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The recent up lift in the SP to 31.5p on the Ask suggests sooner rather than later. My guess is May/June 2023.
The last RNS from the company states that it expects that it will be completed in Q2 or Q3 2023
Hi all, anyone know when the payout will come for the shares?
"Based on the recent perforation programme, there are indications of additional gas production volumes; the results will be reported upon testing completion and analysis of the results"
"The Mnazi Bay Joint Venture Partners have identified a number of leads on the Mnazi Bay licence and are evaluating the prospects as potential drilling targets"
Ouch, this really hurts. Never mind that it utterly contradicts her "assurances" a little while ago, that any added reserves were "not material" and that the operator was certainly not planning to drill any new wells...
Disgusting. After such a sad and highly controversial vote bragging about the wonderful asset WEN had feels like a kick in the stomach.... Amazing that they dare to put this in an RNS. Take your 3 mln bonus and get lost!!!!
The sale is secured, and Ms. Roe can finally go back to talk about the bright future for Mnazi Bay Licence...
https://www.lse.co.uk/rns/WEN/operational-and-corporate-update-64uepk295ix4o8s.html
Any information on when we get our money ?
From DNB, stock broker for Norwegian retaliers:
We can confirm that from DNB BANK ASA there are voting instructions for a total of 4,957,669 shares - all against.
Which must mean that FIL has voted "yes" for enough voting rights to get the deal through. Did anyone mention brown envelopes..?
When will we get paid?
As a rather small shareholder, I have not been so involved. I understand all the super negative postings at different billboards, all the complaining about the board of directors, all the 10 1000s angry emails to the CEO and the board of directors, all the attempts to make to make the institutional investors angry at the CEO, has been in vain. Feel sorry for you, Wish you better luck and less frustration with next investment??
If not FIL has withdrawn (parts of) their claim, something is wrong with the voting numbers at the courtmeeting.
Of 25,687,527 votes for "against", 21,183,000 of them belongs to Fidelity Investment Ltd. That leaves 4 504 527 votes left.
Mick alone, together with several Norwegian private investors (who have received confirmation from their broker that votes have been delivered in time) have casted way more no-votes that 4,5 million.
3 options: 1 Either has FIL voted "yes" for parts of their shares . 2. Norwegian brokers havent done what they have confirmed they have done or 3. Millons of no-votes have been discarded.
I decided to put the equivalent funds from Wentworth into Maurel et Prom. Fingers crossed that the French company has got as big a bargain as I believe.
Wentworth gave me a nice profit in a short time, so no moans (except I think we were sold on the cheap)
Take-over approved. They got away with it, once again. WEN is a textbook example how the BOD can optimally bypass and ingore the shareholders. I'm gutted, but time to move on. It's done. All the best folks.
75,26% in favour.
Several Norwegian investors vote were not accepted...
This taste dirty.
I fully agree! The only thing that truly matters looking forward is that WEN reduces its G&A costs. Bob McBean will finally be off the payroll for good, starting 1 July, so that alone saves 250k/yr already. More important even, I think that his departure will chance the direction of the company with greater focus on creating shareholder value. I think G&A will almost certainly drop further after that.
Regarding the dividend: net cash increased from 22.8 mln at the end of 2021, to approx. 31 mln at the end of 2022, an increase of about 8 mln. 2P reserves have actually gone up this year (no surprise given the highly conservative CPR). Even if G&A is again around 7 mln this year, I don't see a reason why the company would reduce the dividend. There is no need to keep accumulating money.
Having said all that, I'm not looking forward to hold these shares for another ~5 years (worst case), so on the one hand I have to admit that I would be disappointed if the deal falls through, despite my No vote. On the other hand you don't sell your house with a 25-50% discount to the neighbours, just because it is convenient.... This company will have exactly the same value a year from now, 2P reserves will go up once again I expect, so it's all a matter of time....
....and the dividend should be increased as well.
Todays management, if it decide to continue after a no vote, has no arguments left to keep a big administration and high G&A after having argued for 2,5 months that there is none interesting project in East Africa for them, and that they have little or none influence on operations at Mnazi Bay. They should make WEN into a single asset investment company.
If this is voted down, will the dividends be back on the table for 2023, I wonder?
If the price drops, after a no vote, I will definitely get more and hold for a few more years - maybe dependant on whether the board stays ? So many questions…
If there is a no vote the SP will drop like a stone. Be careful what you wish for.
OzSurfer, Yes, I voted No, and I think we'll easily get 5mln additional votes. What I'm not sure about is if Fidelity will really vote against the deal as well...
Are you voting Mick? It will be hard for M&P to reach 3/4 if we get 5M additional NO votes, impossible if we get 10M...
Very disappointing that M&P won't raise the bid. It could still be a tight vote though; hopefully Fidelity will stick to their plans to vote against the take-over. Management has done everything they could possibly do to talk down the value of the company, so hopefully they will resign if the deal is blocked. No doubt that M&P will develop the field further the next few years, I think 130 MMscf/d in 2025 is definitely possible. I'm happy to hold on for another 5 years!
Will be voted down, this is why the ask has dropped.
current Ask has dropped a little to 31p - isn't today the deadline for voting? News must be on its way this week on next steps?
By going public with this, FIL is obviously interesting in selling now - but to the right price.
A new offer I think should be no less than 40 pence. Lower than that would be considered arrogant.
M&P is in highly risk to be voted down, and would have to wait for 12 months for their next bid.
Vote NO.
I''ve updated the spreadsheet, see below. Assuming that all share purchases since the take-over announcement on 8 December (~47 mln) are “reserved” for M&P, and FID votes against the deal, we'll need between 11-26 mln votes from PI’s to block the vote.
https://docs.google.com/spreadsheets/d/1DI48Cy4X48MYQAadGcZ-liLfWtwTB6DexGCyVjHfrCM/edit?usp=sharing
Unbelievable news. Maybe there's more in this than 32.5p. Don't SELL...
Very interesting news, PI's can definitely block the take-over now. I think M&P will raise the bid... .so my vote is a NO as well...