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When I saw the title I had hoped it would relate to anyone know where Mitch a& Tony are. You would have thought they would make some statements to reassure the market and shareholders. But I guess they don't feel the need to do that as they've got what they want and their own positions are safe. Even an interview with Malcy would be better than nothing - at least it would be a soft one for them.
"Big after hour trades - things looking up?"
This has been happening most days. SP rises in the morning then reverses and continues its downwards journey in the afternoon, usually closing down.
Not much evidence the market is latching onto the excellent Tailwind deal just yet.
Blimey that's some slim pickings there. Not keen on putting their hands in their pockets are they ?
Big after hour trades - things looking up?
"Anyone know where all the director dealings RNS's are.."
https://www.lse.co.uk/rns/SQZ/?filter=directors-dealings
That said, just checked back and David Latin did purchase post TW deal announcement, guess the 30/60 day financial results rule will now apply if not shortly!
"closed period" .... for deal and then for YE results too ..... so plenty of excuses for them NOT to put their hand in their pockets.
You are correct though, no greater show of commitment to the cause than buying shares with your own hard earned wonga ......Just like you, I and all others that have acquired shares, unless you just gormandize from the trough of bonus awards, DRIP's & LTIP's etc that is ! Maybe the whole board should follow the recent example of NED, David Latin.
NB: Don't think Mitch has ever purchased on the open market since 2014, although I may be wrong !!!
aimo & dyor
"If 6 p per share is only 16m then 36p a share is less than 100m.."
Sorry guys, not in a ~months time .... :-(
all the director dealings RNS's are ? Thought Mitch would be filling his boots to the tune of hundred of thousands of pounds worth now this amazing deal has gone through. Bet he's chomping at the bit to get more shares. Or are they still in a closed period and not allowed to trade ?
If 6 p per share is only 16m then 36p a share is less than 100m. Considering Serica recently had over half a billion cash on hand that is still peanuts.
50p a share should be the bare minimum IMO.
Do we have to wait in the queue behind the big boys before announcing the totally irresistible reasons for investing in SQZ? They must acknowledge that there are other peeps with an interest in this apart from themselves.
Yeah, 6p per share is only £16.4m, they can afford double this considering the last 12 months of fingers up to the shareholder. Time to start delivering Mitch!
I'd like to believe there's a stream of fantastic acquisitions lined up, but realistically how many can a company like Serica handle in quick succession? Oil and gas mergers and acquisitions are complex and divert attention from normal business, especially for small companies. I don't believe they'll have teams of people available to work on integration.
Guess Infor thinking is at 6p/s is the same or thereabouts as ~9p/s in old share capital as a gross value.
Question is, what would represent 'progressive dividend' as stated by Mitch in the presentation, gross dividend paid out (£) or price per share (p) .... !!!
Me, given promise of substantial revenue and an accretive deal plus the fact that Mercuria would want as much cash as possible, I would go for dividend well in excess of >17p/s for the year for sure.
aimo & dyor
6p a share dividend? Are you serious? I want 20p per share.
As has been said before I don't think this SP is going anywhere until Mitch starts delivering some good news like:
1. £70m share buyback
2. 6p per share dividend
3. 4th quarterly results
"then within 12 months of 100% attributable revenue, Mitch gives away 40% of it to Mercuira. WTF !!!.."
Humm, come to think of it now, it appears as if Mercuira (as per locked box dates) had this deal sewn up at the exact moment Serica was about to receive 100% (1/1/22) of said revenue from BKR .... hummm !!!!
Fishy doesn't even cover it afaic.
aimo & dyor
Yep,
BKR was a RTO, think it was suspended for a week or so .... then opened and I remember thinking, wowww is that all the market thinks of this deal .... !!! We had to wait 5 years to start to see the real fruits of the deal .... then within 12 months of 100% attributable revenue, Mitch gives away 40% of it to Mercuira. WTF !!!
aimo & dyor
Fool
I agree with u ,when they came back on the market I immediately purchased further at 57p
I can't remember exactly, but weren't the shares suspended when the BKR deal was announced via RNS? The share price was in the 20's. Then they were unsuspended which I think was a good few months later, and opened in the 50's? I don't remember a chance to buy the shares in the 20's post announcement of the BKR deal.
Thanks Visitor. No, I based nothing on the locked box. Wasn’t a part of my decision. It’s standard M&A practice, nothing special. Well anware it’s not full of goodies. Also, quite a challenge to ‘confirm’ anything unless you are a party to the deal…
Norma - I already confirmed yesterday that the locked box date is a red herring. There is no magical "leakage" monies from 1st Jan 2022 onwards coming back to Serica to make this deal any less palatable. The figure to work with remains the £277m Tailwind Net Debt and that will not change.
Since 1st Jan 2022, there was a carve for "leakage" whereby known "permitted leakages" were allowed. And of course the 12 Jan 2022 Tailwind dividend of $95m was one of those permitted leakages. The circular fails to mention this as it doesn't provide a definition for leakage, whereas the far more detailed SPA would cover this.
If you based part of your Yes decision on the lockbox date of 1st Jan 2022 changing anything regarding Serica paying £61m to TAIL, taking on their £277m Net Debt as of Nov 2022 and diluting our shares with 111m new ones, you're going to be bitterly disappointed.
I remember when the BKR deal was done and awaiting completion the SP still rolled around 20's getting as low as 22 p one day which I thought was crazy given the facts , but it was only immediately after completion we saw the huge initial rise so MAYBE ? in March we will see a something of a recovery ..... Its a 'PIG IN A POKE' of a deal but then again 74% of voting SH liked it so possibly the rest of the market will ?
Whenever that may be ... we are told completion will be March !!
So, now my thoughts are turning to how Mr Market will react to the dilution of 40%, an additional 111m shares with control handed over to Mercuria and ~£61m cash in exchange for TW assets .... Will it instantly respond positively to having the deal complete or will the market, think, hang-on a minute .... whats going on here !!
How long for the promised 'accretive' part of the deal to show through ? We will of course have our own record-breaking YE results out soon afterwards as a boost and a trading update (inc CoH) on newly merged company.
Big question for me is : How long before another deal because this one alone won't cut it ?
Could be almost immediate or maybe several months away, mid-summer ... How bigger deal will this be, apéritif and simple taster menu on which to build upon as precursor to table d'hôte of major deals or Big Bang, eat as much as you like from the off !
All views welcome
AIMO & DYOR