Roundtable Discussion; The Future of Mineral Sands. Watch the video 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.
My 125 Trek?
125 was on the basis of a reversing Presidential decision …. We now have a decision on hold different ball game with a completely different outcome.
And back up we go. So having increased my position then sold with a 3p loss and now rebought 10p cheaper than I first topped up at so it’s not all bad even after factoring in missing the divi on them.
It’s just flipping needless hard work!
I just like a buy and forget stock that pays out +8% but it’s flipping hard work in the markets nowadays!
Brexit, covid, China hot, China cold, Evergrande, war and now inflation as if it’s a new beast that no one has ever heard of before apart from us boomers!
Should be back to your 125 soon Temple, if you still have em that is.
Usual caveats
Trek
Still … pressure now moves back onto the NNPC … the President is happy to approve the Seplat takeover as soon as the NNPC realise they are wasting everyone’s time and money.
Withholding is not reversing … and big big difference.
A PR nightmare … the President need only have said on Monday that his current approval was subject to the 2021 approval of regulatory issues according to the PIA but granted through his powers afforded by the 1969 PA as Minister … and urges all parties to complete due diligence quickly.
“ “The president has decided to allow the regulator to do their work. He is withholding his earlier given approval, for now, to allow the process to be completed, that is basically it,” presidential spokesman Garba Shehu told Reuters.‘
That’s more like it …. The Donkey can stop for a drink.
:)
Suspect the presidential letter being delivered to Seplat will arrive on the back of a Donkey next year sometime.
Or it could all end in tears and SEPL pull out saying it’s no longer investible due to regulatory and ESG constraints. Unlikely but you never know. In which case there would likely be a bumper special divi!
So from an investors standpoint you either put up with the pantomime and benefit from capex growth or you get an extra divi!
Such is the strength of SEPL’s balance sheet!
Don’t worry soon it will be it’s all ‘behind you!’
Usual caveats
Trek
Agree damofarl, that is what is likely being sought. Seplat may end up taking operational control but much less economic ownership.
Now formal news yet then,still simmering.
seatanks; i agree totally with this......"..... Exxon won't sell to them. Seplat won't pay bribes."
But there is a middle way - SEPL could pay the bribes without paying a bribe by 'divesting' say 5% of the approved enlarged combined SEPL/Mobil to the state company spun as a 'partner'; who can then reap the dividend yield income stream and 'translate' that into inflated boss remuneration for evermore., whilst SEPL could spin as 'working with partners, working with Nigeria, Working as Nigeria's energy champion' etc.
Talk about over reaction as I see it its still on going situation and will be dealt with as before ,in the courts.We may get yet another RNS today giving details of how they proceed from here
The easy way for Buhari to get out of this .. is to stick to his original letter to Seplat, based upon the PA of 1969 but hide behind his regulator and support the JOA challenge brought about by the regulator ...
.. they are different issues.
https://orientalnewsng.com/seplat-exxonmobil-exposes-buharis-knowledge-gap-of-of-bills-he-assents-to-experts/
Writes:
"But giving an update on the issue, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, hinted that Buhari had reversed the decision and the previous misunderstanding was because the “agencies involved in (the) decision had not coordinated well among themselves.”
What does "reversing the decision" mean and was does "hinting" mean .... nothing official yet ... Buhari could simply be supporting the NNPU in taking the case to court for legal outcome.
Grabbed a load at 110p.
"So, there is precedent." Indeed so .... as in:
https://guardian.ng/business-services/seplat-affirms-validityof-exxonmobil-transaction/
"WoodMac noted that since this transaction is a corporate acquisition, the Nigerian National Petroleum Company (NNPC) has no right to pre-empt a deal under the Joint Operating Agreement (JOA), which governs the joint venture (JV)."
So we see.
This will go through the court process.
'If you look at the press release the NUPRC had issued much earlier in the year, it said that ExxonMobil had not complied with the law. I don’t understand what aspect of the law because ExxonMobil simply wants to leave the shallow waters. And other companies have left. Eland Oil and Gas has left in this same way. ConocoPhillips left in this same way. When ConocoPhillips was selling to Oando, it didn’t say they were selling the Oil Mining Lease (OML). They said they were selling their company. Ashland did the same thing much earlier. So, there is precedent.'
It makes no sense for a regulator to be able to block business transactions because it has a profitable arm that wants to cherry pick the best business for itself.
It's like putting a Fox in a Chicken pen.
Crazy.
https://www.premiumtimesng.com/news/headlines/548018-breaking-buhari-backs-down-supports-regulators-rejection-of-seplats-purchase-of-exxonmobil-asset.html
What a joke this is becoming!
Oh well back to sq i
Well according yo the latest hews …. The Exxon approval has been reversed by the President … on the grounds that the left hand doesn’t know what the right hand is doing.
Bizarre.
I topped up today at £1.22 in the knowledge that the company is worth more than that even without Exxon deal. If it goes through then I'll certainly be a happy bunny!
A real dogs dinner now new rns stating legal action will be taken for deformation it just gets worse.Still the dividends keep rolling in and at the end of the day im sure it will be a good result
I dunno SeaTank .... NNPC allegedly put £9 bn into a black hole never to be seen again .... all the more reason to let Seplat take over the assets.
If the regulator has a problem, it is obliged to let Exxonmobile know of its objections.
The only objection seems to be ... "we want to buy" - that is not the function of a regulator.
The amount is so absurd it's obviously wicked slander. These corrupt and discriminatory politicians are getting desperate to take their pound of flesh, but they won't get away with it. Exxon won't sell to them. Seplat won't pay bribes.
Someone is playing dirty claiming a $100 million bung was used to get presidential approval.