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You should be far more concerned with how many, if any at all, of the 8.224 million o/s as of Dec 31 - from that portion that were granted circa 3 years ago - won't vest due to performance targets not being met and hence will vanish (allowing the FD shares o/s figure to fall).
"Still an unnecessary dilution though. "
What is? As of Dec 31 there were 8.224 million options o/s. That's the dilution. It was created quite some time ago. (And expect more LTIP/DBP issuance in the next few weeks.) Since they only have 200k in the EBT they need more shares and can either issue more shares (for no consideration) or use excess cash to buy those shares in the market (and not cancel them). Yes, I'd prefer the latter - and a buyback of a whole lot more than 255k shares. That excess cash isn't earning anywhere near close to its cost of capital...
PS: Deferment isn't a cut.
Still an unnecessary dilution though.
You recently argued that GKP could afford to engage in another buyback to reduce the stock available for purchase.
GKP didn't engage, choosing rather to conserve their cash at this difficult time.
But this is just bad previous management of assets.
Once the LTHs had suffered that 100/1 pain there was no need to recruit peeps who couldn't/didn't help the cause.
And then reward them for not helping!!
Absolute nightmare.
At least this Board are pitching up by cutting their rewards.
Get it?
We're all on the same ship and it's not sinking, despite previous mismanagement.
As for future share options, they will end now because GKP can't afford them, I hope so anyway!
If Erdogan/Erbil/Baghdad ruling families can all agree their respective āslicesā ā¦. this will all settled next week.
Now, Whereās my Porsche price listā¦.. ??
Looks like it could be Pivotal. on setting the scene for oil production out of the Kurdistan region, ?
with the official visit by Erdogan due to commence on Monday, it could send tounges wagging that a potential deal is about to be made,
im sure there will be a trade of between the water and the oil and gas developments to bring both sides closer together,
Tomorrow's trading could be interesting !!!!
And we are getting close to the next announcement of grants under the LTIP...
Once again, the dilution occurs from the option grants and not this issuance. Only an idiot uses 222,698,655 as the denominator rather than the FD number of circa 230 million which hasn't changed as a result of today's announcement.
Correction. Apologies.
Point still stands though.
It is a big deal because the previous management 'Restructured' the business with shareholder funds and then continued to build development by bribing employees to stick around, even though GKP was recapitalised and safe from harm.
Ridiculous.
Maybe that dilution is behind my loss so far on the shares that I purchased this morning @114. Never mind if they go down much more Iāll buy some more.
Hereās hoping that Erdogan will be smiling when they announce an agreement. If he turns up otherwise weāll be down where Itzaponz will be rejoicing and telling us all how F****** clever he is
No big deal.
Actually 0.1%
'The new Common Shares will be used to satisfy the exercise of vested options under the Long Term Incentive Plan.'
So as I understand today's RNS, the Board have decided to dilute our shareholding by c.a. 1%.
All to pay for yesterday's mistakes and pay off upcoming options.
I understand Jon Harris's rationale given the current climate and GKP's 'little local (and continuing) difficulty'.
Cash is King right now. And GKP need to keep it safe for the moment.
So we'll just have to chin it.
However, Jaap Huijskes, the previous Chairman, has a lot to answer for
Unfortunately he's no longer around. He's left with whatever his bag of swag was worth.
Even though he was repeatedly rejected for re-election by the 80% vote of shareholders at sequential AGMs
Talk about a poor recruitment decision...
Hope the pipeline will open end of this month when it will be a year. The numerous is important in the region :)
By Mohi Narayan and Katya Golubkova
NEW DELHI (Reuters) -Oil prices were little changed after a 3% drop in the previous session as the market remains concerned about demand this year and on signs that a wider conflict in the key Middle East producing region could be avoided.
Brent futures were up 13 cents, or 0.15%, at $87.42 a barrel, while U.S. West Texas Intermediate (WTI) crude futures traded 6 cents higher, up 0.07%, at $82.75 a barrel at 0636 GMT.
The two benchmarks slid 3% in the previous session on signs that fuel demand this year is lower than expected amid flagging economic growth in China and as oil inventories in the U.S., the world's biggest crude consumer, rose.
Analysts at JP Morgan highlighted in a note late on Tuesday that worldwide oil consumption so far in April has been 200,000 barrels per day (bpd) below its forecast, averaging 101 million bpd. From the start of the year, demand has risen by 1.7 million bpd, down from its forecast in November of 2 million bpd.
At the same time, investors are discounting the chance that Israel will strongly retaliate against Iran's missile and drone attack on April 13, which was prompted by Israel's alleged killing of Iranian military leaders at a Syrian diplomatic site on April 1.
Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries, according to Reuters data, and an easing of its conflict with Israel would reduce the potential for supply disruptions in the Middle East.
Brent is now back to levels before the April 1 attack on the Iranian consulate, suggesting that the latest bout of risk premium from heightened Israel-Iran tensions has eroded," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
Surging U.S. crude inventories also kept a lid on prices. Oil inventories rose by 2.7 million barrels to 460 million barrels in the week ending April 12, the Energy Information Administration said, nearly double analysts' expectations in a Reuters poll for a 1.4 million-barrel build.
Stockpiles built as refinery utilization declined at a time when processing typically rises ahead of summer driving demand in the U.S.
Gasoline stocks fell by 1.2 million barrels in the week to 227.4 million barrels, the EIA said
Distillate stockpiles, which include diesel and heating oil, fell by 2.8 million barrels to 115 million barrels, versus expectations for a 300,000-barrel drop, the EIA data showed.
A bearish EIA inventory report appears to have been the perfect opportunity for investors to lock in profits after the recent gains," Daniel Hynes, the senior commodity strategist at ANZ, said in a note on Thursday.
Itsaponzi You seem to have woken up with regards to facts that I for one and many others on this forum have been considering for several months.
In short you are the worm that seems to be turning after your previous tripe has been proven to be utter nonsense. . So donāt come on here now in the pretence that you are clever when the reverse us true. Only one day ago you were confidently predicting doom and gloom as usual and 90 p shares. I just purchased a chunk for 114.
Iraqi Oil Minister said that the Kurdistan Regional Government (KRG) will soon re-export oil through the Iraqi Oil Marketing Company (SOMO).
The word soon in Iraq could mean days weeks months or years. I will take that with a pinch of salt.
But IMHO something is definitely happening but the main stumbling block are IOCs contracts . Obviously Iraq want to screw the ioc . Probably less profit from local sales. So best hang it out till September 2025. Independents baby
Whatās that about if it wasnāt something that most of the more thoughtful people on here have long considered.
Itsaponzi has your brain finally caught up with others here. And will you stop beating KRG down.
The fact is over many years of turmoil GKP gave demonstrated their ability to survive and thrive in the difficult and troubled area of Iraq. They will do so again itās only a matter of TIME.
Um? Sounds more positive than previous ādawnsā Blumagnet. If I get the chance @ 112 or thereabouts first thing this morning Iāll buy a substantial day / or thereabouts Trade.
Https://www.kurdistan24.net/en/story/34616-Iraq,-Kurdistan-Region-in-talks-to-resume-oil-exports,-says-Iraqi-Oil-Minister
And its official because the deals are done and resumption of exports is no longer needed as a bargaining chip.
Im sure we will be get some comment from ponzi, but lets see how the market reacts in the morning....
But now itās officialā¦. and the reason why they are requested is stated.
Like they haven't had copies of the contracts for months already...
Https://www.kurdistan24.net/en/story/34611-Turkish-President-to-visit-Iraq-on-April-22
Turkish President Erdogan is scheduled to arrive in Baghdad next Monday, with one of the key agenda items being "natural gas and oil flow," according to his own statement. Several reports suggest that Erdogan not only seeks the resumption of oil exports from the KRG but also aims to secure Kurdistan's natural gas for export to Turkey as soon as possible, especially with apparent U.S. backing.
While Iraq has been preparing to resume oil exports from Kirkuk to Turkey, Erdogan likely prefers resuming exports through the KRG's pipeline, as Turkey has a 50-year contract with the KRG on favorable economic and security terms, with Turkish firms earning over $1 billion annually, in addition to other perks such as holding sway over the KRG's ties with the PKK.
However, Erdogan's interests extend beyond oil to the KRG's natural gas. This would reduce Turkey's dependence on Russian gas for energy consumption and position Turkey as a key gas hub for Europe, substantially increasing its geopolitical clout, in addition to further Turkish influence over the Kurdistan Region.
Erdogan holds several powerful cards against Iraq to push for his demands, the most significant being water. Iraq desperately wants more water from the Euphrates and Tigris rivers, which Turkey has gained substantial control over through the construction of several massive dams.
According to informed sources, the 50-year agreement signed by Nechirvan Barzani with Erdogan in 2014 reportedly includes the following terms:
- Turkish companies operating in the Kurdistan Region will be given priority in the KRG oil sector.
- For the next 50 years, Turkey will receive $1 per barrel of oil sold.
- The KRG's oil revenue will be deposited and exchanged at Turkey's Halk Bank.
- The KRG oil pipeline will be guarded by Turkey, with fees paid from the KRG's oil revenue.
- The KRG will lease seven large oil reservoirs at Turkey's Ceyhan Port, with rent paid from its oil revenue.
- The agreement sets the framework for the KRG's relations with the Syrian Kurdish SDF and the PKK.
- Critics claim the agreement's political dimension is to maintain the KDP's power and continue its leaders' rule in the Kurdistan Region with Ankara's support.
- Unofficial reports suggest the Erdogan family is the primary beneficiary of this agreement's proceeds from the Turkish side.
It looks to me like something is going to happen very soon