Member Info for Corryvreckan1

As you have just quoted, those are the 'AIM' index changes that take place tomorrow because GAMA is leaving AIM tomorrow.

The FTSE UK Indices, including the 250 Index, are only rebalanced quarterly. The next decision date is Wed 4th June and the changes are then effective from open on Mon 23rd June.

Further to discussion last November, confirmation in CPH2 accounts today that they did sell down their full holding in Atome, 1.4m shares, for £0.7m sometime during Q4 2024. Unfortunately for them that was a £0.8m hit on their original £1.5m investment, but they did have cash flow issues at the time. No relevance to Atome now, just mentioning it for info.

The FTSE 250 changes take place in June.

No, and there is no reason to be.

https://www.londonstockexchange.com/news-article/BARC/transaction-in-own-shares/16996127

There is a glitch across the whole of this website this morning and no RNS are shown here yet. Second time this week and it happens several times every year.

LSE have today announced a partnership with JP Jenkins to carry a data feed for all shares traded on their market. Link to DCU 2 page:

https://www.lse.co.uk/private-markets/PRAX2.JPJ/

For anyone tracking any other companies listed on JPJ this is the link to their full list on here:

https://www.lse.co.uk/private-markets/markets/jp-jenkins/

Thanks laser. Bluewater accounts then in line with the revised CPR included in the scheme doc which indicated Feb 2026 as a 2P Reserves Economic Limit, although I’m surprised that the Auditors didn’t also require them to mention the indicative “August 2025 cessation of production (“COP”)” under the risk section.

Senseman – I pondered internally on the same question last month when we were discussing the timing of the 6 month’s notice. I expect it will have some impact on the FID but how much of an impact may be down to the long range economic forecasts that Navitas/RKH are using. They may be more bullish and so the relative impact of any shorter term dip in Brent may be negated.

Amazing how often the ‘better’ numbers make their way into investment appraisals when those involved are keen for a project to proceed regardless of the elephant lurking behind the sofa ;o) Throw away comment offered for amusement with no accusation intended.

I think I recall reading somewhere that Sea Lion is not targeted to start production until 2027 and the AM refit works also need to be done next year, so they would have that buffer to ride out the Brent dip as well?

Just musing for correction if needed.

Just checked the AGM notice and the dividend details are in there:

"Declaration of final dividend

3. To approve a final dividend for the year ended 31 December 2024 of 1.25 pence per ordinary share in the capital of the Company, payable on 16 June 2025 to ordinary shareholders on the register at the close of business on 16 May 2025."

XD is therefore Thursday 15th May, yield 2.1% @ 60p.

So no special this time and I imagine the tender offer last October took that out the equation for this year anyway. The 80% return is a medium term objective:

"The first opportunity to utilise this policy is likely to be towards the end of the current financial year [ed. - i.e. 2025]. Going forward, the Group will, on a rolling basis, return 80% of free cash flow to shareholders in the medium term, through ordinary dividend payments and additional cash returns."

Expect to see the FY dividend declaration in an RNS soon as well. They recommended a payment of 1.25p in the results on 1st April but likely parked the declaration during the offer period, although they announced it about a week after the results last year as well.

It's a legacy holding that dates back to 2017 'Circassia' which was NIOX plc in it's previous form, see RNS March and April 2017, April 2018, Dec 2018 etc. for a now ended collaboration between AZ and CIR, but AZ kept the shares from their initial investments.

https://www.lse.co.uk/rns/CIR/

AZ didn't change that holding at all from April 2018 until Oct last year when they tendered their maximum entitlement of c. 5m shares to the tender offer and reduced to 16.6% as a result.

I assume from your post that you are now UK based? Have you tried contacting the Registrar or the Depositary/Transfer Agent - one of them should be able to advise you on issuing a new certificate for the UK, after which you should be able to submit it to your UK broker to add to your account (check with them first) and then you should be able to sell them here. Or apply the same process to wherever you are now resident if not UK.

Contact details for the Registrar and Depositary are on the Atalaya website, I'm sure you could find phone numbers online as well:

https://atalayamining.com/investors/advisors-and-registrars/

Please note that I am not authorised to give financial advice and it's a breach of forum rules to do so anyway. The above is just a suggestion for you to consider and you need to DYOR.

Updated for March 2025 DCU payment

HISTORIC:

June 23 payment:

(1) – 3.32p transaction dividend

(2) – 0.83p cash consideration

(3) – 1.87p supplementary dividend

Total 6.02p paid

(4) – 6.48p Deferred Consideration Unit (DCU) per share (max)

Total 12.5p possible

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DCU payments received:

Sept 23 – 0.309p

March 24 – 0.617p

Sept 24 – 0.756p

March 2025 – 0.742p

Total received to date – 2.424p from DCUs; Overall – 8.444p

Remaining – 4.056p max

----------------------------------------------------------------------------------

FUTURE (estimates, with thanks to Dive, laser and others):

30th Sept 2025 payment:

P6 – estimate 0.5p (Feb partial offload, next one May?)

Greater Laggan maybe May & June – 0.3p estimate if transfer on 1st May

Total – 0.8p +/- (early estimate, high variance possible)

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Further payments (31st March, 30th Sept 2026; 31st March 2027 final*):

Possible further from P6 – c. May to August 25 (indicative end per scheme doc) - 0.4p ish?, beyond that dependant on Prax and P6 economic production / Bluewater six month’s notice on the AM for Sea Lion (Navitas/RKH project)

DiveCentre’s 10th March estimate for Greater Laggan to end 2026 (less 0.3p in Sept 25 above) – 2.458p

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Overall early estimated total of all payments to March 27: 12.1 – 12.2p +/- (plus anything further from P6, and any further deals completed…high variance to all of this possible at this stage due to the unknowns, expect more clarity over next few months)

*Final unless max 12.5p paid prior to this

I'm told that ii have now returned from lunch and money has been paid into accounts...

Statement now available to download from Prax:

https://www.prax.com/information-for-holders-of-dcus/#documents

All much as expected from previous discussions on here.

Thanks for the update Dive. There’s a possible different read on the December offload/sale as the DCU statements also say “Revenues received by the Hurricane Energy Group during that Half-Year on a cash basis for the sale…”. I’ve always read that as meaning when cash is received rather than on an accruals basis which would support the “sold in period” view? We may get closer clarity on that with the amount of this payment – I’m happy to be wrong.

Brent I feel is more in the hands of the US economy holding up and OPEC unwinding their cuts this year. I have $60- by summer in mind and I’m not entirely happy that I have that in mind but I can’t shake it :(

DCUs through Jenkins now at 2.15p

Thank you MrA. If I may add to that list the Chancellor’s Spring Forecast is on the 26th as well, bingo cards at the ready!

Widely expected that neither FOMC nor MPC will change rates this week, JP’s press conference at 6.30pm today will hopefully be more illuminating.

Yeah, looks like the next 6 months will be pivotal in determining where the end game for returns is here, as each of the remaining unknowns are firmed up. RKH may also wish to have closer visibility at FID level before committing, perhaps offering a few more months grace?

Senseman … yes I believe so, and the notice could come from either Bluewater, or from Prax for Aug 25 per the CPR and the scheme document if Prax consider it no longer economic to continue beyond then.

Note the revised CPR also indicated Feb 2026 as a 2P Reserves Economic Limit and Prax renegotiated a reduced day rate for the AM in 2023 so that might all work in favour of an extension beyond August if available; but – Brent!

It is also possible that the 6 month’s notice has already been given, possibly in line with RKH intentions and the FEED timetable for the AM, and they just haven’t made it public yet. However, I suspect there is enough ‘leakage’ around this that it would be out somehow regardless.

I should acknowledge that the 2025 to 2027 estimates are mostly based on DiveCentre's excellent posts in previous threads, thank you. I've given up trying to estimate the variables involved for each payment.

Open to challenge, hopefully formats okay, will carry forward and update as things become clearer

June 23 payment:

(1) – 3.32p transaction dividend

(2) – 0.83p cash consideration

(3) – 1.87p supplementary dividend

Total 6.02p

(4) – 6.48p Deferred Consideration Unit (DCU) per share (max)

Total 12.5p possible

----------

Received since:

Sept 23 – 0.309p

Mar 24 – 0.617p

Sept 24 – 0.756p

Total to date – 1.682p from DCUs; Overall – 7.702p

Remaining – 4.798p max

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2025 possible payments (all estimated):

March 25 – 0.53 / 0.77p? (maybe lower as FX has not been kind)

Sept from P6 only – rough guess again 0.53 / 0.77?

Sept from Total deal first 2 months – 0.3p possible?

Overall in 2025 – 1.6p +/- (initial early estimate, high variance possible)

Total receivable by end 2025 – 9.3p +/- maybe?

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2026 (March, Sept) / 2027 (March)

Poss further from P6 – July and August 25 production certainly (poss 0.3p), beyond that dependant on P6 production / Bluewater six month’s notice on the AM

DiveCentre’s Total deal estimate to end 2026 (less 0.3p above) – 2.458p

Overall early estimated total to final payment March 27 – 12.1p +/- (plus anything further from P6 depending, and any further deals completed…)

Thank you DiveCentre for the detailed Total analysis, thank you Pisces21 for earlier reply on the AM.

Payment summary in next thread…