Member Info for bluerill

Very kind, mclean, thankyou. Meantime, someone seems to have forgotten to tell the market that tosca reduced. Oooooor perhaps, the market sees this as a positive. hmmmmm.....That's known in the know-it-all biz as a tease. Watch this space for the release of 'Mr Know It All, Part Deux' later this trading day!

Firstly, tough luck mate, I know it all again. Second, san leon employees would necessarily know less than nothing about tosca's thinking, so there's that. Third, if absolutely anyone is surprised that tosca is the seller then they should demand a refund from Martay bc they clearly studied trading with him. Fourth, Toscafund had negative returns of some 12/13% during the worst of the crash this year and sle cum-dividend was undoubtedly a relative superstar within their portfolio. My informed (though still speculative) view is that the ability to reduce - through the dividend and the subsequent sale - a very concentrated position in a still small cap company after a very stressed period where redemption requests were likely, but then to sell that holding to the one person on earth best positioned to maximise the value of its remaining massive holding, was doubtless an attractive option. Finally, you're right about one thing: retaining just above 50% is relevant as tosca is showing that it is still very committed to this holding and it clearly wants to retain a powerful seat at the table.

NOW, armed with the best available analysis, you can watch the share price for further insights.

Nope. Still too much

If the company had any role whatsoever in facilitating this transaction, particularly and especially in regards to its financing, it would have been immediately disclosable under the severest possible penalties for non-compliance. That is Corporate Governance 101 and yet, Martay, you seem to have been unaware of this most basic of rules. Maybe you should fire all those brokers and read a book instead.

In fact winnifrith has been a long-ish term holder/follower and a pretty consistent supporter of the company, however he has clearly stepped up the visibility of that support in the past few weeks so it's fair to assume that will continue or even increase.

I think that's the likely source, but we'll see. For me, I couldn't care if the Lord himself sold OF the shares, this is simply monumental. A progressive dividend policy from the company going forward has been given the most extravagant endorsement imaginable.

I would wait until the day is over as holders have a bit of latitude to make such an announcement

http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20200511:nRSK3676Ma

hear bloody hear

What is there to apologise for? I indicated taking absolutely no offence. Your question didn't make a lot of sense, but I answered it directly 'no' because, against my best guess of what you were trying to ask, there is no difference between those references. And now, your attempt to 'clarify' by telling me you meant the 29th, which is just a payment date when shareholders of record actually receive their dividend cash, does the opposite. I am more confused than ever. As to your reference to your 'fag packet numbers', you offered none so how can you possibly know what I would say? And while we're at it, what 'fag packet numbers' can there be in reference to a one-off special dividend in the first place? The company pays shareholders a lot of dough and maybe some of it ends up back in the shares hopefully, end of. More confused still.

Crikey, this sh&t writes itself. So you don't care about status and in order to prove that you share with 100 strangers your utterly unprovable investment history and bank balance. Got it.

Ouch. Anyway, I'm so anxious for you to elevate the discussion here by sharing fascinating anecdotes about how your purchase of 1500 shares didn't get reported on time, or for you re-print quotes from public announcements, or clutch your pearls while you speculate whether a line of stock has cleared or ask mindless rhetorical questions with a bunch of people you can pretend are your friends like 'Have the 2 major shareholders finished selling yet?' (that's one of my favourites), as I see is your stock in trade on other message boards. That is above the rim stuff and is sure get us out of the Lloyds basement.

a pointless comment meant to self-convey status when you have no standing. But thanks for contributing

Wow. Humungous returns. Not just market-beating, or outperforming or alpha-generating, or like, good, great or even enviable. No, your completely believable results have been humungous. And, you - you, Martay - are ordering another human being to go read a book on the market. After all, you produce humungous returns in your imagination and then rage-post Rorschach test blottings on a bunch of share message boards. So, no projection there......

normally, Humour = Tragedy + Time
sometimes though, its just a never-ending tragedy

no

'......Carp. I’ve posted more than once on the same day. Sorry all....' Not if we measure posts by content. By that standard, we've been blissfully spared hearing from you at all today.

'.....How do you arrive at 21.5. Is it just as simple as taking 6p off the sp? What valuation is being placed on the company to get to 21.5 ?....' Final time: this is indeed simple math. when a company pays a dividend, any dividend, it sends cash to shareholders, cash that comes out of its bank account and thus the company's total assets are exactly reduced by that amount, in our case by roughly £27m. So yes, the math dictates that the 'correct' share price post the divi payment, ie., today, is precisely the share price before, 27.5p, less the divi, 6p, or 21.5p. This is always true whether the divi is a regular payment or a special one such as this one. However special dividends tend to be a much larger amount - in our case 6p represents 21.5% of the share price despite the 45% rally since it was announced - and thus often the share price will not fall the full amount, but a less, which is what everyone is hoping for of course, and is particularly likely for a name like San Leon which is making clear that capital returns will continue as per Alaric's post below.

Again, huh? The share price closed at 27.5p and Wed morning it will open ex- a 6p dividend. Therefore the 'neutral' opening price will be 21.5p. From there it will trade better or lower depending on market conditions and investors views on the company's near-term prospects, in particular the company's ability to continue to provide shareholders with regular payouts. So very simple

Leaves plenty of runway for the post-dividend share price to move higher in that case

So sle remains a buy at HotStockRockets, but I have to admit I'm of 2 minds. It's certainly fair to say that their initial buy rec, coming immediately after the announcement of the material remittance from Midwestern/Eroton (but before the special divi announcement of course) along with the Company's strategy to both reward shareholders and pursue opportunistic acquisitions of producing assets, was insightful in arguing that the small bounce in the share price was inadequate relative to the huge, near-term potential; an argument of course well reflected on this board, though some - as ever - seemed to only want to focus on the one-year loan balance extension. More fools they. And of course I certainly agree that there is still substantial upside from here despite the 30%+ move since that initial buy rec for reasons already articulated. Still, sharing a view on any company, especially this one, with an individual as effortlessly odious as Tom Winnifrith dilutes some of the fun for sure. Enjoy:

'...Updating on San Leon Energy (SLE) earlier this month, we concluded that the shares, despite having recovered somewhat to 19p, still suggested very little for the “growth and progress” CEO Oisin Fanning looked forward “with confidence to updating shareholders on”. They are currently above 23p on the back of a “Proposed Special Dividend” announcement…
The prior announcement detailed “around US$100 million of additional loan notes and interest receipts expected by the end of next year, as well as income from the provision of our technical services to Eroton as operator of OML 18. In addition, the company expects to receive dividends from its indirect shareholding in Eroton in due course” and “a cash balance at 7 April 2020 of approximately US$74 million with no debt”. That saw Fanning emphasising “the company is in a very strong position armed with such significant cash. We believe that this is a situation that will continue”.

We noted that despite the depressed pricing environment, with OML 18 a world-class oil and gas block – and this is further suggested at with the “special dividend of approximately £27 million (US$33 million), or 6 pence per ordinary share”, with “visibility of future cash flow is strong… The directors expect that the company will continue to have more than sufficient cash to deliver its strategy and business development activities to grow the company… continuing to pursue growth opportunities which are prevalent in the current market”.
It intends to pay the dividend on 29th May, with an ex-dividend date of 7th May and adds that it “demonstrates the company's continued commitment to its capital distribution policy”. However, despite all of this, the market cap is still currently below £105 million, currently approx. $130 million – and thus still suggesting very little for the operations progress the company continues to look well funded for and confident of. As such, our stance remains buy....'