The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The announcement should not come as any surprise as that is precisely what Craig Baxter said would happen before the end of the month. However, what is new is the reference to the period of buybacks ending on 30th June. If what it means is that 4% of the share capital will be purchased in just 40 trading days then that is quite something. More than 50% of the stock is held by institutions (and AB) which appear to be long term holders. I suspect that the company will complete the programme and then add to it in the autumn. Harbour did something similar. The key thing is that this is very small beer in relation to FCF.
I would kind of like my money back and a little profit from the 23p rights issue before bonus's get paid.
Just saying
Makes perfect sense to use first 25m shares for employees insensitive as what is the point buying shares in the buy back then issue more shares later for employees I for one was glad to see it.
Personally im not focusing on EBT
Regardless of the repurchased share allocation or cancellation , the buybacks now put massive buy pressure on the order book daily
I like that shares are earmarked for the EBT. You need employees with you. I'm not sure if Directors also get shares allotted from EBT or it is separate. There is a certain opaqueness but if it is needed to put the 'master plan' jigsaw together I won't complain. It reads to me that there is flexibility being built in.
Shares are always being gifted and options granted. I prefer the openness (as far as it goes) of this RNS. I read it as preparing for a major change in the company and removing barriers and building incentives in at this stage.
If you don't like it you can bring it up at the AGM but I doubt it'll make any difference. I read it as accepting the company is gonna be here years from now in one form or another. Or better still - load up the EBT for a deal.
We are using Merrill Lynch for the buyback for 2 months. We might not use up all the $15mio in 2 months. The end date of 30 June refers to ML not the buyback as I read it.
I think there is other stuff going on and this is a distraction.
Let’s wait to understand fully, Krack, but that’s the way I understand it now. If it is like this it is completely unacceptable not stating this up-front.
This is a P1 55 take if you ask me.
So really its only buybacks of £7.3m of buybacks if all the Shares were bought with a average of 17p the other 25m shares will just be changing hands
Mr Hunt must be working for us now "We will add shareholder value with buybacks but we'll give the bought shares away to ourselves later on for nothing, we'll call it a Bonus" -
Sleight of hand…
Surely, the shares to be held for Employee Benefit Trust should be in addition to the $15m shareback. Otherwise, there has been slight of hand. The 25m shares at current SP represent about a third of the $15m. This liability of the ENT is separate and pre-existing to the Buy-backs announced? So is the Buyback $15 minus or plus the liability of the EBT?
It is intended that the first 25 million Ordinary Shares purchased under the Programme will be held in Treasury for issue in due course............. after the initial 25 million Ordinary Shares are purchased, all additional Ordinary Shares purchased under the Programme will be cancelled.
R, your 'deal' theory works for me.
If they could, they should buy the whole $15m now at or around the current SP. Could this arrangement with ML have allowed then to secure options to purchase shares at or around the current SP?
The shares are being stored for employees in the Employee Benefit Trust. No cheapo shares for the vultures. This means that AB + EBT is probably close to 20%. We have a dictator with skin in the game. I like this. Does the 2 month window mean that they are finalising a deal?
Considering the end date of 30th June, the GBP/USD, and the current SP, they need to average buying 1.7m shares/day. Should be interesting !
The window does appear small. I'm sure there will be logic behind it..just not sure what it is.
Bet the SP drops lol
Somehow they turn all news into a negative reaction
Seems Merrills now need to get a move on with only a 2 month window granted .
Buybacks are go.
Good chance to hoover up cheap shares and put a bit of a lift into the price…
Steeelwarch1
Thankyou for this link
https://www.oedigital.com/news/495498-samsung-delivers-shuttle-tanker-to-altera
it took me over to some intersting technical reading on the drilling etc. etc
Likewise your links to the offload info. encourages further reading into that which most people may not apreciate
Https://www.oedigital.com/news/495498-samsung-delivers-shuttle-tanker-to-altera
Apologies if someone beat me to it. Don't follow here too closely.
Next Kraken offload booked. One I missed, not being on the watch list, due to previously being located elsewhere in the world:
https://www.marinetraffic.com/en/ais/details/ships/shipid:6944402/mmsi:311001011/imo:9895264/vessel:ALTERA_THULE
ETA: 2024-04-27 00:01
And thence:
https://www.orkneyharbours.com/info/shipping
AIMoil
Unfortunately where you list has no bearing on where you pay tax. Tax is paid based on location of your operations and the only way Enquest can avoid EPL and other UK taxes would be to sell all of its NS operations.