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Looking forward to a drill date being set in Somaliland., on a success case would be transformational for Genel, and hopefully a farm out announcement in Morrocco
Some more today, think we are on the cusp of news updates.
Its been too quiet around here for a while. , things cooking in the background, ??, will Bilgin move to 30%???
Takeover bid?
To be held via investor meet 14th Nov.
Some news? Good news? More bad news?
It looks that way, maybe they are trying to get it done before the court hearing in Feb, Backed with Turkish money it could be payback time for GENEL with court ruling in Favour of a Turkish backed legal case against KRG /IRAQ
Tolga Bilgin (49) and Hassan Gozal (49) both went to Bilkent University, same course / same time - Friends ? Business collaborators ? Mmmmmm
HG - 17% ownership, TB - c25% ownership, Turkey Bank - 20% (shares held by HG/TB ? Or by other contenders like Vidat Bilgin (TB uncle)
So in reality 62% minimum of Genel is owned by small group of individuals and two of them HG/TB some say opposed to each other or is it smoke and mirrors seems to be like Siamese twins.
As to me there looks to be a low ball buyout of Genel ongoing - with a little help from Turkish Government, extending pipeline shut-in gives them longer to acquire even more on the cheap
All the above just summations 2+2 and all that can be anything but seems to smell like 4 to me !!!!
No news anywhere on the pipeline,is this going to drag on for another few months,so a year without full production when oil is climbing each day
Continuing from my post's of 8th October ......
Bilgin Grup Doğalgaz A.Ş. latest purchase of 2,976,747 brings there total holding to 68.304M shares or 24.372% of the company.
It also takes there average purchase price for all the 5,782, 146 shares they've bought in 2023 to £0.978
It's also close to what I was suggesting they do in my last post on this thread!
"I'm a little surprised Bilgin Grup Doğalgaz A.Ş. hasn't been buying any more in the past few days to average down on those 6 decent sized buy's ! I mean 3 Million more would bring the average to under £1 but at the same time put them close to 25%"
LOTM
Nearly £2.5mill to be precise!
Turkish group buy cut price shares in a company whose future revenue streams are controlled by …… yep Turkey and their pipeline.
Follow the money!
Yep, someone knows something we don’t know.
Somethings going on....
Genel gaining ground on GKP today, lets hope something positive is about to be announced
ISTANBUL - Turkey has officially informed Iraq that the northern export pipeline is ready to operate, shifting the onus onto Iraq to restore 475,000 barrels per day (bpd) of crude to global markets.
In a letter dated Oct. 2 to Iraq’s state oil marketing company, SOMO, which was seen by Iraq Oil Report, Turkey's state pipeline company BOTAS writes, "We would like to inform you that the part of the ITP [Iraq-Turkey Pipeline] system in Turkish territory will be ready for the transportation, storage and loading of crude oil coming from Iraq on 04.10.2023."
Quiet on here compared to GKP!
Think the Bondholders, or a large holder, wants to hold on to them probably as they think there is more value to come holding rather than selling ATM
Hmm nothing wrong with buying the bonds back at 93.5% but really was expecting them to buy in a lot more than $16.2M, they didn't even make there own target figure of $20M.
What we don't know of course is how many bonds were actually offered for them to buy-back and at what price.
If there'd been another wad available at 94% then you'd like to think they would have gone ahead & bought them back !
LOTM
Its a great use of the cash pile they have,
It will be interesting to see just how many bonds they buy-back tomorrow.
Last traded price of the 9.25% bonds seems to have been in the 93-94 region.
I know it say's there after $20M in nominal value, but I wouldn't be the least surprised to see them buy back around $40M's worth if they can get them for under $95 a piece.
LOTM
Thanks for your input. Interesting reading. I am following the director buys as they were buying even when the pipeline was closed and no dividend. Good luck all
Curiously Genel's major shareholders list only show's those who hold 5% or more of the company. Almost all the other company's I've looked at in the past, list those above 3%.
So its quite possible that there are some out there holding between 3 & 5 % of the company.
Given what's written in the 2022 annual report about a group of people having voting rights to over 10% of the company & having a director on the board until then (May 2022) its quite possible some of them owned 3-5% of the company.
So the actual free-float maybe a lot less than the 94M shares it appears to be, possibly in the 75-80M region instead.
I'm a little surprised Bilgin Grup Doğalgaz A.Ş. hasn't been buying any more in the past few days to average down on those 6 decent sized buy's ! I mean 3 Million more would bring the average to under £1 but at the same time put them close to 25%
LOTM
I decided to go through all the annoucements !
Bilgin Grup Doğalgaz A.Ş. transactions this year are as follows (newest to the top)
630,000 £1.200
100,000 £1.117
450,000 £1.118
25,000 £1.110
750,000 £1.111
100,000 £1.095
300,000 £1.087
213,488 £1.131
220,000 £1.168
16,911 £1.092
Which is a total of 2,805,399 bought at an average price of exactly £1.1350 per share.
So there current holding is 65.328M or 23.31%
LOTM
I've been looking through the data.
Sadly a lot of the RNS's don't provide full details as to the holdings.
Bilgin Grup Doğalgaz A.Ş. (in which Tolga Bilgin is the CEO & is a non-exec director of Genel) held 62,523,017 shares at the end of Dec 2022 (out of 280,248,198 in issue) which was 22.3% of the company. At various times during 2023 Bilgin Grup Doğalgaz A.Ş. has increased its holding further by over 2M shares by the looks of it at an average price of around £1.10 per share.
Hassan Goza who was not re-elected as a director in May 2022 had a holding of 46,338,6224 at that time (16.53%). His holding is via Daax Corporation FZE which he sole owns.
The other large shareholders are as follows
Türkiye Is¸ Bankası A.S¸. 53,419,883 which is 19.06%
NR Holdings Limited 21,214,583 which is 7.569%
So those 4 holding at the end of December totalled 183.494M shares which equates to 65.4756% of the company.
Therefore the free float is under 100M shares, which kind of explains why trading volumes are a lot lower than GKP.
LOTM
Directors were loading up @ 1.20. Follow the money