Member Info for Bravedog

The resolution allows them to buyback 10%, ie 22.9 mio shares. They have bought back around 19 mio. They can only buy around 3 mio shares and when it is done, they have to cancel them, or part.
If they don’t cancel them, they aren’t allowed to buy more.
When Genel reached 10%, they called an EGM. Why shouldn’t GKP ?

I totally agree with you

Bantercity,

I don’t think they will be cancelled but could be awarded later.

Invstrat,
About the treasury shares not cancelled: if they have the opportunity to buyback more shares, they will be limited by the 10% rule and they will need to call another EGM to cancel the existing treasury shares. Why didn’t they insert such a resolution ? They could have asked shareholders permission to automatically cancel 10% or x% of the treasury shares when the total shares bought back reaches 10%.

700k shares allowed to the new CFO.
I think he has been alloted as bonus an amount of cash that the board decided to give him in shares. As the price was very low, he was only lucky to Get a big amount of shares. And the day after having received the shares, he bought more.

In order to have VCP shares vested this year to JF ens SZ, « the minimum hurdle market cap (8% p.a. compounded) » is 476 mio $.

« The share price used for calculating total shareholder returns in plan year 2 and subsequent plan years shall be the average of the closing prices for the 30 days following the announcement of the Company's results for the relevant financial year. »
The year end results were announced on May 22nd, so 30 days following this day should be on June 22nd, one trading day after the AGM. The starting day could perhaps be later if it is the first trading day after May 22nd.

To get the « total shareholders return » or « market cap achieved », during that 30 days window, the average price of the 20 trading days period must be above 2.26$ (assuming 210 mio shares). With today’s close, the average price for 16 days is 1.0398$ rounded to 1.04$.

I now assume the average price stays the same until the 19/6. If JF and SZ want part of their shares vested, the average share price of the last 2 days must be above (2.26x20- 18x1.04)/4= 6.62$.

I don’t know if good news will come out at the AGM or from Baghdad, but they seem to have taken into account the vesting of the VCP shares when they choose the date of the AGM.

Anyone an idea which should be the average price of GKP between the 25/5 and 26 or 29/6 in order to have the management’s shares vested? In fact only 50% would vest.

Surrey,
If there isn’t much gas, they can sell it on the local market. Not profitable, but a way to get rid of it.
On the AR, they mentioned investments of several hundred millions $ planed for the gas before achieving the 110 kbd. Big investments must generate much cash.

Think news of AGM tomorrow.
The comments made in AR by GKP implies that they can only grow their business if they are able to sell their gas. And their gas can only be sold when pipes and else are built. It is Genel, taken over by another NOC, that will build it.
That’s probably why Genel will go before GKP.

That is the good news of the week, even if the stock went down. Don’t think it is institutional selling. One big block find a buyer on the close. Looks more like allocating shares to another party. ICG taking a stake? I don’t know what is happening on the dark pools. Anyone an idea?

Possible that they call the AGM next week.

I haven’t seen an RNS indicating that Capital group has returned above 5%.

What’s wrong ?

The management can be sued for hiding information for the shareholders:

They have removed all technical information, even taking away the RNS issued GKP discovered Shaikan! This was on August 5th 2009 and note in April 2009 as the website indicates. April was the spudding of the first well.

I really think you have matter to write to FCA (or whoever controls the UK market) and sue GKP.
Waiting for the AGM will be too late. The best way is to contact some hedge fund managers.

3.5 bil £ with 4 times more shares.
This gives a mkt cap of 5.6 bil $ and a price of 24$ or around 20£.

Hope they didn’t put the money in a Lebanese bank...

Everhopeful,

That is the real question: what is the price of their silence or how much must they earn to be quiet. Only JF and SZ matter.
A price of 10$ would give them around 35 mio $.
100$ 350 mio $ for each of them and a market cap above 20 bil $. For an 80 years field, it it is worth it, but I doubt they disclose it.
A price of 30$ would give each of them around 100 mio for a market cap around 7 bil $. Nice figure. At 8$/bl (what MOL used in 2018), that would mean less than one bil bl in reserves.

The buyer(s) will take the opportunity to give a political message to the world and the more the managers earn, the happier I’ll be.

Hi Straycat,

Good point.
I can’t find anything on that man. Where did he work? Background and so on?

Good answer to a stupid question.
Thanks

The Kurds lived years without help from Baghdad. Why would they give up everything now that they have discovered oil and have IOC ready to invest?
Remember that oil from Kirkouk flows thru K.

That’s 9.5 mio shares. Where did the trade occur as it doesn’t show up on LSE volumes.
Mikey would have given us the answer!

RIP Mikey,
Missing your AT, UT trades and Level 2.
Condolences for your family and friends.

My yesterday’s post:
« After the announcement of year end results, I was awaiting share purchases from the management. In fact, they were awarded shares that didn’t cost them anything. When they start buying, it will be THE buy signal. »

Well. Now the management is buying: they couldn’t buy before the bod deciding allotment of bonus shares. They were in a closed period.
Now do the same thing, oil price is very low and your downside risk is small if you take a long term view and remember that Total bought Tullow’s Uganda oil at a price of 1.2$/bl.

GLA

Everhopeful,
I must admit that I missed the RNS reporting her sale of 90000 shares, but it was the sell signal like Toss Kozel’s sale in 2013.
She was awarded shares. Good for her.
Better look at her next transaction.

After the announcement of year end results, I was awaiting share purchases from the management. In fact, they were awarded shares that didn’t cost them anything. When they start buying, it will be THE buy signal.