Since I am mentioned in the article, I should point out that I haven't spoken to anyone at the Herald since my initial criticism of the board weeks ago. I've also stated here that I intended to vote for the farm-out in the absence of a better alternative. It's all here:
The chairman said afterwards that institutional investors were all supportive and had not raised the issue of a dividend. He said Waseem Shakoor, a public critic of the deal said to be a major shareholder, was not on the share register.
Strictly speaking, I have an institutional sized holding and could be described as being "supportive" as I voted for the deal but it should be obvious to all that I'm not particularly pleased nor do I have any time for management. I'm sure many others feel the same way. The insinuation that I'm not a shareholder because my name doesn't appear on the share register is just misleading rubbish and typical of the spin that this crowd like to put out. As we all know, most shares are held via nominee accounts these days so, using that logic, very few of Bowleven's share holders appear on the register!
Incidentally, I also disagree that there should be any form of cash return at this stage. It would be disastrous if it left the company once again short of funds to spend on Etinde as the cash calls start to come in from the new operator. I suspect that those comments have come from share holders who are, like me, concerned that Hart & Co, will see this vote as some kind of mandate to carry on as before.
Personally, once the GSA and presidential EEAA decree are in, I think that's a better time to address concerns about the board and its strategy.
Haven't looked there today, did see the RNS after hours though so was expecting it not to go down well! May well have a look once it settles, depending on where it gets to. Just looking for quick trades a lot of the time at the moment, POG did nicely overnight (didn't have a lot in though as IG would only give so much with a guaranteed stop)!
We are discontinuing coverage of the stocks listed below as a result of the coverage analyst’s departure from the firm. Our ratings, price targets and estimates on these names are no longer to be relied upon.
The cash only equates to around 34p (at best, assuming they had all of the money left that was in the bank last time we got an update), not sure where some are getting much higher figures from. The rest won't be paid until various points such as FID and successful drilling of two more appraisal wells. Obviously the value of the assets should mean that the market cap is higher than currently but how much higher will be down to the market and buying pressure. Obviously the free carry on the Bonomo first two drills is good as well.
I'd like to see $20million of the $250million used for share buybacks whilst the price is under a certain level (50p). Affordable and a clear message to the market that is a ridiculous level for the share to be trading at.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.