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Three days of profit taking is now over. Expecting a return back to the 50p level before too long.
Dust has settled a bit. Time to start growing again
Pretty sure there'll be no public announcement to confirm he's not doing what he doesn't want to do in the first place...
On the matter of the interelationships between his businesses, he makes full profit on his sales to his external customers (inc. Metinvest/DTEK), so why share it by absorbing those sales into a company he only owns 24% of?
IMO this guy's playing the long game.
And he's doing it sat inside a much bigger entity with much greater reach than ENW could ever dream of. That's why I reckon it's wrong to compare JKX and ENW, unless it's on a really superficial level.
IMO/DYOR.
SC thanks for that...
Still don't see why his other shared business interests benefit with the listing.
He could take private and give the gas to his steel interest.
Smart/ENW is weird one a private shell around the public company.
But we know he never wanted to take RPT private in 2012, in 2018 and now...
I'd just like them to state it again!
Hey OF,
You are clearly NOT entry level!
System Capital Management is 100% beneficially owned by Rinat Akhmeton.
System Capital Management started Metinvest in 2006.
Smart Holdings did a share swap to buy 24% of Metinvest in 2007.
System Capital Management now owns 71% of Metinvest as a consequence.
Akhmeton and Novinskiy are shareholders in the same business; a business which uses inordinant amounts of gas to make its steel fabrications.
SCM Group has a turnover of ca.$30bn with a net worth of ca. $31bn. It is the largest company in its sector in the Ukraine. And at current performance levels, Metinvest represents at least 50% of its total revenue.
N.B. 2020 Metinvest full year turnover was $10.4bn. But by 2021 half year it had already produced revenues of $8.4bn in six months. And Novinskiy owns 24% of it.
SCM also owns DTEK Group, a business which provides:-
‘heat and power to ultimate consumers’.
DTEK employs 73000 people and is a significant gas provider in the Ukraine.
No chance of Novinskiy giving up his Listed Company status when his future looks so bright in Metinvest.
Remember, he bought his majority shareholding in Regal in 2011 for 38p a share.
He must know how much more it’s worth now and in the future.
The fact that the markets don’t yet ‘get it’ is a matter of no consequence to him imo.
As for the FCA and JKX, the FCA have massive latitude and discretion there.
JKX are using that as a distraction imo.
Like I say, DYOR/All IMO.
OF, you're welcome...
No protection now OH <20% gets you nothing mate!
All down to Novy IMO.
I think the shares in public hands protect the Pope fund and not the inverse.
Because Pope having bought in very high price level- if I am correct >2 gbp - and due to their very small assets it was the only one that has not participated in the regal’s effort -primary- to delist following us in the denial.
SC you perhaps refer to fact that they have future political ambitions together? So wouldn't want the stain of ENW privatisation?
ENW also has a history of not going private when it could, Novy when he took Pinchy's stake he did say that he didn't want to take it private, and foresaw a good outcome for RPT/ENW. And they do have a lot of strong comments on their adherence to the QCA code in AR and the like (The above is simply restating OH's point I think).
However apart from all this the we now have th eJKX RNS statement that the lack of 25% free float and therefore non compliance with FCA listing rules was one of the reasons for the delisting decision. This has left ENW lookin rather vulnerable. I wonder could we get ENW IR to state that delisting is not now the plan or will it be. The prize = a rerate!
Cheers
sorry if I'm at 'entry level'
Hi OF,
Apologies for not responding sooner; just stuff gets in the way doesn’t it?
So here’s the thing.
It depends why you use this bb.
I use it to assist my understanding of my investment.
But I’m more into informed discussion, rather than irrational, uninformed bias fuelled by ignorance.
And I’m not here to teach.
I know you do your research, so join up the dots and then I’d love to discuss the relationship between ENW, SCM and Metinvest further. (DTEK Group too, if you like!)
But I don’t want entry level chat on a complicated series of relationships which ultimately rely upon two men.
Novinskiy and Akhmeton.
I’ll be hanging around awhile. As I mentioned, I’m not going anywhere right now.
It all ends up being a matter of opinion (informed) and judgment anyway, so let's not get too carried away...
Please DYOR. All IMO.
Thanks Straycat,
What are these peoples connection to ENW?
Share register is
Smart Energy (CY) Limited 264,996,769 82.65
Pope Asset Management 22,273,339 6.95
Rinat Akhmetov, System Capital Management and Metinvest are all the protection we need.
Novinskiy won't be privatising ENW anytime soon...
JKX and ENW are from very different places, with very different objectives.
DYOR/IMO.
OfficerFigby thanks
The below text is extracted from fca rules chapter 9 about the shares in public hands
Where the FCA has modified ¦ LR 6.14.1R to accept a percentage lower than 25% on the basis that the market will operate properly with a lower percentage, but the FCA considers that in practice the market for the shares is not operating properly, the FCA may revoke the modification in accordance with ¦ LR 1.2.1 R (4).
oldholder, I appreciate your views thanks. I note that JKX is not ENW.
I also have some remembrance of what Novy has said in past.
Good outcome for ENW/RPT etc.
However this is from JKX RNS (do we think think this is lies or not?)
"...In addition, the number of the Company's shares held in public hands, known as the "free float", is below the level required by ongoing requirements set out in Chapter 9 of the FCA's Listing Rules. As at the Latest Practicable Date, only approximately 21.9 per cent. of the Ordinary Shares were held in "public hands" (calculated in accordance with LR 6.14.1). The Listing Rules require 25 per cent. of the Company's shares to be in public hands, which for the purposes of the relevant test excludes any shares held by those with 5 per cent. or more, or held by the Company's Directors. There has been an ongoing dialogue with the FCA with respect to the Company's failure to meet the continuing obligations requirements under the Listing Rules with respect to the number of shares in public hands (which includes shareholdings of less than 5%, excluding directors and certain connected parties). The FCA has indicated that it would not grant the Company a permanent derogation from this requirement and that it expects the Company to develop and implement a plan to increase the number of shares in public hands. The Company has sought to implement a plan and has successfully increased the number of shares in public hands by, inter alia, releasing shares previously held in an employee benefit trust, although not to the required level of 25 per cent. However, in order to increase the number of shares in public hands further either Shareholders with more than 5 per cent. holdings need to dispose of shares to "public hands" or the Company needs to issue new shares into "public hands". If the Proposals do not proceed, the Board will need to continue discussions with both the FCA and the larger Shareholders to find a resolution (unless the rules change in line with the FCA proposals described above)..."
I think the delisting of enw it is not the case .If Novisky had the intention to delist the company he has had many times to proceed with this but not.
Something else is in his mind.Because enw is his “child “ and not gives even one penny to anyone having more than 80%.
I believe that enw never delist from aim .
Novy wanted to pay 20 something for all company.
Pinchy came in with 20 something +2p. Novy went to 38p. And took 54%.
It's pretty certain that can't happen now.
As Novy took over Pincy's stake when he gave up his last last plan for takeover in 2018.
ENW have to state again not plan to go private now AND in so doing show that jKX are lying as to their reasons.
OR go private (at let's face it) whatever price they choose to charity case ENW investors.
There was a battle between two Ukrainian oligarkhs - Pinchuk and Novinskiy. The latter finally won having paid 38p per share
The company experienced issues with its core licenses, production was halted at some point.
Back then 38p represented 200+ per cent premium to share price before the offer
I'm not so sure, If I remember correctly when RPT had a hostile billionaire takeover attempt it was Pope that sold 3% (10% holding) to Smart Energy in order to gain majority shareholding and to stop Russian billionaire in his tracks. Krok do you know who this was?
They have been holding their 7% stake for ages. I reckon they know Novinsky well
Can they be our protection if he decides to go JKX’s way?
They will kick everyone out by paying cash they will have earned this quarter)
Not bad)
fair LOLOLLOLOLOLOL! :P)
Same 42p, to be fair)))
OK we don't know really why Novinsky kept this listed so long. There have been reassuring RNS's in the past. Not so on the JKX side.
It depends if that has changed and or if the FCA issue is really real or not.
And then what price or will there be a price etc.!
ENW prjce will now be under pressure, regardless of Novinsky’s intentions
If I were him, I would have done it next week, having seen what JKX did today
Krok,
We don't know. previously Novinsky didn't want to do this.
Depends if the FCA issue as explained in the JKX RNS is real issue or not.
No matter confidence in Ukrainian gas companies somewhat diminished for a while now. (not least JKX holders)
Ahaha, FCA is just an excuse
This is robbery of minority shareholders. Very Ukrainian style