Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Thats hostelry and london town. There is a good real pub of leciester square.Banburyboy there will be bears on the street along with Serica great britain land share certificates and rince arry book
valparaiso
That sounds quite an interesting investment. I will take a look. Odly enough i do not think things would be deterioting so quickly in the U.K had Boris still remained as pm.
atb
Mrs Norma - make sure you have a stop loss on the drinks for Upomega in that bet !! Londonderry sounds a wide exposure with plenty of beers.. You might bat for the YES camp but I still looking out for you. Mr Banbury
Upomega
Last 2 years of my divi has gone into zephyr onshore drilling in USA ….made my mind up during covid after watching Boris throw money at some in grants and others penalised ,and of course an impending Labour Party will make criminals of anyone making a few quid ! Zephyr chairman has plenty of skin in there , and Uncle Sam is more tolerant to wealth!
NormaStits.
April is approaching so our bet will need to be settled. The easiest way to do this is to leave a drink paid for behind the counter in a hostile er in good old Londonderry town.inmv.
In my summary of events with holding Serica Energy shares.
I cannot speak for anyone else ,but I would have completely sold up long ago had I not been lead down the garden path by the bod. Why oh why were we not getting ven the option on Kistos vote
This deal has gone against everything they said they would not do during the past four years. They have not only destroyed the share price,but in effect sold the company at third of its price. To boot they still get millions of share options.
P s . I voted,but whatever happens I am a seller. Many other better investments out there inmv.even oil and gas. For example Harbour.
No. Traditional long-only equity portfolios, no shorting and we don’t lend stock either. Some of our larger separate account clients (typically $100m+ portfolios) might lend stock in which we invested on their behalf, but that’s their decision not ours.
Some of our bond portfolios will take short exposure via derivatives. That is mainly for risk protection to remove specific betas.
One of the interesting points he makes across both videos is that some larger investors were given the impression the company would pay out some 100p to shareholders if they didn't entertain the Kistos deal. I find that hard to believe, but if it were true, then surely thinking you are getting 100p and instead getting this deal? It would be another reason for larger holders to vote against it.
Thanks for your kind comments, Mommur. Yes, I'm still around and managing to keep the grim reaper at bay, albeit at a cost because the side effects of the monthly injections have been pretty debilitating at times and my mobility has been poor these past 9 months. The only way to approach the situation as far as I'm concerned is to stay positive and remain as active and focused as posssible.
Off topic and just as a matter of interest, were any holders here investors in Juridica Investments Limited, which was the first litigation funding outfit to list in the UK (on AIM in late 2007, about 2 years before Burford Capital). If so, I can apprise them of recent events they might find interesting. I've been working on it since 2015.
The current SP is pretty well beaten up. But is it reflecting general market sentiment or a No vote, or Yes vote
Any thoughts
"I work in the City and am very trustworthy, thank you"...........
.....do you ever engage in stock lending NS?
Great to listen to a knowledgeable voice but actually switched the video off before halfway, found it far too depressing.
General points that should be answered
Why has this deal not been fully explained
Why is it being rushed through
Why are BoD not allowing time for a full and fair analysis
Why were shareholders not allowed to vote on previous £4.25 offer
Why are market regulations so slack for an exchange operating in London
Why would any shareholder vote Yes without the above information
Why does this whole saga stink the place out
Interesting that Jeremy thinks it could be close to 50/50 in the vote because of the number of retail investors on board coupled with the low amount of institutions invested. Obviously Hardy is key and is expected to vote with BOD out of loyalty but as long as we get everyone to vote we might have a glimmer of a hope.
If the board are so confident, why don't they show us what it is they see that is such good value. Nothing they have put out there gives that impression and they have omitted all the usual metrics that are important. Why could that be ?
Why can't MF just answer why 4.25 so undervalued Serica, yet 2.78 is a great price to give nearly 30% away. I'm assuming it's because it is impossible to justify and so they know what they are doing is wrong.
Tigar - have to assume that SQZ management believe the acquisition of Tailwind assets is fair consideration. Time will tell if that proves to be the case or not.
"One of the worst transactions, rush jobs that I've seen" says Jeremy.
Just been thinking, having ranted a bit on twitter about Keir Starmer - Davos Man. Maybe Starmer just might have done us a huge favour by announcing that he will ban any new North Sea drilling if/when he assumes office. We already know how anti oil & gas Labour are with talk of nationalisation. Seeing that an SQZ/Tailwind combination would be even more heavily invested in that area it would give IIs and BOD members a great opportunity to at least press the pause button on this rushed deal. Why would our BOD want to put all their eggs in one basket when with the SQZ cash pile they would be well able to look for better opportunities elsewhere!
Very dodgy management, how do you uncover were the cash is being brown enveloped under the desk. Sack them it is so obvious to buy back the share's or buy other assets with the cash that is supposed to be king . This deal issues many more shares giving the new holders a share of the present holders cash why agree to that?
Normasits
An “as you are Serica” would probably only reverse the share price decrease on announcement.
However a Serica which commits to distribute all cash by 31 March 2023 of an amount approaching £2 per share and then run the business with a dividend distribution of 60% of FCF with sustaining cap ex only would be very interesting. our share price is valued at $6 per barrel of reserves after adjusting for cash (probably closer to $5 now), Which is the lowest in the sector. This is principally due to a heavy discounted applied to the company’s cash balance by the market due to risk of poor capital allocation. This discount could be removed by agreeing to return it to shareholder.
Well the market certainly got that right. This deal reduces net cash per Serica share by over £1 and generates a few pence of earning and cash flow accretion.
Norma - Mr Rapers views were evidence based at every level.
They echoed conclusions most had made on here before him.
1 - it's expensive. A transfer of wealth from SQZ to Tailwind. The asset per share metrics that were used ignoring debt and cash were school boy stuff . Most on this Board pointed it out.
2 - MF admitted Mecuria wanted control.and he could not agree a deal without it but still went ahead His comparison of a 20% dormant holder with an activist like Mecuria who seeks control is pitiful. The tale of the shark and tadpole. Jeremy gave some great examples of what damage 25% control does.
3 - There is a degree of upside on diversification but it's not cheap and Tailwind have not achieved anything like the production baked into the deal .
4 - lack of transparency is a big one no CPR no independent report on merger, Pitiful lack of detail in Prospectus.
Info has even had a 30 minute one to one with MF and its still a NO !!.
I think JR has confirmed what the vast majority on here thought allready rather than led us. I also think his views are far more than just his opinions but evidenced and factual based.
I'm not saying MF has any dishonest intentions but as it says in the song turning back is hard to do. Not many in his position would do a Duke of Wellington and march them down the hill because £7m at stake and your own credibility.
Yes he would have to go on a NO vote
Here’s a link to a second Jeremy Raper podcast (if you haven’t had enough already!!) not as detailed as the first but covers a couple of other points..
https://twitter.com/andrewrangeley/status/1616203238998433792?s=46&t=Xms1wt2rqiTNV-pvuG0zuA
I'm on your side Fool-on-the, so yes they made mistakes for all the right reasons no doubt. I'm just smarting seeing as I sold 100,000 at 442.5p and then bought back 25,000 at 300-325p. My mistake!!!
I haven't sold - so the jury's out on this one until such time as we all see how it pans out. GLA
General, I think the (low) SP indicates the doubts about the deal and I believe it will rise if the deal flounders.
I think it would rise further if Mitch and the CFO handed in their resignations.
I previously worked in the city and still trustworthy,
Mommur, I don't aim to disparage management. I said they have been remarkable. I just wanted to give it a wider context as people want to cherry pick where management has taken the share price to suit their narrative that all management have ever done is create amazing shareholder value. If you don't cherry pick, then it is 95p to 265p in 18 years, just a statement of fact.
Whether you want to get into what constitutes a mistake or bad decision, I am sure all their decisions where made in good faith for the good of the company, but surely you must accept in hindsight that some of the decisions were bad over the last 18 years? Don't go all Boris Johnson on me in telling me they got all the big calls right?
You say Erskine was a 'sorry' from BP, what if BP had not given us that sorry? Where would the share price be without it? And do you really want to be relying on sorry's from companies to help generate shareholder value? Will Mercuria throw us a 'sorry' bone in 5 years time after they have decimated the company and we should all sit up and be grateful.
BP sold their 5% stake at 365p in April 2022, wonder how that coincides with this Lawson fellow and any potential negotiaties with Tailwind that may have started at the time?
I am sure the board may be entering into this transaction in good faith, that is me giving them the benefit of the doubt. It may turn out to be a good decision, but on the face it for me it is going to be a bad decision.
I work in the City and am very trustworthy, thank you.