Member Info for hxulcolrdoh

Provident Financial plc is now Vanquis Banking Group plc.

https://www.lse.co.uk/rns/PFG/company-name-change-5bxz41nfb38wlou.html

I was expecting more confetti and balloons.

Hopefully at some point over the course of the next month they will put some effort into setting out their stall.

So bubble as fandg2 points out - no decision has been made or will be made until the FSP is concluded. This does not help with your YE planning but does prompt a question to any accountants out there ...

If company 'X' could use the tax credits and made an acceptable offer - would an offer before the financial YE make a) be an advantage b) be a disadvantage or c) make no difference ?

Just musing.

At the half way stage SEPL had a profit of $209.9m and daily production of 49,924 boepd.

By year end these figure had dropped tp $204.4 and 44,104 boepd.

As I conjectured in Oct (link below) SEPL only stood still in H2 and might not even have done that.

I'd REALLY like to load up on SEPL but at this point I don't have a good answer to the question "What happens when a good company meets a totally dis functional jurisdiction?"

https://www.lse.co.uk/ShareChat.asp?ShareTicker=SEPL&share=Seplat-Energy&thread=A060B37E-3199-4624-951A-6BE8E539FD05

One risk I would point out - opportunity cost.

Whether SLE eventually sorts itself out or not one thing we can say is that it has been totally mired in negotiations and uncertainty for over 7yrs. In that time it has gone absolutely nowhere. This could continue for some time yet (and probably will)

Page 5

https://awavesemi.com/wp-content/uploads/2022/11/alphawave-ip-prospectus_13-may-2021_canada-final.pdf

Seriously eatstocks I really don''t know why you spent any time on it.

It takes 2 secs to monitor the status of dilution. Pull up the company RNS announcements and check for 'Total Voting Rights'

Credit to BMN for not pulling the 'dilution' lever for share price destruction (yet).

Unfortunately they have however pulled just about every other which is why the share price/cap is where it is at.

Like unhooked I acknowledge your points ShearClass.

The IPO @ 410p does seem to have been a bit of a swiz that was priced with the dual aims of a) not diluting the principals but b) raising a pile of cash.

I deduce from Sudardja's IPO divestment that he thought it was over valued. I'd agree. Too much too soon.

Conversely I deduce from Sudardja's recent acquisition's that he thinks the pendulum has swung too far in the other direction in the other direction. I'm thinking about it. Given that it is less than 1/4 of the IPO price it is at least a 4 times better opportunity than the IPO offering. Moreover the company seems to be substantially stronger it terms of what it has to offer than it was at the IPO so I feel the 4 should be factored up again.

Probably the question is how long is it going to take for investors to forget that AWE **** in the nest at the IPO

divestment that he thought it was over valued

Basically the chap has bought in the order of 15m shares in recent months at something like an average price of £1.20.

He can afford it. Still it is quite a lot of 'conviction'. Given his industry background I'm inclined to take notice.

I'm waiting for a fat lady to sing over at HUR and hoping to move the proceeds into AWE.

Thanks for the reply Bidds.

So I currently interpret this as

Having uncancelled the previously cancelled 3 year contract extension to an initial 3 year FPSO contract - a real liability of $54.5 was re added to the balance sheet balanced by an imaginary ‘right to use’ asset of $54.5 In theory over time they cancel each other out.

Aside : rather than arranging an initial 3year contract with the option of a second 3 year contract I think management should have arranged an initial minimum 3 year contract thereafter terminated by a rolling 12 month notice period. Things would now be simpler.

Should use of the FPSO cease before the end of the contract extension then a real liability would remain and the value of the ‘right to use’ asset would be tested (and probably turn out to be bogus, potentially impacting cash)

Meanwhile going forward there is probably an outstanding lease liability of < $40m decreasing at the rate of roughly $1.5m per month while cash is rolling in at about the rate of $10m+ per month.

Dickbat I can see from your posts that manners and tact are not something that YOU have much truck with. So you can ignore the question.

To the other intelligent board members of which I note there are many ...

I can see that the cash position of HUR is very attractive and gets better as the days go by. My question is basically are there any gotcha's buried in the balance sheet ?

All constructive view welcome.

Thanks in advance!

Forgetting about cash - what does the rest of the HUR balance sheet looks like ?

In particular I'm confused by section 5.2 below where lease liabilities seem to have gone up following the decision "not to charter of the Aoka Mizu FPSO for a period of three years from June 2022"

https://www.lse.co.uk/rns/HUR/half-year-results-t5xxi11x0881vdh.html

The ship has a carrying capacity of 103,158 t DWT / 750,000 odd barrels of oil.

flyingpie : re - "I'm going into hibernation until end of March."

Which March ?

Marvell Tech are probably the closest competitor to AWE.

Sutardja was a founder of Marvell before he got booted out.

I'm thinking his interest in AWE is either a) hedging his bets if he still has an interest in Marvell or b) he is hoping to hold two fingers up to Marvell having filled his boots with AWE shares if he no longer holds an interest

The FSP was launched 3 months+ / 14 week+ ago ?

The current state of affairs is that everything is log jammed pending an outcome to the FSP

FFS can we stop this incessant nonsense about dividends/paybacks/corporate actions.

Nothing is going to happen unless it is stated in an RNS.

Any broker communication to the contrary can be ignored. The last offical announcement was below.

"The registering of the court order with the Registrar of Companies will complete the Reduction of Capital process, which ALLOWS the Company to make capital returns to shareholders. THE COMPLETION OF THE PROCESS DOES NOT ITSELF AUTOMATICALLY TRIGGER A CAPITAL RETURN and, as previously announced, the NEXT STEPS IN TERMS OF TIMING
AND EXACT QUANTUM OF A RETURN OF CAPITAL TO SHAREHOLDERS WILL BE DECIDED IN CONJUNCTION WITH THE ONGOING FORMAL SALES PROCESS and we look forward to updating shareholders in due course."

https://www.lse.co.uk/rns/HUR/update-re-reduction-of-capital-n5m7ruhpghvoqda.html

Don't hold your breath seems to be the message of the reply.

For now management seem to have a firm grip of the ring through the bulls nose.

In my own case I have enough PFG for now. Although I suspect it is under valued the only thing I know for sure is that communications and investor relations are very poor – so it is hard to be sure.

An incoming regime can’t do any worse in this area. So I’m glad to see the change. However if the outgoing regime has been misunderstood it is the last chance to clarify the record.

March 31st is MLM’s big opportunity to have his achievements noted for the record books and to set out the stall for PFG 2.0.

Should be interesting.