Member Info for Corryvreckan1

On Prax website now:

https://www.prax.com/the-prax-group-signs-an-agreement-to-acquire-totalenergies-upstream-assets-in-the-west-of-shetland/

This is the announcement from Total:

https://totalenergies.com/news/press-releases/united-kingdom-totalenergies-sells-its-interests-west-shetland-gas-fields

Can't find any announcement from Prax yet though, where are you seeing that Jockbob11?

It needs to be completed within Prax Upstream Ltd to qualify for the DCUs, although with the tax losses there it would make sense to do so?

"At the AGM, Roger Davey, non-executive Chair of the Company, will read the below statement.

Shareholders should note that the statement was contained in the Company's 2023 Annual Report, therefore certain language may no longer reflect current circumstances or Company guidance."

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So nothing new in today's RNS which also means nothing new can be discussed at the AGM either. Everything as per the previous AGM notice sent out 3rd June.

Random poster on LSE: "Humans have triumphed over robots."

Skynet: "Hold my beer..." ;o)

Interesting discussion on the human v automation and timing aspects, thanks to all for bringing some sanity to the forum for however brief a moment. Long way to go and plenty of swings to come I feel, but will Ocado last the journey on its own merit? First mover 'advantage' may not always be that, although I can't see that anyone else would now try to invest what would be needed to build a better equivalent in the current macro environment.

It's not in the 350 due to domicile, see previous threads on this over the last few weeks.

It moved from AIM to the Main Market on 29th April, nothing to do with the indices.

It's a regulatory requirement to notify the market of the results of an AGM, so that's the point of the RNS. It was only held today so we didn't know this news before they issued it. If any resolutions had not passed they would have to comment on that.

But EML have never issued the voting % with this annual notice, which seems to be a get out for many AIM companies, although some of the better governed ones do release the detail. I have yet to find the part of the Companies Act / AIM Regulations that allows them to get away with that - if anyone else knows the specific rules allowing this then please do share. TIA.

"Why have they nearly tripled?"

Supply and demand. If lenders believe there is more demand to borrow their shares they may be inclined to try and gain a better rate. Perhaps not unreasonable for them to assume that, given the recent increases in short positions regardless of the gradually increasing rates.

There is also a higher risk for the lender as the share price falls in the case of overall default (not saying that applies here, but as a general principle that might drive higher rates) so that will be factored in to the rate as well? I need to research that point more, particularly with regard to any right of recall, but offering it up for comment.

I'm not sure I agree with some of Schultz's logic there. The lender of a share is not particularly interested in/caring of the share price falling in the short term - they are holding long expecting the exact opposite anyway - so no particular interest to them in making the process cheaper?

Just musing, please don't birch me :/

Yeah, " in line" and no hidden surprises so, meh :/

Accelerating at the rate of a cruise ship leaving berth while full of pensioneers ...

I mentioned before that their AGM updates were normally a bit more detailed than many other companies but now seem to have scaled that back a bit rather than giving too much away at this stage.

Systematica up a little as well. shorttracker was a bit glitchy in several ways yesterday but has now updated overnight.

As I indicated below in my reply to 2pr02p's question, if you scroll down around 2/3rds of the way in that update it gives the announcement of the FY results date:

"· The Group plans to announce FY24 results on 27 June 2024"

Which has been on their website for a few weeks.

Scroll 2/3 of the way down:

https://www.lse.co.uk/rns/WOSG/q4-fy24-trading-update-zlcmf1qr8khhy66.html

It's been on their website for a few weeks as well.

"my bloody rear end staked out over a army ants nest covered in honey"

How's that going for you, Bob? Having a good weekend? Are they biting yet?

'sometimes' also cause...into close. It doesn't always impact on trading, in UK particularly not sure about US, it's mostly taken care of in the closing auction each quarter. But L&G and Aberdeen (I've not checked others) also had volume spikes and rises around the same time on Friday. The point about the twitter rumours being opportunistic was it may have caused a bigger impact here than elsewhere. We'll know tomorrow...

Complete coincidence. Friday was a Triple Witching day so there are very large UTs on most large listed companies then.

This happens every quarter (third Friday of each calendar quarter month) as options and futures contracts are rolled over. It rarely has any lasting measurable impact on the SP but can sometimes also cause high volume and a rise into close, which can reverse on the Monday as the volatility subsides and trading returns to normal.

https://www.investopedia.com/terms/t/triplewitchinghour.asp

Otherwise it does look like the rumours on twitter contributed to the jump mid afternoon, or maybe they were just being opportunistic on the above basis into the close? Caveat emptor, as always.

That PI article is very poor 'journalism' IMO. DB announced changes to two other price targets on Friday morning before that article was published, so is it a case of 'they didn't change Ocado at the same time therefore...'? They haven't clarified if it's an assumption and you could say "left unchanged...even though" for every single broker that has not yet had time to analyse and comment.

Exactly why every third party financial media comment should be read critically and checked to other sources, rather than just being blindly accepted and then posted as evidence of...nothing!

And it's largely irrelevant on its own anyway. The market will not pay much attention to just one broker target, it will look for a 'consensus' across a number of commentators and that could be a week or so yet before it's clear. The HY results on 16th July, and importantly the outlook contained in them, will then be measured against that consensus and against the 'unchanged guidance' statement issued by Ocado themselves. Any miss on that will be punished, re-affirming it will offer some stability. Until then, expect some volatility to continue.

Oh dear...

https://shorttracker.co.uk/company/GB00B3MBS747/

🦅 - that's an eagle, but just pretend it's a vulture ;o)

Further to the discussions about the huge UT at the end of May, just a reminder that today is a 'Triple Witching' day so don't be surprised if there is another large UT and after hours trades again today. Not just here but many other shares as well, although the situation here is likely more obscured due to yesterday's announcement. Just getting that in so you don't need to post Wow, Huge, Crazy, It must be shorts closing, It's going to rocket Monday, type comments later. Perfectly normal market dynamics and should not, in itself, have much of an impact. Possibly :/

The seller of those shares maybe thinks it won't rise? But the two sides of the trade are marked as OTC, and at that level and price it looks like maybe just an institutional transfer. Happens frequently with no real impact.

I'm staying out of the rest of this discussion, but always good to see debate and both sides being considered.

Just to say for clarity - Tyke, that special resolution is in there every year, I discussed this with Steve last month. As semantic says its a standard resolution that appears in most listed companies resolutions every year (you can check this to any other companies you follow). It's just for efficiency so that if they ever were in a position to consider buybacks in the future then they have the authority in place to start straight away. Otherwise they would need to call a separate General Meeting to get it approved and that delay (and extra cost) might miss the best opportunity.

That's all, and it doesn't mean that any company is actually going to do a buyback, it just gives them the option to do so easily (but only if they have sufficient cash and positive retained earnings on the balance sheet).

"But tell me Corry what exactly is stopping the Auditors from being awarded PSU's"

The laws regarding Auditors avoiding conflict of interest are stopping them getting PSUS!!! Absurd suggestion that you think that could happen.

And nobody is setting their 'own' remuneration. The Auditor's remuneration is decided by an Audit Committee made up of Director's as explained in the link I gave you and as per the AGM resolution that you completely misquoted.

But your Monty Python sketch made me smile this morning so you get one cookie. Just one though, don't come back for more ;o)