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Shareholder value
Well look at cash and assets that Sdx have, this is almost a swap, like for like deal. No shareholder what so ever. Can't believe they ran this past the larger holders and they seen value there.
yup , thats 10p now... What a steal
yes, it looked mildly acceptable in USD - thus my comment below. Its CAD. :-(
The trouble is... how much do we want rid of Box and Reid...
For me, not that much!
What bidder. This looks like done deal to me. The only dilemma I have do I still hold with Canadian share or take a huge loss. I can only imagine this is a great boon for tenaz so there share price should move forward.
I think this is Canadian dollars as well. To make things worse. Maybe wrong but tenaz is Canadian
Yes ,this is disappointing .I expect another bidder to come in,now this is in play.
There is no shareholder value as the board says in there statement on why this should go ahead. Just there golden hand shake. At a value of around 10 that has to be the worst offer in history
CALGARY, AB, May 25, 2022 /CNW/ - Tenaz Energy Corp. ("Tenaz", "we", "our", "us" or the "Company") (TNZ: TSX) is pleased to announce it has reached an agreement to acquire all of the issued and to be issued share capital of SDX Energy PLC ("SDX") in an all-share transaction (the "Transaction"). In the Transaction, SDX shareholders will receive 0.075 common shares of Tenaz ("Tenaz Shares") for each SDX share ("SDX Share") held, valuing SDX at $34.3mm based on the May 24, 2022 closing price of Tenaz Shares, representing a 28% premium to the May 24, 2022 closing price of SDX Shares. All monetary amounts are in Canadian Dollars.
Completion of the Transaction is subject to a number of conditions and approvals including, but not limited to, the approval of the TSX, and shareholders of both Tenaz and SDX. It is expected that Tenaz will hold a shareholder meeting to approve the Transaction in late June or early July, with SDX expected to hold a shareholder meeting to approve the Transaction in July.
The Transaction
Tenaz is focused on the acquisition and sustainable development of international oil and gas assets capable of returning free cash flow to shareholders. SDX has producing assets in Egypt and Morocco which are well suited to Tenaz's corporate strategy. Both countries are within Tenaz's primary regions of focus, and SDX's assets create a production base with the potential to build an operating presence of significant scale over time. Egypt is a resource rich country that recognises the importance of the oil and gas industry to its economy and energy security, and accordingly, encourages sustainable hydrocarbon development. Morocco has a supportive fiscal environment with local natural gas demand that provides a ready market for domestic production.
As at year-end 2021, SDX held approximately $23.7 million of working capital (including $13.5 million of cash), no debt and $89 million of Canadian tax pools.
With the Transaction, we will have proforma proved and plus (2P) reserves of 17.3 mmboe (as of December 31, 2021) and production in excess of 4,500 boe/d, as outlined below:
The RNS is out. "The Combination represents a value of approximately £0.10 per SDX Share". Sheesh.
Where the rns you having a laugh littlened. This sums the board up. This company is no bigger than Sdx. A minnow. Should be a reverse takeover.
Where is the RNS ?
its pretty outrageous... but in a way, i'm kind of glad...
This company has not been rescued but stolen. They have spent more than that in the last year on there existing assets. This is management pay of.
thank you
BRIEF – Tenaz Energy Corp Announces Agreement To Acquire Shares Of SDX Energy In An All – Share Transaction
25 May 2022 07:06
May 25 (Reuters) – Tenaz Energy Corp :
Announces Agreement To Acquire The Shares Of Sdx Energy
Plc In
An All-share Transaction
Sdx Shareholders Will Receive 0.075 Common Shares Of Tenaz
For
Each Sdx Share Held, Valuing Sdx At $34.3mm
Tenaz Energy- Transaction Is 141% Accretive To Tenaz On
Production Per Share Based On Mid-points Of 2022 Production
Guidance For Each Of Tenaz And Sdx
Following Completion, Existing Tenaz Shareholders Will Own
About 64% Of Issued & Outstanding Shares Of The Combined Co
All Figures Are In C$
Source text for Eikon: ...
Further company coverage:
(Reuters.briefs@thomsonreuters.com;)
Had to copy it from IG
Barhut,as I have said before it is the company you are invested in ,not the management.If the latter are useless,as you believe,then they will get changed at some point.BNP and Auctus value these at 19p and 25p despite the management.If you have no faith in BOD why remain as a shareholder.If you think ,like I do ,that this company will be rescued then you should buy more ,if you can.Your attitude is illogical.
Yes I agree. Probably why the share price never goes up
I cant find that story... do you have a link to it ?
Hope this is not a takeover. As a shareholder we have been shafted.
that is about 13p if my math is correct
Tenaz energy corp announced agreement to acquire shares of SDX Energy in full valuing Sdx at $34.3 mm according to Reuters
Hmmm. Could be a rns coming. MM moving it up.
Have they moved this up on opening. Must be a uncrossed trade. Strange. Will look in later
Thanks. seriously though I just can't bring myself to buy any shares and average down as I don't have any faith in these guys.