Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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dick, the whole House of Commons has gone mad and is racing to come up with more ways to see who can tax the North Sea oil companies the most. Whatever the Tories come up with, Labour says they will tax higher and faster. Might as well tax them at 100% and be done with it and let them all down tools and walk away while the UK continues it's slide into becoming a third world country dependant on handouts from the US
What I'm seeing in everything that the Government does (and Labour will do) beggars belief. One wonders how supposedly sensible people can come up with such ridiculous and short sighted policies unless that is they deliberately want to run the country into the ground.
I was around when Labour taxed unearned income at 98% when Denis Healey said he wanted to "make the pips squeak". The difference then was that we all knew that policy would be reversed if/when the Tories got back in again. We need clear daylight between our two main parties and we haven't got it, which is a huge problem.
Rant over. GLA and Fingers crossed for tomorrow.
From Jeremy Raper this morning
"The vote is on the 27th, I am not sure how to assess the odds of it passing or not, basically every single investor (bar one) I've spoken to has said they will vote against, but I have to assume Hardy (at 10%) will vote For the deal, I have not been able to contact him.
Keep in mind Dutch TTF prices have been pretty weak last couple days (though UK gas prices holding up a bit better).
Obviously, I am really hopeful the deal gets blocked and think the stock would rally substantially on this. but I still believe it is too close to call at this time."
Maybe if we lose, a significant vote against the deal might inspire KIST, HBR or another predator to make a bid knowing there will be a groundswell of support for it, provided the price is right of course.
He's also said that the so called: "loophole" relating to new investment in the NS (effectively reducing the cash cost of infrastructure etc on new projects to around 9p per £) ........
..........will immediately be withdrawn........
Apologies - I was all in a lather and didn't check what I'd written.
Why all of us as a class of people whose accumulated savings should be stolen so that fat oafs and other benefits claimants can enjoy the high life?
Hate to put a downer on it but you're being excessively optimistic, steven.
Starmer has said the tax rate is being increased to 78% when he gets in next year (aligning it with Norway for some strange reason - my understanding is that Norway has a more generous capital allowances regime, so he's being choosy on that score). He's also said that the so called: "loophole" relating to new investment in the NS (effectively reducing the cash cost of infrastructure etc on new projects to around 9p per £).
Oh - and btw Labour is banning all new investment as soon as they get in.
Let's hear it for Labour. Putting Britain first. Effing morons - they just haven't got a clue. The exodus of oil & gas companies from the NS will be beyond measure. Oil & gas prices will go through the roof, mainly because the cost of importing what the UK needs will scale new heights. And the carbon cost???????? Let's not go there
dyor
North Sea oil and gas profits are being taxed at 75pc until 2028. This is up from the regular rate of 40pc, and is being used to help fund massive government subsidies for households and businesses by clawing back what companies make from higher wholesale prices.
Building on my comment below, my main concern is Mercuria s (lack of) interest in looking after other shareholders.
In his next update, I hope Mitch will spell out how existing shareholders will be protected following this deal, bearing in mind Mercuria's controlling stake. Remember we're all part-owners in this business who have trusted the BoD and management team with our hard-earned money. I my case, it's money I've acquired over a 35-year career.
NewKOTB:
“Clearly more deals will follow this, how many, how fast and at what cost both in terms of deal metrics and additional debt, but as eggs are eggs ..... deals will follow, Mercuria are not here to sit out 18 months then take what scraps remain of SQZ.”
I agree. Beyond diversification in terms of oil/gas split, production hub de-risking and tax benefits, the main motivation for this deal is rapid accretive expansion using Mercurias’s deep pockets.
I note that a lot of Tailwind’s assets are former Shell assets, and of course Serica has a strong relationship with BP via ACW. Plus one of Mercuria’s new directors is an ex-BP M&A man.
Pure speculation on my part but I wonder if the enlarged SQZ will be a vehicle to mop up North Sea assets from Shell and BP.
This..........."I am beginning to think that a behind the scenes the deal done between BOD and Mercuria was that Mercuria would support the BOD but must take a 28% stake in order the BOD could not be removed by other shareholders and prevent a takeover except by Mercuria and in this case the BOD get a sweetheart deal. It is the only thing that makes sense."
We are not seeing what is unavailable to see. I am just frustrated with myself that I actually was taken in by the BOD plea about Kistos in the summer. I had ample time to sell out and I should have understood that Mitch and Co.s egos would cost me quite a penny. Cash always attracts misfortune.
Zero value assigned to the assets producing 26k boe
Zero value to our new prospective owners Mercuria
Zero value to Mitch and his fellow cronies
Zero value to the combined group
I think its the PIs selling out because they see better value elsewhere
This is heading to cash value
Upomega
You’ve been here long enough to know Serica has a non existent PR team…… Flegg has only just recently learnt how to tweet.. & I very much doubt he’s the tweeter when his account tweets…
PR is useless… they don’t think they have a need too…
fwiw Newkotb i have been adding back the shares i sold previously as i believe either way this is becoming over sold. I think what is needed here is that the pr team of both companies now need to work overtime together with our house brokers. So in other words please try and stop the rot.
There are ways that both parties could promote this deal. after all as many have said this is aim (casino of the wild west ). After all we do not need a wyart earp involved now. As there will be nothing left when the erps get started.
Also we have enough on our plate with hmg so surely this can be resolved for all stakeholders and not the few.Maybe an image building exercise would help,but all i know is i have lost a small fortune on the back of this deal. which i hope will explain my anger with the current situation here.good night and g..d bless all
I am beginning to think that a behind the scenes the deal done between BOD and Mercuria was that Mercuria would support the BOB but must take a 28% stack in order the BOD could not be removed by other shareholders and prevent a takeover except by Mercuria and in this case the BOD get a sweetheart deal. It is the only thing that makes sense.
JAS78,
Clearly more deals will follow this, how many, how fast and at what cost both in terms of deal metrics and additional debt, but as eggs are eggs ..... deals will follow, Mercuria are not here to sit out 18 months then take what scraps remain of SQZ.
No deals are allowed as part of the agreement until completion, as per "not entering into significant transactions prior to Completion..", so that leaves a massive window for big players to mess with our SP both in shorting and buying stock.
aimo & dyor
JAS78,
My view too as I have previously posted on 21/22 Jan.
The over-riding concern are the future intentions of a SH with 28.9% come >18 months plus and how that will translate into SP appreciation or not !!
aimo & dyor
That does sound possitive. I hope all this does come true,but if the facts which have been posted on here are true. Then it is a little worrying. Had the share price held at the liquidation point then i would feel more comfortable,but at the moment this does not bode well as the market always seems to find out in the end.inmv
I guess what I hope is these deals are already in the pipeline and will fall into place once this is signed off. Hence the speed of this deal
I feel miserable but let’s look for some positives
- David Latin non exec was happy to purchase £40k worth at £2.70 two weeks back, yes not a huge fortune compared to some but he clearly sees value from there
- Flegg and Craven Walker both see the enlarged group headed by Mercuria in a very strong position to ‘take advantage’ of transactions they ‘expect’ to arise in both North Sea and abroad
-Mercuria will be handed shares to give them overall control, however does that make the group more mobile when negotiating these deals, they can move a lot faster
-Robert Lawson BPs long-standing head ‘deal maker’ (30 odd years) just quit and joined Mercuria, assume this is part of the big plan, will he be able to assist with deals for some low hanging fruit
atrm2 be interesting to hear what Richard said about those issues
Newkotb. thats even more worrying. Bring on Sir Kier Starma. I am sure he may be interested in this little deal which is occuring at the momment. Once again inmo that is if there is anything unto ward going on here, but that is problem we can only go on what is transpiring at the moment together with where we were heading before this dea was put in front of us.
upomega, lol, deeper than Mercuria's !!
aimo & dyor
could also be worthwile for someone to pay the bod to change their minds, There must be somone out there with deep pockets
I would be happy for a the break fee of £7m to be paid if the BOD belatedly realise what a stinker of deal this is and change their recommendation.
Correct, "completion date", estimated to be March 2023
As far as I can tell from the RNS, there is no break fee payable by the buyer if they walk away...
i would imagine before like a mortgages exchange of contracts/completion date. which will be set by the court.
I am sure someone will have better knoweldge of this practice