Member Info for Dingo1

Held on to shares. It looks like on update 2nd listing being considered but suspect 2027. If gold price remains at current level or above hopefully liquidity returns next year. This should boost share price plus expect a divi policy at same time ?.

I looked at Government guidance and indicated if you can demonstrate Neg Value you can make a claim. Given no assets (US gobe, Russian gone) period of suspension ....I figure worth application. I wondered if anyone else has tried with UK hmrc ? . It does not hqve to be crystalised as I understand.

Given asset transfer, sale in North America and period of susprnsion has anyone submitted a negligible value claim to hmrc. I have gains so offset would be helpful.

Please take a couple of minutes here. Barclays and others have potential exposure in the £100s millions. Reason - double or triple accounting of collateral hence potential bad debt write down. In 1990 i was a young auditor and we had an SFO case. An independant mortgage lender colluding with law firm conveyancer was double or triple underwriting property collateral. Do the large banks not learn. While slightly more complex with use of Warehouse, do we not learn that the basics of validating collateral, rexonciliation and audit is needed. With AI tools, software and some basic common sense application. As Shareholders we deserve better management and accountability.

As the Parliamentary term pushes on the will be even more focus on 1.5m target. This will favour Vistry partnership model as interest rates has any slow glide down. 1 to 2 year rebound.

Definitely something off here. A 36% premium on current price. Even if a 6 months wait this is clearly a high risk with no clarity which is what the Board has been giving us for far too long. Either way hopefully their reputation are shot to pieces for such mismanagement. Unfair to all stake holders be it shareholders, loyal employees, suppliers or customers.

The studio business with back catalogue and royalty revenue is the prize for others. Even if supply the M&E buyer for ITVX platform.

Given the average cost per hour for content even at low end like reality, there is significant value here.

The opportunity to crystalise is potentially here subject to terms and supply agreements for divesting M&E.

I see ITV news being the challenge from regulatory perspective. If this can be resolved I don't see how your point holds

A few questions for those whom may be more informed than me:

1. Current Market Cap £3bn

2. At Dec 24 Debt profile C £0.8bn (Cash £0.3bn). So assume £0.8bn as cash is working cap.

- Given above so net proceeds of sales after debt is C £0.7bn after fees .....

- Studio valuation range £3.0bn to £3.5bn + £0.8 bn free cash

Therefore £4bn less £2.2bn current market cap after debt = 80% premium.

Any inputs to my assumptions welcome.

Therefore I see an ultimate combined price with this offer of a £1.40 to £1.50 share price.

I assume the studio retains back catalogue a this obviously has huge future royalty stream.

All,

Been waiting for the accounts and trading up date.

This is how I see it now we have more solid information in accounts and trading update than noise from Sid, Exiting BOD .....

1. Although clearly some issue on historical Balance sheet values they are not forward looking massively material items on future performance, cash generation an ability to continue trading

2. M&A disposals and cash pipeline coming through

3. Significant cash issues seem to be fees sorting historical out and dealing with Sid !

4. Future Contract pipeline looking healthy and potential enhancement for other market factors

5- Someone else enters the frame recognising the true value

6. Why would CFO whom will now be closest to the issues move into CEO if it was the basket case Sid and the noise has presented.

My hope is:

1. Sid voted down at 30 pence and opportunity to rebuild based on solid commercials and future performance or

2. Another party enter the ring now looking at future £YP value creation e.g PE whom can execute a clear plan of value creation and recognises this in their valuation to shareholders.

Either way Sid does not get to steal this without either paying true value or steps aside.

Given the excess funds on the sale this is greater than the share price haircut imposed on the latest offer price. How does this even stack up ?.

I mentioned yesterday about alternatives and valuations. What is the main part of Wood worth if 14.9 x for sale today for 1 unit. Hence if split up value less debt surely indicates value > 30p and if the BoD can only meet their obligations and 1. Publish flipping accounts so we can all see position 2. Give us a view of future plan / trading without Sid. Without this how can shareholders decide.....

Given the value of disposals raising c $200m being minor divisions what is the break up value here. Currently debt + c $210m. Effectively after last haircut of c$40m, now value all the collective goodwill & future contracts / cash flow & any tax losses = service debt. Hmmm Am i missing something or are the PE guys...waiting ?.

Given it appears BOD, Sid and Lenders has basis of terms for financing this also now sets basis for another bidder in terms of debt but also upside to new bidder if they can either improve terms of debt / structure from their own funds which will then represent improved IRR ...

You may be right but an adjustment / knock to the price of 85% plus is one heck of a headroom against any investment case. Lets see when accounts arrive, formal offer made and terms. Then we see if Apollo or others see upside.

Also how can II being doing their job without seeing accounts and trading update before any vote.

One of the fundamental roles of a BOD is to provide financial status of business via Published Accounts. Formally it is one of the few methods investors have to make decisions e.g offer for a company. This Board has not done so. When will the Board face up to its shareholders, do your job and provide us with the informqtion we are entitled to.

Can someone please clarify if Everaz plc non Russian shareholder can you apply for an exchange of shares ?.

Here is a thought. If by the end of this WG have traded through and refi not an issue, then surely it is then worth at least the 85p Sid going yo pay based on 35 p plus additional financing.

Why do you say liquidity issue. So far all the releases including Deloitte reveiw done no cash flow issue. Known and published shortfall 2025 which will hopefully benefit from small asset sale c $30m plus new contract wins starting. Hence not a fire sale but technical covenant breach. Not aware of them failing to meet debt repayment and debt refi deadline Oct 26. Dealt with multiple refi and even a term in covenant breach. Ultimately lenders want security. Obviously more comfort if Sid put cash in for 2025 gap but if another option arises all stakeholders need reasonable opportunity to consider. Hoping the institutions will push hard here.

So with all the other news on contract awards and 400m award news yesterday on 1 contract how can the valuation still be 35p share based on any forecast of ebitda / cash generation. Any future vote on an offer at 35p is a no from me.

I assume we will get a vote on any confirmed offer ?. I just dont trust this BOD / Sid to not try and do deal with lenders....