Member Info for chilting

Yes, the Euroclear data does seem at odds with reality but that could be because the same buyers that are increasing their short positions are also increasing their long positions - I think with OCDO this may be an established trend as a hedge against the unpredictable SP.

The shorts out on loan have been high for years, even when, as now, the headline shorts are low - currently 1.95%.

The total stock out on loan increased slightly from 3.68% in April to 3.97% in May.

The total stock out on loan is still very high - it increased from 12.45% in April to 13.97% in May.
So I guess we will continue to see high volatility - both ways - on a day to day basis.

With all the uncertainty over the windfall tax the market has currently lost sight of a valuation for ENQ, so when Barclays reduced their rating it obviously just followed their lead - right or wrong.

Its now up to the Enquest board to give direction - until they do that the SP is vulnerable and may continue to slide.

In the longer term though, when results are announced., it will make little difference but I guess ENQ could be a takeover target at the current valuation.

Yes, M&S needs continuous investment and more often than not its about moving the store to a new location rather than a revamp.
The number of old uneconomic stores is falling, but I think there is still some way to go before the task is complete - we still have a few old stores in Sussex.

Kraken
I think you need to press for an investment plan at the AGM or at least a commitment to future investment.

OK great response.
That basically means that ENQ, like SQZ, can avoid the need to raise cash and will avoid the levy simply by investment - including ongoing capital spend on existing assets.
Hence SP is now vastly undervalued by as much as 12p

SQZ RHS confirms that oil real way to avoid the levy is to invest and that includes new wells - as they see it.

The problem for ENQ shareholders is if ENQ choose or need to raise new funds for investment with SP culled by levy.

DFV
Some trades, including your trade, go through on the Aquis Exchange.
https://www.aquis.eu/aquis-stock-exchange/member?securityidaqse=ITX.GB

It seems to be a scam but it did fool the Express.

There is no middle ground here.
Some just look to the short term and economic gloom - the here and now.
Others look to a bright future - they formed the majority during the pandemic.

Hence, the SP swings from overbought to oversold on the consensus of sentiment.

it will swing back to positive when the economy improves and the profits start to appear.

I certainly would 100% agree with that sentiment Kraken - oh for a technocrat Government, instead of one led by media, Law and Public Sector dropouts.
First they dragged us out of Europe - no gain there - then they cut off our supply of cheap labour - no gain there - then they failed to curb Russian aggression - a right bloody mess.

Not sure anyone would challenge them - its their remit to raise raise taxes as they see fit.

mrc
There are a lot of off the grid projects underway, that are mainly off the radar.
How quickly they develop in less than perfect economic conditions is questionable but I think that by 2025-30 we will get a much clearer picture and the main driver will be high energy prices.

Kraken
Exactly - no company can operate with an unfair tax regime.

romaron
I will put it bluntly - the Government have stuffed up any chance you had of getting a much deserved dividend payment from your investment, all the while that the windfall tax remains in place - instead it will be distributed as a poor tax to the masses.

Mriggy
That's obviously true but its also clear that some profit will have to be invested to avoid the tax.
The trouble is that until the end of year figures are released its very difficult to asses the impact on Enquest and that uncertainly also means that a true value for the SP is impossible to accurately calculate.

Also, to point out the obvious - shareholders benefit when companies make profits, if the company doesn't make a profit and won't for an extended period then that also depresses the SP.

mrc
There is no clear indication of where energy policy is with this shambolic Government and the windfall tax has certainly added to the confusion.
I think big industry will be the first to move away from carbon, in part driven by necessity because of supply problems and cost, but its very not clear how demand for any form of energy will develop. I think companies in the renewables sector have been just as shocked about the windfall profit grab, and think they could be next.

The problem NS Oil Companies have is that they are often investing in fields with a 20 year plus life span - its far from clear how how demand and the oil price will change over that period and with the precedent created by this windfall tax many companies will probably decide not to invest. The same applies to energy companies in the renewables sector.

I think the breakthrough with the clothing was buying Jaeger.
They have maintained the quality and integrity of the Jaeger brand and also used it to pull up M&S branded products to enhance customer choice.
The main thing with Jaeger is that it sits so well instore and online - that is why its worked so well and enhanced the whole product range.
As they add more branded ranges its essential that they integrate in the same way into the range instore and online.

The way I read is that they added the sunset clause for 2025 so that investments made now wouldn't be taxed and the tax would be withdrawn if Brent fell to normal levels - whatever they are.
The windfall tax problem for all NS oil companies is different - most can hide profit - but Enquest need to make profit to pay down debt, so I don't see an easy solution other than paying down existing debt and then going directly into debt again with a big investment to avoid most of the tax.

My guess is that it is now or never for Bressay - basically AB has to decide if he wants to be content with what he has and pay a big tax bill or push on with another big Kraken sized project, but with bigger partners this time.