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13/5/2024:-
‘The Company has agreed that the Buyback Programme will commence immediately and run to the earlier of its completion or the Company’s 2024AGM on 21 June 2024’.
17/5 – 343,658 purchased @ weighted average £1.3080 = £449504.66;
20/5 - 350,905 purchased @ weighted average £1.3306 = £466914.19;
21/5 – 361351 purchased @ weighted average £1.3637; = £492774.36;
22/5 – 150,000 purchased @weighted average £1.3990. = £209850.
So, and in summary:_
1) We’ve spent £1.6m or ca. $2.1m;
2) We’ve bought 1.2m shares back for cancellation;
That means there’s another ca. $8m for buybacks that must be spent before the deadline of 21/6.
Bearing in mind the view of the Board is that:-
‘the Board believes that GKP’s current share price trades at a significant discount to the intrinsic value of the Shaikan Field and does not adequately reflect the near-term free cash flow generation from local sales’.
There are only twenty trading days before the AGM.
Depending on the sp reaction to pressure, that’s a lot of stock to buyback for cancellation in a very limited time frame.
Let’s see how the Market responds.
Because they have a determined Company on their hands that are now committed to their cause…and are seeking further permission to pursue it via the AGM.
And the cause is resuscitating the intrinsic value in GKP.
Don’t you just love this share?
A masterfull management action by our BoD, but don’t be overwhelmed just yet:
They will propose that we shareholders vote to reward them with eyewatering bonuses for this strenuous paper activity at the pending AGM.
As I said - watch and learn.
Inv,
Your in the same place as ValueS, and I respect your positions. Genuinely.
Don't understand the pain you've suffered financially, and thank God!
Thing is, history should teach us stuff. But it never does.
So we have to play the future as we see it.
I personally like the front foot approach being enabled by the current Board.
Let's take it to the Market, let's state our belief in the Company we jointly own, and let's cut loose!!
Put another way...f*ck 'em.
We'll buy our Company back with or without their support.
Don't give up Inv...
Spot on Straycat,
Clearly if Shorters are closing positions with losses having to buy back the borrowed stock, it also means they are unlikely to short here soon, unless something significantly negative happens.
We shouldn't always expect to see an RNS until the order is filled, such as a large one at a set price to maximise shareholder benefit, so it could easily stretch into a few trading sessions. So can easily be a delayed announced purchase along with a subsequent holdings announcement RNS which might be intersession and not 07:00hrs.
Nobody should be shorting this stock right now, unless you're stupid.
Unfortunately there are 'Stupids' out there...so what you gonna do?
Just buy more if you are a real investor and you believe in the basic proposition...or quit and take your money with you.
In the end it's all about Buy or Sell.
The rest is about judgment. And we all get that wrong from time to time...
Pretty sure that crude exports to Turkey wont be resumed this year, indeed until the contract finishes next year. This is because the Iranian influence behind the government in Baghdad and SOMO is just too strong and they are trying every trick in the book to blame everyone else bar the real holdouts which is themselves.
After having the pipeline shut over a year at a cost of nearly 13Billion dollars, they have not properly negotiated on anything or any sign of give and take or even wanting exports to start. This is despite pressure from all sources, its not a case for what's good for Iraq and the Kurdish people, more like what's in it for me, as unlikely more brown envelopes are forthcoming. Wont even honour contracts, and trying to cheat the IOCs. Now blaming the IOC's.
I expect even if the IOC's agreed to slash their rightful awards they would insist on other things, like the crude has to go down the alternative pipeline , and not the Turkish constructed one.
Hopefully our company can point out an alternative way forward at the AGM. We are most certainly not out of the woods yet.
"In the end it's all about Buy or Sell. "
An endless source of wisdom...
Beats your drivel
Only one comma required, apologies.
I don't love you that much!!!
For myself with the current buybacks in operation and no new positive news I can see a share price ceiling around 1.50, however with a continuing buy back operation at current rates of say $10 M a month, I can see that rising by another penny a week as it continues and stock in circ reduced. Thats without any real production changes from where we currently sit.