Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
P.S. I think the word "irrevocable" is important here.
This is the good news is really bad news board. Remaining buy back cash and share quantity now means there is a buyer for 8% of the outstanding share capital at prices up to GBP 20+ (I agree with pickedpeck's analysis). For every share that they buy less than GBP 22, that gives firepower to pay even higher prices later. I assume this will be conducted over a reasonable period of time (has anyone seen anything on timing?), but nevertheless we now know that we own shares that at least one big buyer is prepared to pay GBP22+ for. US SP currently GBP 10.27 equivalent once unshackled from the UK market.
And no buyback's yet.... Am I correct in thinking that they need to wait 10 business days after results before buying back? In which case, that ended yesterday.
Clued, probably best to elect to get GBP if you are concerned about the margin your broker takes on a conversion. If not a bank, they will probably do the conversion through a 3rd party who will take some bps.
This is the case. You get exactly the same Dividend in USD, but for GBP you are dependent on the conversion done by your broker. It is not the case that this is necessarily the same between brokers. If you elect to receive in GBP, then there is no conversion and the amounts should be the same.
Buybacks can start next week. Interesting to see if/how much they do.
No its not. Who knows what a 1 day movement means. On this day simply more money was on the side of this will go up than down. Tomorrow could be different, but it does feel like 850ish is low enough to bring money in.
Always like a good butback MrG123.
I would guess unequal treatment of shareholders - UK holders only offered the tender.
Large majority of automatic trades in the share price drops now. A lot marked as "sells" (systematic guess based on the execution price versus the bid/ask). Anyone with a good explanation? Are PI's being suckered with their stop losses getting triggered or something else going on?
Notrex - I actually don’t really mind the changes - better to be agile. But I agree communication is less than ideal, better to say that they will act in our interests wrt shareholder value and remuneration (listing, div, allocation of capital, buy backs etc.) and will take a pragmatic approach depending on what’s going on externally. But stability in strategy - growth by acquisition, SAM, mature stable cash flow assets, hedging etc.. Don’t make statements or commitments which become hostages to fortune.
No
And there goes the US price…..
Quiz question: will the PV be higher or lower if gas prices go up?
Here was I thinking that pointing out that DEC valuation would have some relationship to natural gas prices was almost the least controversial thing to say.
You agree then? Lower gas prices and lower DEC are not unrelated.
DEC hedges 2-3 years but from a valuation perspective how you judge long term pricing is obviously critical. My point is simply that the development of natural gas prices will have had a significant impact on valuation. I cannot believe the spot price dropping 80% has had no impact on valuation anyway. Just my opinion, but I think a fundamental driver of whether you think DEC is a good investment or not is your view of natural gas prices going forwards.
Just one data point. DEC share price peaked in summer 2022, the same time as Natural Gas - since then gas prices have dropped from over 8.60 to now around 1.70. Lots of other stuff going on of course. The reason I’m in DEC now is that Natrual Gas is so cheap and likely to strengthen - LNG and all that.
P.S. will be interesting to see where the US closes - 8.97 equivalent at the time of posting.
Indeed - getting stopped out in the 8.34-8.55 range will be a hard lesson.