Member Info for 4Corners

Chairman continues to add - positive!

incorrect percentage though

Alalami is not the chairman of SF. The vice chairman of GMS, Heikal, is the chairman of SF

Haha....seriously! I would think many of us in this forum own much more than that
But explains my previous concern on why the directors were not buying in - they were waiting for the dilution to get in.

I wonder where all this volume is coming from. 50m shares traded today.....

Great news indeed.
Obviously they had this contract ready before the capital raise

If anyone could have done it, I think it was Castro....but being a legacy holding and almost worthless position, I can see why they don't want to put in more money and pick a fight with SF. Horizon is the mystery here - did they perhaps sell to Mazroui? What's their end goal?

Also, maybe they are not after a squeeze out. What if its a vote for a merger with the rusted rigs of SF that they are after? Or perhaps, there is no sinister intention, and they are really out to fix the company and piling into a good risk reward. Interestingly Mazroui had bought in April or May when it was in 6-7p range.

Thanks AA.

Yeah, looks like Mazrui picked it up in the market. And beats me how this doesn't amount to acting in concert....

So mazrui is one of the "institutional" investor

If Castro and Horizon are still there with their combined 5%, I am sure we can find another 5% who won't sell for 5 or 6p.

@AA2020 - is 90% the minimum requirement for squeezeout?

As of now, SF&CO + placement institutional investors = 74% of the company. Hence non-SF ownership is AT BEST 26% or 270m shares.

However, 9 June to 25 June traded 250m shares, which is 70% of the tradeable shares during that period (about 350m) and 25% of current outstanding. I would think whoever bought during those period already owns a large part of the non-SF shares – but not sure if the 90% is already achieved. Because….

74m shares were taken by existing non-SF shareholders – so that is 7% of the current outstanding. Assuming they sold their existing shares, I think we can reasonably say that there are still 3% holders who are non-SF.

Also, Castro was one of the biggest holders – if they haven’t already sold out, they would be diluted to about 3.4%. Another investor is Horizon, who voted with SF to kick out the last board – they owned 6% pre capital raising, and will own 2% post the raise. So those two are combined 5%. Horizon’s intentions were not clear – they were aligned with SF, but they haven’t participated in the capital raise, and I am not sure why they would vote with SF to accept a lowball bid. My view is that a bid is unlikely, unless they already have a grip on over 90% of the shares, which seems unlikely at the moment.

Happy with the volumes these days though - they are sizeable

Is there a time frame? Many have been waiting for the special thing since a year atleast

The total take up from existing shareholders was 74m shares (out of total possible of 371m shares)

This is the calculation I have on the current shareholder:
SF + friends - 44.3%
Existing shareholders - 26.4% (well, most of them sold out last 2 weeks, so these are also new shareholders/SF affiliates)
Institutional placing - 29.2% (definitely new funds, or are they SF affiliates?)

SF probably has power to influence 75% votes now, which is scary if they want to shaft minority

@AA - given the large volumes in the previous weeks (150m shares?) and 22m today, that is about 80pct of non SF shares traded. And since not many non SF participants in the offer, seems like a massive change in holding structure

Also seems like no one bothered to vote either, knowing fully well there is no point. Fingers crossed on how SF will behave going forward with minority shareholders

So who decided to sell today? We have some funny investors for sure....Good volumes though

@AA - was there an investor call with the presentation?

@candlestick - the fund raise is out there only since two weeks. They published their earnings prior to this, without a presentation or call for investors or guidance other than their utilization rate which is not of much use for the average investor. And they come out and raise equity at steep discount (3p) to what was already discounted price (6 or 7p). The communication from the board/management at this company has been a failure, especially considering that the vice chairman is a cofounder of an investment bank. The discount to what is considered a fair value will not happen till they communicate properly

The reporting schedule is.......not to report if its Seafox related parties. Saw Aberforth ditch their shares and report it. Never disclosed who bought on those big volume last week.

About to breach the 3p mark