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The additional shares will be paid for by a deduction from the cash element.
Strange, my numbers don’t match any of yours, but I’m with HL and they seem to always be last to get the final details of corporate actions.
Anyway, I received 1.795 shares per £1 nominal, with a cost that I haven’t actually gad to pay, yet. I also applied for about 1.575 additional shares at the option price.
It’s all as clear as mud what I’ve received in terms of exchange vs additional options, even less so what cash I should be expecting.
Also I do not seem to have paid for 0.314 additional shares
Same for me but still waiting for cash element.
Wasp, I've received 1.9096 per £1 in both my account with ii and eqi. It is made up of 1.59059 per £1 creditor shares and 0.314 per £1 additional shares.
I’ve still heard nothing off HL.
My next assumption is that they have sold some of my creditor shares to pay for my additional shares.
Maybe this is why I have ended up with 1.9096 per £1?
No, but it doesn't include the payment for the top up shares either. Accrued interest 1.96% 1.96p, Top up shares 0.32 per £1 at 8.3p so deduct 2.66p, expect cash of 63.7p per £1 nominal.
Jenni
Does you 64.4p include accrued interest on retail bonds.
The rate for the creditor shares is 1.58959 shares per £1 nominal, just got the message for eqi. The extra are the top up allocation.
That's very high, it could include your additional allocation.
Thanks, I seem to have 1.9096 shares per £1 allocated.
I’m not sure if this includes my additional allocation.
FWIW my calculation based on the last information provided by PMO was that we would receive 64.4p and 1.59 shares per £1 nominal of bonds.
The top up allocation is based on your (or maybe brokers) holding in October.
Thanks Stevo.
That would be a great result on both the new share allocation and cash front.
I will be looking at my account again today no doubt every 5 mins for updates!
I am expecting cash of 60p per each £1 of nominal value of retail bonds.
If I am reading it correctly I have received about 70% of the top up shares I applied for. I have not received any confirmation but shares are in my account.
I’m with HL. Shares seem to be sorted but no cash yet. Any idea what the amount would be?
I have applied for additional shares however these haven’t been allocated either. That’s as far as I can tell with HL!
HL finally sorted both shares and retail bonds out. I have not got cash yet for retail bond conversion, but they have allocated the creditor share top ups. Really surprised and pleased that creditor top up shares only cost 7.2p per share. Did anyone else apply for creditor top up shares and I would be interested in how many shares they were allocated.
Yeap same here.
I have now been through most of the latest (post merger, pro forma) analyst research and their models for harbour. There is a mix of price targets with the lowest at 20p and the highest at 30p.
The one thing that stands out a mile in all of these is the price decks they are using for commodity price assumptions in their models for this current year....which are absolute nonsense.
For example, stifel this morning....price target 26p
2021 Oil price assumption $50bbl
2021 Gas price assumption 35p a therm ($28 boe)
For 2021 harbour already has hedges on 22m barrels of oil ( approx 57% of total 2021 oil production) at ave $58/bbl. They also have hedges on 25m boe of gas (approx 66 % of total 2021 gas production) at 44p a therm ($35.3 boe).
In addition, the current spot price of Brent is $62.82 with a yer to date average price for 2021 of $61.41. The current U.K. gas price from ICE is 48.99p a therm with an average year to date 2021 price of 49.12p a therm.
In summary, the analyst models used to calculate harbour financial performance and cashflows are based on assumptions so far detached from reality it’s embarrassing. When they put **** assumptions into their models what do they get out? Yes, that’s right, ****!!!!
The best price I have seen was from Barclays who provide a commodity price sensitivity matrix. This shows that for every 5$ move in brent the company free cashflow will increase by $170m and for every 5p a therm move in gas cashflow would increase by $50m
Barclays have a 30p target based on 5x Ev/cashflow. I think that is conservative and would argue that with such huge fcf you are looking at 5.5x min. I think the sector will rerate higher at q1 reporting when the market sees the huge free cashflow companies in this sector have made over the last few months. For example BP this morning are restarting buybacks as free cash was so high they have hit their net debt target early. Harbour have stated their cashflow break even is $30-35 a bbl. so anything above that is free cash. It’s a cash machine!!! Expect dividends, sure. But... with 90 percent of the current production from U.K. assets expect M&A. The majors are practically giving producing assets away at the moment as they target a green future. I expect harbour to go back for the BP North Sea assets v v v soon, but also likely some transformational international M&A as the balance sheet is so strong.
Buckle up.
Any idea when PMO shares will become HBR through HL?
I agree with you, Ivan, but most people think there is something wrong with PMO because its share price is so low.
That is one of the reasons most people buy too high.
If the share price were high, they might be prepared to buy.
Timmy, the lower this falls the better for me. I want to be able to build a large position here since I wasn’t able to get as much as I liked on Thursday ??
Hi Kitty
there is already a new chat for HBR
https://www.lse.co.uk/SharePrice.asp?shareprice=HBR&share=Harbour-Energy
or you can search ticker symbol HBR
Will there be a new LSE chat board created for HBR and people leaving this site to move across there?
I've still got PMO shares stuck at average of 50p in children ISA account I bought ages ago, so holding long term for them after conversion. I'd like to pop in now and again to catch up on chat news , not sure where everyone else will be going forwards.
GLA
You sound desperate Ivan this will fall Tuesday no doubt