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https://twitter.com/burggrabenh/status/1618981795365810177?s=46&t=yhV_LHM4l855qKgxOTdpyw
I would point out Norma Stits that the two statements you quote are not mutually exclusive.
To have 26% voting against a rushed through vote is no mean achievement and would have been sufficient to block the deal at an EGM requiring a 75% vote in favour. So BOD is very much on notice that it has to perform. The SP didn't exactly leap with excitement when it heard the YES vote had prevailed!
As for the Chairman's Statement I though it was good, struck the right tone and savaged the Government. Who could possibly have a problem with that?
GLA. Have a great weekend and let's hope our company moves forward from Monday on.
https://twitter.com/BurggrabenH/status/1618965664991174658
Good to see that 74% of sh went the extra mile to understand the merits of the proposed transaction.
Now, @MitchFleggCEO
& team will have to re-focus on getting this s-t tricky gas market right (Q2 weakness) & step-up buybacks as $SQZ is over-capitalised.
There is a time to support and then there is a time to monitor. The latter started this afternoon.
The share price must get back to 400p & if mgmt doesn't treat it as a product (like a field that needs love) it will not. Mgmt is now under scrutiny.
Well you are obviously not a communist stooge are you .I am very happy spending a few hundred thousand Great British pounds on this . A bit the like BBC license fee . Very happy in mortging the house and selling the cat . Great serica,we are getting there.
In all seriousness i have bought more and will be happy to sell my original holding together with the added shares
when in profit. Ovbviously i am in profit with my original holding.
For me like yourself time to move on. Having said that not a bad long term investment for new investors taking a five year view.inmho
The other day, you literally said “The only way this SP is going to rise is with a NO vote and the Board resigning…” and today it’s “Nice intro from our Chairman”. Wow. Which side are you on?
dickupham, brilliant synopsis there, I too, since lunchtime have decided to even further reduce my holding in the future when prices hoprfully seem more attractive. I was "lucky" enough to reduce a majority of my holding when taxes were proposed and since continued, fortunately at far better prices than are now current.
This was once my largest holding and is now 4th, and now feel that there are more attractive oilies out there to invest my hard earned cash into. I had faith in the BoD early on, Erskine being a game changer, followed by the big one.
However they then seemed to lose their drive and possibly both ACW and MF are now just staying onboard to draw their exhorbitant salaries. This deal does nothing to inspire confidence that anything is going to change.
I shall continue to follow this BB, but as recently shall not be contibuting unless something "magical' happens, won't hold my breath though.
Very sad day!!!
Well said Dick
Slightly off topic . but very relevant i terms of how our Comunist land is going. Which does effect every share holder hear and any other u,k share.
I live in a village which is now having super fast broad band fitted. Great as this is being installed underground via the highway and pavements. However it transpires that the so called British Telewcom can drill and install a black box adjacent to my property. For me this involves drilling holes in my garden wall and wall installing their box. So my property has been invaded and defaced . I havent given permission , but apparently the council has agreed this. So in other words they can do what they like with a property i have purchased. Communist state or not?
So in sumary this is why companys like Serica can do exactly what they like. because at the end of the day no one really owns anything at the end of the day.The best part is its BT. Now who actually own BT.
So i coming round all your houses , offices/bedrooms and installing my black box as we are all in this great britaion communist state aint us. Your house and office is my house. i might even come and have a free holiday as apparently no one has any rights anymore.
"Makes you appreciate the ineptitude of UK government"..........
..........and of SQZ's directors for sitting on their hands taking soft options and banking cash from their inflated salaries, while opportunities floated by, all the while relying on N Eigg to bolster reserves and provide more balance. Well, that didn't work, did it, Messrs ACW and MF? And who can forgive them for taking a bloke who was happy enough for the previous 17 years holding a role as financial controller and probably doubling his package at the age of 73. How good has he been at hedging, anyone? Use your own money if you want to dish out favours I'd say. But it's so much better doing it using someone else's. Just look at how easy it's been to give so much away now.
Can anyone educate me on how SQZ proposes to use Tailwind's losses to eliminate - or even part eliminate - the 35% EPL post acquisition? Bfwd losses (trading & capital allowances) can only be offset at the rates prevailing when they were incurred. Where is the planned development spend that would allow the combined organisation to take advantage of the investment incentive provisions, which would result in new development being achieved at an effective cash cost of 9p in the £.
SQZ would have to go back to the market to look for a candidate with the right profile to allow for EPL mitigation. I can think of at least one that would fit the bill, without really trying...........
I reduced further this morning and will continue to do so unless I find something that explains what, to me, is the inexpiclable. I don't buy ACW's bull. They've had years to do their jobs properly and plan for balanced growth and they've done jack squat except slap themselves on the back year after year for the BBKR deal - and pay themselves in spades as they've done it. Shareholders meanwhile, have grudgingly been drip fed buttons.
ACQ replied to my email but he didn't answer the only question I really asked: "why no protection for the small minority holders against being taken out for peanuts after 18 months? I even told him how it could be done (poison pill defence)".
If he genuinely thinks this is a great deal and that sharelders don't need to be protected from these really nice, well-meaning people, then it seems to me he too may need protecting. It's difficult to imagine that any of the present incumbents will be making any of the decisions in 18 months time - maybe even sooner.
Over and out. Good luck everyone - might pop back occasionally if there anything interesting to discuss. There's a danger imv that owning SQZ shares in the short to medium term will make watching paint dry seem interesting by comparison. Stand by to get screwed.
all imo
dyor
That aged well - see if they go for $74 as soon as next week ...
Nice intro from our Chairman, it should convince most people and I understand the rationale (be it shortsighted). Mitch will have to dig deep now and provide the shareholder return with presumably a buy back and dividend. If it is say a 8% buyback, then this makes Mercuria's stake rise from 28.9% to 31.4%. Is this 30% threshold significant? He will also have to come up with a nice dividend before the deal is finalised. Lets hope it comes off.
I wouldn't hold your breath waiting for the oil price to drop and, again, I'd suggest you keep your eyes on the gas price for now, like right now in fact.
Well that was a surprise - not! This deal was bound to be passed as the BOD would have spoken to major s/hs beforehand.
Thought ACW statement said a lot about the price of oil - what happens when it falls? Is the SP going to yo-yo depending on what the price of oil is doing?
really,but they would not sell their grandmother in the process. btw i was a Jefferies guy
Well I am, and it is a very small minority that do not behave as they should. I know you like to lash out, but poor morals and behaviour are not rife. Perception and reality diverge significantly on this one. Naughty behaviour was much more prevalent years ago (in your era) and amongst ‘provincial’ stockbrokers.
A good precis of the industry from TCW. Makes you appreciate the ineptitude of UK government.
Mitch did state Serica would have a 'progressive' dividend in his December address regarding Tailwind deal, what that means in real terms, who knows. One would hope given 2022 distribution, 17p/s, then 2023 will be equal too or higher. Until that is announced it's all guess work, as for percentage ( yield) that would depends upon SP at time.
In ACW letter released today, he states, "None of this affects our determination to maintain strong shareholder
returns through both dividends and the potential for capital distribution.."
aimo & dyor
What's percent dividend are we going to get now
CHAIRMAN'S SCRIPT : SERICA GENERAL MEETING 27 JANUARY 2023
https://www.serica-energy.com/downloads/presentations/Chairmans-2023-GM-statement.pdf
Newkotb
I am afraid this is not about . but the integrity of people . I started out working for a provisional stockbrokers forty years ago. and ended up in the city ten years later. I thought i was dealing with hard ruffless people, but there was a difference. They were human and deep down honourable. Which unfortunatly many people in the so called city and every day life have now lost. fwiw i am no longer in the industry .
AA (Kistos) made initial approach / contact on 18th May 2022 .... so I would say this 'deal' would have been worked on since before then ..... AA going public made our Board morph into :
https://www.youtube.com/watch?v=WcZe2jJdgcU
Locked Box, that's something for the weekend Sir !
aimo & dyor
I'm hoping upwards reaction as they are technically coming in at £2.78, live in hope
Kistos probably had a sniff of this deal hence their offer, SQZ BoD then panicked going by their angry rejection
48m nays??
Come on Mr Austin - ride in. Money would surely talk this time around?
JAS,
This deal was, imo known about , wink wink, min 6 months ago and so the price was slowly taken down, one would hope once they have loaded up and closed out any shorts this will start to climb again .... after all wasn't too difficult for someone to gain access to RNS notifiable information with regards to the vote .... I'm sure many would have 'known' about this deal in similar fashion .... good old AIM.
Question remains, how will the SP react on issue of additional 111m shares and at what level will our SP be day prior too !
aimo & dyor
Well the uncertainty is over, Oil looking strong, any chance of a rally back to £3?