The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Re: "I'm pretty sure both trades of 500k+ shares related to the options"..............let me rephrase that...........
"I'm hopeful etc..........."
I'm not 'pretty sure' about anything anymore, least of all that I'll still be around long enough for any of it to matter much.
Re JOG - thoughts of what's linked are fading fast - I rather liked the idea of the occasional lunch in France (or maybe even Jersey) in stylish comfort :-)
https://www.yachtworld.co.uk/yacht/2019-princess-f50-8030218/
dyor
Oh well................
I implemented aEMI scheme at my company.
I was astonished at how few of the employees were prepared to fund a share purchase which represented 90% discount to the NPV.
Robsroom - the directors didn't take any kind of paycheck. The options were exercised, JOG issued however many new shares were needed to satisfy the exercise and those exercising the options were required to pay 110p per new share issued, under the "Jersey Oil and Gas PLC 2016 Enterprise Management Incentive and Unapproved Share Option Plan" (it's towards the end of the linked RNS of 30/11/16: https://www.investegate.co.uk/jersey-oil---38--gas-plc--jog-/rns/oversubscribed-placing-to-raise-approx--1.6m-gross/201611300701535147Q/).
In order to find the money to pay JOG the 110p for the shares, the option holders sold a sufficient number of the new shares issued to them, after taking into account the tax and NI they'll have to pay on the "profit element" - ie the 140p the shares were sold for vs the 110p exercise price - to provide the funds needed. They didn't have to sell all the shares awarded under the terms of the options scheme. Those remaining have been added to their holdings, as set out in today's RNS.
I suppose it might be said that - in effect - a group of people monetising options that are shortly to time expire did well to place the bulk of the resulting shares with one or two buyers. I'm pretty sure both trades of 500k+ shares related to the options
dyor
VK, they would have needed to stump up 700-900k of their own cash to exercise the options and not sell. Or they let them expire. Or they do what they’ve done, found a buyer to take a 2% stake in the company, increase their shareholding and take another 218k pay check.
Abatt1 they made the decision to sell for 30P they obviously are not very confident of a positive outcome here.
obviously not
Nothing will be announced until a deal is signed , price sensitive information
Absolute joke I doubt the JOG team would be cashing in their shares if there was anything material on the horizon.
They are either stupid or AB gas been talking BS all year !
so who was the buyer at 140p? will they now drip them back for their small profit, its all rather disappointing.
The only consistent track record at JOG is the feathering of nests and long periods of silence from the BOD. A sad state of affairs.
I'm trying to get my head around this. Importantly (from my perspective) I'm trying to establish if it's permissible for directors/PDMRs to exercise options in a closed period. Initial indications are that it is, where it relates to options that would otherwise time expire. The tricky bit is that these options don't expire until 30 November.
So are there any serious discussions going on or aren't there? It's time to cut the cr*p and come clean on what's really going on. We've been strung along for the last (nearly) 8 months with talk of widespread interest in a farm-out, but I don't see much of that in the "notes to editors" at the foot of today's RNS:
"JOG has recently concluded the Concept Select phase of an FDP for the Greater Buchan Area and plans to progress into Front-End Engineering and Design (FEED) following greater clarity being obtained on regional electrification options and funding. JOG is focused on delivering shareholder value and growth through creative deal-making, operational success and licensing rounds. Its management is convinced that opportunity exists within the UK North Sea to deliver on this strategy and the Company has a solid track-record of tangible success".
The Company did very well to farm out Licence P2170 (Verbier) to Statoil (now Equinor) back in 2016. Point me towards tangible success since then, whilst £40m+ has been raised from shareholders. I won't go on.
I'm of course pleased the directors are convinced opportunity exists within the UK North Sea to deliver on their strategy (and the Company has a solid track-record of tangible success) but I'd feel a lot more comfortable if someone bigger in the oil industry shared their conviction.
More uncertainty - I'm thoroughly fed up with it all. It will surprise me if the market doesn't soon lose patience too.
We need clarity, not the opposite. Time is up as far as I'm concerned
dyor
At least big Ron hasn’t sold up ?? In another life I would definitely have studied corporate finance, it’s as close as you get to printing money. Ive just topped up, positive spin is they have a buyer for the new shares and the are tidying the house (and increasing shares held) prior to Dicks long predicted sale!
BOD have kept their shares its the staff that have cashed in .
That's one way to read it Vk, or could be they didn't have the £782k cash stashed away between them to activate the expiring options without selling to fund the purchase. We always knew they had plenty of options granted at low prices. If they sold at £1.40 to buy at £1.10 making a tidy profit, kept a few in the process and brought in a new strategic shareholder at the same time it could be very positive for them (and us), big question is who bought them.
VK - I would for once agree with you except for one fact - the Options expire in the very near future so it was - in rugby parlance - a Use it or lose it - trade. Luckily, I dont think it matters a bag of beans. Had they been outright sales, i would have been first in the queue out of the door. And before you ask why didnt they just exercise and keep the shares as a real vote of confidence, none of us are in the position to opine on the finances of any of the directors, ex or otherwise.
What's happened everyone bar the directors cashing in for 30P a share ? That's a sure as anything sign there won't be any farm out or anything else for that matter ???
Mystery solved. Stand easy.