Member Info for Infor

Where's the corporate update? They published this on the 20th Jan last year.

This deal does not provide us with any meaningful return. Massive dilution, SP stagnation at best. I can't believe the likes of BlackRock would go for this. It's a total two fingers to shareholders. Cash is king and as we've said before, we don't need to be taking on someone else's dirty washing, it will break the machine.

*ucking idiot:
https://uk.finance.yahoo.com/news/davos-2023-starmer-says-no-140558591.html

*ucking idiot:
https://uk.finance.yahoo.com/news/davos-2023-starmer-says-no-140558591.html

Hoping for an operations update tomorrow as per last year. Give us a clearer picture of the state of things, cash position, hedging etc.

If there were indemnitys in place, that can be confirmed, protecting against these lush tax losses being used, it may sway my vote. I would be amazed if all of this tax loss was factored into the price. It does represent a huge part of this deal.

If as you say Stevo the tax 'shield' is $520m, this makes up a huge part of the deal. If it can not be utilised because, because, because, do we have any claw back from Mercuria I wonder?

HMRC wouldn't have too much trouble arguing their case. If it goes through what protection do we have agains these declared tax losses not being realised?
'Losses available for utilisation against future taxable profits with potential tax offset in the region of £470 million based on current rates of taxation'
'On the basis of the Serica closing price as of 19 December 2022 of 278 pence per share, this would be equivalent to £367 million. Serica will also be taking on Tailwind's net debt, which as at 30 November 2022 was c.£277 million[3]. The agreed valuation was based on each company's producing fields only as well as their respective balance sheets and tax positions.'

Comments please, am I barking up the wrong tree? Posted yesterday:

'Would this deal have gone ahead if the WFT was not in place?
From KPMG:
'The surrender as group relief of losses arising from deductions that are highly likely to arise after a change in ownership is precluded where obtaining relief for such deductions was a main purpose of the change in ownership. ''

Other news, the sun is out, the birds are singing and the Poles are sending their Leopard 2s to Ukraine - Hooray!

Not exactly RNS but never the less:
https://uk.finance.yahoo.com/news/harbour-energy-says-cut-jobs-140050870.html

I hope they have their corporate update as usual on 20th January. This is really important in the whole scheme of things.

I think this answers the question. HMRC wouldn't have too much trouble arguing their case. If it goes through what protection do we have agains these declared tax losses not being realised?
'Losses available for utilisation against future taxable profits with potential tax offset in the region of £470 million based on current rates of taxation'
'On the basis of the Serica closing price as of 19 December 2022 of 278 pence per share, this would be equivalent to £367 million. Serica will also be taking on Tailwind's net debt, which as at 30 November 2022 was c.£277 million[3]. The agreed valuation was based on each company's producing fields only as well as their respective balance sheets and tax positions.'

Would this deal have gone ahead if the WFT was not in place?
From KPMG:
'The surrender as group relief of losses arising from deductions that are highly likely to arise after a change in ownership is precluded where obtaining relief for such deductions was a main purpose of the change in ownership. '

Hope they have covered themselves:
'The purchase agreement should indicate whether the buyer or seller has the right to use the target company’s pre-acquisition tax losses. In particular, the extent to which the seller has the right to use losses by way of group relief needs to be clarified. For group relief purposes, a loss arising in the accounting period in which the acquisition takes place is often apportioned on a time basis between the pre- acquisition element (available to the seller, subject to possible restrictions) and the post-acquisition element (available to the buyer). Where the seller does not or cannot claim group relief for pre-acquisition losses, they are carried forward in the target company. The indemnities and warranties in the sale and purchase agreement normally refer to the arrangements agreed upon between the parties.'

From KPMG:
'The surrender as group relief of losses arising from deductions that are highly likely to arise after a change in ownership is precluded where obtaining relief for such deductions was a main purpose of the change in ownership. '
Wonder what the definition of 'main purpose' is

Gas price has bottomed out - back on the rise again.

Deliberate cross ramping alert. Worth a dabble? never owned so many shares. Looks like a few more investors could move this:
https://twitter.com/i/status/1605184484441210882

Deliberate cross ramping alert. Worth a dabble? never owned so many shares. Looks like a few more investors could move this:
https://twitter.com/i/status/1605184484441210882

Our deal just doesn't feel right. Tailwind have limited reserves and no diversity. Serica: Tailwind Production ratio likely to be 3:2, Tailwind's massive debt and relatively high production costs, yet they get 30% + £58m. It would be interesting if they had a 'fair value' analysis done for Serica. It has to be >£1bn.