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Market cap now £666 million. We must be getting close to cash in the bank. All those reserves and all that future revenue is worth almost nothing!
SP graph over the last 48 hours is pretty grim 272p to 243p in pretty much a straght line. What will arrest this fall? Perhaps we are supposed to see equity issue at 278p as result for shareholders now? Pull the deal guys and announce a return of cash to existing shareholders. That will turn this around.
Another buy today 245p executed 2.45pm .
Newkotb. Any predator could put out a tender offer for our shares and bye pass the bod. That way if they got over thirty percent they could launch a hostile bid
That's million
The fall in price is mainly due to the market valuing this deal involving the dilution. The question how much is it over priced. One ,two or even three hundred. No doubt we will find out soon when the price settles.Hopefully we are not far off now.
How much cash have we generated since 23rd September?
'By 23 September 2022 cash and deposits had risen to £482 million* of which £200 million was lodged as hedge security'
4 months on, lets say conservatively another £120m? Thats £600m+ Our market Cap is currently £680m. 88% !!!!
We need one of our major shareholders to act.'
Shareholder(s) with at least 5% of the voting capital can require the directors to call a general meeting of the shareholders to consider a resolution overruling the decision. However, any aggrieved shareholder(s) should think carefully about their reasons for calling any such meeting.'
No doubt reflecting some hidden issue with those top notch absolutely excellent Tailwind assets we are acquiring.
They won't publish anything on SQZ standalone before the results as it would shine a light and get more to question why at approaching 90% cash we need this deal.
Sorry but the SP drift is nothing other than sentiment on a **** poor deal.
I live in hope that it will be rejected and the SP will soar as we are de riked.
Alternatively get the fca involved. As something is very wrong here inmv. By the day it becomes murkier inmv.Had there not been a dilution on this scale i would not be so concerned,but something doesnt feel right about all of this. All i know is that once this offer emdeds and unless the share price recovers to at least three pounds i will be out of here. Much too many negatives for me now.
Upomega,
Exactly, hence why AA had to go public on 12th July as our board decided on 18th May in response to AA Initial Approach Letter that the Kistos deal was a none starter, or as our board stated, "did not represent, in its view, "a specific proposal for the Board [of Serica] to consider".
As with ANY approach that comes in the BoD can decide on the merit of the approach if it is 'worth' informing the shareholders ..... god knows how many approaches we have received that were rejected by our board, maybe FOI request could be made to find out !
aimo & dyor
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