people aiming for a position there. so i rest my case.
Wow, Astrol!
Are you not the guy who in the past was “impressed” by Katherine and called her “a very skilled woman with a strong backbone”, who had done “a lot of great things”; who explaining that WEN was a “semi operational” company; who called my posts “vicious attacs” that were “ libellous and defamational”, all mixed up with Norwegian sayings, verbal abuse and even intimidation?
To now say that it is “obvious they mismanaged the company over years” is a truly astonishing change of heart! I guess, at last, it has become obvious to all now…
To answer your question: I hope it will not come to a class action. It is very expensive and time consuming. The best way to get rid of this management is to vote them out at the next AGM. The notice period for the AGM is 3 weeks, so I expect an announcement by the end of next week. As PI’s we can only do so much. Ultimately, it will obviously depend on the II’s.
Please use your vote and spread the message.
Mick
I understand there is a movement to get a new board of directors, I support that if the persons are competent.
Are you guys planning a class action suit towards the board og directors and the CEO since it seems obvious they mismanaged the company over years and may in many ways not acted in the interest of the shareholders
With link: Https://dailynews.co.tz/tpdc-denies-rumours-on-drying-up-of-natural-gas-wells/
Hi Thordon,
It may actually be a quite a good time to buy back again. In case the deal goes ahead you’ll earn about 20% within a few months. In case the deal fails (most likely) I think it is highly likely that management will announce a large dividend payment in December. In addition, M&P appears to have serious investment plans for 2024: 2 new wells and the ongoing 20 mln (?) compression project (TPDC denies rumours on drying up of natural gas wells - Daily News). Also, the field is performing better than expected well (120 MMscf/d production). The weak point remains management: G&A spending is so ridiculously high that I suspect that the company is currently making a loss, given than all past costs have now been recovered. The majority of production is now recognised as “profit gas”, with the state taking around 70%. Of course they will start to become profitable again as soon as they start investing again.
Much more important than a take-over or even a dividend is a radical reduction of costs. We must vote out Katherine & Tim, to finally end the pretending, self rewarding and squandering of shareholders money.
Good luck!
Hi mick - support your statement except the de-listing in AIM
PS just about to buy back in to WEN - as you know left 2 years ago due to the admin cost and unexplained capital spending for a shareholder in another company.
Max would be £500k in directors and offices - unless investment required for cash injection.
A great post from my friend, Inge Skjelfjord, on XI. He's willing to step in and help sorting out the mess this management has created. Enough is enough, we must stop the pretending, self rewarding and squandering of shareholders money. Vote out "special K" and Tim, on 7 December!
".....as Wentworth shareholders, we should do everything possible to protect our interests. This concerns, among other things, M&P's relationship with the Tanzania Government. An important point is what happens to the cash accumulated on WEN's balance sheet; money that strictly belongs to the shareholders - in other words us! We also understand that the management and the board in London have finally recognized the dissatisfaction among the shareholders - enough is enough - and they have good reason to believe that they will be voted out of the board at December 7th AGM. (I think they are following XI WEN).They are also concerned that the shareholders may be in the process of seeking legal advice about filing a grievance with the LSE and to even filing a lawsuit against the WEN management, board & any other parties (not excluding the Tanzanian Govt) and are now trying to save themselves and will come up with plans that they believe will dampen the opposition among the shareholders. We cannot trust this and we must not fall into that trap. A dividend payout is essential and must happen, but it is not enough; we need a radical and permanent cost reduction. This management won’t deliver that, so… “they have to be voted out. A few days ago I received a question: so Inge, who will then join the board? In the first instance, I would recommend that Juliet Kairuki (the TZ board member) take over the management of the board. Juliet is highly regarded in Tanzania. I am able and willing to step in for a short period of time to help sort things out while representing the Norwegian shareholders. I know Juliet from my time as a board member of a (World Bank-sponsored) financing company in Dar es Salaam (2013-2017) and we have kept in good contact. I have, moreover, good contacts in Tanzania (I can send on my CV). My first proposal on a new WEN board will be to de-list WEN from LSE/AIM back to Oslo Børs - and consider a listing on the Dar stock exchange. I need help in sending a letter to Tim Bushell and I hope Ingemar can help; I will forward to Ingemar the latest letter/response we received from Tim Bushell 27 January 2023 in reply to questions we raised. We’ll post this letter also on XI WEN. More will come later. A united front for the AGM on 7 December is important to vote the out Katherine Roe and Tim Bushell. We will send a copy to XI WEN of letter that we plant to send to Tim Bushell. This text will also be posted on the LSE/AIM WEN Chat Group.
....or https://chat.xtrainvestor.com/channel/wen to be more precise.
Interesting discussions on xtrainvestor.com regarding the upcoming GM.
According to MP operational update, gas production at Mnazi Bay increased på 15,.5% in Q3 compared to the first half of the year. This implies an average production of 113.5 mmscf/d in Q3 at Mnazi Bay. I thought full production was around 100mmscf/d. MP bid for WEN was indeed a smart move. Not good for WEN though. I hope the bid will not be completed before the long stop date.
120 MMscf/d production....
Plans for 2 new wells in 2024...
a $ 20 mln compression investment ongoing (if I remember correctly, in the FEED stage now?)
A reserves upgrade only a short time after a previous "independent" reserves review...
Mnazi Bay seems to be performing spectacularly well. It's simply unbelievable how Katherine talked down the field last year.
Here's a link to another success story, straight from M&P: the celebration of the, apparently, successful MB-1 workover. Time for shareholders to benefit, not just management!
https://www.maureletprom.fr/en/article/m-p-tanzania-offshore-well-intervention
Https://dailynews.co.tz/tpdc-denies-rumours-on-drying-up-of-natural-gas-wells/
Two more productionwells planned for 2024.
The M&P offer soon equals WENs cash position..
Gazelleman,
We will need support from as many private investors as possible (again) and one or two institutional investors, to boot out the BoD. Not easy, but if the deal fails the II's will be ready for a revolution I suspect.
You may well be right, but surely the institutional investors hold the key on any vote. We as PIs are only a small fraction of the overall voting rights. We found this out when there was a vote on the M&P deal.
As announced in July, an AGM will be held no later than 15 December 2023. My understanding is that Katherine will need to be re-appointed at that AGM, as it is 3 years ago that she was re-appointed the last time, on 17 June 2020.
At last, shareholders have a great opportunity to force change! We desperately need a new management that finally accepts, and embraces, its NON-operator role, and reduces costs to a minimum. Enough of the self-rewarding and endless squandering of money. Please, use your vote!
I think everybody will very much agree that the long stop date should not be extended. In fact, I think almost everybody will also agree that this management has to go as soon as possible. They have failed in delivering anything for years now, while spending enormous amount of money. To add some numbers: annual admin costs are now 8.5 mln G&A + 3.8 mln "acquisition costs", so 12.3 mln in total. A genuine/real management should be able to reduce that very quickly to about 3 mln in total, say 1 mln normal admin costs and 2 million for "doing business" in Tanzania, so a cost saving of about 9 mln. That's 750k per month! Squandered! The sooner the BoD is sacked, the better, and the more valuable the company becomes.