Member Info for Analysister

I’m really hoping they drill Colter next as it looks like a lower risk appraisal well and it would help Reabold validate their investment thesis of “low risk, high economic value wells”. I believe the Wytch Farm partners will be watching this well closer than anyone else because IF Corallion can prove up a 20-25-30 million barrel oil field here it will not only significantly enhance the value of all the Colter field owners but it will push back the Wytch Farm abandonment date by about 7 or 8 years! Lots to play for....

..is a wonderful gift! However the Board must have had massively higher expectations Spire’s EBITDA outturn to reject a firm and unconditional 315p per share bid less than 1year ago!

Looking at Spire valuation today: £125m of expected ebitda minus ongoing capex required to deliver that ebitda of say £60m per year. Gives free cash generation of £65m. Multiply that by a generous 14X multiple to give £910m gross value. Then deduct bank debt of £460m and capitalised lease debt PV of say £77m. Gives an equity value calculation less than the share price today. So it’s not terribly surprising to see the fall. What is terribly surprising was their response to the bid......

Highly regarded and much vaunted CEO suddenly out the blue gets the shove one day. Then nothing, nada, complete silence from the company. Leaving the market to fill the vacuum and speculate as to why after 6 years the man is not the man anymore. This from one of the largest investors in public shares and bonds in the U.K.! The Board or Chairman’s “plan” to let a non-Exec run the group while the CEO enjoys his (no pressure) full salary and benefits until next year then he waltzes off somewhere else with what another £5 or 6million of our money in his pocket.
Well it doesnt appear as if the CEO has done anything naughty as he’s getting a bag full of swag. So what then? The non-Exec chairman thinks he can do a better job or our Board of Directors are convinced they can find someone so much better than Wilson that it’s worth destroying billions of pounds of shareholder value to do it! What in god’s Name is in the water in Norwich or in the City or wherever these idiots meet? Dumb and dumber springs to mind. I’m a very unhappy LTH of these shares and they are doing nothing to restore my faith in British businessmen.

Nobody at the company would comment on the investigation :( really?

It’s a highly geared business both operationally and financially with a revenue line that is stalling.
Call it what you like but those are the facts of this business model. I’m not short but I feel today’s decline was linked to the Mediclinic RNS. Probably making it more difficult to include Mediclinic paper in a future bid package.
They surely must be looking for a new Chairman as this one turned down an offer above 300p per share.

They have stacked all sorts of drilling rigs in the Cromarty Firth for many years. Mainly rust bucket semis waiting for $100 oil to return so they will be hired to drill any old prospect. I’m sure Reabold will tell us soon enough when there is any imminent action on Wick & Colter.

Does anyone know why he left the company recently?

Well the Board recently canned their CEO with no explanation and zero succession planning. The Aviva bus is currently being “driven” by a 70 year old lawyer who is/was their non-Exec chairman (plus he has numerous other board positions obviously). I’m sure that’s not the whole reason for the share price collapse but it sure doesn’t help!!!

Heaven forbid they did that. There would be queues of unemployed chauffeurs, mountains of uneaten sandwiches and lots of unsold First Class return rail tickets between London and Norwich.
No I vote they keep all their perks. :) they deserve them. Don’t they?

It’s either A) Brexit B) cost savings c) they are bored and need something to do.

My guess would be C.

Excellent thanks 220p would be welcome tbh.

Huge share purchases by the Board will surely be imminent then?

The only argument for combining the “two drunk men” of Spire and Mediclinic is to take the attention away from the underlying trading difficulties that both of them face.
Mediclinic has a new CEO who can argue the Spire investment wasn’t his idea and tbh he’s possibly “kitchen sinking” the write-offs this year in any event. My guess, and it’s only a guess, is that Mediclinic are trying to tout around the Spire stake to other interested parties such as HCA or Ramsay. However U.K. private hospitals are proving to be slightly toxic investments with current events at BMI showing that big isn’t always better. It just means big fixed costs!!!

Jeez I need to go and lie down in a dark room after reading that trading update from Mediclinic. They had a very terse and negative comment about Spire’s performance. Mediclinic shares fell a lot this morning sadly.

Well done them. A timely upgrade just before the price collapses even further.
They don’t say much about Spire, well they’re not effusive about it’s performance!!!

Another 7% rise today?
I got my Kool Aid delvery from their old truck so I’m hopeful for this sp gain every day. Fingers crossed.
Got to love this new paradigm...

Relative Performance!! The curse of The City.
I could think of a few words to describe this lot mostly beginning with C.

Oh I logged on to say something positive about Vodafone then read your note and got distracted. Surely the yield will eventually hold this baby at these levels? I know the debt taken on by Gent & co was heroic but this isn’t a bad co (I know it’s based in the U.K.) but still it should be trading at much higher sp levels.

I share your pain but surely most of the FTSE is dominated by global companies who have a lot of their business done in USDs? Market performance shouldn’t be this poor.
I suspect the general “feel bad” factor around the U.K. since dopey Dave called that EU referendum has a lot to do with it. Where has the World Cup fever gone? We DO have some talented people in this country, they just don’t want to run political parties. Who can blame them? Keep your chin up. We recovered from Dunkirk and will again.

Well that takes the biscuit.
Sorry, couldn’t resist.

A loss in Market Cap of over £4billion is not worthy of even a mention or a passing comment from this lot. Their arrogant attitude is that they know better than the shareholders and as long as they are looked after then - what’s our problem? (Watch the recorded interview with the head of their asset mgt).
Sadly until they have smarter and more humble executives at the helm of this thing it will continue to underperform and be outmanoeuvred by smarter and nimbler competitors. I mean have you ever seen a decent “Aviva” marketing initiative?