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No doubt reflecting some hidden issue with those top notch absolutely excellent Tailwind assets we are acquiring.
They won't publish anything on SQZ standalone before the results as it would shine a light and get more to question why at approaching 90% cash we need this deal.
Sorry but the SP drift is nothing other than sentiment on a **** poor deal.
I live in hope that it will be rejected and the SP will soar as we are de riked.
We need one of our major shareholders to act.'
Shareholder(s) with at least 5% of the voting capital can require the directors to call a general meeting of the shareholders to consider a resolution overruling the decision. However, any aggrieved shareholder(s) should think carefully about their reasons for calling any such meeting.'
How much cash have we generated since 23rd September?
'By 23 September 2022 cash and deposits had risen to £482 million* of which £200 million was lodged as hedge security'
4 months on, lets say conservatively another £120m? Thats £600m+ Our market Cap is currently £680m. 88% !!!!
The fall in price is mainly due to the market valuing this deal involving the dilution. The question how much is it over priced. One ,two or even three hundred. No doubt we will find out soon when the price settles.Hopefully we are not far off now.
SP graph over the last 48 hours is pretty grim 272p to 243p in pretty much a straght line. What will arrest this fall? Perhaps we are supposed to see equity issue at 278p as result for shareholders now? Pull the deal guys and announce a return of cash to existing shareholders. That will turn this around.
Market cap now £666 million. We must be getting close to cash in the bank. All those reserves and all that future revenue is worth almost nothing!
Cash was £450m at year end but yes, ridiculous mcap whatever way you look at it
IMO - the bulk of this is a rational market reaction which revalues SQZ to reflect the idiotic decision to aquire Tailwinds extremely average assets at a very high inflated price.
Speculation but in the unlikely event of a no vote SP will rise 15-20%
For the previous few months before the deal announcement the market was discounting the cash we had by 20-30% due to the expectation of poor capital allocation by the BOD.
So whilst now, we might be close to the market cap in cash, the BOD have proved to probably be even worse than the market anticipated in capital allocation and also now show no signs of returning cash to shareholders, so on the back of this deal I expect the market will apply a 40-50% discount to that cash until proven otherwise.
Aghast at what is happening here, feel utterly powerless and unable to influence anything. You would think some additional comment should be forthcoming from our BOD....
Infor - I expect they've given whatever cash has been banked since 23 September to Mercuria, along with the rest of the company we thought we owned a share of.
SQZ has quickly become a tale of misaligned interests. There has to be something that's persuaded SQZ's directors to incinerate value (using Jeremy Raper's terminology) in such a blatant way. SQZ will be all tucked up nicely inside Mercuria, with all the cash sucked out of it, before we ever get to find out why Anthony Craven Walker, Mitch Flegg and Andy Bell behaved as they did.
Always follow the money. The problem here is that we have no idea what's been agreed in discussions that had clearly been going on for months before we got any wind of the circumstances leading up to the theft of our money.
I'm out of the Stock Market when my two remaining investments (that's turned out to be a laughable term) play out. It's all just too dishonest. I'm not now expecting much better - if anything's better at all - from JOG, although in JOG's case I don't blame the directors; I blame politicians for crashing the UK's oil & gas industry, so that professional benefits claimants that make up more than 50% of the population can have all their booze and holidays paid for by people who've been daft enough to work hard, behave with decency and put something away for a rainy day. Sadly for them, now that its raining, they've discovered the "something" has been stolen. And all in plain sight by people I have no doubt whatsoever will benefit personally from their acts of treachery.
Just as well I'm in a good mood today. Quick question: does anyone seriously believe all the "no" votes will be recorded if it looks as if the outcome might be a close call? I wonder how many "yes" proxies the chairman of the meeting will be said to be holding?
all imo
dyor
Crude +533K, Exp. +1.5MM
Gasoline +1.763MM
Distillates -507K
Cushing +4.267MM
Production 12.2MMb/d, unch
Really high chance of EV of ZERO in next 2/3 days, ie CoH equals MCap .. 'fec king-unbelievable'.
What have mgt done .... I would hope the II are giving Mitch et al a right ear-bashing atm.
aimo & dyor
Are Serica getting a deferred tax asset out of this transaction that makes it make sense or something?
I have half my portfolio in this, after buying my last tranche just. I want to see this through because the maths doesn't stack up any way you look at it. Taking into account the relatively depressed prices, which by the way are double what they were through most of 2021, paying some more tax yes, we still will still generate £200m+ cash this year. So assuming it's a NO, we are grossly undervalued. I am assuming a NO and change of board purely because they recommended getting into bed with a load of sharks, trashed the SP to zero growth over the last 12 months, given a derisory amount back to shareholders, turned down a very acceptable offer from Kistos and lack any vision for our future. In our position, we should be calling the shots, not our friends hiding behind umpteen holding companies with all of Tailwind's cash in them.
Splice,
No matter how good the deal could have been with regards assets / tax allowances / production etc etc , nothing can make up for diluting OUR company by 40% and subsequently handing control of Serica to Mercuira.
Mitch, imo you will be turfed-out at first opportunity by Mercuria, mark my words.
aimo & dyor
Well below CASH element of deal offered by Kistos now ....
Yet our SP continues to slide with TOTAL RADIO SILENCE from our board. Mitch, the deals lined up to follow this had better be exceptionally exceptional with a double quick return to >300p/s in a matter of weeks.
aimo & dyor
I can't believe one of the major shareholders will not ask the question, they have nothing to lose now.
Where's that January Trading statement and operational update???
Sadly we're seeing the company slowly die before our very eyes. BOD, shame on you all and I hope you're duly exposed and brought to account for what you have done.
Fact - autumn statement confirmed additional WT on 17th November.
Fact day ahead gas on 17th Nov - 95p a therm
Fact closing SP 17th Nov 287p
Fact - day ahead gas today 145p a therm
Fact share price close today 243p
Fact cash represents 85% of today's market value. 100% in June 23.
This kamikaze board and ridiculous tin pot Tailwind deal has destroyed value by a minimum of 15% based on SP and a known tax regime and probably more like 50% based on a RISE in gas prices.
This is absolutely awfull.
Yes, it's very difficult to come to terms with this. Either the BoD has done a terrible deal or they've done a terrible job on communication. Let's hope it's the latter.
If terrible deal and gets aproval. Any chance board pulling it or would that be too much loss of face.
Off in a bit to see Richard Tice speak n Walsall. See what Reform views are on net zero and high taxes on energy, consumption and production.
atrm2,
"Any chance board pulling it or would that be too much loss of face.."
Not a chance in 'ell I'm afraid as they would need to walk or be pushed.
Where as 'any chance of Tailwind' (aka Mercuria) pulling it, well that's another matter, more on that from me another day.
aimo & dyor