Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
JokingU
Are you having a laugh?
“The Board declares a gross Maiden Special Dividend of 0.8 pence per Ordinary Share (total payment £902,927) “
The dividend was announced 5 days after the £1M loan repayment from Egdon.
So over the last seven and a half months £100k of the £500k increase in cash came from the loan/dividend transactions.
The investment case is naff and is hanging by a Wressle thread.
Jack
So on the 27th March the RNS stated:
“is pleased to announce that material landmark net revenues, well in excess of US$14,000,000 have been achieved from the Wressle hydrocarbon development”
Notice the phase used “well in excess of US$14M”, which previous milestone Revenue RNS did not use.
44 days since 27th Mar, all the pumpers are wishing for US$15M.
Hmmmm
Go figure
Jack
Nasty Heidy
Ho hmmmm….let the dance begin
Jack
Just be,
We have it much lower than that.
Even the announcement of Water Cut at Wressle should take it down 50%.
Won’t be greedy
Jack
Unfortunately the company has wasted a fortune fighting off your mates twice!!
Yep.
Also:
1. An abortive takeover on Deltic, which had zero strategic thought and failed.
2. £5M investment into Parta, which appears to be going nowhere.
3. Sold Cali assets to a complete basket case, with no forward momentum and no cash.
4. Instigated a £750k buy back of shares, with no value to existing Shareholders.
5. Authorised a 390M zero cost share option scheme to the 2 CEOs plus FD, at current SP. Trashed LTHs investing at much higher value.
6. Gave away Victory Asset and wallowed in there some sort of success case.
I could go on, but wasted a fortune, you are having a laugh.
Jack
Itsawrap,
You do realise that RBD is a 59% shareholder of Rathlin, so our 56% economic interest in WN will be heading south due to Rathlin lack of funding.
View Rathlin as a self inflicted wound.
The problem is RBD has to fund its direct interest, take a hit on its shareholding in Rathlin and according to latest RNS stump up further funding.
You now see the dilemma
Jack
Hasiba
The reasons for the lack of excitement are:
1. The shares are being bought back and then given to employees. No benefit to existing Shareholders.
2. The 390M nil cost options will vest to 3 people over the next 3 to 5 years. To vest in full requires a 6 fold increase. As at today 0.2p x 6 = 1.2p.
That’s a 3% return for LTHs who came in at .9 five years ago. I get more in a deposit account.
Whereas the 3 would bag £4.68M.
They have been totally responsible for the deterioration in the SP to-date, and want to reward themselves from ground zero.
They should be absolutely disgusted with themselves and I class this type of activity as a reward for complete failure.
Obviously if you get in now there is the potential to six bad, but on past lack of performance don’t hold your breathe.
Jack
Says it all really.
390M share awards, when the SP has been decimated.
No coherent strategy
Zero physical movement on WN over the last 17 months.
No comms on Parta or California.
Failed takeover of Deltic, complete waste of shareholder funds as not thought through.
Disenfranchise previous Strategic investors.
Pumped Victory valuation to the hills and took peanuts on exit.
All assets stranded , with initial strategy turned 360 by betting the farm on WN.
I could go on……once you have done some research.
Jack
Minion,
No wonder your stupid posts get removed.
Clueless
Jack
Not.
So the £750k buy back is part of the proposed £4M return to shareholders, once Shell cough up the final tranche of Victory funds (Dec 23 or some undefined time after if approvals are not given on Victory by Dec 23).
Ordinarily, share buy backs are held in Treasury and have no voting rights, hence the total number of shares is effectively reduced (see UJO announcements)
In contrast our leadership will Divi these up to employees (Circa the two CEOs)
“ The Ordinary Shares repurchased will be held in Treasury, to meet the obligations from employee share option programmes or other allocations of shares to employees of the Company, or to re-issue such Ordinary Shares held in Treasury outside of a pre-emptive offer.”
So the buy back programme has no benefit to current Shareholders as the total in issue remains exactly the same but reduced the potential divi payout to £3.25M.
RBD strategy is to invest funds in unrisked assets, stranded by a lack of funds, to secure early monetisation for Shareholders. We now have the laughable situation that RBD themselves cannot take assets forward due to lack of funds.
Whilst RBD have stated that they can fund their direct interest of 16.7% for a 50 Mscf/d gas installation, they fail to note that their 59% Shareholding in Rathlin would be reduced prorata if Rathlin introduced another Industry partner who would want a wedge for their involvement.
You could not make this up.
Jack
Consolidation of shares and fractionals.
The Maximum any shareholder can effective lose on this consolidation is 19 shares (32pence).
The common disadvantage to consolidations is that bad performing companies are able to increase the SP with a further deterioration in SP, due to them being basket cases.
The upside to consolidating is:
1. Pushes the SP out of penny stock status
2. Attracts new investors who maybe are currently barred from investing in pennies.
3. Potentially reduces the size of very small investors, making administration easier to handle.
4. Aids liquidity and potential capital raises.
5. Allows well funded companies, with proven and potential assets of value the opportunity to drive the business forward. In these cases, market underperformance of SP could be unlocked like a coiled spring.
Take your pick
Jack
Then the Shareholders should have voted for change.
https://reabold.com/about/strategy/
RBD strategy has gone 360 if we are waiting for funds from Shell ?
Rathlin took the 183 license back in 2008, so 15 years later and we are still no where near monetising the largest UK onshore discovery since the 1970s.
If the asset is that good, they would have got a scoot on.
Absolutely no confidence in this whatsoever. The strategy is a busted flush.
Jack
“Heid your knowledge of these matters in on a par with Oil @ $150 a barrel and share price of £1 by Xmas 2023, and we all know how clueless you were about that also!”
Hilarious !
and the £30k buy, we are falling about. You could not make this up
Plug and play, while we take this to sub 15.
Jack
We did say back in Feb 23, when the SP was 3.58, that QQ had an advantage of right sector across UK, US and AUS.
“QQ in the right sector to continue Q3 performance, now integrated with Avantus US and Air Affairs Australia. Growth in all 3 main markets will start to produce a good Shareholder return.”
I thought this statement was obvious but clearly caught a few napping
Much more to come, as we head towards 25th May and beyond.
Jack
UK's armed forces are no longer regarded as a top-level fighting force due to lack of investment, lack of manpower, old kit in stock and not enough emphasis on training.
Defence sources revealed a US general said this decline in war-fighting capability needed to be reversed faster than planned in the wake of Russia's war in Ukraine.
Finally the UK is waking up to the external threats we face. No easy fixes, so this will be a 5/10 year + urgent need of recapitalisation of Manpower, Equipment and Training facilities. PM and Hunt should act in the next Budget.
QQ in the right sector to continue Q3 performance, now integrated with Avantus US and Air Affairs Australia. Growth in all 3 main markets will start to produce a good Shareholder return.
Divi paid on 03 Feb, whilst we wait for capital appreciation.
Jack
Well balanced article.
Re reading the RNS, this line stood out for me.
"The JV has endorsed the Operator's recommendation to undertake a full well test to evaluate the commerciality of the Pensacola prospect and update the geological model."
evaluate commerciality AND update the geological model
Without wishing to ramp, the formation of these words point to UPSIDE.
Well done all LTH, thus far
Jack
Stonehousr
Here is the rest of your “imminent” story
Nice rise yesterday. Let’s hope for imminent continuation
Jack
A key exploration well from Shell (LON: SHEL) and Deltic (LON: DELT), which could open up a dozen other licences in the Southern North Sea, is “imminent”.
Westwood Global Energy Group notes that the Noble Resilient jack-up rig has been on location at the well, Pensacola, since November 14.
Spudding should now follow and, if successful, the Shell and Deltic exploration target “could represent one of the largest gas discoveries in the UK offshore SNS in the last decade,” according to Westwood.
Senior manager for north-west Europe, Peter Henry, said success here would also provide impetus for 15 other licences targeting the same “under-explored” Zechstein geological play.
“These licences all lie to the north of the traditional Permian gas fairway of the SNS and have yet to demonstrate a commercial gas discovery. A gas discovery at Pensacola has the potential to de-risk several critical aspects of the play including long range gas migration from Carboniferous source rocks and reservoir quality and presence for other reef targets.”
Deltic has previously quotes mid-case resource estimates of 309 billion cubic feet of gas, or 1.1 billion in a high-case.
The firm has quoted with a 55% chance of success, while operator Shell has quotes 30%.
In the mid or high-case, a new pipeline to the Teesside Gas Plant in envisaged.
If Pensacola is in the lower-end of estimates – around 39 bcf – then it would likely be developed as a tie-back to the Ineos Breagh platform.
Very poor turnout, with only 62.5% of total voting rights.
47% wanted no change. Probably the four largest shareholders plus directors accounted for 29.21%, leaving 17.79%. Even less if S&S got to other large holders?
15.5% voted for change.
City slickers stick together, even though the reasons for change were outrageous.
Jack
Heid
Why are you trolling here.
I suggest you start to look at the Wressle flood risk, as I understand the 2016 flood reports were largely ignored and climate change has moved on since.
I’ll pop over to UJO when I get a minute to discuss further
Jack
Over done, as expected.
Looking at QQ Revenue to March 22 - UK £881.7M, US 104.7M and Other £334M = Total £1,320.4M
UK as a percentage of total = 67%.
Annual Revenues for Avantus were stated at $298M or c£253M for full year prior to acquisition, coming on Q3. Excellent expansion into a different territory
UK £881.7M, US 104.7M + £253M and Other £334M = Total £1,573.4M
Therefore, if nothing else changes, UK generated Revenues would drop to 56% of Total.
In addition, Avantus was acquired in the US where there is c$800Bn Military Budget spend and the added advantage of $ conversion.
Whilst UK Defence spending might not get to 3% of GDP by the end of the decade, any future defence cuts might not even be QQ specific?
Obviously find out on Thursday, whether the Market was right to knock off 6% on Friday, with a 3% swing back today.
Jack