Member Info for Corryvreckan1

This looks weird. The company website is listing an RNS for today titled "Exercise Of Options And Change To Total Voting Rights".

https://www.benscreek.com/rns.html

The link on that page takes you to a London Stock Exchange page that shows an RNS timed at 7.00.08am today. But it doesn't appear on the main stock exchange page for BEN and doesn't appear to have been picked up by data service providers such as LSE, ADV, brokers, etc. Maybe the extra 8 seconds caused it to trip over somewhere in the system?

So if not already doing so maybe worth using the company RNS page to check for results later, rather than just on here, in case there is a wider system issue.

On this thread laserdisc noted an uplift on 10 July and that looks like the first one after the April uplift, so missed the cut off:

https://www.lse.co.uk/ShareChat.html?ShareTicker=HUR&share=HUR.L&thread=CF7D0BE2-95D9-4AE1-A983-1CB5EEA9D9FB&reply=true

I think The Aoka Mizu normally had a shutdown for annual maintenance for a couple of weeks in July/Aug so would impact on the next uplift time, may then be tight to get a third one in before end December?

Yup, apologies all, I read that a different way before. Ignore my post at 11.29. And from today's announcement:

"Production from the Lancaster Oil Field, the only producing asset currently in Prax Upstream, resulted in sales of 539,244 barrels of oil during the four months from 1 March 2023 to 30 June 2023." and it then details the DCU payment calculation based on that.

And the accompanying statement notes "Total cargoes sold in period - 1"

I need more coffee before I post!

I believe that payment in respect of the April uplift was already made by HUR, it was included in the supplementary dividend of 1.87p that they paid in June. See RNS 18 April and 2 June.

Broomtree - other way round. Class 2 was the default (cash now), Class 1 you had to elect for and that's the loan note for payment in 6 months.

"The payments will be paid to Prax DCU II Holders on 30 September 2023." so by the time that gets processed through Crest to your broker it may not appear in some personal accounts until Monday, depending on how (in)efficient your broker is.

Message for porrohmahnn on ADV - regarding your query about the equivalent of an ex-div date and notification in advance for the DCU payment, the DCU FAQ page on the link you have includes:

"What Date Do I Have To Be On The DCU Register To Receive A DCU Payment?

Those who are registered as being a DCU Holder at 6pm on 30 June 2023 will receive the first DCU payment, which will be made in September 2023. For future DCU payments, the cut-off point is 6pm on the final day of the relevant half year. So, if a payment is to be made in March 2024, it would be made to holders on the register as at 6pm on 31 December 2023."

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I don't know if there will be a separate notification of these dates just in advance of each time in the same way as you would get if it had been a dividend payment, will know in December if they decide to issue an advance reminder of the qualifying date then.

I'm also not sure if the usual T+2 rules apply to these cut-off dates, e.g. need to be holding at close on a Wednesday for inclusion on the register on a Friday, or if the matched bargaining process requires a longer period?

Https://www.lse.co.uk/rns/BEN/delay-to-publication-of-annual-report-and-accounts-bqxyoqt1vplvpn2.html

"The Company now intends to publish its annual report and accounts along with the accompanying final results announcement on or before 29 September 2023.

The small delay reflects the need for additional time for the audit process to be completed."

So could still be tomorrow...keep the 'hob knobs' on standby ;P

The BlackRock holding RNS suggests that they may just be trading around a 5% overall position - they appear do that on quite a few companies - and sometimes just shifting a little between their long position and financial instruments (see also their previous RNS on 31 May and 1 Sept). The 15 Sept RNS shows that their position crossed the 5% reporting threshold on 13 Sept which was the week before the BB started.

It looks like the BB volumes are just mopping up a portion of the daily churn, and that appears as if it may now be putting a floor under the SP on a daily basis (ignoring intraday swings). I haven’t checked this for TL but BBs often set out clear limits on the relative price ranges and market volatility that their agent is authorised to operate within on a daily basis.

But logical movements and the current market don’t seem to go together too well so anyone’s guess where it goes from here :/

Okay, I didn’t mean the exact contents of your email reply, my post was badly worded and I should have been clearer, apologies. What I meant, but didn’t say until 15:24, was that they do need to update on the timetable because they said that they would per the quote I have given, and I would expect that update to also indicate why there has been a delay by way of good shareholder engagement. 3 months after the AGM to not even notify a delay to their indicated timetable is stretching way too far IMO.

RE points 1 and 2 - agreed, and I haven't indicated otherwise.

RE an RNS - they stated themselves that “more precise dates will be announced following the conclusion of the AGM”. They have not yet done that so yes they do have to issue an RNS on this.

Tony – thanks for posting your email reply but that needs to have been in an RNS before now rather than just private communication. I gave the quote in my earlier post as to what they stated they would do after the AGM and they haven’t, to my knowledge, done that and 3 months have now passed.

In your email reply “We don’t anticipate any issues…” – well there must have already been an issue(s) for it to be delayed this long. The 2 most likely reasons for a court delay of this length I can think of are:

1. someone has lodged an objection that is being worked through; or

2. they are having to provide the court with submissions in relation to “any provision that the court requires the Company to make for the protection of its creditors (although the Board does not expect any undertakings or similar measures to be required).” – as stated in the 8 June RNS. The content of the subsequent Q1 RNS on 29 June may have made the court more wary of approval than might normally be the case, and any new submissions in this regard will need to be worked through.

Now it may well be that whatever the issue is can be resolved, I have no reason to doubt that, but the point is that we should be updated on what that is and a new timetable provided, AS PROMISED. Poor/lack of communication to shareholders is oft repeated on this BB and I believe that Majid acknowledged that and promised to improve shareholder engagement during interviews in July? It’s well past time to deliver on that.

HeresHopin - thanks for the prompt on that. I had been sure that results RNS had to be 7am but I can't find it in the market regulations or RNS procedures now so happy to retract.

I’m concerned about the lack of update on the RoC as well. I mentioned at the end of August that I thought there should have been an update on this in the Interim Report RNS but it wasn’t mentioned at all. I have just gone back through the initial RNS on 8 June and with regard to the timetable I noticed the following:

“more precise dates will be announced following the conclusion of the AGM”

The AGM was 3 months ago and I can’t see any announcement since, anyone else?

A regulatory announcement such as results has to be issued at 7am to give time to go through them before market open, unless it's a material development during the day such as the RNS for loan agreements being finalised. The other RNS you see during the day like major holdings, director dealings, TVRs can be issued any time as soon as the info is available.

It's possible the Auditor or NOMAD had a technical issue with part of the announcement that has delayed it today, but otherwise expect it tomorrow at 7am.

But not a good look when they have had 6 months to prepare them and stated they were to be expected today just 2 weeks ago.

£550m mcap required for initial FTSE250 entry based on today's list. Need to be placed 225 or higher for automatic entry, not just knocking another company off the bottom of the list. So that would need an SP of over £2.30 - nice if they can do it.

It would also need a main market listing - have they announced an intention to move from AIM, I may have missed it so any pointers appreciated?

The 'Financial Diary' tab/button is near the top of this page, but always worth checking back to the RNS announcements (as per Emerald's 10:43 post) or the company website - LSE, dividendmax.com, dividenddata.co.uk, Alliance News next 7 days reports, etc. are all third party services that are not necessarily correct or up to date. They are good starting points, but worth then cross checking them to official announcements.

"out way" = outweigh!

The BB should have a long term impact, up to 12 months for this programme, but buying c.200k shares a day may not have a significant short term impact given the total trading volumes. I think that macro events incl. interest rates, cost of living, and a poor overall market sentiment will far out way any impact from the BB in the short term / day to day SP movements.

The £50m could buy back up to 4% of the company's shares (based on today’s price only) so it should be material over the course of a year, and once the shares are cancelled.

Not sure why you think the shares are being bought from Black Rock? The authority they have is to buy them on the market(s) (via Morgan Stanley acting on their behalf) not direct from any one shareholder, and the list of share transactions confirms they are doing that.

Https://www.jet2plc.com/en/calendar