The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Hi all, I hope you are all doing well. Having been here since August 2016 when I expected to be thinking of selling within two to three years, I sold my last 100k last week. In so doing, I have lost over £27k in total with IOG. I still love the assets but the reasons I’m now out are many:
• The lack of transparency.
• The time everything is taking - and still, nothing to turn the SP anywhere even near reasonable.
• The dilution; the placing in April guaranteed salaries etc for one year. Where will this be in April 2020? (It should have been production!)
• Bacton. Without Bacton, 100% ownership amounts to pretty much zilch - IMO.
• Is the BoD now pinning their hopes on good results from Harvey and dropping the idea of a farm-out? Is the Maersk Resilient still on for Harvey?
Lack of a news flow is my biggest bugbear. My barometer of Mark Routh and Peter Young’s having to report their holdings has now gone. From the EGM, I take note of MR’s comment “Get a move on”. Farm-out negotiations started in September 2018, since the EGM, it appears the farm-out has gone nowhere. Are the BoD asking too much - impossible to gauge?
I decided to take the losses and move into companies with BoD’s I am confident in.
All IMO but GLA
Hiya trellis35. I hope you are near or beyond full recovery. A good quality of life seems a bonus!
Deciding to sell has not been an easy process but as the weeks passed by and there was no news to counter reasonable doubts, I began to develop a different mind-set. In talking/communicating with different BoD members, it became evident to me that Bacton was/is problem. No two officers gave the same explanation, on the contrary.
I, like most here, like the assets in fact, I love ‘em. Raising the £450m (circa) to get the gas ashore seems more difficult than expected and the LOG fiasco really didn’t help. Three months after sorting that, there is no sign of anything on funding and I am sensing the BoD now believe Harvey holds the key. WHY this ‘u’ turn? Lack of news makes the pendulum swing higher. My bottom line became, I’ve invested £XXk here and the lack of transparency, communication etc etc made me think ‘look around’. I have and I have to say, in so doing, I found a few companies that are far worse but some that are better.
Maybe I have not learned my lesson because yet again, I’ve put all my eggs in one basket. Happy to say the quality of management surpasses MR and PY but as always, only time will tell.
I will keep a watchful eye here because, as said, I love the assets and if they do sort the funding, this will fly. At least with the dilution, there is a reasonable chance of buying back in.
All the very best.
HawkA1, tell it as I see it is a fair enough motto - IMO.
ATB
Good luck 600 - I suspect you won't be the last to give up on IOG - the silence from the BoD is ominously deafening. Fortunately, like a couple of previous posters, I'm not in too deep here.