Member Info for Corryvreckan1

Crossley - I think it’s perhaps more lazy reporting from AN, rather than suggestive? They have just reflected what was in the FTSE Russell press release without providing any additional analysis that may have added value for their subscribers.

And although they did note that those were just the “indicative” changes, they failed to include the very important statement from the press release:

“PLEASE NOTE: The actual review of the FTSE UK Index Series will be conducted using data as at market close on Tuesday 2nd September 2025. Confirmed rebalance changes will be announced after market close on Wednesday 3rd September 2025.”

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Pokerchips – look at the previous two week’s dip as well, around the same time as broker upgrades following the Q1 release. How do you spell manipula… ;o)

The LSEG FTSE lists update overnight and always show the MCap at close the night before (the SP updates at 15min delay throughout the day but the MCap doesn't).

This is the official FTSE 350 list (sort by MCap H>L, 20 lines per page so page 5 for Burberry).

https://www.londonstockexchange.com/indices/ftse-350/constituents/table?page=5

Burberry in position 85 at close yesterday, then add +1 as Melten will go in above them. So if Burberry hold their ground above 90 then it will be 2 to go down.

And this is the FTSE 100 list, sort L>H and the ones at risk are at the top:

https://www.londonstockexchange.com/indices/ftse-100/constituents/table

Could go to the wire for any 2 from the 5 at the bottom. Closing price on Tuesday is all that matters now.

There is anecdotal evidence that shows that companies dropping down often outperform those going up in the weeks/months following a reshuffle, partly because most of the portfolio rebalancing has already taken place in the month it happens. That's a bit simplistic though and there are always other factors, but as others have noted here these index changes are often not the drama that some make them out to be.

And for balance - there's an outside chance that one/both/neither of them are demoted, depending on various company movements before Tuesday cut-off.

I'd be keeping one eye on Burberry then. Still an outside chance of both TW and PSN being demoted next week.

UT @ 278p, missed off the trade list above.

https://www.londonstockexchange.com/stock/HOC/hochschild-mining-plc/trade-recap

It’s a nice notion Alnwick, and good to see your optimism, but it’s a long way off from that and I can’t see it this year.

Current automatic entry level to the FTSE 250 (needs to be placed 325 or above in the full monitored list) is around £558m which would require an SP of £3.85+. This year’s uptrend would need to steepen considerably to achieve that by the 2nd December cut-off.

Next year, Rodney…

I can’t see any way to determine what value an offer would be, nor what might be accepted, beyond a best guess. Given that the AM may be taken at relatively short notice by the ‘penguin pirates’© any potential buyer will likely be more swayed by the value of the tax credits and then determine what % of that value they are willing to offer to acquire them. They may even include a clause to quote variable amounts dependant on the outcome of the Sea Lion FID.

There are also still risks for a buyer to consider around the future use of those credits, particularly in the current political environment, along with dealing with the decommissioning (albeit there are ring fenced resources for that) so that will all weigh on the level at which a buyer might quote. They will also be aware that the seller is to some degree ‘distressed’ and may attempt a low ball offer to start proceedings, albeit with the risk of being outbid.

The Administrator, through their appointed Director within the Upstream businesses, will also have their view on both an acceptable value and the business level at which they wish a sale to be made. Additionally, their obligation to achieve “optimum value both as shareholder and creditor” will counter (in part at least) the view of the seller as distressed. There may then be a point in the middle where the two parties might agree a deal, subject to regulatory approval.

I’m sure most regular contributors will already know the above, just setting out my view.

tl;dr – still too many unknowns!

Normanbar - yes, useful register and any announcement will appear there at the same time it is issued to the wider market, by whichever service provider they choose to use. Anyone with a subscription to any RIS news feed should get it at the same time.

Note that this website (LSE) doesn't currently carry the MFN data feed (used by easyJet and a few others) but unlikely that WG will use that as it's more of an EU service.

Https://code.thetakeoverpanel.org.uk/tp/rules/rule-2/rule-2-6.html

No 'RNS' today:

https://www.rns-pdf.londonstockexchange.com/ns/login/

But for some announcements companies can use other RIS (Regulatory Information Service) providers that are recognised by the London Stock Exchange, such as EQS, Global Newswire, Reuters, etc. and Wood Group have used PR Newswire in the past for some announcements. Todays examples: https://www.lse.co.uk/rns/

The Takeover Code does allow for non-RNS RIS announcements so Wood Group could use one today.

https://code.thetakeoverpanel.org.uk/tp)

There are a couple of other matters in the report that are currently unclear as to their impact, particularly around inter-company balances held through Prax Treasury Ltd (PTL) which “operated as the Group Treasury and cash management company”. Page 98 notes Prax Hurricane GLA Ltd (one of the subsidiaries of PUL) as a creditor of PTL for £289m (possibly cash due from cargo sales?), but the balance sheet of PTL on page 63 and the R&P account on page 79 seem to suggest that balances might net off to some extent within the group? Not uncommon for companies to use a treasury subsidiary to wash funds through, etc.

Note inter-company “balances”, but I can’t see mention of any ‘guarantees’ and we still await clarification from the Administrator on what may yet happen. Nothing I can see, at this stage, that might prevent the DCU payment due on 30th September.

The Administrator’s initial Statement of Proposals (delivered 18/8/25) is available to download as a PDF from Companies House:

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

Not much on Upstream but the key statement is on page 22:

“The Upstream business was brought into the group through the acquisition of Hurricane Energy Plc in June 2023 by Prax Exploration and Production Plc (“Prax E&P). The acquisition’s main asset was a 100% interest in the Lancaster oilfield in the West of Shetland area in Scotland. Prax E&P owns Prax Upstream Limited (“PUL”) and PUL owns numerous operating and non-operating subsidiaries (all together referred to as “Upstream”).

An independent director has been brought into these entities, which has allowed independent individuals and the directors to make decisions to preserve and ultimately realise value from the relevant assets.

The directors of Prax E&P and PUL commenced an accelerated M&A process for the sale of Upstream following our appointment. The sale process is currently progressing, and the directors continue to update the Joint Administrators of SOL, as indirect shareholders, on a regular basis. The timing of the closing of any transaction for Upstream remains uncertain due to the requirement of regulatory approvals for any selected party, in particular from the North Sea Transition Authority (“NSTA”). Upstream is reliant on SOL for group support services which is being governed and provided through a TSA as described below.

In addition, there are various intercompany balances for SOL and PTL across Upstream. As such, the Joint Administrators of SOL have a dual interest both as creditors and indirect shareholders of Upstream.

We currently believe the route to optimum value both as shareholder and creditor is to continue to support a sale process of Upstream and are engaging with the management of Upstream closely in supporting its progress.”

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Their definition of “Upstream” is a bit unclear IMO – does “all together” refer to the whole of that sentence (i.e. including Prax E&P) or just to PUL and its various subsidiaries. This is important as it may be a sticking point between a potential buyer and the Administrator as to the business 'level' of sale and thereby who has the next responsibility to DCUs.

* The closed period ... only applies to the Directors. - Technically it's "a person discharging managerial responsibilities".

Just to cover a few more things for clarity/information (apologies for any duplication):

The closed period is 30 calendar days ahead of Interim or Annual Results and only applies to the Directors, not general employees.

MS' purchase on 9th July indicated that the Interim's could not therefore be issued before 8th August, so expecting them this week is still plausible.

As Phil indicated below - employees can buy shares in the open market at any time, the same as anyone else. Maybe they already have at recent low prices; maybe they bought before and are under water like many others. There are no disclosure requirements for general employees acting in their own interests (and nor should there be) and they are free to make the same portfolio, risk/reward and buy/sell decisions as anyone else. However, separate to the closed period rules the general 'insider trading' regulations obviously still apply if they happen to be in knowledge of anything that is material and not already publicly disclosed, etc.

The RNS last week was for "key non-Board IB staff and service providers" so not applicable to any Director.

The 1.45p options are not related to IB Nimble. The only condition on them is "continued employment at the time of vesting". The options relating to IB Nimble are exercisable at 4p.

If all those employee options are exercised in the future then that represents a 3% dilution of the current shares in issue, but IBAI will also receive £262k from those exercising their options at whatever time they choose to do so. Does that seem like a fair balance to incentivise those whose work will benefit all shareholders? (Open question for any shareholder of any company to always consider, I'm not personally looking for an answer or justification here and I'm staying away from the Director Options that Phil mentioned before).

There is still a vagueness around the "qualifying sale of IB Nimble" term. I posted last week how I interpreted it but others appear to have a different view. If I have time tomorrow I'll post up how the 2 alternate views contrast and why the wording is unclear on this.

Hope this 'essay' helps in some way.

... and they will also be marked as "Unknown" which is the LSE default for all delayed publications.

Trade reporting on here has been unreliable for a long time, with many trades not appearing or the trade count in the link above not matching the number of trades displayed. I wouldn't be concerned about a trade not appearing on here as it's just down to problems with how LSE are processing the data feed they receive.

The only place that really matters is the stock exchange - thomson, you can scroll down the list here to the time of your trade yesterday and see if it appears there:

https://www.londonstockexchange.com/stock/SAGA/saga-plc/trade-recap

Large purchases delayed are marked "Delayed publication" in the information button beside the trade on here.

Snap, we were writing at the same time The_Paladin.

Regarding "cobbled together in a hurry" - not for the first time! The AGM results earlier this year appeared to be the same, with VK still listed as a Director, which looked like the Secretary had copied the template from the previous year and changed some but not all of the details.

I wonder if this late RNS is just an oversight, perhaps picked up through admin housekeeping? They will be preparing the Half-year Report at the moment so it could be picked up when going through the details for that. It's not uncommon to see that happening.

The term "a qualifying sale of IB Nimble" is a little vague but I read that as each sale of a licence to use, rather than sale of the whole product as a separate entity. The inclusion of that Option incentive ensures that general employees are rewarded for their efforts in that regard, rather than indicating any intention - at this stage - to actively pursue a business sale.

BB - yes, but not sure what relevance that is now. Maybe you didn't see my reply to Phil last night?

Hehe, well played ;o)