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the dividend will be 1.15 per share..... 52.4% return / dividend impact.
let me be very clear......
1. sweat deal
2. your original value will fall by the div amount... and you must
wait to reach the break even point...
Last time it took me one year. *** but at least Q4 another div will be issued.
why did the stock drop from 240's to 217? what did i miss?
Guys i have been through this with cine last time. the events will unfold:
1. ex dividend date comes
2. stock you own will decrease by the total amount of dividend value you receive.
3. you get paid the dividend on stated date.
4. waiting game for stock to rebound to your breaking point
just like last time they will do a buy back ...which in theory should make the stock price increase
They also will do a fancy accounting trick called consolidation, to manipulate the price
of the stock so the dividend amount doesnt make the stock drop to much.
Different this time around.....
- Q4 they will give another dividend
- new management
Good to see that we got rid of the old management, they did not believe in
giving dividends frequently and the tinder was just a stupid idea.
@NobbyD, Seems so..
Smoke and mirrors... my understanding is they give you half the value as a dividend and your residual shares are worth just under half.
Should have gone with the New Med offer.
@Cocsure,
If I am correct, I guess is all proportional, as it is $450m split between the shares in issue..
So +50% return on current price..
The special dividend of approximately US$$450m, which will be accompanied by a share consolidation and is subject to shareholder approval, is expected to be paid on 23 May as a final cash dividend of 115 pence per share.
special dividend US$$450m,
315m shares in issue
450/315= 1.43
so $1.43.
google gives 115p
So looks on current issued shares.
Trying to find out what the consolidation of shares will be, without can't work out if 1.15p per share is a decent return or not? anyone know what % return is after consolidation?
I agree this news is not good reduced cash return. sale of North sea potential and dumping of Mexico futures. Then telling us all eggs going going into Egypt. I hope they can prove very soon and with more clarity why this is good for our trust.
SP is going to fall while gap between market capitalisation and asserts+cash exist. Am I wrong?
6x share transactions after the market closed for a mere 1 million shares each.
That should spike the SP tomorrow.
Happy, have you actually done any research? Tell me how this is good news, it’s a far smaller dividend than was previously earmarked. And a huge reduction on what was offered with NewMed.
Takeaways from today: the companies operations in Egypt are not improving quickly, and receivables are a huge issue. Tie that in with the deteriorating state of Egypt finances, it’s only going to get worse.
Now, once CNE pays back this dividend, it will be short on cash, and run the risk of cash flow issues when Egypt continues not to pay. So how does the company create cash flow and value going forward?
The share price correction is everyone realising this and getting out. I stand by my analysis that the new board and hedge funds have made a massive mistake and destroyed a large amount of value here.
WOW! I sold out of this late last year, have not followed much since. Activist shareholders are supposed to in theory have a grand plan for maximising value and re-rating the equity. The current team in place seem to have floundered and not fully realised what they have taken on. I suspect their plan looked rosier on spread sheets!
$620m immediate dividend under the NewMed deal and a stake in a significant world-class gas project. Under the plan now, you get only $450m, and "maybe" an additional $100m later in the year if various stars align. Oh, and a token $25m buy-back. And they double down on the rubbish asset that is Egypt (which was a horrible deal by the old team).
Shareholders would have been MUCH better off under the NewMed deal, heck even the TLW merger I think was better.
Glad I exited around the 250p mark. Only ever bought into this as a special situation play. A damp squib.
115p dividend roughly 50% of market cap. Not too shabby at all.
The SP reaction this morning was beyond absurd.
240 close minimum.
All IMHO DYOR
From RNS:
The special dividend of approximately US$$450m, which will be accompanied by a share consolidation and is subject to shareholder approval, is expected to be paid on 23 May as a final cash dividend of 115 pence per share . The consolidation and special dividend record date is expected to be 15 May, with dealings in the consolidated shares (ex-dividend) expected to commence on 16 May. The Board commits to return to shareholders all excess cash flow not required for our go forward core operational focus both today and on an ongoing basis.
does anyone know the xd date ?
why is old name being, cairn energy, they change the name to Capricorn long time ago
Cautiously purchased a 1000 shares via HL to see if the dividends are generous and forthcoming.
Markets clearly unimpressed by RNS and shorters having fun?
That further buyback is dependent on several things, what does that tell you? It tells you that the business is unsure if it will have that much to give… so tell me where the £3 or even £2.75 (equivalent of newmed deal) will come from?
Market sentiment is very negative toward CNE.
But new strategy is good and I like focus on shareholder distributions rather than wasting cash on wildcatting.
Market reaction is wrong.
All IMHO DYOR
Happy
There is a further US$100 million special dividend in Q4 taking it to US$ 550 million plus at least US$25 million buy backs.
Simples, I sold out here ages ago but now from the outside looking in this RNS is "good" news. Maybe less so for LTH?
Is it? The new board are giving a $450mi dividend when a $620mil divi was promised as part of the NewMed merger?
How you can be happy at all with that is beyond me.
Good one....special dividends.
I might buy back in this morning.