Member Info for Corryvreckan1

The UTs are fine, it's the late reported off-book trades that are weird.

I have concluded that someone is just messing with us and I'm now off to find a conspiracy theory to back it up... ;o)

Weird got weirder. Market doesn't seem too bothered by it though.

Apologies, first quote line got cut off:

"up to a maximum aggregate consideration of £250 million from the date of this announcement (the "Share Buyback Programme") which is expected to run over the next six to nine months."

Https://www.lse.co.uk/rns/JET2/launch-of-share-buyback-programme-of-up-to-163250m-g9qt8xkhko8u7ty.html

29th April

"up to a maximum aggregate consideration of £250 million from the date of this announcement"

"The Share Buyback Programme is expected to be phased over two tranches, with the first tranche commencing today up to a maximum aggregate consideration of £125 million. The first tranche is anticipated to end on 30 September 2025 (subject to the renewal of the requisite authority at the Company's Annual General Meeting to be held on 4 September 2025) or if earlier, upon the maximum value of the first tranche of the Share Buyback Programme having been reached."

Agreed looks likely to be fat finger. Even 129.50 is a little high, although perhaps appropriate for that volume.

Must be connected to the 163,403 at 16:20:58, plus some combination of the other large late trades. Looks like just some instis shuffling around.

Expect to see that reversed in the morning, but if it should be 128.20 from 139.50 than that's some major missing of the right keys by someone having a bad end to the day...

New pages here:

https://www.lse.co.uk/SharePrice.html?shareprice=IBAI&share=Imaging-Bio

Apologies, shouldn't try to post stuff from memory :(

Brett is the non-Executive Chairman, having replaced Dr Qu Li in that role in 2021.

Also note from the Annual Report:

"Appraisal of Non-Executive Directors

The Chief Executive normally carries out an annual formal appraisal of the performance of the Non-Executive Directors which takes into account the objectives set in the previous year and the individual’s performance in the fulfilment of these objectives. However, given the CEO is the only Executive Director, a formal annual appraisal of the Chief Executive is carried out by the Non-Executive Chairman. All the appraisals of the Non-Executive Directors are provided to the Remuneration Committee."

So as I indicated before it's all a bit 'circular' within a small group of people, but necessarily so.

* ...AM or MS to attend.

Trevor Brown is not the Chairman of IQ-AI Ltd (now IBAI) and there is no-one elected to that role. There is no requirement for it under Jersey law.

TB is the Chief Executive Director of IBAI, in effect the equivalent of CEO.

"On an annual basis, the Chairman considers the performance of the Board ..." - Chairman there referring to the Chair of the Remuneration Committee, which as howdlep points out is Brett. It's standard for most companies to have non-exec Directors/independents as the make up of the RC to keep some form of separation of oversight. The problem for all small companies with limited resources is that there are too few people to do this as effectively as might be desired. That's just part of the risk of investing in small-caps.

Not in anyway suggesting anything untoward here, it's just the nature of it.

Link to info on Jersey companies:

https://www.jerseyfsc.org/registry/register-or-make-a-change/about-companies/

They don't release attendance records for the AGM and there is no legal requirement for AM or AS to attend. IF they were not in attendance then I wouldn't anyway expect them to incur the cost, at shareholder expense!, to fly in just for a 30 minute meeting. They may even have been on a Zoom call/teleconference link.

Link to official press release, as expected GAMA are on the Indicative list today so should be plain sailing for inclusion in the FTSE 250 next month, to be confirmed on Wednesday evening next week:

https://www.lseg.com/en/media-centre/press-releases/ftse-russell/2025/ftse-uk-index-series-indicative-annual-review-changes-june-2025

I may have sussed this out? An extension on an undefined contract didn’t make sense so I looked back at previous terms. From the Prax Upstream accounts and the Prax Group report last year:

“On 25 March 2022, the Group announced that it had signed a contract with Bluewater, for an extension to the Bareboat Charter beyond the previous expiry date of 4 June 2022. … The contract is a rolling, evergreen contract so does not contain any extension options.”

Also (and confirmed in the Aurelia Sept 24 Q3 report):

“In June 2024, Prax Upstream concluded a further agreement with Bluewater to amend the day rate for the vessel over the remaining lease term as follows (other terms remaining unaffected)” [continues to detail the new rates]

So I think the new comment in the Aurelia Q1 2025 report about “contract amendment and extension” might just be referring to that existing amendment and the extension from June 2022, which now appear to have been renegotiated with a new Head of Terms agreed in Q1, the exact details of which we don’t know. The phrase “as long as reasonably possible and convenient to both parties” is a bit glib?

All just musings and we will know one way or another when Prax update on the matter. They might do so at the same time as confirming the completion of Greater Laggan?

...but I'm not sure that really changes anything, other than Prax still appear to be happy to continue beyond initial indicative end date/for as long as they can.

The FEED is complete, the FID and 180 day notice could then still come at anytime...but we don't know what the contract amendment includes so it's even possible the 180 day notice period has been changed?

Aurelia Q1 report available now, this link will automatically download/open a pdf on your device:

https://feed.stamdata.com/documents/NO0012740234_IB_01_20250520.pdf

It does include under Other developments:

"Bluewater and client agreed on a head of terms for the contract amendment and extension for the FPSO Aoka Mizu on its current location. Both parties have the intention to extend oil production as long as reasonably possible and convenient to both parties to ensure a smooth transition from current client and subsequent new contract party."

There is no further comment/context around this. Does look like a step forward from "in negotiation" to "agreed on a head of terms for".

RSI still teasing up towards the 70s; Stage 2 uptrend potential still intact.

Bollinger Bands both moving up in tandem, now looking to see the jaws separate as the rise accelerates.

Break out or fake out still to be resolved but I am stubbornly optimistic :)

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I'm looking at the big sky. I'm looking at the big sky now. I'm looking at the big sky…

What was the question?

It was Q1 in the original press release in the DCU section of Prax website:

"Upon completion of the transaction, which is expected in Q1 2025, Hurricane Energy Deferred Consideration Unit holders will commence to receive a 17.5% gross revenue royalty from the acquired assets, according to the terms of the DCU deed."

Recent posts on here indicated it was pushed back into Q2, still pending confirmation.

One grasp at straws/hopium - sometimes deals like this can include a clause to backdate the revenue accruing to the new party to the original agreed date if there is any slippage in the timetable.

We await official news...

The next stage for GAMA being included in the UK Indices (FTSE 250, etc.) will be seen on Tuesday 27th next week when FTSE Russell issue their Indicative Review results in advance of the Quarterly/Annual review the following week.

GAMA should be on that Indicative list which would confirm that FTSE Russell are happy that they are meeting the qualification criteria for inclusion in the June rebalance, following their move to the Main Market on 2nd May. The Indicative review doesn’t change anything and has no direct impact on the final decision.

The Index Review then takes place on Wed 4th June following the Market Cap cut-off which is at close on Tues 3rd. The results of the Review will be issued in a press release in the evening of the 4th and the changes are then applied after close on Friday 20th, therefore effective from open on Monday 23rd June.

[This information is direct from FTSE Russell documents and any alternative dates you may have seen regarding this process are wrong]

Thanks laser. That sounds like good news, although the RKH forum are questioning if it's actually new news or rehashed from December.

And I'm a bit confused:

"The company's current lease and operate contract for the FPSO with Prax Group has an undefined end date with an 180-day cancellation period that can be invoked by either Bluewater or Prax."

Which we already knew, but if it's an "undefined end date" then how can there be an "extension"?:

"Bluewater, which has agreed with its client on a head of terms for the contract amendment and extension for the Aoka Mizu on its current location".

Unless it means that they have now indicated that a 180-day notice will not be delivered prior to XXX date at earliest, or similar.

The Aurelia March 2025 report doesn't appear to be publicly available yet for the full context. Overall though it does feel like P6 has a longer way to go beyond the previously indicated August 2025 shut down, perhaps now even beyond Feb 2026 (still to be seen).

So I suppose an answer to oilretire's question is that an extension of the AM beyond what we previously expected should make the maximum cap of 12.5p more attainable, particularly with the delay to Laggan being transferred.

Yeah, I thought that was where the problem lay.

You probably picked up “uncrossed” trade from Waterloo’s first post this morning, but the actual term is “uncrossing” trade per Waterloo’s second post and mentioned in parts of the ChatGPT answer. That’s what troubled the AI.

Points 1 and 2 in the original answer you received are both fine on their own as they give useful background information. However, the first paragraph, point 3 and the Summary all show the AI trying to resolve the incorrect term and not quite managing to. If you try it again with “uncrossing” it should be okay, even just with the first sentence in your question and then refine it with a follow up if needed.

The London Stock Exchange used to have a very good short video that explained the auction and uncrossing process but my bookmark no longer works. I’ll try to track it down and post the link here in the next few days if they have just moved it. In the meantime this article may also help:

https://www.shiftingshares.com/what-is-an-uncrossing-trade/

Chart is a thing of geeky technical beauty on several levels :o)

Disciples of Stan Weinstein may perhaps see a Stage 2 uptrend almost in place - just want to see that RSI a little higher into the 70s - after a looong time building a Stage 1 base.

There's maybe a cup and handle/Mark Minervini VCP type pattern over the last 5 weeks and ready to break out.

Those that like their Elliott Waves will be cooing and purring over some gorgeous repeating patterns.

Anyone looking at the Fibonachos can feck off cause that stuff is pure witchcraft ;o)

'tis ready to either break out and rise phoenix like into the Big Sky (Kate Bush, cool video) or ... fake out and then descend back into whatever this malaise has been.

Charts, as always, open to individual interpretation and preference so this might just all be [words the LSE censor won't let me post].

Report per this morning's RNS is now available to download via the website:

https://www.cph2.com/investors/analyst-research/

Important to note that this is "Issuer-sponsored research" but Longspur state:

"Clean Power Hydrogen’s membrane free electrolyser has the potential to disrupt the hydrogen market in our view. It is low cost, can operate flexibly and does not contain forever chemicals. With a potentially oversupplied electrolyser market in sight, the ability to offer the lowest cost option could see the technology dominating the market. We initiate coverage with a central case valuation of 78p per share."

Plus 39 pages of bank holiday weekend reading while stuck in traffic/avoiding gardening/talking to the in-laws... ;o)