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I think it's still too early to say what kind of earnings power CINE may have post-covid. Top Gun has done very well even though it'll be on Paramount+ just 3 months after its theatrical debut. I think the fragmentation of streaming platforms helps cinemas. Of the big three (Netflix, Disney, Apple+), only Disney is big in theatrical releases.

If there's a massive equity issue then the share price won't recover in 50 years.

The capex is the obvious area for issue. They have projected net capex of $5M in 2023 and $1M in 2024 and $0 from then on. That's winding down the company. I think that's probably what they should do unless they can get far higher gas prices in Morocco but I'd be surprised if it's what management want to do given their history and personal incentives.

Auctus are paid research. Worth reading because they probably have insights from managements not available to us but I'd treat all financial projections with extreme caution.

"This is a very important change as Waha had been looking to sell its stake in SDX for a long time, effectively restraining the company from making any bold moves to grow its business."

This only makes sense if SDX were planning to use their shares as currency to make acquisitions. I hope they don't do that.

So what?

I didn't think they would increase their bid but I thought there was a chance due to SDX's Canadian tax losses.

God help shareholders here if SDX's management start talking about their exciting program of 2023 capex.

You should care that management are angry because it means they're unlikely to go along with what Aleph want without a fight.

Before the deal with Tenaz the shares were 8p. Wouldn't shock me if they go back there. Management here have burnt money for years, had no coherent strategy and then tried to ditch on the cheap.

They're probably very angry with Aleph.

I think so. Also reduces the net debt and interest expense of sterling denominated debt when translated into dollars.

If Tenaz don't increase their bid then I think the management will probably be forced out.

I sold a while ago at 10.5p and I don't think I'll take another position unless it crashes.

The headline I chose now looks rather unfortunate given the news of her death.

I think this is good news. It would be surprising if her replacement suddenly started producing upbeat statements and paid out the cash balance but at least there's a chance.

This is positive news. I'll vote no on the deal but opt for the 11p if the deal goes ahead.

I would like to know what % of her wealth is in AEP. If it's an extremely high % then I can somewhat understand wanting to be conservative. It's a business selling a very volatile commodity product.

I was both relieved and disappointed when the deal was announced. I felt management's strategy was putting the company/stock in a death spiral of burning reserves and not increasing the cash balance. I hoped the deal would let me get out at something of premium to my very low purchase price and move on.

Since then, we've seen SDX's good drilling results, strong financial announcements and a fall in Tenaz's share price. For those reasons, I think I will vote no. It probably won't make any difference and I fear what the management would do if the deal was rejected but it's just not sufficiently attractive.

I think staying an independent company or waiting for a better offer is preferable.

SDX are still drilling for gas, I'm sure others are too. They'll raise the price for new developments if they think they will start running short of supply. Egypt is an LNG exporter and they have big offshore fields.

I can't see that without massively increased Canadian production.

I've bought more. Average now 28.84p. I'm not worried about the bond. Hopefully they can hike capex and not pay too much tax. Delays net debt reduction but producing more now makes sense anyway.

More like $35 actually.

Back down to October when oil was $30 lower.

PAIN.