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PIs shouldn't be hacked off it's obvious what is going on .
Really angina...u been talking 2 ya mate broadfraud!!!.. lol..... why do u expect more bonus awards?... our new CFO has been given diddly squat....nxt!
Probably we can expect a further staff award announcement for the shares mountain languishing in treasury I fear.
JF isn't stupid 'though - he will cancel a token % of them just to be seen to be fair to us pleasant peasants .
Time will tell........ and we won't be able to do diddly squat to stop it.
It gives a good oversight of how the Industry actually works and the lengths it will go to in acquiring assets. Read it then see the similiarities with now.
Then we have who it was wriiten by.
Daniel Yergin
DYOR
What the SP is now is irrelevant unless you are GKP buying shares , this is why they have 2 brokers.
It's quite an hilarious statement by him. Many of the events and outcomes within the 'Prize' took place over many years, decades, even half century. Does the retired surreyscot and his '30 years' in the industry really have that long to wait for his investment here to be realised? Do any of us?
Surrey what lessons from the Prize do you believe applies to GKP
'Surely it can't be a prelude to more staff share incentives? Surely not.'
Anyone want to start taking odds on that?
Hi C0ckeye,
I don’t know why GKP are buying back shares into treasury now.
I just note they are, and I wonder why.
Seems to me GKP would be much better cancelling any bought back shares now they’ve more than covered the staff share awards, vested or not.
There would be an almost instant impact on the sp imo, and just imagine what the sp would look like now if they’d taken that approach from the outset, having taken more than 5% of GKP stock off the market for good.
The fact that they seem hell bent on this course of buying back to treasury leads me to conclude that they have a greater purpose for those treasury shares, unknown to us.
Anyone got any thoughts?
Surely it can't be a prelude to more staff share incentives? Surely not.
'It looks like GKP are now buying back for another purpose
One that means they are prepared to carry on driving shares off the market and into treasury where they are now just sitting and waiting for some other planned event.'
Straycat, surely any prospective acquirer waiting in the wings would want them cancelled, and with it the number of shares in register that they would need to acquire significantly reduced.
My understanding is that an acquirer making a bid would also have to purchase the treasury shares too. So in this much mooted scenario, the company isn't doing that acquirer any favours. Or themselves for that matter. Or us.
That will happen as GKP will cancel them. That hasn't happened now as the future is not fixed and should the SP go to £10 after CPR 3 they can sell them for funds for further production.
The Prize should be required reading for all GKP shareholders.
IMO
I dont have a problem with Mikey when he sticks to trading info . I do have a problem when he tries to get involved in things he does not understand , such as Reservoir Engineering and Project Management.
Tongue in cheek..........
Maybe ( when the time comes to sell up to the Chinese/Russians or whoever ) GKP will use all the 13 Million or so shares they have bought back - to freely re-distribute them on a pro--ratio basis to all the 'long term shareholders' who have grimly hung on here over the last ten years or more, as a way of saying thanks for their patience, determination and long-term commitment to the Company through its turbulent history..........
Or maybe pigs will fly - lol.
Vikingwarrier - 14 Jan 2012 - 18:28:54 - 150898 of 598290 THE NEW GKP / Drilling for Super Giants (moderated) - GKP
What was that famous phrase in the 80's? Oh yes. T. Boone Pickens said that it was cheaper to drill for oil on Wall St than to drill for it. I guess thats the same right now on AIM with GKP.
Mirabeau - 05 Dec 2012 - 12:49:08 - 243090 of 598290 THE NEW GKP / Drilling for Super Giants (moderated) - GKP
How close to the truth is this explanation from iii? :-
-
12:36
Delay and Accumulation
StrangeBudgie
12
Mikey comes in for a lot of stick regarding his accumulation theories, mainly by people jumping up and saying that it is all conspiracy nonsense, but there is precedent:
Read Chapter 35 of The Prize (from page 716) for the full story. My abridged version is that Boone Pickens (oh the surname irony), aka as 'The Real JR' made hundreds of millions of dollars through buying stock that was undervalued by the market. He calculated that the quickest way to make money was to buy oil stocks that were selling for only a fraction of the value of their assets (ring any bells!). His quarry in 1983 was Gulf Oil (again that name coincidence!) whose shares had fallen due to a range of internal company squabbles and the loss of an anti-trust court case leaving the company vulnerable. Pickens' company Mesa then started to accumulate Gulf stock through "numbered bank accounts scattered around the country with transfer codes known only to a few people." After Mesa had acquired 11% of the stock they went on the offensive and launched a hostile takeover attempt. In the bidding that ensued Gulf was eventually taken over by Chevron, but Mesa and Pickens made a fortune through the shares they had cheaply acquired.
Fanciful conspiracy theory? I'm not so sure and the the accumulation theory seems to become more likely as each day of this CC passes by. Very rich people like the backers in this case are very rich for good reasons and mostly these aren't pleasant or ethical.
GLA
I can remember years ago GKP either buying shares or putting millions of pounds away. The reason they gave was incase of an unwanted hostile takeover.
I've been in GKP for years and still hold all of my shares. There's no way I'm giving up when they are worth so much more than they are today.
ATB
Chris
Last financial year we bought back 10.5m ordinary shares into treasury at a VWAP of £2.29.
The share price closed 2019 at £2.125 resulting in a trading loss of $1.7m. Add to that the 82k shares redeemed in the year (under the zero cost SRP vesting rules) and the combined effect of those two actions was to adversely impact the P&L by nearly £2m.
Anyone remember the buyback rationale as expressed in the launch RNS?:-
‘The Buyback Programme is aligned with the Company’s focus on capital allocation and will be an accretive use of funds whilst not impacting the Company’s ability to continue the execution of its current investment programme.’
If only 82k staff option shares were redeemed in the year, why did we buy back 10.5m into treasury?
In fact to date, since commencement of the buyback initiative last July we have bought back 13,126,360 shares, only 583,000 of which have been redeemed under the various staff share option scheme rules.
This is because most of those treasury shares (apart from the SRP element) do not mature for a year(s) to come.
Yet every day we are buying hundreds of thousands of shares unnecessarily, and every day we drop them into treasury where they are lost to the ongoing activities of the business.
Meanwhile there has been no ‘accretive use of funds’ with the share price stubbornly fixed at or around the £2.00 level.
Over 5% of the Company’s ordinary shares have now been given this treatment with another $13.5m to spend, or circa 6m-7m shares to buy back before the AGM.
It may be that up to 10% of the Company will have been bought back to treasury by then. Cheaply.
And for what?
Surely by now GKP should have realised that treasury buy back is not adding sp value (if that was ever their real intention), whereas buyback for cancellation almost certainly would. The share price tells us that.
Normally cancellation would at least be worth consideration.
Indeed the bye-laws were specifically adjusted to incorporate this possibility under Special Resolution 13.
Why not use it, because under any analysis it seems likely that GKP have by now entirely covered any staff share option exposure?
The consensus seems settled at a maximum 11.6m treasury shares needed for all outstanding awards whenever they vest.
With 13.5m already purchased it would appear that job is done.
It looks like GKP are now buying back for another purpose.
One that means they are prepared to carry on driving shares off the market and into treasury where they are now just sitting and waiting for some other planned event.
We just don’t know what. Or when. Or why.
IMO.
RNS Number : 2159B
Gulf Keystone Petroleum Ltd.
28 January 2020
Transaction in Own Shares
Number of common shares purchased 162,287