Member Info for 34adsaddsa

If we don't get shares until April when the transaction closes in July/August then that would certainly b*gger things up. I can't imagine why they would do that but it would rather wreck things.

That I don't know

Here's their full timeline:

Shareholder vote for both companies in late June or
early July 2022
? Court approval of Scheme of Arrangement within 14
days of shareholder approvals being received
? Approval of the transaction by the Governments of
Egypt and Morocco (6-10 weeks following deal
announcement)
? Following approval from Shareholders closing is
expected late July or early August

From Tenaz's presentation: "Following approval from Shareholders closing is expected late July or early August"

You need to look at where Tenaz stock is trading. I explained why it's in our interests for Tenaz stock to go up.

1,000,000 SDX shares x £0.0825 each = £82,500
1,000,000 SDX x 0.075 = 75,000 Tenaz shares
75,000 Tenaz shares x $2.36 CAD = $177,000 CAD
$177,000 CAD x 0.62 = £109,740

109740/82500 = 1.33 = 33% return

It's an almost 35% return from here in a little over two months if the transaction closes and Tenaz stock stays where it is.

Northern Spirit Resources Inc --> Altura Energy Inc --> Tenaz Energy Corp

*good NEWS since then.

The following doesn't make sense.

"When I met with the company in December I thought that at around 8p the shares were undervalued and after writing a positive note and with some good well results the shares ran up to 11.65p but it wasn’t to last and with the rumours abounding about the stock overhang the shares fell back.

I have always thought that the company comprised of an exciting and growing side that is Morocco where the gas price is high, the market full of opportunities and the most favourable fiscal regime and Egypt where the assets are at the lower yielding South Disouq. Accordingly I could never get to a valuation anywhere above the price today and I have a feeling that Mark has done as good a deal as is possible under the circumstances and as they say, in the absence of anything else."

He literally says he was bullish at 8p and the shares then went up and then he says he "could never" get to a valuation anywhere above today's level... except he has already told us he did just that and the company's has actually had good since then. Just incoherent and bizarre.

He makes it sound like WAHA semi-forced the sale. If that's the case then you'd have to assume they will be dumping their holdings at some point whether the acquisition closes or not.

OK, thanks.

Are you sure II let you trade Tenaz? Nothing comes up when I search it on their website.

I'm with IG and they don't so I suppose I'll have to transfer.

Yes, but Tenaz wasn't overvalued IMO. The TSX listing is a problem. If Tenaz was listed in the UK I'd buy lots more SDX.

20p was fantasy. I was hoping for about 12-13p in cash. I don't think people here understand that Morocco basically doesn't work as a business, South Disouq has tiny reserves and West Gharib doesn't have that much left either. This was a running down assets scenario with significant positive working capital. It's not a good business, they've been burning cash for years.

The deal is what it is. If it closes then you want Tenaz stock to be strong. I know lots of you are hugely underwater and wanted more but you're underwater because you misjudged what you were investing in.

No, it's an all share deal. We get 0.075 New Tenaz Shares for each 1 SDX Share. It's in our interests for their shares to go up. If Tenaz shares are at this level when the transaction closes then my ~£20K in SDX will be worth ~£26.5K in Tenaz stock.

Your average may be much higher than mine, but the facts are what I've said they are.

I am serious. If the stock was down people would - quite rightly - see it as a negative.

Obviously it's a minnow so that could well change but it's positive news for us given that's what we would own if the deal closes.

Sorry, yes. You are right. I should have written being taken over in the sense of being able to cut G&A.

If it had been 10p cash then I'd have been OK with it because my average is only 8.2p so it's a decent return, irrespective of what SDX's assets are actually worth.
An all share offer at 10p is not good, particularly given the positive working capital of C$23.7(2) million (C$13.5 million cash+C$10.2 million working capital) and C$89M of Canadian tax pools we bring to the table.

ON THE PLUS SIDE: Tenaz is in a good financial position with significant net cash. We will still own 36% of SDX's assets with what should be significantly reduced G&A. Tenaz is producing ~1250 bopd of unhedged boepd, it is increasing production and now we own 36% of that.

It's being taken private in the way I thought it should, the problem is we're not getting cash, we're not getting a huge share premium and the company acquiring us is also very small.

I'd love to hear what Shakeypremis has to say..