Member Info for Corryvreckan1

Hmmm, the SPA with ONE-Dyas is maybe a little unclear, presentation at 9am may give more clues?

"Serica will host a live presentation on the Investor Meet Company platform today at 0900 BST. The presentation is open to all existing and potential shareholders. Questions can be submitted at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet Serica Energy plc via https://www.investormeetcompany.com/serica-energy-plc/register-investor."

Separate note - the offloads on 12th July and 24th Sept (thanks laser) have already created DCU obligations for payment in March 2026 (c. 0.6p roughly?) that should be unaffected by today's news. A further offload before the end of year is possible? but not sure how that would tie in with the Serica deal.

I'm now going to wait for official announcements before speculating further.

"The Acquisition is a corporate acquisition of Prax Upstream for a consideration of £14.5 million ($18.9 million). Completion is subject only to customary regulatory approvals and is expected to occur by year end."

Quick estimate - I make that around 0.127p per DCU, subject to any other unknown adjustments.

Completion of the Acquisition is expected in Q4 2025

Being bought out from Prax E&P so DCUs get 17.5%. Amount not clear as the $25.6m seems to include other Total assets but I haven't checked the detail.

More here:

https://www.lse.co.uk/rns/SQZ/acquisition-of-uk-north-sea-asset-portfolio-daok3dmie4vapij.html

Yeah, a few more as well. Including Morningstar who provide data feeds to many Brokers and third party financial media sites, possibly including this one, so they may be the primary source of the problem.

Very strange as I thought the RNS was straightforward. I wonder if more organisations are now using AI data scrapping of RNS to help populate their databases. Without human oversight then problems like this get missed.

It's not SWGs problem, although they may still wish to intervene as it doesn't help them through indirect association?

It's a mistake on this website. They have completely misread the last RNS on 21st July.

Correct shares in issue is 23,826,379 per the company, and MCap at close yesterday was £12.63m per London Stock Exchange.

And steepen the uptrend has (very nice), and if the FTSE decision was made today the entry level would now be around £520m. So Saga is kind off moving contra the market in the short term and all goes to show how volatile things are. Good results on the 24th and...

However (there's always a catch, huh?) the decision is not today and if a predicted bull run takes off in Q4 then all boats get lifted and Saga is then in a triathlon swim in choppy waters trying to achieve that precious 250 medal without being drowned amongst the competing barracuda. 'Twas ever thus :/

Read section 11 of the TR-1, they've filled in section 7 incorrectly. The 4.3% should be in the top line there the first time they cross under 5% but then they don't need to report again unless they cross back over 5%. WHS should have rejected their submission for correction instead of just blindly putting out the RNS!

Part 2/2:

Extract from the Insolvency Act 1986 for further info on definitions:

NATURE OF ADMINISTRATION

Administration

1

(1) For the purposes of this Act “administrator” of a company means a person appointed under this Schedule to manage the company’s affairs, business and property.

(2) For the purposes of this Act—

(a) a company is “in administration” while the appointment of an administrator of the company has effect,

(b) a company “enters administration” when the appointment of an administrator takes effect,

[…]

Purpose of administration

3

(1) The administrator of a company must perform his functions with the objective of—

(a) rescuing the company as a going concern, or

(b) achieving a better result for the company’s creditors as a whole than would be likely if the company were wound up (without first being in administration), or

(c) realising property in order to make a distribution to one or more secured or preferential creditors.

(2)

Subject to sub-paragraph (4), the administrator of a company must perform his functions in the interests of the company’s creditors as a whole.

----------

Replace “company” in any place above with ‘State Oil Ltd’ and you can see how that applies. Equally it does not apply to any part/subsidiary of Prax Upstream Division in that place. The administrator has not been appointed to Prax Upstream and is not managing its affairs etc.

Point 3 (c) is the situation in which Prax Upstream finds itself, so while not “in administration” itself it is an asset available to the administrator to realise value from.

[Can you tell it's Friday night and I'm miffed at not being in the pub ;o)]

Part 1/2:

senseman – the quick answer is I’m not aware of (or can’t recall) a specific term, legal or otherwise, to describe the Upstream situation from an administration point of view, other than as noted Upstream is an Asset of State Oil Ltd that the administrator can sell to help meet the proceedings that apply to SOL. Teneo refer to this as a “sale process” (of assets) as well.

----------

For more detail – the term ”in administration” is clearly and precisely defined in the Insolvency Act 1986 (for obvious good legal reasons, see Part 2/2 as follows) and the terminology and step by step processes within the Act are employed by Teneo in their communication (e.g. my quoted phrase on 9/9), so I think it would be remiss of us to misapply the term.

The term “under administration” does not appear anywhere in the Act but is a colloquialism generally accepted as being the same thing, i.e. a company under administration has been placed “in administration” (as defined by the Act) / a company in administration has been placed under (the control of) an administrator.

As neither apply to Upstream, and to avoid confusion with official proceedings and communication, I think it better not to use those terms for other than State Oil Ltd. However, no other term immediately springs to mind in place of that, but I’m not even sure that we need to define it in that way either.

State Oil themselves could have put Upstream up for sale in the same way at any time in the last two years if they had need/want to raise funds that way, the administration process has just forced the issue for them (and it was all a rushed state of affairs for them at the end of June). Teneo are now the effective shareholder so have a right, and an obligation to the creditors of SOL, to achieve “optimum value” as they put it, and they have identified a sale as the best way to do that.

There’s nothing really more that I can fathom (and open to other views as always). Essentially nothing has changed yet – that has been publicly disclosed and we can be aware of - other than Upstream is up for sale; completion of that will determine the outcome for DCUs in due course.

As I find myself having repeated many times over the last year or so – we await further news…

It looks like a problem with the PR Newswire data feed for some subscribers. PAF use PRN instead of the more regular RNS service.

It wasn’t on the London Stock Exchange website at 8am this morning either but is showing there now with a time stamp of 7am:

https://www.londonstockexchange.com/news-article/PAF/summarised-audited-results-for-the-year-ended-30-june-2025/17225354

If it was on here at 7.05am and now missing it may have been a recall and re-issue, with some places like here and also IG not then picking up the re-issue later in the day?

Also, the full News & RNS lists on here don’t show any regulatory news other than RNS and Reach for yesterday and today so they are missing loads of others and maybe a wider system problem?

Nothing suspicious, just data processing problems.

Just economy/macro I think, not aware of anything else. The recent slide looked like it was stabilising in August but the construction PMI on Thursday last week appeared to contribute to the further drop last few days. Comment in this report about employment and subcontractors is of relevance:

https://www.lse.co.uk/news/uk-construction-optimism-hits-lowest-in-two-and-a-half-years-pmi-rnhy3n2a73su55d.html

From page 13 of the Administrator’s Proposals: “The Upstream division is not subject to insolvency proceedings.”

Administration is an insolvency proceeding.

Prax Upstream are not insolvent.

Prax Upstream are not in/under (interchangeable) administration.

They are, however, affected by the administration processes currently in place for State Oil Ltd (SOL). The Administrators, as effective shareholders, will decide the potential outcome(s) for Prax Upstream which they are currently trying to sell. This is not the same as being ‘in administration’ which has a specific meaning under the Insolvency Act 1986, and as applies to SOL and other Prax Group companies.

Additionally, the internal support services previously provided to Upstream by SOL are now amended and being operated by the Administrator under a Transitional Service Agreement. The exact nature of this is unknown but it does not bring Prax Upstream into administration, their regular operations are still continuing and they have not been placed under the control of the Administrator.

The DCU payment due on 30th September is still expected to be paid, unless advised otherwise for obscure reason(s) not currently knowable.

[AIMHO, correct at time of publication, subject to future amendment, YMMV, DYOR, etc.]

Aspers - if you were seeing the 193p when posting then it was an opening UT at 8am for just 5 shares, not picked up in the trade list here. Mid-price has now been updated by the first Auto trades coming through at 9am.

All changes from this review will be implemented at the close of business on Friday, 19 September 2025 and take effect from the start of trading on Monday, 22 September 2025.

Official press release, TW and Unite down to the FTSE 250:

https://www.lseg.com/en/media-centre/press-releases/ftse-russell/2025/ftse-uk-index-series-review-september-2025

Wigan - see my post at 11:56 yesterday, the MCap on that list is only updated once a day so not 'real time'. Crossley confirmed this morning that it updates at 7am for the closing balance the night before.

Morning Crossley - thanks for confirming the update time, good to know.

Careful with the closing data on Tuesday as FTSE Russell occasionally see other things in their calculations not immediately obvious to mortals, and the final list doesn’t always quite tally with the public data. You could work out the most likely outcome but needs confirmed in the press release on Wednesday evening, normally between 5-7pm. Just a caution.

Hi Crossley, I’ve never found the shares in issue on LSEG pages either, I think it’s one of those data points you have to pay a subscription to get?

The fundamentals button above on here has the same shares in issue taken from the most recent RNS, and the MCap below it is always based on this x the 15min delayed SP and updated right throughout the day, albeit both rounded to two decimal. (They round the share count on the display here but the exact TVR number is behind that in their database *).

The MCap in the fundamentals above is then probably the most up to date on a rolling basis you could get without a subscription to Level2 or something similar. So that £3.45b closing value above matches your £3.44577b for end of day and I expect your calc will be what is shown on LSEG in the morning.

[* One caveat – this website has had horrendous problems processing some of their data feeds for a long time now, particularly with the trade prints which are often missing many trades or don’t match the number in the red dot button above, so sometimes the shares in issue count is wrong and worth cross checking to the TVR as you have done, and if they miss the UT then the closing price and MCap can sometimes be displayed wrong as well]

Crossley – thanks for your reply about the limited info when accessing the FTSE links on a phone. I hadn’t tried that before tonight as I always use a laptop but can see now how restrictive it is and I can’t find any way round it. Good to know though, cheers.

On your post on PSN earlier, I think CRDA should replace EZJ in position five at 2522p : 3.54534b, so an even tighter group to pick two from. Remember that those prices are up to date for tonight’s closing UTs but the MCaps are still at last night’s closing value, so not quite corresponding. The tables update the MCap sometime overnight and before market open but I have never worked out exactly what time that happens.