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Doesn’t matter how they’ve done do but facts are that ‘voting rights’ have gone up by nearly 1% - which is pretty significant considering the level they are at I.e. being so close to 30%.
Plain and simple to see that I3e are a prime takeover target and management now have a job on their hands to keep their jobs!! Plus Graham has quite a few shares and will want max price for those!!
Hi, yes the percentage decrease in their direct holdings must be from the options declared on 22 October 2021.
And yes, perhaps to emphasise the point Joe is making - the reason on the form tells you that it is CFD's not shares which have changed. Thanks Joe, one of the reasons I posted was to get a better understanding, I will look out for the heading next time!
So narrows down the focus to the fact that they have 9.8M CFD's in play, significantly increased on Monday. Hope they are long, LOL.
Welcome Gooroo, this has livened up an otherwise boring day.
The interpretation of the RNS on here and Advfn is wide of the mark.
The Reason is given on the form: "An acquisition or disposal of financial instruments "
[2,175,000 increased to 9,875,000.]
They have not reduced their total Direct holding since the increase in their October declaration.
The percentage has reduced because Linda and another then took up some options thereby increasing the number of shares in issue.
They have shuffled the relative holdings of the three funds.
HTH
Gooroo1
Mystery person opens account yesterday and posts once. The move described is “ballsy” and intelligent; you’d want to brag about it, wouldn’t you?
Suspect Gooroo1 is the horses mouth.
Thanks to the Abbot to pasting my post on the other site. Yes I agree with the post there by Gooroo1 in sentiment, that was what I was thinking later that evening. (although I think you get the voting rights with CFD's whether you are long or short, you will never know for sure from the RNS, however if they needed to be short, they would of been better selling their own stock in larger volume, so most likely long).
As Cairn own so much stock, they likely know when the RNS is coming, and have better visibility of the goings on in general - it is standard for funds to meet with the companies they invest in.
They possibly knew that they had this week to get the 20x exposure that Gooroo1 mentions and have likely now bet $1M this week on I3E.
Agree GGG. I’m not a fan of only updating the market every quarter, stacking it with positive news, then wondering why it isn’t reflected in the sp. Regular news flow is key to positive performance and I3e should have plenty. With the price of oil and constant media coverage about energy prices, it seems for the first time since Greta there’s an appetite for o&g stocks for certain minded investors.
I agree with G_G_G that their PR is pretty woeful in terms of messaging. A dedicated (not just about the job but also a passion for the role) should be tweeting, LinkedIN, gaining reputational value on Crunchbase, glassdoor etc but what do we get.... jacksh7t apart from website updates, RNS release's. To get the markets aware there has to be a marathon of continuous plugging of I3e in all sorts of media attention. Like Tony said there's either nothing to report or they're preparing news.
I know they're aware of this board so lets hope they're reading of our frustrations on news.
Nope pretty sure they sold. Makes no difference, the number of shares sold (or bought) is negligible.
What I will say is the company had better be preparing to drop an rns on Monday with an update on the myriad of things that we as shareholders (owners) should be across. There's no point Graham and Majid regularly saying how we're under-valued if they're not doing enough to prove to the market just how under-valued we happen to be. They've done a lot of great things in the past 18 months. Truly spectacular turn-around by these guys. But they need to do better on regularly PR'ing their wins, both big and small. Let's hope Monday is the day the market starts to realize how they've been sleeping on i3e. GLA
The institution definitely bought, just open up the rns and see for yourself everyone
I3E is the cheapest oil production company out there and I am sure it’s getting a lot of attention, with oil price boooooming
50k worth
One correction: The 32,500 should have been interpreted as a percentage - 0.0325% of the total shares. My bad.
26.162500% - 26.130000% = 0.0325%
So that would be about
1126M (total shares) x (0.0325/100) = 365,950 shares sold.
The penny dropped when I read it back the mistake and thought, bloody hell, I own more than that! LOL.
My understanding is that the shareholder has reduced their holding.
If you look at box 7, the total voting rights attached to shares has decreased by 32,500 shares (26.16% -> 26.13%).
box 7 also tells us that the voting rights attached to financial instruments has increased by 0.6834% (0.19 -> 0.87).
Then you look at box 8B2 to see what those financial instruments are....
They are 'contracts for difference' : Open at 9875000 shares (for cash).
So it reads that shareholder sold 32,500 shares, and took out additional CFD's to now be at 9,875,000 shares. He technically has more voting rights, but does not have more shares. Don't know if he is long or short on his CFD - hopefully long!!
Why would he do this? Dont know, but you see this on some shares a lot, like CAML when many funds were entering and exiting. Clearly some kind of hedge.
This could explain the dampening of the share price action over the last few days, as the 32,500 were sold??
Note this started happening on Monday.
Based on my own learnings - Please feel free to correct me if I have this wrong.
I decided to post because both boards are talking about increased holdings, and offers for company etc. Which it is not, IMO.
Knew it would happen. Bybrook to strike at just the right time!
Let’s hope there’s more interest out there from other parties
They are close to 30% threshold where they will have to make offer for the remaining shares left , I think that's correct even for a junior Oiler and worries me that a low ball offer could be made soon before existing SH get a decent return after sticking with them thru the bad times . Let's see what happens next?
RNS just out institution increased holdings, they now have An amazing 27% wow
Soo close you can almost taste it :)
Would also be interested in an update on hedging. The October update had the current 22% production hedging dropping to 4.5% in April. The quantity and price quite important given commodity price predictions for 2022.
I couldn't agree more Austin. There's plenty to update the market on wrt Q4 operations / production, previously drilled well performance, 2022 Canadian exploration / expansion progress and future plans. These are all very positive. They should also provide an update on the f/o given we're 1 month past their previous guidance. And they should provide progress on the loan facility. It's simply good investor relations and comms to keep the market abreast of goings on. As much as i3e have been known to drop a midday rns, they've also been known to treat us like mushrooms. They have the perfect opportunity to land a lot of good news stories in a booming macro environment and completely transform even the most cynical person's view of the company. I personally don't care what day or time they provide an update, but I do care if we don't have one by the end of the month, which means a Monday rns at latest. This is simply good mgt and shows they're on top of everything. Fwiw I do believe we'll get the update by then. And I do believe it will be a very good one. AIMHO GLA
Thats correct Darton, there are a few loose ends that could do with tying up from that report. Pembina was getting an overhaul in November and we dont know how that went, what the flow rate is, we may only have a 33% interest, but its detail.
A number of Wapiti wells only came on line in Sept, so the Q3 update was giving figures that were barely a fortnight old, have they been consistent?
That Q3 also states they expect to tie up Serenity by year end, clearly not the case.
They have right now a booming sector, it would be remiss not to keep shareholders and the wider market up to speed with performance and detail. Whilst i'm not jumping up and down in frustration at the lack of news, i cant help but feel they are wasting an opportunity to be a bit more proactive with communication and newsflow right now.
The last operational update was 26th October, so exactly 3 months ago. Therefore the next update is hardly late yet.
I realise it was more frequent previously.
Great opportunity to buy more IMO, could be 16p this time next week.
All the financial and operational updates including year end and interim reports have dropped almost exclusively at 7am. Only other types of updates have come during the day such as warrants, options and a handful of other subjects.
We’ve not had an operational update in nearly 3 months - a mistake in my view - I’d much prefer to follow the precedent of some other Canadian oilers who provide monthly updates including some who provide a small table showing monthly funds flow, production and month end cash.
The only sensible reason I can see for not providing more regular updates is not having much to report and I would like to think that’s not the case here.
Lets hope it's not June like when they released "Final Results for the year ended 31 December 2020" Otherwise we've 5 months going on past end of year results.
I3e have been known to drop RNS's during the day. Let's see
Another day of PI’s hanging on for news. Meh
Is today the day?