Fenikso Limited Share Price (FNK.PL)

The only two large sellers would be Zion and Allan Gray. The AGM might shed more light on the seller/sellers. There may be no obligation for them to report, if indeed it were one large seller. The buy back was about 9% of the share capital. Cost was about $0.8M. End-2025 book value has risen from 3.9p per share to 4.1p.

Interesting RNS today. Whilst good news to all other shareholders in Fenikso, why would someone sell 39m shares at 1.55p each unless they had to, didn’t believe or care they were worth substantially more or this was just an aggregation of many small buys other the last few months being held by the Broker and then sold back to Fenikso as part of an agreed umbrella trade?

Good news today, and unexpected too. 39.5M bought back at 1.55p.

Indeed - I have had specific, various and relevant experience personally investing in Nigeria oil E&P - strange things can happen for a variety of controllable and uncontrollable reasons - I simply prefer actual cash in my bank rather than the prospect of future cash in my bank regardless of the contract terms so I will always apply a discount for receivables (as Fenikso does) to arrive at its current NAV. No doubt, others will have different views on that specific risk and will apply a different discount rate to their valuation.

S

Lekoil pay all oil proceeds into the account we are paid from. I believe they have no control over the account, or our receipts. That’s important. As long as they produce, we will be paid.