Member Info for Corryvreckan1

Buy-backs unlikely to happen soon though given recent news, regardless of them completing the Reduction of Capital process (August earliest, and depending on any additional undertakings the Court requires).

They still need sufficient FCF, and to meet their financial ratio tests etc. at each quarter end. Given what was outlined in Thursday’s RNS that will require a sustained improvement in commodity pricing before they can consider increasing / adding any further shareholder distributions to those they are currently indicating. They plan to review it quarterly so perhaps the divi declaration in October will also provide an update.

How much beer have you had? I think your wife may be right...

It's a 32m increase since 29 March RNS, all by way of CFDs

The increase is from 25% to 27.48%, and that's all by way of financial instruments, not direct share purchases.

Agree with all points in your post at 20:55, Tony.

Resolution 11 is actually a fairly standard clause at many company’s AGMs, and automatically renewed every year. More recently some companies have tried to appease existing shareholders by providing a parallel Open Offer option for them to apply for a smaller number of shares as well. Even some of them don’t hit full target.

So the company are now saying that they will raise a separate resolution to try to do this any time they wish to disapply pre-emptive rights in future, on an event by event basis. I think that will require a GM vote each time which slows down the process. And they will need to convince shareholders of the merits for doing so each time – some of which are in Tony’s main paragraph below. Expect R11 to re-appear at next year’s AGM then.

I can’t recall ever seeing this not passed before, for any other company. It’s become so standard now and blasé / shareholder apathy normally means it goes through, in part because the IIs will normally vote for it. But I wonder if it was because it was a special resolution requiring 75% to vote for, and as ordinary Resolution 10 (50% required to pass, to give the company permission to allot any shares in the first place) only received 68.59%, a carry over of that partial disgruntlement maybe meant R11 didn’t get passed with its higher threshold?

JoeSoap - that 2021 event was before I came across i3E but I was aware of the previous capital reduction exercise and mentioned it on that 8 June thread.

I don't quite get your thinking though. The RoC they are proposing now to transfer that £51m to retained earnings would support divis /BBs for the next year or two, subject as always to profitability and their 30% of FCF declaration, etc.?

And if they did raise more capital now then that, too, would 'replenish' the share premium account, so they could potentially go through the same exercise again further down the line for future dividends. And I would hope that any assets they purchase with a raise (or any other method) would be earnings enhancing and provide the necessary FCF to justify returning that capital to shareholders going forward.

But it's late and I'm maybe missing something here and I'm probably not even typing coherently...signing off.

I was talking only about the retained earnings position on the balance sheet that 'legally' supports the divi payments, didn’t venture into profitability for either quarter.

The company told us in the last RNS that retained earnings were approx. £6m at 31 May so that would already include any movement in that balance for Q1 and 2/3 of Q2.

I wonder if the answer to your question is in which company is referred to as ‘the company’ – that answer may be in SlickMongoose’s explanation in the link I posted at 17:04, and on page 105/106 of the last accounts?

Artrader - a key part of the last RNS for me is "further distributable reserves" - that's in addition to the £6m retained earnings balance at the end of May that currently supports the next 2 month's dividends (July and August, but possibly not September) at the declared rate. They don’t need the AGM resolution to pay them (unless something else has changed that they haven't yet told us about).

The Reduction of Capital process is a paper (non-cash) balance sheet adjustment that will allow, subject to profitability and FCF, the payment of dividends and/or buybacks beyond that time. I think that is the 'future' bit they are talking about, not the future from today. And absolutely nothing will be altered at the AGM itself, it will be August before the RoC is fully confirmed, per the timetable in the RNS.

No clear reason, that I currently know of, for the July divi not to be paid in full.

An RNS tomorrow (or even Thursday) could potentially announce an XD date of 6 July, with payment around 21/28 July.

Or an RNS to otherwise tell us about anything else they haven’t yet told us that required radio silence …

They didn't, and this has already been asked and answered (by SlickMongoose) on 8th June. See the following thread:

https://www.lse.co.uk/ShareChat.html?ShareTicker=I3E&share=I3-Energy&thread=C00E5CA5-6B23-4AF7-AA50-69D444790006

Also Capex does not come directly out of retained earnings when spent so that's not relevant.

I suspect the wording in the emails was a bit more woolly than made out - it would be a breach of market regulations for the company to tell any one individual that an RNS is due to be issued, in advance of it's issue. That's the whole point of the RNS system is that every market participant gets access to the same information at the same time.

What they could say is that they hope to issue these things before the end of the month – i.e. in line with previous announcements - but we all hope and expect that they would already so that's not new information.

That’s not the same as we ‘will’ issue them this week and therefore is of no real value (other than knowing that someone at the company is still awake and willing to communicate!).

And the alarmity* continues!

These AGM resolutions are on the agenda every year. They are fairly standard AGM resolutions for many companies as they give the Directors flexibility to act quickly to secure any deals they are pursuing, and commence buy backs when conditions are fortuitous to do so, without having the delay of calling EGMs to get shareholder approval after the event.

The fact they are on this year's agenda (as well as at least the last 4 years), and the fact that the AGM is imminent (coincidence), does not necessarily mean they are indicative of anything about to happen.

But I suspect that the OP already knew all of that.

* alarmity © not a real word, totally made up, feel free to use

Can anyone kindly advise what i3E's quarterly reporting requirements/deadlines are please? I was getting lost down a rabbit hole of TSX regulations last time I looked. Or are they exempt from that part of TSX reporting requirements and just doing it voluntarily?

Or am I in the wrong forest?

The market doesn't report the direction of a trade, whether buy or sell. If you are seeing that on LSE or ADVFN it's just their algo 'guessing' based on comparing the trade price to the mid price at the time of the trade.

If the Director's had pre-agreed a sale with IIs then both sides would go through at the same or close to same price (allowing for fees). That price would almost certainly be a slight advantage to the IIs at below mid-price and therefore, potentially, all displayed by LSE as a sale.

If it was an extra 4m sells that day, 5% of entire shares in issue, I'm sure that would have crashed the SP and yet it only moved within normal volatility. My IG feed is only showing around 100k shares traded that day, fairly normal volume, again suggesting the 4.2m was done as a pre-agreed transfer.

Or not, we may never know.

Ceres will initially join the FTSE Main Market on Thursday but 1863 is right that it would not be eligible for the 250 until September earliest.

The next index rebalancing will be based on market cap at close on 29th August and changes are effective from 18th September. There may be other criteria, such as length of time on the Market before consideration, but I'm not sure?

Many tracker funds also have fixed portfolio balancing dates, even if it's just the end of each month, so they don't all start picking up or dropping any company immediately as they shuffle between markets or indices. They will catch up though.

Duggs999 - yes, I too think 0.5% will apply from Thursday. Ceres are registered in the UK so no exemption from that I know of. Some online brokers can be slow to pick up the changes though, so if they don't start charging you immediately then - keep quiet about it ;)

I thought it was 4.2 million shares, per that RNS on 5th May?

There were over 8m shares 'traded' that day, way more than normal, so the other 4m odd could be the take up by IIs same day by prior agreement? Maybe just not clear in the RNS that was happening that way.

Agree writer's strike is likely keeping a dampener on the SP, but it's just been trading sideways for 2 months so no real drama.

On this morning's discussion on dividend policy at the AGM - the FY22 accounts issued on 27th April included the following:

"DIVIDEND

The Board recognises the importance of dividends to shareholders and aims to reinstate them in due course, once the Company’s performance has improved."

Those accounts were approved by shareholders under item 1 at today's AGM so that's firm current policy. That's the usual way for companies to include dividend policy in the AGM voting and I think it's rare to see it as a separate item. Of course "improved" and "in due course" are subjective terms and everyone will have their own views on how long that will take.

TU due this Tuesday and the HY results are normally issued mid to late August, but can't see there being any update on dividend policy until FY23 issued next spring at earliest.

Jezzoo, just to revise a point of information on your 17:24 post - the FY 2022 financials RNS issued on 7th June did not itself increase the dividend figure per share, it just confirmed what had already been happening. The increased dividend for 2023 was already announced back on the 22 December RNS titled "2023 Budget, Guidance, Dividend and Presentation" and has been followed ever since.

Regardless, as GGG points out, the capital reduction in August (which 'should' be a formality) will allow the dividend to continue in line with this, and further onward/BBs.

To revise my own post on 'Ex Div' from 7th June - as they haven't yet announced the next payment as expected (based on previous month's timings) they must do so tomorrow for it to go XD this month, next Thursday 29th. If not, then XD will be onto 4th July earliest. That does still leave time for a payment to be made in July, perhaps c.21st/28th, to maintain the monthly payment aspect, so don't fret too much if no red dot tomorrow. It is all getting a bit tardy though.

All just IMO for information.

Sp is 149p

and rising again :)

0.67p final dividend - already announced in the FY accounts issued on 17 May.

XD is 6 July, pay date 4 Aug.

Wood Group stopped using RNS for a lot of their announcements a long time ago. They use PRN for Director trades and LSE don't pick them up in their feed. You can see them direct on the company website, or via the stock exchange:

https://www.londonstockexchange.com/stock/WG./wood-group-john-plc/company-page

What Aucuba didn't tell you was that the sale was to account for the tax liability on options that were exercised, which is a standard practice and nothing to be concerned about, and he still holds the other half of the options that were exercised at that time.

Update is due 13 July, lock out I believe is 30 days (?), so the trade on the 12th would be just outside if I've got that right?

Yes we are, and no.