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Large bail out.
Not just corona.
Other shares not as illiquid and not plummeted vonsistently like this.
Frw shareholders left.
Phenomenal time to buy and hold mid term but I doubt many will.
Time Trin supported its loyal shareholders...the 2 or 3 left.
Crl, I admire your staying power, I get fed up after a while.
As they won’t pay a divi now would be a good time for them to buy back shares at a bargain basement price.
Echo
Thanks mate
I’ve been very long term here . 6 1/2 yrs.
Bought originally at £1:20
Seen MD’s holding nearly halve. Seen ALL shareholders go. Except for one still here apart from me. Seen shareprice go to nearly half pf Placing price. What is really going on? It’s a ship that’s tight and waterproof and immaculately managed. But it’s gutless and rudderless.
9p after all this
Crl
Sorry to hear that mate, I originally bought at around the 20p mark back in 2018.
I’ve averaged down on a few occasions so I’ve some hope of a break even . . .
Of all the stocks I’ve traded I’ve only ever made a loss twice (£100 on each) so I’m always in long term mode when I buy into something, I guess only time will tell with Enigma + Tobago
I will ceryainly be a very old man before I see any fruit borne here.Years and years.
Old enough already.
Been through the mill here.
But going nowhere. No debt/Scada/Haw/Hedging/$28 b/e
But share holder left adrift
Shameful
Very excellent post on Thursday night crl123 and, on reflection, I've likely underestimated the effect PI's have in a very illiquid AIM sector.
Fine posting, as ever, stockable.
I'm with many of the rest of you in finding this uninspiring and with my average now at 10.5 p I'm open to selling up a decent proportion of my holding at any sort of profit here.
Two things that tempts me to stay involved here, somewhat at least, though is that they have cash to play with in a Sector/region where assets can be picked up very cheaply generally now.... or they could easily be a merger/takeover target because of their very strong balance sheet and profitable producing assets etc..
Echo
My breakeven is 19.8p
Not going to see that.
I have had constant ongoing communication with everyone from the MD to the Bod. Analyst Cenkos. PR Walbrook. Even personal communication with Simon T. Been to almost every meeting. Can’t do more than that.
But I am left feeling the share price is an irrelevance and nothing will be done to address it. Great production business. But it’s like Beuce Lee said...” if you’re pointing at the moon , don’t look at the finger or you miss all that Heavenly glory”.
People ( shareholders not just groundworkers) matter. But you wouldn’t think so. Rigidity is its own worse enemy.
I’m willing and happy to be wrong. But I can only go on my 6 yrs experience. To be at 9p after all we’ve been theough is a disgrace.
creeping
Stocksble.
So well put.
Essentially Trin is solid and stuck. The plans are reeping and borderong on dull. 6 yrs here and I see only shareholder evaporation. 76% down on my investment and it’s not going nowhere fast. All corners covered but as much potential excitement as a terrapin race. Bruce has all he needs. Some of us don’t. And have lost 76% of all we have. Caveat emptor in the rear view mirror.
What point is there in no debt/cash in hand/gradual but minor bopd increase/Minor SPT mitigation via hedging ....if you are sitting in an armchair on a ridderless cabin on the becalmed Sargasso. You’re going nowhere. No div. End. No directors’ buys . End. No buybacks. End. Just becalmed and going nowhere slower than the terrapins.
Shame on them that Mr. and Mrs. Shareholder are not gifted what was promised in the latest RNS. And others.
That’s why they are leaving.
As am I
I can just scrape by on the little I have left until pension gives couple of quid more. Corona is a problem. For humans and WTI.
But Trin have proved that we must be kept indefinitely in the dark and I can’t take that any more.
A lot of sensible comment from you Stock
And a lot of valid points. But if I ever break even with my holding I’ll be selling fairly quickly. I can’t honestly see much wrong with trinity and bought it on the basis of a) wanting some oil exposure in my portfolio and B) the praise heaped onto trinity by Simon Thompson of IC. But what I don’t see with trinity is the catalyst that will take the price back into the 20’s. Unless as you say a buy out comes along. At the moment I do think the share is being traded for 10 and 20% returns unfortunately i need a break even of 12.3p
Any thoughts?
Impossible to prove, but I suspect that Trinity is caught between a rock and a hard place. It certainly is not in the same cohort as much of the AIM resource rubbish. It’s profitable, debt-free, cash-rich and is working to a plan that could substantially lift production. At the same time, in terms of production, it’s still a minnow. And, of course, it has to grapple with the impact of SPT.
It enters 2020 with production at about 3,400 BOPD and probably has around US$20m in cash and no debt. And, of course, this is at a break-even of less than US$30 per barrel. But the real prize is offshore and that will require external funding and is several years from production. In the meantime, the company has to find a means of keeping shareholders happy. I would have thought the easiest way would be to provide a dividend but that does not appear to be forthcoming. In its interim report, it intimated at taking advantage of possible “Strategic opportunities”. So, maybe a consolidation of Trinidad’s oil producers could be on the cards.
At an operational level, the company appears to be doing very well. My prime concern is what the exit strategy will be for investors. The management’s rewards are ongoing and are geared to output. Bruce Dingwall’s base salary increased in 2019 to US$360,000 pa (That excludes all the add-ons, including expenses). For sure, he has skin in the game but his shareholding has fallen from some 6% of the stock to around 3.5% over the five years to 2019. While investor rewards are effectively back-ended. As the recent takeover of Amerisur Resources demonstrated, should Trinity be sold at some point, the sale price could be a lot less than most investors expect.
Having said all that, this seems like a very sound business. It’s not dependent on a tiny number of high impact wells. It’s working multiple reservoirs and is based in a stable jurisdiction. Sure, it's impacted by SPT but it looks as though it can work around that. The real issue is that it seems to be in something of a limbo. Neither fish nor fowl. To some degree, it comes down to Bruce Dingwall’s character and how we judge the man. The impression I get is that he wants to do right by the shareholders and also has a strong affinity with Trinidad. As a slight aside, I can very clearly recall at a recent investor presentation where Dingwall mooted at the long-term potential for offshore development. He mentioned the possibility of the oil majors scaling down their operations and leaving neighbouring fields, largely the result of natural decline. In which case, Trinity would be in an ideal position to pick up operating assets at very low prices. Should that happen, it could be extremely lucrative but it would be years away.
This does not strike me as a stock to trade - it’s not a pump and dump. Its assets are real and so are its plans. But there is an inherent risk with banking on a sale of the company at an unknown price at some unknown point in the future.