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450.000 shares - probably voting no
I've updated the spreadsheet a bit. If you assume that all share purchases since 5 Dec. have been made by M&P (through various banks/channels), then we need about 25 mln No votes to block the take-over, at this stage. Possible if Fidelity supports it, but still far from easy...
https://docs.google.com/spreadsheets/d/1DI48Cy4X48MYQAadGcZ-liLfWtwTB6DexGCyVjHfrCM/edit?usp=sharing
DNB is most likely only an account holding Norwegian shareowners shares. Most of ny shares are held by DNB for example.
Highyield, you are correct of course. I'm no expert in this either, but M&P has already received more than 40 mln shares as "irrevocable undertaking" and has probably bought a lot of shares already through various channels (banks / funds) that will support the take-over (most buys last week?) Most PI's will find it very difficult to even cast a vote, so if we really want to stop this, we need to get active. People must hold on to their shares and contact their bank how to cast a vote. At the same time, we need to get in touch with Fidelity, DNB and the other II's.
Mick 2020,
I am not an expert when it comes to voting on this matter, but I would assume that in order for the offer to be accepted 75% of the votes need to be in favor of the bid. That means that it will not be neccessary to have 25% of the total number of votes, as many WEN holders will not vote at all.
Disappointing support so far, and many small shareholders will struggle to even cast their vote. Looks like we don't stand a chance to block this without support from Institutional Investors unfortunately.
B Valstad 400 000 shares, not satisfied with the offer
I've created a Google spreadsheet and added your names/# shares. See link below. Please add your name & number of shares you still hold, if you disagree with the bid!
https://docs.google.com/spreadsheets/d/1DI48Cy4X48MYQAadGcZ-liLfWtwTB6DexGCyVjHfrCM/edit?usp=sharing
1 000 000 snares. Voting «no».
105000 shares here
I have sold some, but is prepaired to vote No, with my remaining holdings 750 000 shares.
454' voting No
A large number shareholders are seriously "dissatisfied" with price of the take-over bid, and want to block the bid at the upcoming general meeting. Don't sell your shares now! You'll get at least 32.5p per share if you wait a and perhaps even a lot more. Personally I see 50p as a good starting point for the negotiations.
Just don't sell your shares! Let me know if you are a larger shareholder (>500,000 shares) so we can connect and join forces.
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?
Huh?? Did GMW asset management buy 4.138 mln shares yesterday?
https://www.lse.co.uk/rns/WEN/form-83-wentworth-resources-plc-wy69kvdwlkqe3w8.html
More than mildly disappointed. Was looking to further development, pipeline extension and links to Kenya. Shall have to look elsewhere.
Mick, you might just be right - now buys at 33p this morning...
"As a final comment: If you still have some WEN shares, I would hold on to them a bit longer. It’s still possible that another party may want to bid as well… you never know."
Anyone who know if the rules in UK about if shareholdermajority for a sale has to exceed 90% ?
Damofarl, Thordon,
It’s a pity that it had to end like this. I still can’t believe that this management sold 2P reserves worth in excess of 100 mln US$ together with ~2 TCF additional resources for effectively 45 mln US$. It’s an absolute scandal, no normal company would get away with that.
But WEN was never a normal company. The last few years was all about “pretending to be an operator” to mask the outrageous G&A costs; it was never really about building-up a company. I think they started off with the right intentions, but after some bad luck with the early wells it went downhill, especially after Eskil was sacked.
Having said all that, I am happy that it is over and overall I made a reasonable profit even. Problem now is that I’ll soon have to reinvest that sum again, so I’ll be looking for other opportunities. Not sure though if I will continue commenting here on LSE.
As a final comment: If you still have some WEN shares, I would hold on to them a bit longer. It’s still possible that another party may want to bid as well… you never know.
Good luck all!
mick2020; you've been unstintingly correct about the quality/self interest of mgmt here; just want to thank you, because a few times i've looked at the fundamentals long term and thought to add to my original holding but desisted just holding on to get something out, which this news offers. But yes it's a steal, and alas the lack of a break clause tells me this is a self interest stiched up done deal.
Thanks Mick, doubtless we cross paths elsewhere.
PS still needs to voted so not a dead loss
Mick i sold out 18 months ago but do keep pace . was going to rebuy again.
This is a bad deal for Wentworth , feel sorry for the long termers.