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And for those not in profit who have unfortunately accumulated at higher levels, I think it will come good for you in the future - makes sense to take the full rights issue IMHO otherwise the RI will dilute your holding significantly. Taking up the 32p shares is significantly below TERP so will give you a nice average post RI. I wish everyone here all the best of course - we are all here to win and learn.
Well done firstly to those in profit. I am also fortunate to be in blue. I’m personally a medium to long term hold. For those in profit which actions will you take:
1) Hold all shares and partake in full the RI
2) Sell some shares in profit and use the funds to fund the RI (so it doesn’t cost you any extra cash to inject)
3) Sell all, take your profit and be out.
What if I have a short position, what happens to my position and what are my options?
As you are short you will have two options. The first is to trade out of the rights before the deadline date to close the position. The second is to do nothing and risk your position being taken up automatically depending on the result of the offer.
Doing nothing could mean having the rights removed around the pay date and potentially having a new short position in Rolls Royce booked at the subscription price.
First lot
Chief Executive's Statement
The Company reports a loss from operations of $579,000 for the six-month period ending 30 June 2020. This compares to $820,000 for the corresponding period last year. The cash balance at 30 June 2020 was $2,560,000 (30 June 2019: $4,407,000), with no debt.
Tough economic conditions have prevailed throughout the first part of the year and in response to this we have made additional cutbacks to the 2020 budget. The Company has always maintained a low overhead, outsourcing many of its non-core disciplines. But further savings have been made, including staff salaries. Executive directors have taken a 50% reduction in salary since 2019. Our objective has been to preserve cash during this industry downturn.
The low oil price, currently around $40 per barrel, has resulted in a dramatic fall in exploration and appraisal activity within the industry, along with a decrease in capital expenditure on new developments. In this setting we have continued our farm-out pursuit. Our endeavors have been far reaching, not only having discussions with other oil companies, but also exploring potential collaborations with service and engineering companies. We continue to investigate all options.
Undoubtedly, within the current climate we face a significant challenge, like so many companies our size. This year, our industry has faced an oil supply surplus coupled with a decrease in demand due to the Covid-19 global pandemic, at a time when the world is starting to transition towards renewable energy. Many commentators believe that hydrocarbons will continue to play a very important role during the transition, but we will potentially see a high-grading of new developments, based on quality of reservoir, break-even oil price and environmental footprint. We believe that Darwin stands out on this basis, with its break-even oil price of less than $35 per barrel, quick payback, excellent reservoir and a relatively small environmental footprint. We therefore remain optimistic that progress towards appraisal and development will be achieved.
REG – Rolls – Royce Holdings Goldman Sachs Group. – Holding(s) in Company
12 October 2020 14:24
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RNS Number : 8226B Rolls-Royce Holdings plc 12 October 2020
Rolls-Royce Holdings plc
TR-1: Standard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the
FCA in Microsoft Word format if possible)(i)
1a. Identity of the issuer or the underlying issuer of existing shares to Rolls-Royce Holdings plc
which voting rights are attached(ii):
1b. Please indicate if the issuer is a non-UK issuer (please mark with an
"X" if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with
an "X")
An acquisition or disposal of voting rights X
An acquisition or disposal of financial instruments X
An event changing the breakdown of voting rights
Other (please specify)(iii):
3. Details of person subject to the notification obligation(iv)
Name The Goldman Sachs Group, Inc.
City and country of registered office (if applicable) Corporation Trust Center, 1209 Orange Street,
Wilmington DE 19801, USA
4. Full name of shareholder(s) (if different from 3.)(v)
Name Goldman Sachs International
City and country of registered office (if applicable) Plumtree Court, 25 Shoe Lane, London EC4A 4AU, UK
5. Date on which the threshold was crossed or reached(vi): 07/10/2020
6. Date on which issuer notified (DD/MM/YYYY): 09