Member Info for damofarl

thronegames; nobody understands the rationale for the coal splitting! My thinking is that EVR want to appear 'less dirty' to the ESG community/bandwagon, to attract wider institutional/tracker investment that is currently prevented by ESG 'screening'.

in itself, didn't have a problem with that - my problem is that by not offering an ADR that could be held by UK investors happy to have such, we have lost out on the growth/cash generation of that asset by being forced sellers, which has then precipitated selling of EVR.

mrg123; yes good to see. I also like the fact that DEC doesn't seem so sure of itself that it doesn't listen; if you take the share issue, and the leaking gas report, they could have just ignored and carried on regardless; instead they have focused in on and addressed both.

reserves were infinite - they weren't initially and couldn't be unless untapped; no one could ever think that, just as i can't think they will be exhausted, without 'spending' imminently; maybe there should be more than the current ongoing spending, but without an increase in such this has more than 18 months at current. With, considerably more.

thruthsayer; 20 years of throwing of cash, paying dividends like this is enough for me......

monty888; well yes a UK delisting, and dealing in roubles would definately be worrying, a balla ache.

But you have to go back to why it's listed in the UK; it's for the same reason the major shareholder owns Chelsea; it's to put what some would consider dubiously acquired/owned assets, into a highly regulated/respected company and personal legal environment (the UK), away from an environment (Russia) where patronage/ownership could change on one person's whim/dislike. It's to 'launder' questionable assets to a safer respectable enironment. And it's for that reason i don't see this ever being delisted from the UK.

millerjackson; thanks for some excellent posts/observations - to me spot on.

I am a big fan of DEC's stance with hedging; the way i see it, they take surety of income over bubble and hence burst, being (fluctuating prices) risk averse first, hedging most at greater at cost, to cover dividends, and letting a little to flow to capture possible upside; their hedging may appear to make a paper (accounting) loss, but as the hedge is always at higher than cost of production, it is still profit - certain profit; and as they roll the hedge through time, it will capture more of the core recent uplift.

I really like this sure and steady policy, avoiding boom and bust, and yes maybe missing some upside, but preventing the downside. For me it's what makes the divvy so so sustainable. Because of this, the SP won't boom, although it will surely appreciate through time - all the time the patient are richly rewarded.

gavster et al; hope you are still here! Since my last comment, note the slow but sure SP uplift and the "boringly" maintained dividends! Due to my buy in position, i'm nearly hitting break even on purchase - you have done better! Appreciation and 2 healthy divvys!

I don't know whether the SP increase reflects greater awareness (wider audience) or just existing people like me that put a toe in, cautiously, thinking if it looks too good to be true it must be, watching and seeing it truly does deliver, and adding; whatever way, unless you are here for a quick buck trade, i stand by my previous post. It's lack of coverage/awareness is reflected in it's NAV discount which i don't see narrowing purely because i think their diligence will keep generating margin greater than the dividend. This is what i would describe as a patiently enriching investment - which frankly i find boringly reassuringly exciting!

If the monthly payment RNS hit's this on Monday, it's going to keep flying upwards

monty888; i'm not sure i agree with your reasoning; there is no chance of a wipe out; fluctuation/nervousness yes but a wipe out no.

Market forces dictate otherwise; as one of the world's biggest steel providers, it's steel will always find a route to market - and because of it's market share, if that market is restricted directly (say to UK/Europe), that will just drive up steel price (ergo less sold at higher prices). Technically speaking, as a London/UK listed company i see it evading sanctions, as one could technically suggest that EVR is a British company, (just as one would GSK even though more of it's business is outside of the UK).

Business will always find a route to profit/money (that's capitalism), whether that's via off shore shell company friendly country non domiciling or continued financial support to Conservative party fundraising balls, to grease common interest.

Yes the share price will yo yo, and yes drop in the interim, but long term, we need a shed load of steel for HS2, and this government won't bite the hand that feeds it. Sit tight, buy a few more on dips, and come back in 5 years, when i'll contact you and buy you a beer in the executive box at Chelsea out of my gains.

topknot; spot on - i don't get WH shops rationale either; indeed they are all dead; they are all leased, so there is no profit in selling the shops; that said, they could act as a shop window rebranded to 888 as they run the leases out, albeit i would think the WH brand has more recognition, even beyond the UK, than 888. I just can't fathom their thinking; it's been transformative though - it's took a dynamic tech based business and made it into a staid dying bricks and mortar business. And I'm saying that as a shareholder that believes in 888!

jyee7; good article, thanks for posting

putup; agree with you pretty much on your thinking for GKP (excepting buybacks!).

In my simple maths way, the way i see your comment on 78% of current cash receipts being CRP, and soon to be gone, is that that leaves 20% of last years receipts. If we take 20% of $300 million in receipts last year (excluding debt recoveries) that gives $60 million going forward post CRP, meaning that the market cap is just 10 x annual receipts.

If the field has more than 10 years remaining production, even with such lazy conservative maths as mine, anyone can see there is a free ride to a profitable investment here.

The level of the CRP places a significant cap on cash generation next year as circa 78% of cash receipts is recovering it.

highlander1970; just pay the debt clear as the cost of servicing is still going to be considerably higher than any 'high interest' account generates, even considering early termination fees. For me that also has the added bonus of reducing costs going forward whilst using the cash being thrown off as a less obvious red rag to a bull in negotiations with political considerations than eye catching ("profiteering") dividends....

Yes Mikkel, a good find.

I also noted that Maurel state a 1% in aceived gas price, which puts WEN's 2.7% increase in perspective.

i like the update; no fireworks, no disasters, another chunky dividend, with the suggestion of more returns and resuggesting capital optimisation (buybacks).

What first drew me here was last June's divvy; a cursory glance drew me in and in my simple poor with numbers way i thought, 10 years of divvys at that level and i'm getting a free ride even with static production and static oil price; production is creeping up, not near 55k or going to be anytime soon, but the receipts(divis) keep flowing, the thing that drew me into its value/growth potential.

Reason i say this is, i wish they would issue a separate dividend RNS, because for some reason it doesn't register on the dividend data websites like every other share i own does when WITHIN their updates. and similarly doesn't seem to reflect on mainstream self trade sites like HL/AJB which are showing 4.1 and 7.99 respectively at the moment. I only discovered GKP's potential beyond yield because i spotted that divi - how many others (chasing dividends/income) would become new investors having had their eye caught? Until i get to my free ride, ill keep admiring this aforementioned Golden Goose.

cperkin;

I would think one of the first things a new investor would do is read the RNS's first; to not do so suggests a speculator not an investor.

I've never blocked anyone in my life, and despite your encouragement to do so, i'm not going to start by blocking you - everyone has something to contribute, and i feel that you may contribute a nugget that is relevant and aids/adds to our awareness/understanding, and i wouldn't want to miss such. You can always block me if you are so keen on this functionality?

With regard to your Twitter plug, what's your handle so i can follow you?

Whilst we are in pedantic mode......"...PS I didn't realise that cash balances mentioned for end of November were 4 months old by Jan?".

Well, that merely reflects on the journalism doesn't it......from your reposted article -----------------------

According to Wentworth’s interim results report for 2021, the company’s revenues for the first half of the year up to June 30 went up by 40 percent to a best-ever $11.7 million due to record levels of production at the Mnazi Bay gas field in Ruvuma region.

It said the figures placed the company in “the strongest financial position in its history” with record revenues, earning before tax, and cash-in-hand which stood at $24 million by November 30,...---------------

Well thats actually a month and a day for the operational update that they don't refer to (RNS 16/12) and 4 months and 15 days from the RNS they do refer to (02/09/21).

Which rather reinforces my point - just read the RNSs first.

Don't forgot your Twitter moniker as am genuinely interested in any news on Tanzania.

malcolmj; I'm not sure it will be a bumper dividend although i do feel it will be a healthy one. I foresee that they will announce a 'dividend policy' based on quarterly dividends as a % of free cashflow to generate a feeling of professionalism/consistency/predictability/stability.

i have no shame in asking a straight question, that received no answer just a personal side swipe.

I'm not sure whether an article, based on 4 month old publicly available information, is meant to boost the interest of Tanzanian's in WEN, ergo buying shares in WEN, hence boost WEN. I think it is highly unlikely a single Tanzanian resident will buy shares in WEN because of this. So what is the value in this 'news'? Zilch. It's more likely to annoy local people that they are being corporately pillaged by fat British 20 y.o. Glemorangie shareholders.

It certainly doesn't boost the interest of British investors who can see the original 4 month old RNS/website declaration, none of whom would have seen this new newspaper article if it wasn't for the post on this board, myself included. So you wouldn't have seen this article if you weren't already a shareholder/interested in WEN, in which case you would have already checked their RNS's/their website, so it has garnered nothing new, no new interest/investors.

So i ask again, what was the point of posting 4 month old news? Why is it sad/negative/wrong to ask that unanswered question? What value has it added to our knowledge/understanding of WEN's prospects?

I don't think an article from an obscure African news source that is rehashing something 4 months old should be the grounds of interest, or grounds to invest. I don't see what this adds to our understanding of WEN?

Why not just repost the base RNS?

rogueriver; i don't think political concerns re ukraine are having an iota of difference on the share price - the fluctuation (drop) in RASP's share price is the affecting factor here considering it's embedded value within Evraz; and yes the non ability of UK shareholders to hold the value/prospects/dividend of RASP going forward.

Having to wait potentially 9 months to receive that flotation 'dividend' in cash, not shares, has precipitated selling now from private investors to look in gains/avoid uncertainty. Those are the 2 factors, not Ukraine, that have impacted the SP.

chassa; i think he would; but frankly whilst you are still growing, why would you sell your self short/cheap when pou could sell for even more whilst picking up your wage and divvis along the way?

I do agree that i think MR AJB has a moral thread to him - all that means to me is he would sell, at the right price, only with minimum term guarantees on company location (i.e staff remain in Manchester for minimum 5 years/no outsourcing).

I have an account with AJB, and all i can say is the service is perfect; no silly bells and whistles, straightforward reasonably priced (for them and user) charges, all constantly revenue generating. And having once worked for them, very briefly, i can tell you there is no big company largesse present; no lush offices, artworks, self importance polishing. And with regard to being a decent egg/decent firm, i think the Co's stance on not taking govt bailouts/not reducing staff speaks volumes.

For me this is a company that earns money not by grinding people down, stepping on people, but by providing an excellent service, paying its staff reasonably well, paying UK taxes, and embedded in its host community. I'd rather it stayed independent, as there is a lot more to come from this Co - albeit their predictable earning cashflows WILL bring someone knocking, as the embedded value here is not currently recognised.