Member Info for damofarl

we've just got rid of one, so why would we?

Unless earnings aren't as good as good as you intimate, in which case we shouldn't be paying divvys anyway....

Not sure why, but HL isn't the only site that reports such/has a lack of feed. Can only guess it is something to do with it's Jersey jurisdiction. If you go direct to Marble's website, there is a plethora of detailed info that will answer any questions. It really is rather detailed.

The latest update shows a small increase in sentiment. The 2 things that caught my eye were than miniscule default rate is unchanged and the ongoing income from loans is 17% p.a.
The latter suggests to me, if no new loans are originated (POORLY), at some point there has to a run off/return of that income.

https://www.chenavaritoroincomefund.com/assets/Uploads/08da4e6dc0/Chenavari-Toro-Income-Fund-Limited-Factsheet-July-2022-EXTERNAL.pdf

thanks for the 2023 example PUTUP.

Hapy with that.

opulentia; I agree on your post heading, but little else.

If, IF, the company maintains an all income to dividend payout policy, post 2022, i see this yielding around 10% for field life, presuming no FDP realisation. Activation of the FDP will negate most if not all dividends as income is (rightly) diverted to their share of costs.

The ludicrous 30% yield for 20 years suggestion you make is delusional, disingenuous and dangerous.

No one should take investment/trading advice from a chat board, and if they do they are idiots - just as no one should invest based on your irrational euphoria, which i can only presume is based on the last 12 months dividend returns.

Returns, boosted by our being a low cost producer with current elevated oil prices, that are currently, but not for much longer, considerably flattered, by the repaying of the investment, costs borne many years ago, borne by LTH's, some as blindly euphoric as you, who are only now creeping closer to recoup their original investment.

Your euphoria is disrespectful of those LTH's interest, self selrving of your own, and should be observed with a heavy dose of salt.

Yes this is a good long term investment, for those with patience and stomach. Concentrate on that, the reality, the balance of what an investment in GKP entails, rather than propogating a repeat of where some lost their shirt, and many only now are nearing a full wardrow.

I'm all for positivity; but your endless pie in the sky euphoria does nobody any service - except maybe you?

broadfordbay; get the point of the post, but in reality, from a govt that itself is probably doing likewise...as much oil rich countries (Nigeria?) do.

In that sense, i hardly see this as new news or relevant. Where there's money there's bungs/corruption, through a clever Cayman Islands/Netherlands/Bermuda holding structure or less cleverly so.

klassic; agree with your post in it's entirety.

shortsqueezer; ......Still talking down your ‘investment’ which is bigger than anyone else’s on here ?

Well, if you are referring to PUTUP, you must be on a different BB to me. in my 4 years here i have never seen PUTUP talk GKP down. What i have frequently seen him/her do is puncture the naïve euphoric opulence of seemingly the majority here that it's going to double/triple/quadruple/taken over tomorrow blah blah. Question such.

That's not the same thing. It's injecting some much needed grounding, realism. Posts that suggest sustained long term profit whilst questioning quick term bucks, isn't talking GKP down. For me, if anything it is talking them up.

For me, i see, without FDP/political environment change, i.e. continuance as we go, a stock that will deposit $8 mill a month profit at $90 oil for 20 years. Thats why i'm here.

The fact that opulentia gets 10 likes for saying "another divvy soon GLA" and putup gets zero for saying "soon we will just get 10% profit oil" tells me all i need to know about the 'investment' motives of many posters here. The fact that former nevers says anything else, and the latter, takes the time to detail their thesis, is why i'm still here with greater conviction.

Because the (sometimes superior dismissive) posts, actually cut through the bullcrap, and absorb them, engage with them, you realise what a great investment beyond desirous spivs condemnations.

addendum to my last post...

i think the issue is not Kazahkstan but the Netherlands. All the income/profit comes through there to Malaysia - and the Netherlands are a well known postboxer/taxwasher, so at the point it is received in Malaysia, immediately before it has paid zero corporate tax, irrespective of whether the source of generation has paid equivalency taxes.

jakito et al; unless in a 'free trade zone', the Kazakhstan effective rate of tax is equivalent to the Malaysian authorities minimum tax requirement, so don't see a problem, just as i haven't quite understood why Steppe has, and seems to be struggling to navigate.

Whilst rarely a fan, the quick solution here is to launch a share buyback. Those that chased margin on divvy can realise their profit, those that believe in the long term will concentrate their belief, giving time to find a long term solution.

seatkank; beyond ANOH's cash flow generation, there's also an incremental benefit in less production being lost to seepage/theft.

seatanks; i agree totally with this......"..... Exxon won't sell to them. Seplat won't pay bribes."

But there is a middle way - SEPL could pay the bribes without paying a bribe by 'divesting' say 5% of the approved enlarged combined SEPL/Mobil to the state company spun as a 'partner'; who can then reap the dividend yield income stream and 'translate' that into inflated boss remuneration for evermore., whilst SEPL could spin as 'working with partners, working with Nigeria, Working as Nigeria's energy champion' etc.

The long field life chip production is why i'm here, not an opulent quick buck.

tom78; good results, and the mkt responded accordingly.

The key for any investor here is......."Cash and highly liquid securities at the holding company of over $800 million at the end of the quarter. This is above Jackson’s minimum liquidity buffer of $250 million", or in other words even with "pedestrian " earnings of $2.52 a quarter, thats 3 years for the full market cap - with $550 spare cash to buffer economic circumstances.

I'm not one for euphoric statements, but this is so so undervalued it beggars believe. Feel this could be a slow but sure burner, one for the patient. Yes SP growth, but my interest is that i think this will become an exponentienally amazingly high dividend yielder for medium to long term holders.

bvcxz70; sold all your shares but still posting? Why?

As for going from bad to worse, well, i don't really think, in your thinking it could. The ERMa's you refer to have potentially transformed this business from potential high profits/high risk to a stable infrascture like Co. (think water Utilities) whereby they pick up a fixed mgmt fee every year with zero risk but potential for KPI uplift. Lower but sustainable/predicatable margin/income is very attractive to say pension funds who want long term predictability, not volatility. The last update highlighted the renewal of such on GWR, and the imminent expectation of the same for AWC.

In the current breakdown of relations between the Company and it's workforce, they are not losing a single penny (they don't receive the income from ticket sales, our Govt does) yet are still receiving their mgmt fee. Granted the KPI addition/uplift must have dropped/eradicated, but they are still being paid. And any observer of the current railway malaise can see that the current situation is a Govt led ideology (think Miners strike 2), which the Govt is happy to bankroll to that end, and FGP are happy to roll with as it maintains their generous salaries and options - and to acheive that ideology the keys wont be going back in October - the Govt bankrolling will roll over until they roll over the unions.

In the meantime it's kerching for FGP train franchise wise - and the aforementioned stability of income is why an infrastructure investor has bid - a bid FGP will accept when the deferred consideration element is addressed.

It may get worse for commuters/customers and staff, but it can only get better for FGP.

alavib; have you addressed progress on the dividend directly to the Company?

opulentia; no.

Great news today. Happy to see my patience, belief in the long buck coming to fruition here.

One could never be 100% on this transaction, but as posted before, the key for me was the congratulating of SEPL taking on Exxon assets to become Nigeria's champion by the President publicly at SEPL's tree planting initiative. Nigerian politics have their own way, but i just couldn't believe such a public championing would be rescinded.

A couple of thoughts....unless updated to gain approval, the effective date is January 21, which means both that the conditional additional payment will be paid in full AND that there is 20 month of high oil price revenue due to offset the purchase price. And as for FTSE250 inclusion - well there has been some detailed discussion on that previously here, and the view is that the free float doesn't meet entry requirements albeit it is very close (around 3-5%). Sadly on the negative eligibility side, as such would obviously be another upwards fillip.

I'm not a euphoric kind of guy, but there are so many positives here, pipeline efficiencies, current production/reserves, added Exxon production, sometime FTSE250 inclusion that frankly this is a coiled spring that one can relax into it's expansion whilst reaping it's current well covered yield whilst waiting for others to jump on it's current deliverance and ongoing potential.

A good day. Here's to many more.

putup; thanks for those numbers - i read that as 7 months more and you have got the full value of current mkt cap, which means cream/ a free ride for the not insignificant life of the field.

That may not be opulent euphoria that some would like, but i likey, i likey a lot....

trek; ....'Amukpe-Escravos Pipeline.....Question is is it in the price short term or not?

No. I think little is in the price here; there are a number of projects (the pipeline/Mobil etc) each of which will add income and/or reduce costs incrementally and possibly substantially. Yes there is a discount due to the geographical/political locale but i think that's overdone considering their good govt relationships. Just this from the CEO highlights, without new news/production, the upward trajectory...

"The commercial launch of the Amukpe-Escravos Pipeline is a significant event for Seplat Energy and for Nigeria, offering a more secure and reliable export route that will assure higher revenues and profitability for Seplat Energy,"

jc123; the last update suggests progress on Somaliland/Morrocco into 2023 so i dont see any update imminent, just reiteration.

And i don't really see any other progress either - beyond the cash receipts from an elevated OP.

I do see a special divvy, as notwithstanding their less than great relationship with KRG (litigation/constantly extended out payments), cash at hand and incoming is far in excess of working capital need.