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April LTIP RNS: "following this award Katherine will have options over a total of 9,328,899 shares in Wentworth".
They will all vest now... She will absolutely love this take over!! Thrilled to bits, extremely pleased and happy with herself! Time to go to the Landrover dealer....
How on earth can cash be counted as a "premium"? The only possible way is if it were fully distributed to the shareholders pre-overtake. Since I doubt that will happen, are these people dumb for real?
"Adjusting for Wentworth's existing cash of approximately US$30.2 million as at 1 November 2022, which was equal to approximately 12.9 pence per Wentworth share, the Acquisition values the business and non-cash net assets of Wentworth1 at approximately £37.1 million. This represents a premium of approximately 62.2 per cent. to the closing price of 25.0 pence per Wentworth Share on 2 December 2022 (being the last Business Day prior to this
Announcement) when this closing price is similarly adjusted for cash. "
Obviously the current sell price is lower than the offer price, does anybody know if we hold on until Q2 do the shares just get cancelled and the 32.5p price paid into my Hargreaves Lansdown account?
Gazelleman,
In reality, I expect cash to be flat or even drop a little the next couple a months (WEN has to pay ~20 mln for the compression project the next two years) and NPV should be lower as well, given that the numbers are from 31.12.2021.
I would expect a total value (cash + 2P NPV) of 120-140 mln US$ by mid next year. You can argue though that NPV should be taken at a zero % discount rate, given that the company doesn't have to borrow money for CAPEX investments. In that case, total value goes up another 40 mln, so total value would be 160-180 mln.
75 mln takeover price is a steal in any case. Shareholders got screwed hard and long by management, and now again for the final time...
Those figures will be a lot higher by Q2 2023, & we wont be getting our full year end DIV. So not a great deal really is it?
- 30.2 million US$ in cash
- 136 mln US$ 2P NPV (5%, after tax)
Sold for 75 mln US$.
What a sad, sad deal.... such a disgrace. I can't even stomach watching the usual driver from our beloved CEO..
I'm not sure Wentworth holders (probably now sellers) will rush to buy Aminex shares.
Although some posters seem to have reservations about Wentworth's management and their ability, on Stockopedia, Wentworth has a Quality rating of 72 and overall rank of 98. Not bad. In comparison, Aminex has a Quality rating of just 23 and an overall rank of 32.
Wentworth have £-27m Net Debt (the minus means positive cash so no debt). Aminex have net debt of £-6.3m so not as much cash (but admittedly no debt).
A bird in the hand... Aminex made a loss of £8.1m versus a net Profit of £8.8m for Wentworth.
Stockopedia doesn't always get it right, but it does use a lot of clever metrics (and audited financials) to arrive at it's scores and rankings.
In summary, the main difference is that Wentworth are making profits now, whereas Aminex might start making profits in the future.
A bird in the hand...
"In accordance with the terms of the LTIP, as a result of the Acquisition, all awards made under the LTIP will vest to the extent determined by Wentworth's remuneration committee"
Probably the main driver for selling the company so cheaply...
I won't say no more but afford yourself a bit of time and do some research, look at latest tanzania news and RNS's
LOL.... that's a good one Blackgold! Sink my money in an unproven, overhyped project that relies on the Tanzanian government to build a pipeline and is years away from monetization... Love it! :-)
Come on over to Aminex, with 25% and fully funded for the Ntorya development, and with exploration upside. It's all looking pretty good with the 3D results due in the new year and the long awaited CH-1 spud in March.
Disappointing price, but ultimately I'm happy to get out. Wentworth's management has been absolutely useless. After years of squandering huge sums of money while failing to achieve anything at all, this is probably the best we can expect. Management never worked in the interest of its shareholders. A common problem unfortunately, on AIM.
We are being taken out on the cheap. This so called 30% premium simply shows how the market was undervaluing the company. The 13 mill in cash goes a long way to funding the t/o. I am not impressed, but a done deal, it seems.
Nice to wake up to some good news rather than a broker downgrade or another negative, unforseen event on a share.
32.5p p share. A 30% premium.
Well to answer that question you have to ask, why is a company that has got a guaranteed $16 mill coming down the line imminently, only got a market cap of £2 million.? From what i can see, the new deal was identical to WEN's, (presumably including cost contributions, upfront loans etc), so any delays/unexpected costs aren't an issue for SCIR, so why the disparity between their marketcap/SP and the soon to be realised cash? Why don't SCIR shareholders value it at $16 million? Genuinely curious to know what their concerns are, beyond seemingly a mgmt that enriches themselves even more than ours does.
And having lost 70% SP value in a year, a takeout of double SP would allow a bailout of losses for shareholders, which i note is small shareholder heavy.
Why should they sell?
We missed Ruvuma on pre emptive rights, but what i don't get is why we don't just buy SCIR now. I know that would probably not allow a reversal due to change of ownership, but it would allow us to receive $16 mill, for what, a take out of £4mill.....what am i missing?
hand-some, have you calculated at what price the shares were bought?
regarding dividend reinvestment with WEN. I asked my broker ii why I can't reinvest automatically and this was the reply.
"I can advise that the decision as to which stocks are available for dividend reinvestment is a business decision. I have asked our Global Trading team that make this decision and they have advised that this stock is a Market Maker stock and not Order book stock and is therefore, less liquid"
swissquote
Whos your broker ? ii told me it cannot be reinvested through DRIP.
It can be they have that option and just received mine end of last week
I'm not sure WEN is a share that can be converted to shares. The option was not available through ii. it may be because it is not registered in UK.
I opted to have my dividends from Sep to paid as shares. did any of you guys got this paid in as mine is still pending?
Thanks