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sasa,
Although I and others, including yourself it appears would love a decent dividend hike for reasons expressed by SP it would be sufficient for me to see last years final dividend of 9p per share held at a cost of ~£35m vs ~£25m for last year, anything less and the much hailed TW deal by Mitch would once again come into question. This would leave scope for a special or improved interim, we could even get a surprise of quarterly.
Mercuria will have final say on the dividends as this would need to be voted through at our agm, with founders plus Mercuria controlling ~29% of voting rights, what Mercuria wants, Mercuria gets. Lets see how they want to play this, eyes down it's Number 9, Doctor's Orders ( btw, number 9 was a laxative pill given out by army doctors in WWII, lol)
aimo & dyor
Trouble is, there is no longer a stockpile of NET cash. NET cash is down significantly due to the huge debt they took on. Also, NET cash PER SHARE is also lower due to aforementioned debt and the massive dilution.
I am hoping they will announce a one off special dividend to return some of their stockpile of cash to investors
In respect of the F/Y figs for 2022 with, hopefully, a decent divd hike and details of the combo's development plans, the proverbial 'locked box' disclosures and forecasts, etc.,
With the sp remaining well below 'fair value', I'd like to think there'll be some respite from all the controversy of late - 'hope springs' and all that... sasa
Batterymetals
I am not sure Rishi Sunak really cars about winning the next election otherwise he would not have stagnated the economy with putative taxes and globalist green policies, his aim is to keep things in check until the next election making a lot of new globalists friends. After losing the election he will go for the jobs in WEF, WTO etc and directorships at Goldman Sachs etc.
I doubt this will ring alarm bells for sunak/hunt. Any real problems with the wtf come after the next GE. For many years now UK political thinking has been for bad news:
Problems which will manifest Pre-GE: fix it at any cost to the taxpayer and we will try to sort it when we are reelected; if the opposition win then it will be their problem to fix. All that matters is being reelected.
Problems which will manifest post-GE: we'll worry about that if we are re-elected, if not then it will be great to leave the opposition a ticking timebomb welcome present. All that matters is getting re-elected.
In short, the definition of long-term political thinking is How can we win the next GE? What is in the long term interests of the country is completely ignored if it doesn't align with the party's interests of winning the next GE.
Newkotb. Hopefully the guys/gals on the ground will also benefit in some way. Also maybe hmg has taken some note re Harbour. Especially with the BBC giving it some coverage.
Have a nice Easter and to everyone else on hear.
Upomega,
Of course, on all expenses paid, money no object office holiday celebrating our wonderful TW deal.
You are of course correct, funny how things like that slip your thought process, well mine at least !
atb
It could simply be that a couple of key people are on holiday for a while.
Big gap between results date 13th and Investor Presentation meeting 24th ...
Results and presentation last year were on 21st and 27th... interesting !
aimo & dyor
SERICA ENERGY PLC will be holding a Investor Presentation meeting on 24th Apr 2023 at 4:00pm BST.
Terry, I agree that the BoD didn't handle it well in terms of comms, and maybe we overpaid a bit for TWD, but in my view SQZ remains undervalued with excellent future prospects. Hopefully the addition of the new board members from Mercuria will be a positive thing, bringing more commercial nous to the BoD. Staying positive and hoping for encouraging numbers in the next market update.
JOG update RNS - NEO Energy
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Greater Buchan Area Farm-out
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, is pleased to announce that it has agreed to farm-out a 50% interest in the Greater Buchan Area ("GBA") licences to NEO Energy ("NEO").
Strong industry partner: NEO is a major UK North Sea operator producing approximately 90,000 barrels of oil equivalent per day and is backed by HitecVision, a leading private equity investor focused on Europe's offshore energy industry with $8 billion of assets under management
For me personally the results and the next week are a line in the sand. Like many I'm grumpy and unconvinced but today's news is a start and first target is £2.78 and the merger price. Good luck all
"The statement said: "When we announced the review, we said that as a result of the energy profits levy, which results in an effective tax rate of 75% in the UK regardless of the level of oil and gas prices in the market or realised, we have had to reassess our future activity level in the UK," the company said..."
"At our full year results in March, we explained this would 'lead to a significant reduction in our UK workforce'.
"We are working hard to mitigate the impact of this reduction, by for example, a recruitment freeze and opening a voluntary redundancy scheme. These figures do not include UK-based corporate and international roles, which are still being reviewed.
"Nor do they include our offshore organisation, where we expect the impact to be significantly lower. We are very conscious of the impact of this news on our people, and we are carrying out the review fairly and with consideration for everyone who is affected."
https://www.bbc.co.uk/news/uk-scotland-scotland-business-65178626
If that doesn't ring alarm bells for Hunt / Sunak, not sure what will tbh.
aimo & dyor
I’m hoping it’s for the double whammy effect Newk.. the Bod need to do something to get the share price moving…
Thanks Dcarn,
I did miss that info :)
NormaStits
Please don’t zip it, always good to hear an alternative view especially from yourself.
DennisThePennis
The Kistos deal as you say is history but not the way the BOD handled it as the BOD are still with us and shows their incompetence and ulterior motives, they are the main reason the for the current abysmal share price performance.
flexmw,
"I recently asked MF on this & he said it would coincide with end of year results as normal, so yes nice to see an effort to separate news & what should be a positive effect..."
So, begs the question why release one today when in a weeks time you would of included it within the YE results anyhow, RNS's cost money !
Are SQZ looking to add more reserves via an acquisition / farm-in between now and next Thursday.... Plenty of 'oven ready' deals to pick from JOG / HUR / CHAR etc ? News upon news to help drive the SP forward maybe.
Given release of today's RNS you would have thought, putting aside additional reserves, SQZ are confident that results even with now known uplift in reserves will please Mr Market, lets hope so.
aimo & dyor
I think we need to stop looking back on the wonderful Kistos offer with rose tinted glasses. A lot of things have changed since then, not least the WFT and gas price. The whole sector has been impacted, not just SQZ.
Looking ahead, I hope the additional reserves, higher production, usable tax losses and further M&A deals will see us back on top again.
Let's see what news the next RNS brings.
Thank you, Terry. The vow of silence is about to take effect so will engage further in due course. I can say a lot about ‘institutional’ investors, and how it works, as I am one. It is not as you seem to perceive it, but that’s another time.
Now zip it Norma!
From the Completion of Acquisition RNS on 23rd April. So advised but not confirmed.
-- A strong financial position from which to deliver further business growth. The Company expects to announce its 2022 results, which will include detailed financial information, on 13 April 2023.
Newkotb
I noticed & thought the same regards the separate RNS for the reserves update, I recently asked MF on this & he said it would coincide with end of year results as normal, so yes nice to see an effort to separate news & what should be a positive effect.
Regards results next week that posters mention.. i’ve not seen a Results notification date RNS yet unless Ive missed something?
NormaStits
I appreciate your opinions and you politeness in the face of a lot of opposition but I don’t get it for the reasons laid out by dickupham.
Also add in the appalling way the BOD have handled this, dismissing out of hand a far better offer from Kistos while actively pursuing this share price destroying deal.
To add to dickupham points, the BOD have proved they are are self serving and incompetent. Who can trust them not to make more of these terrible deals, we can only hope we do not end up with more of Mercuria’s overpriced assets and debt for SQZ cash. Also the lies about returning cash to shareholders are not helping.
Given the lack of trust in the board and a controlling shareholder it is not surprising the market has marked down, it is not what assets this company has it is the fact they are controlled by a useless BOD and a predatory controlling investor, the only thing that will help us is some decent dividends, after all that is all that is left as a decent takeover (or just the threat of one to raise the share price) along with the chance to deploy the cash given away outside of the UK tax grab is now a pipe dream.
I think the instructional investors who voted for this deal should be held to account by their own shareholder but as always this elite group of people get away scot free as they close ranks and protect themselves.
Although with the upward revision in Serica's reserves, could it also be said that Serica undervalued their own equity EVEN FURTHER by diluting as much as they did. Swings and roundabouts and the share price is STILL in the dumps. That's what really matters.