Member Info for 34adsaddsa

So what now?

In the past they were always profitable. Even in 2008/2009. Now they're making big losses.

Their markets will turn at some point, but something has clearly changed and I don't think management have undertaken the necessary belt tightening.

But will you ever receieve any of the cash?

Ah, I think that's a non-issue. They just messed up the timing.

Customarily dour AGM statement.

Accounts for which company? ANGLO-EASTERN PLANTATIONS PLC accounts are on there.

Yes, I think the 100K limit applies to AEP.

Stated cash is $153M, but net current assets are $228M + $10M of long-term investments so real cash total is $238M.

Having the cash in Rupiah is a risk. Indonesia has long been a fiscally responsible country, and is a democracy with a broad economic base. Would I prefer having it in $/£? Yes. Do I think there's a risk of a big deval? No, but if China devals then I'd expect asian currencies to fall.

The Naira's valuation was fake. People couldn't actually exchange meaningful amounts at the official prices. The Rupiah's valuation is real in that you can actually exchange at those prices.

The Rupiah has been weakning recently due to general dollar strength and concerns about somewhat higher government borrowing to fund a school lunch program.

Sadly not the case. Montara's production is now expected to cease in 2030 and Stag in 2035. They'll probably have the money to meet the liabilities but they are huge. Changes in costs/end of life year/required works have a big positive or negative impact.

Comments like Akatara exceeds the market cap so this is mispriced are idiotic because the liabilities are being ignored.

There's also this rather disturbing part of the annual report:

Currently, the Group’s approach to decommissioning is to leave subsea pipelines in situ at both Stag and Montara. NOPSEMA’s base case is full removal of subsea infrastructure, unless it can be proven there is a net environmental

benefit to leave the infrastructure in place. There is a risk that Jadestone would be required to remove subsea pipelines if the Group cannot prove a net environmental benefit of leaving them in situ. There have been no changes to the decommissioning risks associated with government policy in the regions in which the Group operates. The Group will accelerate studies to assess whether there would be a net environmental benefit from leavin subsea pipelines at Montara and Stag in situ. The Group will continually update it’s knowledge and understanding of decommissioning practices to ensure that decommissioning cost estimates can be reduced and risks eliminated.

The liabilities are over a billion dollars. Mostly decommissioning, but also borrowings, trade and other payables etc.

You can't just ignore the liabilities. Total equity at end of 2023 was $54M..

I agree it shouldn't be a surprise, but it's one thing to say we'll do a "proper windfall tax" when you're the opposition and it's another to do it when you know you're going to win the election and doing so will kill a British industry.

CEO and his wife buying £80K's worth didn't hurt.

The fundamentals speak for themselves.

No, any UK "windfall" tax would have no impact on JSE because none of its oil and gas is produced in UK territory.

No, you're missing a few things.

1. They've switched to two dividends per year.

2. In 2023, only some of the shares were eligible to receive dividends. Old Pollen Street shareholders didn't receive full dividends due to the terms of the merger agreement. They are now entitled to full dividends so although the total £ paid out in dividends is higher, the dividend per share is lower because it's spread across more shares

3. The company is buying back shares so the £33M is becoming more dividend per share with each share bought back because repurchased shares aren't entitled to dividends.

No, total assets were $67.6M.

Net assets were $31.89M.

As to why I'm not buying, the answer is because this company destroys ~$5M of cash per year and there's no guarantee the net assets will ever be returned to shareholders.

They can change that with an RNS which could come any day, but will they?

You don't believe the current numbers or you don't believe they will meet their future targets?

Car finance isn't the problem. Why do people keep saying it is?

No news is not good news. Every day this company exists destroys value.

Gtx1, VANQ's current problems aren't due to car loans.

Management may argue they are exceptional.

Do you think the adjustment excludes Financial Ombudsman costs?