Member Info for Corryvreckan1

Part 2/2:

Update to timetable of remaining events (approx.; first posted in January):

30th April – end of the retention period for the £1m held by Teneo which is “…repayable to the Purchaser [Serica] under certain confidential circumstances specified in the sale agreement.” The Progress Report is dated 28th April and therefore still contains this statement [page 7] without any indication of the final position. It can only be hoped that they would have known at the time if a repayment was likely and the absence of any clarification is for the good? :/

7th May – Serica confirmed Lancaster has ceased production and decom underway. This has no impact on DCU claims on the administration.

Ongoing – Teneo continue to resolve outstanding issues across the Prax Group and we need to wait for an indication of when that might conclude for Prax E&P and details of any final small payment due to DCUs as unsecured creditors. The timing and amount of this is still unknowable at this time and although a payment has been indicated as possible it is not yet guaranteed.

End of July – next 6 month progress report for State Oil Ltd. As stated by Teneo in the last Report “It is likely we will request extensions to the period of the administrations for a period of 12 months from 30 June 2026 for SOL…”, so the wider picture is not likely to be resolved soon and this will impact on how long the DCU claims take to resolve as well.

28th Sept – Initial statutory 1 year deadline for Prax E&P going into administration, however, from the Administrators’ Progress Report 28/4/26: “Whilst we continue to progress all final matters as quickly as reasonably practicable, it is likely that an extension to the administration period will be required.” [page 6] and “We intend to request an extension to the period of the administration for a period of 12 months from 28 September 2026 to address outstanding matters including potential future realisations and creditor distributions.” [page 9].

End of October – the next 6 month progress report to 28th Sept for Prax E&P is due.

31 March 27 – The original date when DCUs were due to expire. This date no longer has any direct relevance as DCU holders are now registered as unsecured creditors for past claims only and this date related to potential future oil sales that no longer apply.

Serica confirmed Lancaster has ceased production and decom underway:

https://www.linkedin.com/posts/serica-energy-plc_serica-confirms-that-production-from-its-activity-7457776281024290816-hmk7

Progress Report filed at Companies House this morning, may be available to download as a pdf either later today or tomorrow.

On reflection, in my post about Lancaster at 15:26 please read "No longer of direct relevance to DCU holders" as just '... to DCUs'. I appreciate these events may be directly evocative for some holders and I don't mean to disregard that, rather just to show that the outstanding DCU claims on the Administration are not impacted.

Lancaster – From Serica Results RNS 26/3/26: “Bluewater, the FPSO operator, has now served notice on the Aoka Mizu FPSO, and production is expected to cease in May 2026, in line with expectations.”

Ship watch chat on the Rockhopper forum last 2 days suggests final offload and Cease of Production may be underway this week? No longer of direct relevance to DCU holders but it brings the Lancaster chapter to a close.

https://www.lse.co.uk/ShareChat.html?ShareTicker=RKH&share=Rockhopper

Unfortunately that’s AI slop. It’s confusing the State Oil progress report that I posted on below on 5th Feb, and the now concluded sale of Lindsey to Phillips 66, with the Prax E&P Progress Report which was due last week and is the one we need. Teneo have indicated that it has been published but it’s not yet available at Companies House. I expect it to be there by the end of this week as it’s a regulatory requirement for it to be issued at this time.

I think it's seven months for Jersey Companies under their regulations, and Jersey is classed by the FCA as a "third country" i.e. overseas for their listing rules, so they give equivalency to them so they get an exemption from the UK reporting requirements as long as they fully comply with Jersey regs.

In practice many Jersey companies will comply with the regs in the country in which their shares are listed as it's generally considered to be good practice to do so and meet shareholder expectations there. I'm expecting them tomorrow and they have always followed the UK deadline in the past. Now is not the time to be changing...

That's my understanding, not advice.

The change of listing category is scheduled for 30th and there should be an RNS on Thursday morning to confirm it, possibly at 8am rather than 7am.

FTSE announcement will be after market close on 3rd June, changes are effective from market open on Monday 22nd June. There will also be an 'indicative' change announcement on Tues 26th May (eve) that should mention CORD.

The qualifying period for inclusion in a UK index is a minimum 20 trading days on a relevant market listing and CORD are in good time to meet that requirement.

Diesel - LSE don't allow you to add links until you become a more regular poster, it's just to help cut down spam posts and free advertising.

https://www.shareview.co.uk/Clients/tesco/SAYE/isa.htm

https://equiniti.com/uk/news-and-views/eq-views/saye-cgt-and-eqi-s-flexible-isa/

https://www.moneysavingexpert.com/savings/flexible-isas/

The State Oil Progress Report from Teneo is available at Companies House today and the key points I can quickly see with regard to the timetable are:

Page 33: Exit from Administrations - SOL, PPL, PTL, HEL and HEAL

“These administrations are currently due to end on or before 29 June 2026.

Whilst we continue to progress all ongoing matters as quickly as reasonably practicable it is likely that an extension to the administration period may be required for each of these companies.”

Further detail on page 59: Extensions to the administrations

“It is likely we will request extensions to the period of the administrations for a period of 12 months from 30 June 2026 for SOL, PPL, PTL, HEL and HEAL, and from 7 July 2026 for Axis.

These extensions are expected to be required to enable the remaining assets of the Companies to be realised, notably intercompany debtors and the conclusion of ongoing M&A processes for certain overseas shareholdings in SOL, and to enable distributions to certain classes of creditors to be paid where applicable.”

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So it is likely that the administration of Prax E&P will drag on for a while as well, particularly given the comment about intercompany debtors, unless the specifics relating to Prax E&P happen to be resolved sooner.

The next key date for DCUs is still the end of April when the Prax E&P Progress Report will be issued. That may indicate a clearer timeframe for any final possible distribution.

There are a couple of other things of note in the wider picture and if I have time at the weekend I’ll post up some observations on another thread (to keep this one clean for the Prax E&P discussions.)

https://find-and-update.company-information.service.gov.uk/company/04112423/filing-history

FTSE Russell have kindly decided to follow their standard procedures and have just announced that Funding Circle (FCH) will be the replacement for Empiric in the 250 on Wednesday 28th next week. Still subject to court sanction on Monday and while 9/10 of them are usually a formality there have been issues for Unite since launching the takeover last year and their SP and value of the t/o have dropped, so there may still be a twist if there are objections.

https://www.lse.co.uk/rns/FCH/unite-group-update-9kum3najkmnr25d.html

Two takeaways – 1) can now see the correct dates/procedure confirmed for how inter-review changes to the Index work, and 2) Funding Circle have come out of nowhere in the last two days to take top spot from HFEL at close last night, so it’s never a given until announced.

Maybe still trades possible around this next week and after for the brave, good luck if you go for them.

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I need to take a break for a while to take care of family health issues, which are always more important than tracking SP and index movements. I’m still a supporter of Saga and have long enjoyed the respectful camaraderie on this page so I will drop by again in the future, and for now I wish you all the very best in every endeavour.

Slàinte

Dividendmax do not decide what the financial reporting dates are for any company, the Board of Directors do:

https://www.diageo.com/en/investors/results-reports-and-events/financial-calendar

26/02??? Interim results are not until 25/02 and dividend doesn't go XD until 16/04.

So the tip I mentioned last week for another FTSE 250 cancellation and promotion, similar to Bakkavor/Saga. Only mentioning as it’s a similar process to Saga last week, and I’ll only mention it once more to confirm the announcement. My own opinions and analysis only, no advice intended and DYOR etc.

Unite Group (UTG) are taking over Empiric (ESP) and their court sanction is due to be heard on Monday 26th next week with Empiric due to be suspended on the 28th. Empiric will leave the FTSE 250 at that time, if sanctioned, and I’m anticipating that FTSE Russell will announce the replacement company after market close this Friday (or maybe Monday?).

Still not yet fully clear who would be promoted. The pick up in Investment Trusts and Fund Manager stocks over the last week or two, generally from updates showing that outflows appear to be levelling off a bit and also new money rotating out of US and tech stocks, has maybe helped a few rise to near the top of the list. This link is the official SmallCap table – sort it by Market cap (Highest-lowest) and the top entry at close the day before the announcement is likely to be the one promoted (unless FTSE Russell find another of their arcane rules to surprise us).

https://www.londonstockexchange.com/indices/ftse-smallcap/constituents/table

Note that these tables on the LSEx website only update the MCap once a day (overnight) based on each day’s closing price, yet the share price changes constantly throughout the day (15 min delay) so it’s not always in line. I’m told that the sort function may not be available on mobile phones.

As I said before this is only for experienced traders if you want to anticipate any changes as there could be a bit of volatility around the entry point, it's still subject to court sanction and it’s not yet fully clear on the date of the announcement or who will get promoted.

Best wishes if you choose a trade with this, I’m undecided myself.

Timetable of remaining events (approx.)

By end January – a 6 month progress report from Teneo for State Oil Ltd should be issued to their creditors and filed at Companies House. This should contain information of interest as to how the wider picture is being resolved and the potential impact of that on DCU claims.

“By 26th April” - a 6 month progress report from Teneo for Prax E&P should be issued to creditors and filed at Companies House. Those who received cheques in Sept and who registered with Teneo should receive it direct, as will the Brokers for registered nominee accounts. This will likely be the next key announcement for DCUs.

30th April – end of the retention period for the £1m held by Teneo which is “…repayable to the Purchaser [Serica] under certain confidential circumstances specified in the sale agreement.”

Ongoing – Teneo continue to resolve outstanding issues across the Prax Group and we need to wait for an indication of when that might conclude for Prax E&P and details of any final small payment due to DCUs as unsecured creditors. The timing and amount of this is unknowable at this time and although a payment has been indicated as possible it is not yet guaranteed.

Mid 2026 – From Serica RNS 11/12/25: “It is expected that the Lancaster field will cease production by the middle of 2026, when the Aoka Mizu FPSO leaves the area.” No longer of direct impact to DCUs but perhaps a solemn moment for reflection for xHUR shareholders.

July – next 6 month progress report from Teneo for State Oil Ltd if still ongoing. The conclusion of the State Oil administration is likely to expedite the conclusion for Prax E&P and DCUs as well.

29th Sept – One year from Prax E&P going into administration. From the Administrators’ Proposals: “In accordance with the provisions of the [Insolvency] Act, all administrations automatically come to an end after one year, unless an extension is granted by the court or with consent of the creditors.”

Hope to see a firm conclusion long before this date and there are also various exit routes from administration discussed on page 11 of the Proposals which I won’t copy here at this time.

31 March 27 – The original date when DCUs were due to expire. This date no longer has any direct relevance as DCU holders are now registered as unsecured creditors for past claims only and this date related to potential future oil sales that no longer apply.

Please add any important dates I may have missed that are identifiable from the administration process and I will also update this list as the progress reports come through.

DM - “gap filled and still think it's 'drifting'?”. Good of you to acknowledge my clairvoyance on the gap, but not possible to assess ‘drift’ after just two days. By the meaning of the word it will take time to reveal – ask me in a month (please don’t). But have you also indicated yourself that it is likely to drift by suggesting a floor and a feeding of liquidity at the bottom in a repeating pattern? Over three days that is what we seem to have, so far in a (drifting) range of c. 884-910, plus there’s a long term S/R line at 919 that got tagged and bounced twice today. Need to see if that breaks or holds next week.

Granted, MW appear to be continuing to unwind but yes, as it stands, I do think it will drift sideways but also happy to be proven wrong on that.

While I’m in a quizzical mood – “Thats a good point no one here has considered…then each dollar spent retires more shares”. Very wrong of you to assume that no one has considered that just because they haven’t stated it; it’s obvious that will be the case at these levels compared to prior years so didn’t need stating by anyone. I’m not forgiving you for “dollar” either ;o)

“Once this volume clears, there will be no one left to sell at these levels.” If the volume clears then the 25% average daily volume limit will restrict the buybacks and they might take longer to have an effect.

And while I’m now in a mischievous mood - Yesterday: “Notice the pattern: The price hits 881p (the floor), the big buyers step in…”. Yet just two days prior: “The share price is currently 917p. If the market believed these buybacks were "fake" or "not guaranteed," the price would likely be sliding back toward 880p.”

Did you get whiplash from that pivot? The SP is still in the LT downtrend, rarely even closing above the ever falling 20dma in the last 6 months, and ALL of the meaningful dma and wma periods are fully inversely stacked above the SP and continually falling.

The top of the downtrend is around 960 today and the SP bounced hard off that exact channel top on Wednesday at 969, showing that the market was still respecting the trend, IMO. Until there is a clear trend break upwards above that top line (by whatever mechanism), followed through with buyer volume, then none of the posturing by any one of us on here is going to matter. I feel that it may need a run up to FY results on 24/3 as a catalyst – again, happy to be proven wrong.

Talking of UTs – “and they 'uncross' the day's sells at the close”. Umm, that’s a new one. Are they teaching that at catfish school now? ;o)

That’s me all out of whimsy and rhetoric; I’m off now to assess the structural weakness of a “concrete floor” having just knocked down a wall – see you in the 870s…*nervously awaits the end of day close…*

Have a good weekend all.

No, it's secure now until at least the March Index review and even then the current indicative exit level is for a Market Cap around £380m. That's around 36% lower and an SP of around 265p. Not happening, not on my watch ;o)

MJ Gleeson are issuing a trading update tomorrow.

Yay! ‘tis done now and the good ship Saga is secure in its FTSE 250 berth :)

https://www.lse.co.uk/rns/GNC/court-sanction-of-scheme-of-arrangement-x798nvljzw76p0b.html

Thank you and goodnight ;o)

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There’s another similar cancellation and promotion in a week or two but it’s too early to tell who will get promoted. If y’all behave and play nice then I’ll give you a tip off next week, but it’s probably only one for experienced traders to try and gauge any impact as there could be the same short-term volatility as we have had here.

“to buy up every cheap share available “

Quick comment on the buyback volumes – the rules generally restrict them to 25% of a rolling daily average, I think it’s over the last 20 trading days but I need to double check that. So the increased volume around this TU, and partly increased in the run up, may support more buyback this week but that may start to unwind. They benefited quickly last year from the MM move and the IHT sell down but that may be largely complete now.

Medium term they still won’t clear all the free volume if there are still exits and a dearth of other willing buyers at a significant level (perhaps until the company can prove up what they are saying). I think there can be a one off exception to the 25% rule if they arrange an off market agreement with a larger seller for a single block amount, but that needs FCA approval?

Longer term, yes, I can see a benefit from this strategy, and I don’t have a problem with buybacks per se when viewed long term, but I don’t think it can be described as an £85m “wall” given the 25% restriction and given that it will be phased gradually over a 2 year period.

DM – you also described it as a “disciplined squeeze” which I think is more accurate than the more dramatic terms “massively bigger” and “a wall”, but it will take time so “drift” (sideways) is also perhaps apt at this stage, IMO and with no advice intended.

And that pesky gap to 883p I mentioned is like a magnet…