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Ol bloody hell.....I do apologise as my post from this morning has confused North with the Sovereign Fund. I'm confused now. I think I'll just say sorry and go and have a coffee. Where is my camera? Bridesmaids are so much easier to work with than trying to look clever on here!!
Actually Spawny, I apologised too swiftly it seems? I did say North Energy were a Sovereign Fund but not on this board, I posted in on JOG. I need to apologise over there instead of here.....
I reread my post here on here from this morning and I didn't mention North Energy being a Sovereign Fund. Ol well, I apologise for my apology....
Not a problem. Honest mistakes happen! Just a point of clarity I think.
Ah.....that would be me who said North Energy was a sovereign fund. I seem to have got that wrong....
Apologies all, I made an honest mistake.
The last part is not a fact. Just an opinion.
Guys - Junky Monkey on a d v f n asked me to clear up something re North Energy as there seem some crossed wires. His post:
Would someone please inform the LSE boys and that other bulletin board from the 90's that North Energy is not the Norwegian National Oil Fund that they refer to in their link! They are mixing them up. North Energy has nothing to do with the massive oil fund in Norway, not even close. The Norwegian Oil Fund owns like 2% of all stocks in the world, North Energy is a poorly managed "investment fund" taken from a failed oil company that is trying to get a bunch of loss tax back from the government, and the case is less than straight forward, been going on for over a year now. North Energy is worth less than TXP.
In other news, insider North Energy ASA sold 250,000 shares of the firm’s stock in a transaction that occurred on Friday, December 27th. The shares were sold at an average price of C$0.40, for a total value of C$100,000.00. Following the completion of the transaction, the insider now directly owns 17,848,750 shares in the company, valued at C$7,139,500
https://techknowbits.com/2020/01/23/touchstone-exploration-tsetxp-stock-price-up-15-4.html
Well this is great news for lth’s and PI’s that are taking a longer view on txp, North were at just over 10%. If they are intending to sell all I suspect there will be a mix of OTC deals and some general sales unless another ii has the lot but either way it will keep a lid on the sp a chance for us to add. Need to keep an eye on those volumes which so far indicate there is no problem selling the stock.
As soon as I close my short on HSBA I will buy more here hoping for sub 25p.
Trek
On Shellguy’s post at 08:41 this morning there’s a link and if you click it you will find a report on that chain. The report states that North are wish to divest from oil and gas. A number of companies have shares being sold by North or are about to. They are concerned that their fund value could drop if the oil price were to plummet.
Somebody on FB said they were selling at 100% profit and that was around 20p I think.
So as I see it, it is just sound business on North’s behalf, as much as it is painful for us. 100% profit and wishing to balance their portfolio and not be over exposed to oil and gas. Good for them I would say. Edale are happy.
I wonder if they sell all 17m shares?
NORTH has cash at hand invested in low risk bonds to cover for the tax claim, which is not settled yet. Retail investors in NORTH are asking whether they are selling TXP to collect cash for an excercise of share options. Thats the reason I was asking yesterday. TXP confirmed last night by email that no such rights exist.
I see North sold 330,5k yesterday and 100k on tuesday in Canada at approx 0,45 CAD. When they stop selling and buyers have to move up to get shares this will really fly in my opinion. Just a nice buying opportunity for lth.
It is North that is still selling. Hard to believe that they will sell now at the start of this transformational period for TXP. But as I`ve said earlier - they have a tax claim from Norwegian authorities that is not yet settled, so maybe they need some cash for that..
You can check out filings on this page. All insider filings comes here.
https://ceo.ca/txp?fbclid=IwAR2nqup_ddHs8gTeyh_6cZuye4NenWDMp_oocpTkEL6lguudWtYi1R3-ZEc
We must be due at least one TR-1 form soon? Presumably it is North that are still selling, is it Edale that are still buying?