Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Agreed, Dennis - anything to appeal to 'the masses' to get their votes at the next election - pathetic.
None of 'em have any real solutions to our problems, just criticise everything and get into power at all costs and let envy rule meanwhile - sasa.
They make it up as they go along. They must have spent the tax they'll raise from non-doms about 50 times over.
So Sir Keir now saying that he would use the epl to freeze council tax. Absolutely no idea or clue…..
They are all commies with the same agenda, just giving the people the illusion of choice.
Labour now saying that they will increase wft to fund council tax freeze. Don't you just love them.Maybe they are secret co....mies and are working for the r....skies. INMO.
Blackrock holdings RNS - < 5%, I thought this was already known as per Newkotb recent post & the latest numbers on the Serica website….
Why didn’t they vote against the deal then…..or maybe they did??
The question is will pleb antigonist st...r and his inept side kick e.nd m...lbnd actually utilise their brains and engage. ?????
Telegraph article from below not behind a paywall
https://www.msn.com/en-us/money/markets/the-foolishness-of-the-energy-windfall-tax-has-now-been-proven/ar-AA199L6t
General Levy - During testing late Dec to Feb - Gannett produced 10k a day.
I agree the cash generation debt reduction in the period is exceptional unfortunately its not the norm.
The business as usual guidance moving forward unfortunately declines after this peak.
Not trying to be negative but factual.
You know I'm no fan of the deal but I think the wider perspective is important.
Well wokes please tell me why there is a mass exit in terms of IPO,s
Maybe BBC will have an answer to this from its dressing gown ga...nr uni reporters inmv so dyor
also are these people paying business rate taxes from working from home ????
As i posted before. E..d Mi...nd and the antagonis s..mer are twa..ts. Hoepfully the concervative party will become concervative again.
As for wokes. put some clothes on and get of ye house and get back to the real world .inmho dyor etc,
https://www.telegraph.co.uk/news/2023/03/28/foolishness-energy-windfall-tax-has-now-proven/
It's a shame more Tory MPs don't heed The Telegraph.
I am not sure anything that comes out of Aberdeen is worth anything, take a look at the SP performance of ADBRN (they are a money losing machine), the funds outflow and it's ESG policies which are part of the problem, Also it disastrous merger ended up to 2 overpaid CEOs until the shareholders put an end to it and losing it's funds from Lloyds. In this case they can't even get the yield correct and think that ESG credentials will help make money.
Yep, I bought 2,000 more share just now via HL as I feel SQZ a good long term punt.
Why? I do not see Russian Gas dominating Europe in the near future, hybrid gas boilers which can burn nat gas and hydrogen suddenly very popular and lastly the energy security of the UK relies on North Sea oil & Gas.
Reduced by £67m in four months and that was without Gannet coming online
Oof
Glaglth
Thanks for this, flexmw - they've got the current yield wrong, though, at only 3% - it's knocking on 8% currently on last year's Nos, so when the 2022 figs. are released, this could / should be even higher, giving further support to the sp from here...
How much of their statement that 'the progressive divd policy will continue', however, depends, of course, on how much of their net cash will be used to offset tailwinds debt position and set aside for any further acquisition plans (hopefully overseas) I guess but we'll soon know - sasa.
From their financial report this morning :
We added a new position in the Aberdeen based Serica Energy, a North Sea producer of gas with a strong net cash balance sheet and good cash generation. The management team have a strong track record on the improvement of assets, acquiring those and improving the production, efficiency and profitability relative to expectations. Whilst the gas price is a driver and has proved volatile, the structural lack of storage for gas in the UK provides price support. Whilst Serica was set up to be profitable in a low gas price environment, strongly rising gas prices have translated into a record financial performance this year and a large jump in free cash flow which enabled the balance sheet to continue strengthening. Whilst the windfall taxes on the industry announced in Q4 2022 is negative and reduces valuation, balance sheet strength means that this backdrop could lead to a new set of opportunities for nimble players such as Serica with proven track records to find ways to capitalise. This played out in the last week of December when management announced the proposed deal to buy Tailwind plc to create a more balanced and diversified portfolio of assets with a complementary combination of skills. The transaction marks a new phase for growth as it materially increases reserves and production whilst maintaining a significant net cash position for further potential deals. The shares yield c.3%. ESG credentials are strong, reflected in the MSCI A rating.
Never posted here before as only took my first SQZ position yestetday. Extremley happy to get in at such a good price and IMO at such a good time.
Regarding Mercuria I personally do not see any risk.
From the proposed acquisition RNS
"Upon completion of the Transaction, Serica and Mercuria will enter into a relationship agreement governing the relationship between them (the "Relationship Agreement"). Among other matters, this will contain provisions designed to ensure that Serica operates independently from Mercuria."
"The Relationship Agreement will entitle Mercuria to nominate two non-executive directors ("NEDs") to the Board"
"Under the Relationship Agreement, Mercuria will agree not to dispose of any Consideration Shares for a period of 6 months following completion of the Transaction (subject to certain customary exceptions). Disposals during the 12 months thereafter will be subject to orderly marketing restrictions."
"In addition, Mercuria has agreed not to acquire any additional shares in Serica or announce any takeover offer or potential takeover offer for Serica (subject, in both cases, to certain customary carve-outs) for a period of 18 months following completion of the Transaction."
"Each of the Founders has separately agreed to enter into orderly marketing arrangements with the Company in the agreed form in respect of their Consideration Shares for a period of 18 months following completion of the Transaction."
So, IMO no short term risk.
To take a company private, a majority of shareholders would need to vote in favour of this. At 25% Mercuria have a significant holding but it's not a majority. They'd have to get other large shareholders on board.
I'm not saying it's not possible but I'm wondering how it would be done.
For the record :
Shareholder No. of ordinary shares Percentage of voting rights
Mercuria (via UBS)* 96,618,142 25.35
Mr D and Mrs D Hardy** 29,319,511 7.69
BlackRock*** 16,918,993 4.44
Hargreaves Landsdown Asset Management 14,096,848 3.70
abrdn 12,993,832 3.41
JPMorgan Asset Management 12,968,402 3.40
AXA Framlington**** 12,658,719 3.32
Directors 7,655,354 2.01
* 2.9 million Consideration Shares will not be issued until the expiry of certain warranty periods at which time Mercuria will hold approximately 25.2% holding in the Company.
** Private client holdings
*** 0.46% of the voting rights held by via a CFD position
**** Holding includes AXA Framlington Investment Managers and other AXA entities.
Information correct as at register analysis cut-off date of 28 February 2023 except where TR-1 notifications are made subsequent to that date.
As at 23 March 2023, the Company had 381,152,452 ordinary shares in issue of which 27.36% is not held in public hands.
"Can you please explain the pros & cons if the company does go ‘Private’?"
I have been there before with REITs where the conditions were clearly laid out and worked fine but in this case it is either get out beforehand at a derisory price or trapped in a company in an illiquid/no market at the mercy of Mercuria with no end in sight.
Actually not sure given last know holding and this RNS what JPM resulting holding is ... could just be notification of adjustment plus correction of holding % as result of the additional shares issued.
Afaik, on 10th Feb they held ~13,578,657 4.92%, on SQZ site shows currently as 12,968,402 3.40%, RNS states falling from 5.139633% to sub notification threshold but no actual 'Total number of voting rights held in issuer' !!!
Up-shot being they could of added too even though fallen below new threshold notification level !
https://www.serica-energy.com/shareholder-information
aimo & dyor
Two RNS today can anyone explain their significance please?
The first I thought was good news, somebody buys 25% in fell swoop, the second not so sure?