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great, that's that settled...we now have an oil and gas company....game on :-)
Just have to wait for dilution to hit and how much the SP will rise / fall between now and 27/3
Place your bets !!!!
"London, 21 March 2023 - Further to the announcement on 20 December 2022 and subsequent shareholder approval on 27 January 2023, Serica Energy plc (AIM: SQZ) is pleased to announce that the conditions precedent pursuant to the sale and purchase agreement (the "SPA") for the acquisition of Tailwind Energy Investments Ltd ("Tailwind") (the "Acquisition") from Tailwind Energy Holdings LLP have been satisfied (save for the condition precedent relating to the Admission of the Completion Consideration Shares, as defined below). Completion will occur immediately following Admission of the Completion Consideration Shares.
In connection with the Acquisition, up to 111,048,124 new ordinary shares in Serica (the "Consideration Shares") will be allotted and issued. An application has been made to the London Stock Exchange for 108,170,426 Consideration Shares[1] (the "Completion Consideration Shares") to be admitted to trading on AIM ("Admission"). It is expected that Admission will take place at 8.00 a.m. on or around 27 March 2023 and that dealings on AIM will commence at the same time. When issued, the Consideration Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of US$0.10 each in the capital of the Company."
Sqz & Kist will be easily picked off - it’s happening!
The offer from Kist should of been driven through by shareholders, unfortunately mitch and his gang had other ideas!
SHAME. SHAME. SHAME!
As per the subject title. The below is worth a read inmv . Maybe this could be the answer with Sericas connection to IOC. Escrow or not they are connected like it or not inmv,.
https://oilprice.com/Latest-Energy-News/World-News/Iran-Says-It-Would-Welcome-Any-Investments-In-Its-Oil-And-Gas-Sector.html
upomega,
Yep, always an option for them : "company will be sold off quite quickly....around the three pounds mark"
If so, cumulative of the two deals would see Mercuria better off, circa ~£638m
With SQZ's newly acquired tax losses there is a chance several NS players could see this as a very good deal for them. Although that would certainly be seen by current SH as being s c r e w e d over by Mitch 'n' Co if 300p was the deal. More accurate valuation for newly combined group with ~94mmboe + CoH + debt + 40-47kboepd would be around £1.9bn or circa ~500p/s, giving Mercuira cumulative return of ~£832m for TW. Nice to dream !!!! zzzzZZZZZzzzzZZZZ
aimo & dyor
Inmo ,I still think that once the deal has completed the company will be sold off quite quickly. Especially at level we are now trading at . Mercuria/Tailwind would still come away with a nice premium if sold around the three pounds mark.
Nothing that causes the board's and Mitch's services to be no longer required (i.e. a takeover) will be entertained. They will not let go of their jobs and salaries. They have no skin in the game and therefore they will fight tooth and nail against anything like that.
That sounds like an attractive option. Certainly more attractive than where we are at present. Let's hope there are interested parties watching this closely.
Pulling the deal would force the market to assign CoH to our SP as we are sat currently at or around negative EV. We can then put ourselves up for sale on the same metics used by our board offered to TW…. Should easily be in excess of 400p/s in that case .
Aimo & dyor
The tailwind deal had a number of conditions that had to be satisfied. The most significant being the continued availability of the tailwind RBL facility which are now being cut across the sector. The reduction in this facility would give Serica the ability to walk away from this crazy deal. The value of cash today relative to 2P reserves has switched massively in favour of Cash.
Will Serica Board have the balls to walk away if Tailwinds facilities are cut - I doubt it.
The market continues to express its view of the Tailwind deal. Is a hostile takeover too late?
One tranche sold was mine
Should say something that you have Pizza's outperforming SQZ since WFT, by a country mile too. Guess Pizza's are critical to the economy and security of UK, without them, no more Downing St parties. !!!
https://www.theguardian.com/world/2021/dec/16/boris-johnson-joined-no-10-party-during-may-2020-lockdown-say-sources
aimo & dyor
I also saw that Newkotb re the strikes. This could be very worrying all round. Also hopefully HMG will act on the tax levy soon and not wait until the next budget. Maybe they will act after the current tax year. So we could be in luck that something occurs in April
Upomega,
Agree, absolutely, HMG have no reason to at very least, express interest in amending this ridiculous tax. Current Brent sitting at ~15 year average ( not adjusted for inflation btw) and NBP now sub 100p/therm and looking likely to stay well below atm. No way should any form of tax be applied at these levels, WINDFALL this is not, just normal supply / demand / supply cycle but unfortunately the gov don't have the dilly dangles to correct their mess, maybe in Autumn budget but by then NS O&G will have turned their back on investment or at very least significantly delayed FID's in UK waters. To top it, we now have mass strikes on rigs, talk about workers shooting themselves in the foot by shutting down production. If anyone should know the perilous state of the UK industry these guys should.
aimo & dyor
I am not sure if this has been posted before, but the write up could be possitive for us. If hmg acts quickly.
https://oilprice.com/Energy/Crude-Oil/UK-Considers-Easing-Windfall-Tax-Pressure-On-Oil-And-Gas.html
No. You should HAVE sold two more tranches.
Not looked here for over a month 209p the low since the Thursday of last week.
Thank God I took the slice looks like got the top for once .
Hindsight should of sold two more tranches.
There is nothing honest about sunak and hunt,imo.
Market just cannot hold on to any gains/confidence right now. Watching the S&P gyrate second to second right now. Just keeps skidding. Waiting for capitulation moment which, based on previous occasions, feels like it might be getting closer. Lord, I hope not…
Mirage is becoming clear now, red by end of play?
Is that blue I see or is it a mirage ??
DennisThePennis
I am not so sure.Most people have had enough of politicians inmv.Labour come across as thick and vindictive. As always they have no answer where the money comes from.Fwiw I believe the torries still could bring things together again.
Upomega, yes this PM might be more honest than Johnson (not hard) but I wouldn’t trust any of them. Related to this, remember that Labour will probably be in charge in 2024/25.