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Obviously it's a minnow so that could well change but it's positive news for us given that's what we would own if the deal closes.
so with transaction fees and conversion rate I could sell at this moment for just over 10p ( per existing share ) if I sold the .075 multiple now
I am serious. If the stock was down people would - quite rightly - see it as a negative.
That minnow moves up and down 7per quite a lot. It is a negative guess you have not seen the deal yet. This share will remain around this mark now until deal is done or may even go lower. Forget news or share buybacks.
Vote no to deal. Let's hope the larger holders knew nothing about this.
No, it's an all share deal. We get 0.075 New Tenaz Shares for each 1 SDX Share. It's in our interests for their shares to go up. If Tenaz shares are at this level when the transaction closes then my ~£20K in SDX will be worth ~£26.5K in Tenaz stock.
Your average may be much higher than mine, but the facts are what I've said they are.
Tenaz 2021 turnover 15 million profit 5 million
34adsaddsa
Your shares are worth more but they are at a give away price
I was expecting a minimum of 20p not the 11p you speak of
20p was fantasy. I was hoping for about 12-13p in cash. I don't think people here understand that Morocco basically doesn't work as a business, South Disouq has tiny reserves and West Gharib doesn't have that much left either. This was a running down assets scenario with significant positive working capital. It's not a good business, they've been burning cash for years.
The deal is what it is. If it closes then you want Tenaz stock to be strong. I know lots of you are hugely underwater and wanted more but you're underwater because you misjudged what you were investing in.
Though I think it’s a ****ty deal for sdx holders it makes no sense to sell at this price, providing your broker trades on the TSX.
In fact, if you intend to hold out it would be beneficial to buy more at the current price as you will receive more shares as you are currently getting a 20%ish discount.
Let’s face it, the bod of Tenza can’t be as bad as the sdx bod! And the company would have a combined cash position of $30m and no debt.
As mentioned earlier, the fact that Tenza is up today suggests it is a good deal to Tenza and would benefit sdx investors if they hold and get the Tenza shares.
There is also the hope another offer may be made.
If Tenaz list on AIM it would encourage smaller SDX holders
but it could work the other way, the stock goes down and we get properly bummed.
They'll be arbitrage traders all over this and i can't see the sp moving for months. We're basically locked in unless you will take 8p and move on... My holding is so large i could never get them all away at 8p so i am stuffed hoping that the Tenaz goes up to somethign more respectable.
Yes, but Tenaz wasn't overvalued IMO. The TSX listing is a problem. If Tenaz was listed in the UK I'd buy lots more SDX.
I'm with II, they allow TSX holdings, but that's not the issue. It's the fact I'd get shafted by the share price of a business that i know nothing of.
I'm with IG and they don't so I suppose I'll have to transfer.
It’s a naff offer. I was hoping for a 12p bid. What is worse is it’s not cash but shares not listed on LSE. Personally I use iWeb which does not trade on tsx.
Guys, what's the threshold for approval. Does anyone know? I heard it was 90%, if so, surely we have enough shares collectively to vote this down?
Are you sure II let you trade Tenaz? Nothing comes up when I search it on their website.
Absolutely sure. Just checked.
TNZ Bid:C$2.36 Offer:C$2.37 Change:0.18
You have sign the exchnage agreement form first to see the equaities.
OK, thanks.
Up another 5.5%..
You would expect this to follow it up and down. A field day for arbitrage traders!
But I don't think it will because of the Canadian listing. AJ Bell offer Canadian stocks and you can find Tenaz on their website but they said the following:
"Please be advised, while Canadian shares can be traded on the AJ Bell platform, it is dependent on whether the stock settles via our custodian CREST.
CREST is a UK-based central securities depository that we use to settle all US, Canadian and European equities - if a stock from one of the regions does not settle via CREST, then we are unable to trade it.
Unfortunately, Tenaz Energy does not currently settle via CREST.
If you have any further queries, please feel free to contact us."
I've asked them about the following quote in the deal announcement:
"Unlike SDX Shares, Tenaz Shares are not capable of being directly held, transferred or settled through the usual UK settlement systems, such as CREST. For this reason, it is intended that Scheme Shareholders who hold their SDX Shares in uncertificated form through CREST will not be issued with New Tenaz Shares directly but will instead (subject to the position of persons in Restricted Jurisdictions) be issued with depositary interests to be delivered, held and settled in CREST. Such depositary interest arrangements will reflect the economic rights attached to the New Tenaz Shares. However, while holders of depositary interests will have an entitlement to the underlying New Tenaz Shares, they will not be the registered holders of the New Tenaz Shares."
Hopefully they'll say they will be able to handle those..
So the likes of ii and hargreaves L are able to trade Tenza shares?
Can anyone confirm which platforms are able to trade it and what are the costs?
I hold sdx in both isa and sipp.