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yes marty, usual bla bla bla as per .. but still no answer on my single point to you asking for clarification on how you claim our minority interests are somehow disadvantaged? i will take that then as just another of your meaningless rants, for which unsurprisingly you are unable to provide any substantiation. whether at 26p, 46p or £1, each of Tosca's 300 odd million shares are worth precisely the same as mine. and of course our CEO also has 9.5m reasons to want to see this saga deliver and our SP go much much higher. (btw in the Janet and John school of investing that's called alignment with shareholders' interests).
"Perfectly aligned interests......" Just what planet are blowing from - Uranus? How many AIM- listed companies have you actually invested in before?
And no comment on the 1.6M Dollar Man's recent performance (working endlessly for the good of all shareholders) - down from 46p to 26p. Impressive stuff. Your unending smugness at the unending price collapses and management mishaps makes me wonder if you hold any shares at all. Actually, to be honest, I'm not really interested.
sorry to have to correct you but your principal and concluding point appeared to concern some kind of disadvantage to minority shareholders. unclear what that point was exactly? since Tosca, Oisin himself and Midwestern each has a perfectly aligned interest with the rest of us, through their respective shareholdings. don't worry though, i will put it down to a certain feebleness of mind rather than intellectual dishonesty as such.
Not that difficult, Einstein. I'm talking about a management team that has very successfully overseen a share price drop from 46p to 26p. If you think that is great for PI shareholders then I suggest you re-read your Peter and Jane book on investing.
minority shareholders last on which list would that be, marty? wtf are u drivelling on about now.
The only thing PI's know with certainty about this company is that they have no idea what management is thinking or doing. $2m of SBB - why bother at that amount? I mean it's little over OF's annual remuneration package. And before that, pay well over 40p for own shares now worth 28p? Is that financially clever? Sure, holders who wanted to sell got an uplift for shares offered for sale, but look where they are now on the balance of their holding. Presumably there was supposed to be some follow up to the 10% BB to keep the SP up at that 40p + level, but eh...... Or is the follow up an enormous $2m SBB? That should rock the market. Let's hope management has even a vague idea of what it is doing with these financial games.
Being a minority holder here is like playing blindfold against poker sharks. The majority holders tell a shady self-serving management what to do; the minority holders simply watch on bemused, knowing that they are last on the list.
if their intent had ever been to take this thing private, they've followed a mighty strange route. Eg. doing a share tender at 46p. also one suspects over time that the principal players will have encouraged family, friends and funds to participate: not an insignificant hurdle to now overcome, if they had dark intentions.
Whoa there Red, you're missing a couple of crucial points. First and foremost, 'permission' is not intent. At the moment, all the company has actually announced is a tiny buyback of $2m, which at current prices represents less than 1 1/2% of the company or around 5.5m shares which, under the rules and considering daily volume trends, will take Cantors around 3 months minimum, and likely far longer to complete. And while it is true that when this small program is finished, some 6m shares will have been bought and cancelled, Tosca's share will only rise fractionally of course. But wait, there's more......If the company should then announce further buybacks - especially if a block of shares are suddenly made available, which the company would not, I believe, have to pre-announce, but under the Article passed could simply transact and then announce it - those new share purchases do NOT necessarily need to be cancelled. In fact, conscious of just what you are concerned about Red, the company may very well opt to simply put the shares in the Treasury account, making them eligible to be resold sometime in the future potentially at a (much) higher price, or to keep them as a bulwark against any unwelcome, cheeky bid for the company. Furthermore.....there is absolutely nothing inevitable about Martin Hughes bidding for minorities, no matter the level of his holding. Every indication in fact, is that Tosca's long-awaited plan for sle is that it act as a cash machine for Tosca (who do you think insisted on a payout regime of '50% of free cash'? Management???) over a period of time, before selling out at a materially higher price to a 3rd party interested in a prolific foothold in Nigeria. Finally, without the help of huge share buybacks taking his share in the company higher by default, but with larceny on his mind, Martin would have to buy a non-negligible number of shares in the open market in order to get anywhere near the 95% threshold where minorities (ie., US) might be disadvantaged; something in the neighbourhood of 50m shares. To do that, he would have to 'go through' sophisticated shareholders including not just Jite at 13%, but BrandonHill and company management itself, including Oisin's own 2%. What sort of price do you think Tosca would have to pay such holders (not to mention smaller institutions and high net worths who know the value here as well or better) - in the market or through private negotiations, wouldn't matter - eventually to get anything close to making a dent in that 50m share nut? I don't know either, but its a hell of a lot higher than 50p. Once Tosca were forced to pay those holders (much) higher prices, minorities remaining (ie., US) would then have to be paid a premium to those HIGHER prices in order for him to get to 100%. That might not take us back to the £2+ levels that would make many longer-term holders closer to whole, but it would get current holders within spitting distance of a quid, I reckon.
We are getting to a stage where things could go against the private investors in SLE.
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-I talked before about how the recent corporate action in the sector was not necessarily in our interest, --because as a precedent , a 30% premium over today's SP, resulting from a Take Over/Merger would not help many at these sorts of levels.
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---Bluerill took me to task, and quite rightly pointed out that recent merger between Eland and Seplat, only stood to highlight the value in the sector and how cheap SLE was by comparison.
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---But that was not my concern.
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-I'm sure it has not escaped the attention of our largest shareholder how cheap we are now looking--------so where are we now.
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-We have Tosca holding 71.61% and MidWest holding 13.01%-leaving just 15.39% in other hands.
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-Now we have a resolution passed at the AGM allowing the company to purchase and cancel up to 10% of the issued share cap----if this is fully implemented over time---where are those shares going to come from, and what will be the resulting shareholdings?
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-Assuming neither of our two large shareholders sell, then Tosca would finish up holding around 80% and MW about 15%-leaving just a minority 5% in other hands.
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-This will surely push Tosca into the inevitable, and they would be almost forced into taking the company into private ownership.
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-How that would work out for the remaining Private Investor, I do not know, --but as I said, a 30% premium would not help many now.