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Does anybody know when the £42 offer is actually paid out?
I didn’t keep the shares to sell soon, I’ve gambled on dividend payments based on high gas prices which continue, can’t belong now before an update
>>>Based on the current indicative price of JKX stock on the Asset Match website, it has barely changed from last December, with the market capitalisation of the producer currently estimated at little over £58 million ($79 million).
We have only been on the market since 7th February, so it's too soon see where the share price is likely to settle for the first auction. Not everyone knows about asset match, whether their broker supports it, and how to trade on it.
A good trading update released before the first auction closes will hopefully support the price.
Hopefully by then Russias intentions will also have become clear.
Three negatives for me...
1. Not all brokers support asset match (interactive investor only offer selling for example).
Pdf list of brokers here: https://www.assetmatch.com/media/khokx3wm/20210610-asset-match-list-of-brokers.pdf
2. I found monthly auctions annoying on another stock I owned on asset match, so quarterly auctions will be very very frustrating.
3. Enwell Energy stock price has been spanked by the Ukrainian Goverment price cap, so hopefully JKX will have some good news to mitigate this.
UK-based producer JKX Oil & Gas has opted to offer its remaining investors an opportunity to trade their stock on a secondary independent market facility after the company was delisted from the London Stock Exchange at the end of December.
JKX said in a statement this week that it has appointed UK-based financial services platform Asset Match to handle transactions in its shares as shareholders appear to have not been put off by increasing geopolitical risks to the company’s oil and gas business in Ukraine.
The platform will allow existing and new investors to trade ordinary shares by matching buyers and sellers through periodic auctions, the company said.
JKX wins new 20-year production licence for Ukraine field
Read more
Based on the current indicative price of JKX stock on the Asset Match website, it has barely changed from last December, with the market capitalisation of the producer currently estimated at little over £58 million ($79 million).
But many minority shareholders in the producer have decided to retain their holdings after the delisting, with a January offer from JKX to buyback over 40 million of its shares resulting in just 26.9 million shares surrendered by stakeholders, according to an earlier statement of the company.
JKX looks to clear debt, eyes Ukraine output drive
Read more
A wholly owned subsidiary of JKX operates several fields in Ukraine's Polt
Positive change and update, interesting when they start to release financial performances and progress updates
MARKET CAP. £58,073,487
REVENUE £52.57m
PRE-TAX PROFIT £18.77m
EARNINGS PER SHARE 9.18p
P/E RATIO 4.36
SHARES IN ISSUE 145,183,718
JKX Oil & Gas Ltd is an upstream oil and gas exploration and production company with significant assets in Ukraine, southern Russia and a presence in Hungary.
www.jkx.co.uk
Auction details
JKX Oil & Gas Ltd was admitted to trading on Asset Match on 7 February 2022 at a price of 42 pence per share (being the Tender Offer price).
Auctions are to be held quarterly and close at 4pm on the last Tuesday of the month (unless stated otherwise).
The tick size for this company is 0.50 pence per share.
Participants can send orders via their existing broker or directly to shareDeal active. Further details can be found by clicking on the "Auction instructions" section below.
https://www.assetmatch.com/app/OurCompanies/CompanyProfile?companyId=2536
There’s now 145 million shares in the company so when we get the divi pot it will be interesting. I’d think of the 26 million bought in the tender most where worries retail investors, the big holders held.
Be interesting when we get some insight of results. That’s done commitment over 100,000 shares but might pay off with higher divi payments as it’s got to go somewhere.
Or we’ll get another offer for shares.
That’s a holding. Waiting game, I’d expect business update soon, I check their website every now and again because that’s where it will come from
Holding 110000 shares here, any idea what comes next for the little guys? Would they issue a new tender at a higher price to repurchase all the stock?
I’m just watching the web site, they’ll update financial numbers as and when, see if there are divi payments and then hassle your broker about it
Same. The mistake I made though was not repursing outside of the ISA to keep the cash in the ISA. Not a huge issue as I don't use the full 20k allowance every year.
Nice to see that so many others also thought that the 42p offer was subpar! Bit sick see the shares valued at 0, for now.
glad to see that my 12500 shares are not alone. I must admit its a bit of a pain not being able to trade online however this is a financially sound company and I was damned if i was giving up my shares for a measly 42p
Interesting, quite a few shares didn’t get sold.
11 January 2022
JKX Oil & Gas plc
(“JKX”, the "Company" or the “Group”)
Results of Tender Offer and Tender Offer Declared Unconditional
London, 11 January 2022 - the Company provides an update further to the announcement made on 3 November 2021 regarding proposals for the Cancellation of Listing and a Tender Offer and on 23 November 2021 of the Results of Extraordinary General Meeting.
Capitalised terms not otherwise defined in the text of this announcement have the meanings given in the Company's announcements of 3 November 2021 and [16 December 2021].
Result of Tender Offer
The Company announces that the Tender Offer for the purchase of up to 40,096,476 Ordinary Shares closed at 1.00 p.m. on 6 January 2022.
A total of 26,942,198 Shares were validly tendered by Qualifying Shareholders under the Tender Offer at the Tender Offer Price of 42.0 pence per Ordinary Share. This equates to approximately 15.65% per cent. of the Ordinary Shares in respect of which the Tender Offer was made. SP Angel declared the Tender Offer unconditional on 11 January 2022.
Following the purchase and cancellation of the Ordinary Shares that have been tendered, the total Ordinary Shares in issue will be 145,183,718.
The Tender Offer is being made by SP Angel Corporate Finance LLP as principal on the basis that all Ordinary Shares that it buys under the Tender Offer will subsequently be repurchased from it by the Company pursuant to the terms of the Repurchase Agreement and then cancelled.
The results of the Tender Offer as set out above are available on the Company’s website at: www.jkx.co.uk/investors.
Says updating website. I expect shares to move to out of isa standard pot, website being updated so need to keep an eye on comms. Interesting if we get a performance update shortly. Must be making a killing.
Didn't bother selling any. Let's see how they treat shareholders once they are delisted.
I have a small holding, 9, 560 shares so sold 5560 and kept 4000. Second grade in the business, made £1500 first time so net net not really down that much, I think risk worth taking just whether they go super dodgy and either disappear but hard for them to claim bankruptcy in current position. I think they’ll divi £50 million. Literally think they’ll want to hoover up, divi around the tax everything at the moment as gas price is so high. If they divi £50 million with same number shares it’s just over 25% return, here’s hoping, merry Christmas everyone
For obvious reasons they won’t share any improvements in revenue before they delist. I’d expect something quite quickly in Jan and based on current gas prices it will be very good. I’m going to derisk and sell some but keep hold of a few that if results are great is enough to improve in value and mitigate my small loss. Net net monies got to go somewhere. I think now they either need to disappear through another legal means which is possible or they’ll be happy with their slice and accept our involvement.
I think they’ll offer a second higher price and because they’ve not used takeover rules they won’t legally have to retrospectively give to all others.
How can they not be making a more and they had over 51 million net cash last update. They’ll have smashed their current market cap. The risk on AIM is exactly this, either very **** company goes bust or very good company that the directors want for themselves.
I have another share delisted and it sits in my trading account now. I want to see the overall outcome. The company can still track all shares and make off line offers
@unvrkw, Seems like a good plan. I won't need the money so would be happy to just let it sit there and see if some dividends come down the line. Shares are currently in an ISA so I hope my broker will let me keep them by just transfering the delisted shares to my trading account.
Their certainly keen to get shares. Started off by saying limited offer now anyone under 500,000 is guaranteed and they reserve the right to purchase others. They’ll buy everyone offered, it’s easy money.
They’ve used a standard, legal calculated method to demonstrate a sp to tender at and that’s been followed through, cheap overall but they don’t care. I’m selling 2/3s at a small loss and keep 1/3 just for the sake of it to see what happens. I agree they are a very profitable business and they’ll want the cash out, could even re tender a month later
After the shares are redeemed, the company, already in the form of a limited liability company, will pay substantial dividends, since the company does not need such an amount of cash for development.
@Maksym I had a read of your post history and see that you are from the Ukraine (are you living there as well?). You probably have a better insight into this company than most, so what additional risks do you think there will be holding JKX as delisted? Will there be additional risks on top of those for holders who are outside of the Ukraine? I've only got 24k shares so maybe I might be willing to ride the whirlwind for a while! LOL. I think a lot of the risks of the Ukraine are overstated and yes I am in FXPO as well.