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if they backed to bod before and increased during the kistos offer. Then it must be odds on that they voted yes . why wouldnt they ?
Not forgetting some nice gas deal signed up with the ruskies by whichever commy party that would be representing us by then
They are now DOWN just ~£60,000,000 in four months, if they voted for this deal then recovery is possible.
aimo & dyor
What concerns me is that if a counter offer came in with the share price as it is. What would be stopping the bod not informing all shareholders about this offer. As they could simply say that it was insufficient and reject it out of hand. There argument could be it is not in shareholders interest as it may only value Serica at say three pounds a share.
Gas price down..Ukraine war will end ..can see energy price coming down...can see windfall coming down in near future
banker2
"Company is going bankrupt lol"
"Opportunity for new investors"
Which is it?
If yes it is a great opportunity to buy into a company who's controlling shareholder has already shafted the shareholders, drained another company (tailwind) of cash and left it with a debt pile which you now own and will be in a position to block any takeover bid apart from it's own. This will come in time once share price has gone down more, out of restricted period and at an amount which makes todays price look fantastic. If you are keen go on fill your boots, perhaps you will make a fortune and we are all wrong.
"Were you in favour of the original deal NewKOTB? I suspect that you weren't,.."
Correct I was against the first Kistos offer, when the second came around it was structured differently with which I agreed more so. .... however, irrelevant, we didn't even get to vote, instead SQZ made a counter offer ( probably prompted by Mercuira and BoD self-interest) Now we have what is in effect a RTO for which we don't get to vote on either ..... just the issue of 111m shares to facilitate the Tailwind deal .... absolute joke !!! Well, it's no joke really.
aimo & dyor
NewK. Don’t be silly. I hold this PA not in clients’ portfolios. Firm is way too big to invest in sub 1bn market caps. I don’t believe I was talking it up either. I have consistently expressed a “no idea” stance, despite being a Yes. Like every other bugger on here, I. Have no idea what will emerge from this combination, but happy to roll the dice on it. If it doesn’t happen, I will be totally unmoved by events.
Banker
Saw my shares go down to 4p at one point, but stayed the course.
T
'By 23 September 2022 cash and deposits had risen to £482 million* of which £200 million was lodged as hedge security'
If they can then they would have to launch a bid. Which my understanding is they cannot for eighteen months, but by then the share price could be below two pounds so they could end end up buying the lot a cheap rate. Maybe this has been the plan all along
Opportunity for new investors
Getting silly now when you consider the Interim headlines:
Increased Sales Revenue 1H 2022: £353.5 million (1H 2021: £100.8 million)
• Operating cash flow 1H 2022: £312.0 million after adjustment for hedging security advances (1H 2021: £72.8 million)
• Cash plus hedging advances £418.7 million on 30-Jun-22, no borrowings, limited decommissioning liabilities
Fill in the year end figures - lets see who is closest:
Revenue: £720m
Operating cash flow: £400m
Cash plus hedging advances: £550m.
I think Newkotb is making the point that we were lead to believe by the bod that a better deal was on its way. Well it now transpires that this was not the case.Unfortunatly which ever way you look at it . It is not a better deal.inmv
Can buy more cheaper than 278
Newkotb
It still anazes me that the largest holder together with institutions apear to like this deal. Once again why. If i was cynical they are looking at this as a tax write off themselves now, Also the dividend yield now must be in danger. Can you see them paying dividends yielding ten per cent. I cant. So i reel terms dividend payments will be cut to align with the share price that has now been created .
"Bad management that took this company from 26p to £4.."
And should of done a deal with Kistos ate 426p .... instead they decided to give 40% of OUR company away and buy £277m debt then give £61m away as a golden thank you to the founders of Tailwind too.
As for going from 26p to £4 that was purely on ACW's connection with BP and Serica being in the right space for BP to off-load Rhum and at the time, all its negativity surrounding Iran. So as you see Serica have not done any deals on their 'own merit', since ~2009 afaic.
At this rate Mitch will be forever known as Grand Old Duke of York.
aimo & dyor
How low can she go!
Bad management that took this company from 26p to £4
Company is going bankrupt lol
This is going to keep going down I reckon. See this as an opportunity!
NS,
"Please can you list those other investment opportunities.. I ask out of ignorance rather than judgment"
It's clear you know the answer to that, if as you say, been here over a decade. On numerous occasions Mitch et al have stated they have looked at many, many deals and REJECTED them on the basis of not offering value, ie quoted as 'will not overpay' .... One has to ask, what the 'ell were these deals if it makes Tailwind look good !!
I could list (no doubt you could too) NS's deal after deal that have gone down over the past few years that would have been significantly better than this pile of steaming do do, that's without looking overseas ffs !! Pure Mgt failure to deploy capital is why we are in this mess.
I appreciate you need to talk this deal up for the sake of your clients portfolio's and you clients relationships but come on ... really, if you had no working interest in Serica would you view this deal in the same light, of course not.
aimo & dyor
Added more...let's see if you can get it to 230
Should have added the link
https://labourlist.org/2022/11/closing-loopholes-in-windfall-tax-would-raise-17bn-labour-research-reveals/
Labour is trying to get these changes in now but since they have so heavily committed to doing this it is certain if they don't get the conservatives to do this now they will when elected. The conservatives now always do what labour want like the WFT, energy price cap, increase in out of work benefits with inflation etc just takes a little longer than if they were in power.
These guys look interesting with the right deal:
https://newmedenergy.com/
Capricorn were trying to do something with them. Diverse portfolio and reserves.