WEN.L Share Chat (WEN)

Just received my settlement for WEN in my share account, so that concludes the business here. Overall, I was fairly happy with my investment, and dividends here but 2023 was a drag for sure (with no divs). So thanks all and esp. Mick.

Mick2020;

I have not been here/in WNW for a year, and have only came back to this board when I saw it hit the highest daily rise radar, and I was curious as to what had transpired. I checked the price I sold at and it was half a penny higher than that end day jump - a year ago. My main point was to thank you for your contribution to this board, which when I was in , I very much valued . I wanted you to be wrong in your forthright whilst considered views. The nature of which precipitated me selling out a year ago. Everything you suggested, and was frequently derided for, has transpired, which is why, like Ecologist, I bought M&P, long before the initial buy announcement.

Mick2020, you did me, as you have this board a great service, and I thank you for that.

Well done ecologist. I think the deal is done, your timing for this investment was excellent. For the real long-term shareholders the deal was actually terrible, but for people who bought later (including myself) it was probably good enough. You cannot expect more from a greedy and incompetent management unfortunately. Katherine got her deal, and most important to her, she now got her ~3 mln bonus. It's actually symptomatic for many companies listed on AIM : the main purpose of the company is 1) to get money out of the market and 2) to make management rich... All you need is 3) promises of huge future profits and 4) clever marketing.

Time to move on and say goodbye to WEN. Also time to retire "Mick2020". All the best everybody!

Could M&P be picking up shares at a slightly cheaper price?

I voted against the t/o last year but when the majority vote went for the deal, decided to put the equivalent amount into M&P. Almost a 100% return, so no moans from me.

I find todays announcement pretty vague, and the jump in SP strange. After countless promisses that turned out to be nothing burgers, I get supicisous. It is a bit conveniant that everything is supposedly falling in place just a working day after AGM, where Roe's position is expected to be discussed..

Or is it just me?

RNS today and SP recovery suggests we are game on for the deal by the long stop date, but who is buying all of a sudden at 31p? Not really much of an uplift on the deal payment of 32.5p. A 500k buy earlier too..

FY 2022 final dividend (1.4p ) + interim H1 2023 dividend: (~0.8p) = 2.2p. With 2 new wells and a compression project planned for next year (100 mln gross?) the company will need a lot of cash the next 12 months. I don't expect the additional special dividend to be much greater than 1 pence.

Note that if the company reduced its G&A costs (to normal levels), they could easily pay out the special dividend every year, as normal dividend.

So you reckon 3-4p will cover all this " FY 2022 final dividend, the interim H1 2023 dividend plus an additional "special" dividend "?

The AGM will be held on 15 December, see the announcement below. Shareholders finally have an opportunity to force change, by voting out Katherine.

She has misled shareholders for years now, e.g. by stating that she would reduce G&A spending, by pushing through a bad deal, by talking down the asset at many occasions this year, by saying that M&P have no plans to further investment in the field, by not sharing essential cost recovery information, by pretending that WEN is a semi-operating company.

If the take-over fails, she has in fact achieved very little at all. Costs are so high that despite record production the company is barely breaking even. We desperately need change. We need a management represents the shareholders and focusses on reducing costs to the absolute minimum.

Note that the company now wants to “soften the blow” pay paying an extra dividend early next year. Expect a one-off 3-4p dividend, not more. Nice, but not very much. If the company had reduced costs earlier we would easily get such a dividend, every year, so not as a special one-off. Time for change, time to vote out Katherine. Vote “NO” on resolution 3!

https://wp-wentworth-2020.s3.eu-west-2.amazonaws.com/media/2023/11/WEN-2023-Notice-of-AGM-final.pdf

wow mick!!!!

i just asked a question and most of your reply is a harassment. having had a different opinion to you mick is not allowed.

i understand.

this message board is joke. how many people read posts here? i probably was one of the few and i was annoyed by your constant negativity,i thought many people would read messages here. i stated you have posted probably more than 1000 posts bashing people who don't agree with you , and stating that you posted libellous and defamation messages about named persons. i did not like that and i think those people in the board got really ****ed off by your negative attacks. imo the constant complaint from people like you and a lot of people in the norwegian xtrainvestor had an negative effect and if it would have been me, i think i wouldn't bother anymore.

anyway. the mismanagement regarding the take over seems to be very grave ( i wondered if it could be a class action against the management) . from my understanding the board of directors has not acted in the interest of the shareholders. would it help to get a new board of directors, i don't know, if i understand correct, you are one of the people aiming for a position there. so i rest my case.

Wow, Astrol!

Are you not the guy who in the past was “impressed” by Katherine and called her “a very skilled woman with a strong backbone”, who had done “a lot of great things”; who explaining that WEN was a “semi operational” company; who called my posts “vicious attacs” that were “ libellous and defamational”, all mixed up with Norwegian sayings, verbal abuse and even intimidation?

To now say that it is “obvious they mismanaged the company over years” is a truly astonishing change of heart! I guess, at last, it has become obvious to all now…

To answer your question: I hope it will not come to a class action. It is very expensive and time consuming. The best way to get rid of this management is to vote them out at the next AGM. The notice period for the AGM is 3 weeks, so I expect an announcement by the end of next week. As PI’s we can only do so much. Ultimately, it will obviously depend on the II’s.

Please use your vote and spread the message.

Mick

I understand there is a movement to get a new board of directors, I support that if the persons are competent.

Are you guys planning a class action suit towards the board og directors and the CEO since it seems obvious they mismanaged the company over years and may in many ways not acted in the interest of the shareholders

With link: Https://dailynews.co.tz/tpdc-denies-rumours-on-drying-up-of-natural-gas-wells/

Hi Thordon,

It may actually be a quite a good time to buy back again. In case the deal goes ahead you’ll earn about 20% within a few months. In case the deal fails (most likely) I think it is highly likely that management will announce a large dividend payment in December. In addition, M&P appears to have serious investment plans for 2024: 2 new wells and the ongoing 20 mln (?) compression project (TPDC denies rumours on drying up of natural gas wells - Daily News). Also, the field is performing better than expected well (120 MMscf/d production). The weak point remains management: G&A spending is so ridiculously high that I suspect that the company is currently making a loss, given than all past costs have now been recovered. The majority of production is now recognised as “profit gas”, with the state taking around 70%. Of course they will start to become profitable again as soon as they start investing again.

Much more important than a take-over or even a dividend is a radical reduction of costs. We must vote out Katherine & Tim, to finally end the pretending, self rewarding and squandering of shareholders money.

Good luck!

....or https://chat.xtrainvestor.com/channel/wen to be more precise.

Interesting discussions on xtrainvestor.com regarding the upcoming GM.

According to MP operational update, gas production at Mnazi Bay increased på 15,.5% in Q3 compared to the first half of the year. This implies an average production of 113.5 mmscf/d in Q3 at Mnazi Bay. I thought full production was around 100mmscf/d. MP bid for WEN was indeed a smart move. Not good for WEN though. I hope the bid will not be completed before the long stop date.

120 MMscf/d production....

Plans for 2 new wells in 2024...

a $ 20 mln compression investment ongoing (if I remember correctly, in the FEED stage now?)

A reserves upgrade only a short time after a previous "independent" reserves review...

Mnazi Bay seems to be performing spectacularly well. It's simply unbelievable how Katherine talked down the field last year.

Here's a link to another success story, straight from M&P: the celebration of the, apparently, successful MB-1 workover. Time for shareholders to benefit, not just management!

https://www.maureletprom.fr/en/article/m-p-tanzania-offshore-well-intervention

Https://dailynews.co.tz/tpdc-denies-rumours-on-drying-up-of-natural-gas-wells/

Two more productionwells planned for 2024.

The M&P offer soon equals WENs cash position..

Gazelleman,

We will need support from as many private investors as possible (again) and one or two institutional investors, to boot out the BoD. Not easy, but if the deal fails the II's will be ready for a revolution I suspect.

You may well be right, but surely the institutional investors hold the key on any vote. We as PIs are only a small fraction of the overall voting rights. We found this out when there was a vote on the M&P deal.

As announced in July, an AGM will be held no later than 15 December 2023. My understanding is that Katherine will need to be re-appointed at that AGM, as it is 3 years ago that she was re-appointed the last time, on 17 June 2020.

At last, shareholders have a great opportunity to force change! We desperately need a new management that finally accepts, and embraces, its NON-operator role, and reduces costs to a minimum. Enough of the self-rewarding and endless squandering of money. Please, use your vote!

I think everybody will very much agree that the long stop date should not be extended. In fact, I think almost everybody will also agree that this management has to go as soon as possible. They have failed in delivering anything for years now, while spending enormous amount of money. To add some numbers: annual admin costs are now 8.5 mln G&A + 3.8 mln "acquisition costs", so 12.3 mln in total. A genuine/real management should be able to reduce that very quickly to about 3 mln in total, say 1 mln normal admin costs and 2 million for "doing business" in Tanzania, so a cost saving of about 9 mln. That's 750k per month! Squandered! The sooner the BoD is sacked, the better, and the more valuable the company becomes.

Ooooops - Sorry about the double post. I thought I had been rejected & had to change a few words!!!

So……. FYI I drafted this post before reading the last couple of posts.

A few highlights/lowlights from the half year figures:-

Cash Flow generated in excess of $10m – over only 6 months!

Cash Balance increased from $30m to $40m (nb $40m = approx. 18p per share)

These numbers are after:

Recurring Admin Costs increasing from $3m to $4.25m (nb 75% of these costs are “corporate”).

Acquisition Costs of $1.9m - No detail is given for this figure (and personally I am entirely unaware of any acquisition activity we have undertaken in the past 6 mths!). I guess it must be to do with the Scirocco deal but if so (a) Why are they shown in this period’s figures? (b) why were they not recoverable when we were pre-empted??

Just as aside, if the $10m of cash flow had been distributed as a dividend it would have equated to a dividend for the half year of approx. 4.5p – But, of course, this cash will pass instead to Maurel & Prom if the buyout actually concludes.

We are still being told that the M&P deal is a good one for us – which I suppose is only par for the course for this company’s Board who continue to run an outrageous level of “Corporate” costs (presumably the senior Operation Expert we hired in preparation for the Scirocco deal is still on the books even though we do not operate Mnazi and have no new operations planned!). Also, in this half year there were $667k of “Share Based Payment Charges” – go figure!!

The way I see it is:

M&P’s 32.5pps offer equates to a total figure of approx. $72m

Wentworth at Mid-Year had $40m of cash which by now must be around $45+m and by year end will be around $50+m (even allowing for the ongoing Corporate Costs but hopefully no more Acquisition Costs!!!)

Therefore the M&P deal gives an amount over the cash we will have of say $22m – or to put that into context:

10p per share

or

An amount equal to the cash flow likely to be generated over just this year!!

My definition of a good deal does not align with that of this lot!!!!!!!

Didn’t Fidelity International vote against the deal? Perhaps the way to put some pressure on Wentworth is to write to them??

As a final point – IMO under absolutely no circumstances should the M&P deal be extended beyond the year end drop-dead date. I know that that is a statement of the .......... obvious but with this Board??????

So……. FYI I drafted this post before reading the last couple of posts.

A few highlights/lowlights from the half year figures:-

Cash Flow generated in excess of $10m – over only 6 months!

Cash Balance increased from $30m to $40m (nb $40m = approx. 18p per share)

These numbers are after:

Recurring Admin Costs increasing from $3m to $4.25m (nb 75% of these costs are “corporate”).

Acquisition Costs of $1.9m - No detail is given for this figure (and personally I am entirely unaware of any acquisition activity we have undertaken in the past 6 mths!). I guess it must be to do with the Scirocco deal but if so (a) Why are they shown in this period’s figures? (b) why were they not recoverable when we were pre-empted??

Just as aside, if the $10m of cash flow had been distributed as a dividend it would have equated to a dividend for the half year of approx. 4.5p – But, of course, this cash will pass instead to Maurel & Prom if the buyout actually concludes.

We are still being told that the M&P deal is a good one for us – which I suppose is only par for the course for this company’s Board who continue to run an obscene level of “Corporate” costs (presumably the senior Operations Expert we hired in preparation for the Scirocco deal is still on the books even though we do not operate Mnazi and have no new operations planned!). Also, in this half year there were $667k of “Share Based Payment Charges” – go figure!!

The way I see it is:

M&P’s 32.5pps offer equates to a total figure of approx. $72m

Wentworth at Mid-Year had $40m of cash which by now must be around $45+m and by year end will be around $50+m (even allowing for the ongoing Corporate Costs but hopefully no more Acquisition Costs!!!)

Therefore the M&P deal gives an amount over the cash we will have of say $22m – or to put that into context:

10p per share

or

An amount equal to the cash flow likely to be generated over just this year!!

My definition of a good deal does not align with that of this shower!!!!!!!

Didn’t Fidelity International vote against the deal? Perhaps the way to put some pressure on Wentworth is to write to them??

As a final point – IMO under absolutely no circumstances should the M&P deal be extended beyond the year end drop-dead date. I know that that is a statement of the breeding obvious but with this Board??????

a very polite and well worded email highyield, i can only commend you for your attempts. unfortunately though, i think you should expect zero response. sending out emails has proven to be futile, especially this year. as somebody pointedly told to me once: these people are like ****roaches… the only living species that survived a nuclear attack. they will never leave voluntarily or change their habits. pi’s need to unite with ii’s at an agm, start a revolution and vote them out. that’s the only way to get rid of them. until then they will milk the company as much as possible, so it is no surprise that g&a is at a new record high. note by the way that in addition to the 4.3 mln g&a, they spend another 1.9 mln on “acquisition costs”. i wonder what that was on…

in reality i expect that the deal is dead, and management will indeed be voted out at the next opportunity. they are now working to siphon off as much money as possible while keeping up appearances. every month longer in the job is a win and is rewarded with a massive paycheck.

you are right by the way about my pence per share calculation. i forgot to convert usd to gbp! shame!

Well said Mick. Management here should be ashamed, they’ve done nothing for shareholders and must be feeling pretty smug: Still what goes around etc etc, I would never touch any other company if Kathrine and crew were involved.

Some highlights:

-Net cash of 38 mln on 15 June'23 (about 20p per share), despite exploding G&A (now above 9 mln/year!)

- Gas price increased from $3.44/MMbtu to $3.71/MMbtu in 2023 (+7.8%)

- Production remain at record levels

- Reserves replacement ratio is above 100% (essentially caused by poor quality reserves report, underestimating total volumes)

- dividend suspended, and nicely phrased: "the Board intend to consider reinstating a final dividend for FY22", which means nothing at all. Paying out a dividend would obviously reduce the sales price, which reduces the LTIP awards, so Katherine will certainly be against paying any dividends....

No word about Bob leaving the company for good now, as promised 2 years ago.

So incredibly frustrating this.... a management continues to fail in achieving anything at all, but reward itself as if they are doing a wonderful job..... Hopefully this is over soon, I just can't bear it anylonger.

There can be no certainty that the Acquisition conditions will be satisfied or (where capable of being waived) waived by M&P. In the light of these developments the Company now expects that, if the conditions are satisfied or (where capable of being waived) waived by M&P, the Acquisition will complete in H2 2023

Checking the Scheme of Arrangement its clear that they have until 31 December to get this over the line:

"If the Scheme does not become Effective on or before the Long Stop Date, it will lapse and the

Acquisition will not proceed unless the Company and M&P agree otherwise and, where necessary, the

Court has granted its consent".

annoying as hell. at least as i have ordered a new ioniq 6 which is due august, and planned paid by wen-cash.

however, todays downfall seems like a big over reaction to me. now we know there are 2 parts interested in wen's part, instead of only 1. base price is still 32,5 pence. why do some sell it for 25 pence? just because they are ****ed off? doesnt seem like a good investment strategy to me.

Couldn’t run a bath this lot. What an absolute shower. Poised to sell so many times since the bid, but resisted. Not got enough to worry about it. Poor old Roe and her reduced payout:-)

What a shambles.

So the TDPC want in on the deal in some shape or form? Not clear cut to me.

Settlement date anybody?

Interesting find Alph, but Katherine will simply say that the development plans are the results of the successful acquisition. When I asked her about future development plans, here answer was the following:

"Any future capital expenditure in Mnazi Bay will be determined by M&P; the operator has not sanctioned any material capex in the past 8 years and there is no expectation that this will change if the acquisition does not complete. There can be no certainty that M&P will deploy capital at Mnazi Bay versus other assets in their portfolio given their view that the transaction enhances their economics for further reinvestment"

Bob wanted out urgently, Katherine as well, and, sadly, we lost. We can't stop them anymore unfortunately. Lot's of companies like this on AIM: creating true shareholder value is almost always secondary to personal gains.

As expected, M&P didnt wait long for their big development plans for Mnazi Bay.
Drilling well planned for 2023..
https://www.pura.go.tz/uploads/documents/en-1681831185-Main%20Activities%20to%20be%20Implemented%20by%20NOC%20and%20IOCs%20in%202023.pdf

I generally fart in your direction, Mrs Roe.

The recent up lift in the SP to 31.5p on the Ask suggests sooner rather than later. My guess is May/June 2023.

The last RNS from the company states that it expects that it will be completed in Q2 or Q3 2023

Hi all, anyone know when the payout will come for the shares?

"Based on the recent perforation programme, there are indications of additional gas production volumes; the results will be reported upon testing completion and analysis of the results"

"The Mnazi Bay Joint Venture Partners have identified a number of leads on the Mnazi Bay licence and are evaluating the prospects as potential drilling targets"

Ouch, this really hurts. Never mind that it utterly contradicts her "assurances" a little while ago, that any added reserves were "not material" and that the operator was certainly not planning to drill any new wells...

Disgusting. After such a sad and highly controversial vote bragging about the wonderful asset WEN had feels like a kick in the stomach.... Amazing that they dare to put this in an RNS. Take your 3 mln bonus and get lost!!!!

The sale is secured, and Ms. Roe can finally go back to talk about the bright future for Mnazi Bay Licence...

https://www.lse.co.uk/rns/WEN/operational-and-corporate-update-64uepk295ix4o8s.html

Any information on when we get our money ?

From DNB, stock broker for Norwegian retaliers:

We can confirm that from DNB BANK ASA there are voting instructions for a total of 4,957,669 shares - all against.

Which must mean that FIL has voted "yes" for enough voting rights to get the deal through. Did anyone mention brown envelopes..?

When will we get paid?
As a rather small shareholder, I have not been so involved. I understand all the super negative postings at different billboards, all the complaining about the board of directors, all the 10 1000s angry emails to the CEO and the board of directors, all the attempts to make to make the institutional investors angry at the CEO, has been in vain. Feel sorry for you, Wish you better luck and less frustration with next investment??

If not FIL has withdrawn (parts of) their claim, something is wrong with the voting numbers at the courtmeeting.
Of 25,687,527 votes for "against", 21,183,000 of them belongs to Fidelity Investment Ltd. That leaves 4 504 527 votes left.
Mick alone, together with several Norwegian private investors (who have received confirmation from their broker that votes have been delivered in time) have casted way more no-votes that 4,5 million.

3 options: 1 Either has FIL voted "yes" for parts of their shares . 2. Norwegian brokers havent done what they have confirmed they have done or 3. Millons of no-votes have been discarded.

I decided to put the equivalent funds from Wentworth into Maurel et Prom. Fingers crossed that the French company has got as big a bargain as I believe.

Wentworth gave me a nice profit in a short time, so no moans (except I think we were sold on the cheap)

If there is a no vote the SP will drop like a stone. Be careful what you wish for.

By going public with this, FIL is obviously interesting in selling now - but to the right price.
A new offer I think should be no less than 40 pence. Lower than that would be considered arrogant.

M&P is in highly risk to be voted down, and would have to wait for 12 months for their next bid.

Vote NO.

I''ve updated the spreadsheet, see below. Assuming that all share purchases since the take-over announcement on 8 December (~47 mln) are “reserved” for M&P, and FID votes against the deal, we'll need between 11-26 mln votes from PI’s to block the vote.

https://docs.google.com/spreadsheets/d/1DI48Cy4X48MYQAadGcZ-liLfWtwTB6DexGCyVjHfrCM/edit?usp=sharing

Unbelievable news. Maybe there's more in this than 32.5p. Don't SELL...

Very interesting news, PI's can definitely block the take-over now. I think M&P will raise the bid... .so my vote is a NO as well...

Wentworth Resources plc ("Wentworth") and Etablissements Maurel & Prom S.A. ("M&P") announced on 5 December 2022 that they had reached agreement on the terms of a recommended acquisition of the entire issued and to be issued share capital of Wentworth by M&P at 32.5 pence per share (the "Acquisition").



Wentworth has today received notification from Fidelity International, which has direct and indirect interests in 21,183,000 shares, representing 11.87 per cent. of Wentworth's issued share capital, that it intends to vote against the Acquisition.



In order for the Acquisition to proceed, the scheme of arrangement (the "Scheme") requires approval by a majority in number representing not less than 3/4ths of the voting rights of the Scheme Shareholders voting, in person, or by proxy at the Court Meeting. In addition, the Resolution must be passed at the General Meeting to authorise the Directors to implement the Scheme and to deal with certain ancillary matters which require the approval of Wentworth Shareholders present and voting representing at least 2/3rds of the votes cast at the General Meeting (either in person or by proxy).

Brilliant Mick!!! You see I am an inventor , and my nature is to find solutions to problems. I suggested a solution for Norwegian investors to overcome the 2000 NOK fee for voting at the general assembly, and all you can come up with, is harassment. I have never been happy with Roe, definitely not with Eskild , absolutely not with the board of directors.
I am just pis.ed by people who always constantly complain and never try to find solutions that make a difference. No name mentions. Have a nice day ??

well well Astrol, do you now want to unite the shareholders and vote against the deal? Or do you actually want to support it? Surely, you must be one happy shareholder... Your favourite management has sold their "co-operatorship" for an excellent price, especially if you got in below 20p. And such a modest self-rewarding even, all in-line with normal business practices. No doubt you must have some venerating Norwegian sayings for that.

According to what I understand the Norwegian shareholders need to pay 2000 NOK in order to vote at the general assembly. What if those in registrered in DNB for instance give authorisation to one large large shareholder to vote for them?

Unfortunately there's nothing to win any longer. The cost recovery pool will be depleted soon, so cash-flow will drop by about 10 mln US$/year. Shareholders won't recover the incredible amount of money that management has wasted the last few years, even if G&A was finally reduced to a minimum. ~$60mm spent on G&A over the last 8 years, while essentially achieving nothing at all for shareholders, that's the key achievement of this management.

It's game over. Agree with the deal and but wait with selling and receive 32.5p for your shares. Time to move on I'm afraid. All the best.

I just voted on line. But did you all note the softening up rns yesterday? Tanzania (apparently and how timely) has no more USD and so will settle in Tanz Shillings. Apparently a lose-lose for Wentworth. Better agree the t/o while we still have time to grap the crazy offer from our foolish partners.

I voted against both BTW.

So, the Scheme document is now published and votes are ready for the Court Meeting in February. Reading the document, it says that 2/3 shareholders votes are required to sanction the acquisition. If successful Wentworth will delist from AIM 21 days after the Court Meeting. What's the view on here? Is this a done deal?

mick2020; much respect to you for all you are doing on this.

Looking Good Mick2020 , hope all goes well
If you win you need to vote on the Directors as not acting in best interest og Wentworth , the money spent on nothing.
Millions each year on admin , for a shareholder is beyond words.

Raggedtp,

A letter has been send, see link below.

https://www.dropbox.com/s/4pngvyzyjfj8wrf/WEN%20BoD%20letter%20final%20.pdf?dl=0

Did add our remaining 266k to the sheet, as prepared to hold this much unless new, compelling stuff comes up. Are you sending this to the Board?

https://dailynews.co.tz/tanzania-well-set-to-start-reaping-lng-benefits/

Frankly disappointed by KR's decision and looking for alternative choices in the Lindi region. Would therefore appreciate any views from anyone who knows more about Mtwara/Ruvuma basin. AEX is perhaps one alternative route to follow although that, too, has had reverses.

Cliff of course! ??

Clog,

I saw your post only now. Please drop me an email on WENshareholders@proton.me

Cheers

I have received this information from Wentworth about their shareholder base.

Wentworth has approximately 750 shareholders who hold certificated shares, the majority of whom are individual holders and a further 150 shareholders who hold via nominee in CREST. There will also be many more who hold their shares through execution platforms, for example Hargreaves Lansdown hold 7.7m shares.

FROM THE ABOVE I CONCLUDE....Hargreaves hold 7.7 million shares = about 4%. Since Hargreaves have about 40% market share of the platforms market, so if that % applies to Wentworth, that would suggest individual investors own about 10% of Wentworth, (plus the holders in certificated form and Crest of about 900 people).

If individuals own an average of £10k worth of Wentworth the nominee accounts would represent 770 investors; if Av is £5k, then 1500 shareholders.

As the Special Resolution requires 75% of those voting to vote in favour, the role of Hargreaves and other nominees in this task over is crucial. Has anyone requested the register of interests, as this would be worth looking at to see who holds the shares via nominees and for contacting them to vote?

I have emailed and sent linked in message to the Chairman saying we think he should negotiate a higher offer.

Offer doc says documentation for the court hearing for the scheme of arrangement will be sent out in January. I do not know what the long stop date is, nor the current level of acceptances. (25% on Dec 6). Does anyone else know?

Can you give me a ring please on 07712793114? Be good to catch up. I have added my shares to your spreadsheet.

I wrote to the Chair Tim Bush suggesting he seek a higher offer and he has replied to me as follows.

Thank you for your email. As to your request that we ask M&P for a higher offer, it should be noted that the board has already successfully negotiated a material increase to the value of M&P’s original offer. In addition, in case of interest, please find attached a letter that the board has recently sent to a group of Wentworth shareholders which provides a summary of the rationale for recommending the M&P offer. Kind regards Tim

https://www.sharesoc.org/wp-content/uploads/2023/01/221230-Wentworth-Response-to-Shareholder-Letter-vf-003_Redacted.pdf

Should be : «why wen moved»

It seems more clear to me now why wen moped from the Oslo Stock Exchange , you only need 75 % acceptance from Shareholders to sell the company as opposed to 90 % at OSX. . Snatching easier then. How many % are private shareholders ? Will be difficult maybe to organize resistance.

Nice one Highyield,

I'm very curious to hear if she responds. I fear though that she will simply ignore it. Management wants to sell as quickly as possible now, I suspect. Bob wants to cash-in his 8 mln shares and Katherine wants the superbonus for all her options. They certainly don't want any special dividends to share of (part of) the 30 mln cash amongst the shareholders, as that will make Katherine's options worthless and reduce the value of Bob's shares. It's almost criminal what they are doing, in my view.

Please share her response, if any!

I have sent this mail to Katherine. Hope to get a reply.
Dear Katherine,

Following the cash bid from Maurel et Prom, I believe it is vital that the company updates the market with the latest production numbers from Mnazi Bay. Maurel et Prom is the operator and has more information about field performance compared to the ordinary shareholder in Wentworth. In order to be able to evaluate if to accept the bid or not, it is vital that we have the same information. The production guidance from the company for 2022 is still 75-85 mmscf/d, although production for the first nine months of the year was 90.2 mmscf/d, according to Maurel et Prom’s nine month report. Has production so far in Q4 been so low that the upper range of the has not been surpassed?

I will also expect to see update from the company regarding production guidance and the new price for gas sales to TPDC in the beginning of the year.

For me as a shareholder, it is hard to understand that the BOD could recommend a bid price of 32.5pence per share, when net cash is about 12.9 pence per share and the bid excluding net cash represents a deep discount both towards reported book value and second party reserve reports. Does not the BOD believe in the numbers they have reported to the market?