Member Info for bandit1

Hi Peakview - this what I posted on 31st May. “Peakview - of course you are correct. I can’t help but think that the well paid CEO of a public company should also know that hence I remain circumspect about AH’s experience and ability to deliver significant shareholder value. There is limited interest on this board as there is little to feed off and so we just wait patiently for news which may stimulate fresh buying interest. The relatively small free float and sticky holders can be a positive if new buyers appear but I see long term retail investors significantly under water. Some may argue that the scars from the past are still visible within the market hence we are off the radar/watchlists for some. CalE are in a perfect position with an ever deeper understanding of the opportunities and risks inherent within IOG’s assets yet still have no equity interest to ignite the flame. The cynic in me suggests that if they see a lot of value here they will want to pay as little as possible should they Intend to shift their focus from project to equity investment and therefore it suits them that we have flatlined. Patience is the watchword here hence I pop in only once a month or so like most other lth’s. The future of IOG is in the hands of the Administrator and LO as they will decide either to offload if they lose patience or indeed what offer they should accept if a bid if forthcoming. Until then.......”
This remains my view. I can wait but I am far from satisfied especially as the BOD awarded themselves almost nil cost options suggesting they are highly invented to see a higher share price. So far so what.

VanVan and OAPK20 - it would be helpful to know if you were invested in ISA or SIPP. Many thanks.

Maverick7 comes on here and announced a share back last week and this week a placing with our share price at a lowly level. What will it be next week - Muddy Waters doing a critical analysis and taking a huge short position? You’re really making yourself look silly and as others have rightly pointed out, you don’t dilute your large holding which contains a large chunk of your family’s personal wealth with a placing when shares are at such a discount. In his position I would find other ways to raise finance and it would not be a placing at £11.50. I do agree that with the price being held at these levels this can infer that something is going on in the background but IMO that is not it. It seems that you are misinformed and misguided at best or you are being paid to create doubt at worst.

It is taking much longer to fill these large orders as there are much fewer sellers than 1,3,6 months ago which is quite reassuring with the most stable base we have had for some time. Small blocks of 200k, 500k, and a few 1m but if you want 10m + and if there are a few parties trying to do the same, it takes a while. Those sitting on warrants appear content to do so pro tem. If they wanted to do otherwise they would help to fill these orders quickly but are sitting on their hands. I wonder why........

Dana - yes let’s hope it has unless Brent drops of course! It seems that the Algo’s are very active at times and then they disappear. AA makes no secret of the fact that he is looking for bargains but I also wonder about the value which others see in RRE but with his 27% stake and other friendly supporters it would be difficult for someone to buy us cheaply, so that is unlikely. Private Equity have over $1trl in cash burning holes in their pockets and lots of opportunities but lots of competition for the bargains too. Exciting to see what happens in coming months as AA may surprise us.

Many will pour scorn on those who claim that the share price is being manipulated if it does not do what you want/expect it to do. I have been around the markets for quite some time and feel confident that the price is being manipulated here. What is not easy to determine is how, perhaps Algo’s or hedge funds with large orders in the background as part of a wider strategy. All will be revealed in the fullness of time but sit tight as there are big returns to be made here at some point.

Well, if this article is accurate and I have no reason to assume otherwise, it seems that most intermediaries in the UK which offer SIPPS and allow clients to invest in companies registered outside the UK in countries such as Rep of Ireland do not want the hassle of acting on your behalf to reclaim the withholding tax on dividends given that their holdings are pooled and it is just too much trouble to Seperate them out for each client. Now, if you have a modest holding, 25% of a modest dividend is no great loss. If the company decides to return capital and pay a large special dividend once or more than once you will have to wave goodbye to 25% of that special dividend. The moral of the story is to avoid intermediaries like Interactive Investor who don’t give a damn about helping clients to recover WHT from a foreign company except US and a few others. I may have to take this one on the chin and I am sure I am not the only shareholder who is impacted. You live and learn.
https://the-international-investor.com/investment-faq/reclaim-withholding-tax-foreign-dividends-isa-sipp

Gazza - formal reply from II just received below explaining that if you hold SLE shares in a SIPP with them, they will not furnish you with a consolidated tax certificate to allow you to reclaim yourself.
“ Due to the way the assets are held and SIPP accounts administered, we can
only support tax reclaims for dividends from companies incorporated in overseas
territories for which we have qualifying intermediary status. Therefore meaning
we can act on behalf of the client and directly receive any reclaim from the
relevant tax authority, then apply the funds directly to the cash balance of
the SIPP. This means that for SIPP accounts, we are limited to offering this
service to dividends from companies incorporated in the USA and Canada.
They are aware that they would not be claiming the tax back but just
providing the document but we are unable to provide the requested
document. “
So, when I bought these shares in my SIPP I received no health warning about this and was not aware that II would not reclaim the withholding tax nor would they provide me with the means with which to do so myself. More than a little irritating but it would be good to know if others who held in an ISA or SIPP have had any success.

Well, OF is certainly getting out there trying to raise the profile of SLE, as one would expect, given his very considerable skin in the game. He is appealing to the retail investor and is promising significant future dividends which those of us who have been here for a little time are well aware of. I have spent the last 2 weeks trying to get a consolidated tax certificate to reclaim over £8000 of withholding tax from the Irish revenue. Can I get my SIPP provider, Interactive Investor, to send me the relevant forms - no I cannot. In fact, they have refused to send me what I need so I continue to bash heads against walls. My point of course is that if SLE continue to pay dividends rather than initiate share buy backs or tender offers, they may wish to consider, via their registrar and PR, encouragIng UK intermediaries to put some effort into supporting clients to recover this withholding tax. I recognise that the problem sits with the intermediaries but I wonder how many UK investors who bought SLE shares in an ISA or SIPP were alerted to the fact that 25% withholding tax would have to be recovered by themselves directly from the Irish government. Anyone with a good experience or an intermediary with exemption please share as I may move my business to them!

There may come a time when there are no oil or gas deals in play in the NS which are accretive and if/when we ever get to that point the company may announce a new strategy to look further afield. As others have said, management’s experience lies much closer to home and history tells us that many others have diversified in a quest to find rich pickings elsewhere only to regret that decision whilst burning through a lot of cash in the process. I am as frustrated as others here and can only explain the current indifference from the market as one of ‘ show me don’t tell me’. So, it is a case for me at least to remain patient and trust in the BOD who know what they are doing IMO.

Londoner7 - no need for a ? after RNS. The company is obligated to issue an RNS after the press release after close on Friday, no ifs, buts or maybes. I feel very relaxed about prospects from here despite what some may say. BoJo will reduce social distancing in a week or two IMO and analysts will start to revise forecasts when business opens up so expect a lift in the price and with no large increase in debt which has been priced in, all is looking optimistic if you are long. I strongly suspect that some posters who are very active on this board in a negative manner have an open short position and they will all be scrambling to close at 8am tomorrow am. Whether the 7am RNS says any more than the press release is doubtful but I do hope, if the increase debt has triggered the walk away, they are able to state that fact.

SOTB - hope you are well and holding up despite the tough times in the sector. As you know I look in here from time to time despite being chased away by your good self and Neil Hannon I think it was, some 18 months ago when I sold out totally disillusioned with Tom Cross. It seems that on this occasion I was right to be concerned about his abject failure in connecting with private investors such that many have lost faith and moved on. The lack of interest on here appears to be a reflection of his autocratic style which is failing badly. You may recall that I called into question the blind faith of loyal followers some time ago. I am curious to know what is it that keeps you here despite pretty dire performance? I will be back up in the Moray Firth area after lockdown talking to my contacts, who were of the opinion in 2019 that Cross had lost focus which was a sign to exit. Is there any value in PMG from here?

I agree Schlemiel. The results from their first drilling programme over the fence from Hav will be studied with considerable interest by all of us as they will come out before Scally drilling gets underway. Let’s hope that Hav is not an anomaly if you pardon the pun and this area is littered with new finds which will increase the potential hit rate for us not to mention expanding Hav into a much bigger deposit.

CompuServe - the value leader in Cyberspace is unlikely to be involved with this dividend unless it is lost in Cyberspace of course.
Computershare - the worlds only Global share registrar.
Important to get ones facts right if you intend to take the moral high ground don’t you think?

I must say that this stock has a mind of its own and does not react as one would expect to the obvious increase in Brent etc. If we are frustrated, can you imagine how AA feels at the moment? IMO this is most certainly not the time to bail out due to frustration just because others in the sector are rising more. There will be many conversations going on in the background and we have the virtual OPEC session over the weekend to look forward to and I hope the Saudis have learned the lesson from their mismanagement of the last meeting and deal with Mexico before they attempt to showboat and leverage their relatively small position this time around. I am optimistic that we will see a more joined up meeting which will help to maintain commitments and this may put a floor on POO at current levels. Either way I will stay patient and stay invested and there are much better times ahead for us we could move very quickly on the upside just as we dropped on the downside. Keep the faith.

theiceberg - you come across as someone who has missed a superb opportunity in GGP and is in complete denial about its Great potential. As Jerry points out there are respectable brokers, gold experts and mining experts who enthuse about its Great potential. I am also invested here and recognise that NM’s crusade to go it alone is potentially the right approach in the medium term but in a jurisdiction which is challenging on a number of fronts, therefore the discount applied by the market is clearly higher than you are prepared to acknowledge explaining the price today. I am here for the potential of a buy-out and I hope it happens. Getting the gold out of the ground in an economic manner in just a few years with a world class partner next door is virtually nailed on with GGP but it is not what SOLG can boast as yet. Perhaps you should show more class and acknowledge that others have taken a position with some risk In the early days in another stock and it is coming good rather than denigrating the company which you have done multiple times on here. You are clearly someone with real passion for SOLG and for good reason but as one US President once said, comparison is the envy of joy! I am sure that SOLG will come good, but when that will be is the question.

Peakview - of course you are correct. I can’t help but think that the well paid CEO of a public company should also know that hence I remain circumspect about AH’s experience and ability to deliver significant shareholder value. There is limited interest on this board as there is little to feed off and so we just wait patiently for news which may stimulate fresh buying interest. The relatively small free float and sticky holders can be a positive if new buyers appear but I see long term retail investors significantly under water. Some may argue that the scars from the past are still visible within the market hence we are off the radar/watchlists for some. CalE are in a perfect position with an ever deeper understanding of the opportunities and risks inherent within IOG’s assets yet still have no equity interest to ignite the flame. The cynic in me suggests that if they see a lot of value here they will want to pay as little as possible should they Intend to shift their focus from project to equity investment and therefore it suits them that we have flatlined. Patience is the watchword here hence I pop in only once a month or so like most other lth’s. The future of IOG is in the hands of the Administrator and LO as they will decide either to offload if they lose patience or indeed what offer they should accept if a bid if forthcoming. Until then.......

Tom8080- I may be misguided, in your opinion, but as someone who has allocated capital in the real world, in public companies I am very comfortable with the process with which a company decides to do so rather than just talking about it on a bulletin board. This is a public forum and all opinions are welcome but suggesting that others like Maverick7 and I ‘misunderstand’ and are ‘misguided’ suggests to me that you believe that your opinion is the only opinion that is worthy which simply means that I will not waste my time in engaging with you. I have been around long enough to know not to waste another post discussing this. Best of luck with your investment if you bought in recently expecting a share buy-back.

Tom8080- AA is an ex-investment banker turned oil executive as you know and will no doubt be spending a fair bit of time comparing returns from different strategies. In fact he will have a clear base case which may be to do nothing more in the short term other than to deliver current plans and to build cash reserves up a little more as investment in the business is curtailed pro tem due to the oil price drop. I am never that convinced about share buybacks as they almost imply that the BOD are bereft of opportunities or are risk averse none of which I can be convinced is the case in the current market to be a true reflection of reality. They will assess any potential transactions against other strategic options and decide to proceed based on a combination of potential economic returns, execution risk and market outlook. To undertake a share buy-back will only happen IMO should AA feel that all other opportunities including the base case are non-starters. He has no idea what impact say a £100m buy-back programme will have on the share price. If it only rises a little it will be seen as a waste of £100m. So, IMO I prefer to wait for one of the other strategic options to present themselves when the time is right and we should trust AA to do that.

Just in case anyone is interested.
https://www.revenue.ie/en/companies-and-charities/documents/dwt/dwt-claim-for-refund.pdf