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Taverham...it is not an airline but it does operate an airport...
The life size cardboard cut out of Tinkler in the Stobart board room must have taken a pounding this morning...meanwhile he laughs at the selling of his stake over £1...short term writing was on the wall when he did that. The company now needs to rebase, re-think, take things back to the basics, reload if necessary, ride out the corona issue and then I think it becomes an interesting proposition...I feel for the management who have been desiring to simplify the business while being hammered with legacy issues. Watching closely but not long atm
Yes...but isn’t that the brand in itself: Southend Airport...not stobart airport
I keep hearing about the “value” of the stobart brand...is there really that much left now, aside from within the truckspotting community. Thoughts?
Dana, might be fear that the placing us in jeopardy. Intent to fund is different to actually funding: given share price lower than placing level, corona out there, oil price falling etc...it’s a risk.
Thoughts...tinckler, main architect of Flybe deal: out, largest shareholder: selling, deal with govt will have strings attached: stob stumps up more or walks away at a cost (known to architect intrinsically who is selling!). Stob cuts divi...to invest in airport...it’s growth story; now can’t invest in airport as has to invest in some non core competency Double down madness. Capital raise to sort the mess out ? How many other legacy issues are there(?!). What level would a capital raise be at in a “Brexit” environment? The core business is a great proposition but is the price right? Future Mkt cap v profit...hard to see much of the story in a positive light right now.
Question is...how many funds holding that have to sell on account of dividend stop. Hopefully the company has done its research.
Thanks W...appreciated
Can you post a link? I am no good at facebook
Thanks Warner for answering that
Will be interesting to see who it is
Logistics company: Amazon?
Ross...I was on listening in to the interview last night. I think PB is doing a really good job in difficult circumstances. He is a great communicator and really gets it from the shareholder point of view. The headwinds faced are common to all Trinidad oilers: they have to run to stand still. The fiscal regime is set up for companies that are consistently selling oil in the $70-80 range while encountering smaller declines than those faced in reality. If this was the case (non aged fields and decent fiscal regime) then it would allow for healthy capex and some sort of return to shareholders while the govt takes their significant pound(S) of flesh. Instead these companies scrabble around to try and make a return, are constantly fighting declines with stretched resources and have to come to the shareholder with a frequency that is dictated by the current fiscal regime...something shareholders don't think about often enough. This patience drain on shareholders cannot go on forever and PB does a great job of the hope for tomorrow. I think this is a fair summary...given these facts you might expect to see declines as well as capital constraint and ongoing appeal to the market assuming less than stellar results. (However, at least TXP has the chance of spooling up). This is not personal to TXP, it affects ALL Trinidad oiler operating in a poor fiscal regime. Good luck All
Hi JKF...so a dividend of £0.01 X 384,000,000 = £3,840,000...* 1.25 fpr the USD = $4.8mln
SPT paid annualized >$12 mln
There sits the conundrum that explains why TRIN is not at 25p right now: shares in the doldrums while co has an excellent balance sheet, a disciplined business, excellent (albeit quiet) management, excellent prospects, an excellent purchaser (gone are the days of an 8% discount to WTI) & excellent assets.
SPT eats the time value of money out of this business.
1 - It takes away the dividend that should / could (depending on your point of view) be paid to shareholders and it takes away the profits of the business through the essential CAPEX budget (80% of drilling not allowable / and maintenance).
Bruce and team are doing an excellent job on margins and on production but until SPT is overhauled (however much you mitigate the effects of it) there will always be a sense of this company eking it out. The reason for this is that even if they generate a lot more through the momentum of drilling and royalty holidays you still have the psychological line items that show SPT paid and Post tax earnings generated.
After last year's budget it became obvious to me that the incumbent govt could not overhaul SPT having savagely "fixed" Petrotrin. How could you smash the populace while benefiting the private sector: a poor political juxtaposition.
So where does that leave us? Either there will be a surprise partial overhaul of SPT in the next few weeks or there most likely wont be one until after the election. There is always room for a surprise. Personally, after last years budget that claimed liquids were up (LPG byproduct NOT oil) I decided the government of Trinidad were arguably a bit short sighted and I invoked my right to look elsewhere. I have found alternatives where I believe the time value of money is preserved / promoted rather than eaten in a way that winds me up. Next year there is an election and certain members of the opposition have stated their intention to overhaul SPT as a stupid tax but I note they didn't overhaul it themselves while in power...maybe a revisit next year...
For me sitting here and moaning accurately about how the share price hasn't moved, moaning inaccurately about that being the fault of management or do something but not having done anything about it suggests that the ETF market should be beckoning.
G
Nige, as mentioned on the other board. It’s great you have an opinion on Woodford but is it grounded in reality? The Woodford effect on stob lacks any current potency as his holding has to be sub 3.19%.
Here is an out of date one:
Invesco Asset Management Ltd. 93,156,545 26.3%
Woodford Investment Management Ltd. 69,234,003 19.5%
William Andrew Tinkler 20,595,503 5.81%
Alan Jenkinson 19,549,647 5.52%
M&G Investment Management Ltd. 17,590,717 4.96%
Miton Asset Management Ltd. 11,037,749 3.12%
Royal London Asset Management Ltd. 8,862,897 2.50%
The Vanguard Group, Inc. 7,013,000 1.98%
Hargreave Hale Ltd. 6,871,000 1.94%
Legal & General Investment Management Ltd. 6,146,000 1.73%
From STOB website...Help me out...where is woodford on there owning 5%?
8 mln shares = >2% so an RNS has to be forthcoming if it is one beneficial owner?
Thanks
Shareholder Shares %
Invesco Perpetual Asset Management 25.24
Cyrus Capital Partners 8.70
Harwood Capital 5.93
Mr Allan Wilson Jenkinson 5.27
Mr William Andrew Tinkler 5.03
Royal London Asset Management 4.84
M&G Investment Management 4.59
Polygon Investment Management 3.38
Miton Asset Management 3.19
If the former CEO of STOB wants to mount a joint bid for ESL...will he be looking for liquidity wherever he can.........?
https://www.newsandstar.co.uk/news/17885877.bid-carlisle-become-uk-freeport-post-brexit/