The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Interims were really only business as usual so not surprised market hasn’t piled in. If they didn’t like it last week there’s not much to change their minds this week. Though for holders who like the model there are lots of marginal gains to be seen.
More interestingly, Rusty says:
“ We believe that significant opportunities through outright sales, advantageous joint ventures, or other partnership constructs will provide a catalyst to unlock our net asset value upside and drive organic, no-cost production growth”
So he looks like he’s got something up his sleeve for SP.
Not sure we can win on the results.
If gas spot price was high when accounts were finalised we get better future hedges but the difference looks like a loss in accounts.
If gas spot price was low we make more profit but get worse future hedges!
Perhaps delay in results was due to BoD waiting for a daily drop in spot price to minimise “apparent hedging losses” in accounts.
You wouldn’t want to finalise accounts and do hedging on the same day. Tricky!!!
Jz - depends on your definition of a partnership. Neither shell nor BA ever chipped any money in but said they might be interested once the saf was a realistic proposition.
Other posters have said for years that VLS have t the commercial / financial skills to get a large facility up and running - seems they were right.
Additionally think the BoD would be against a hostile takeover - they’ve all got a lot of shares and presumably think share price undervalues company at present. Think Rusty also wants to prove his strategy is highly profitable.
An agreed merger might be more attractive to them (under the right conditions) but carrying on til the markets recognise cash generation seems best course of action to me.
There isn’t a “relationship” between BA (or IAG) and VLS.
They merely signed a non-binding offtake agreement years ago in the hope VLS would produce significant quantities of SAF.
They now realise this isn’t going to happen so have switched to more credible suppliers.
Not only party political but also a load of rubbish!
They infer the Conservatives brought in the windfall tax and no other Government would have. Every Labour interview I have seen implies that if they had been in power the windfall taxes would have been more widespread and more extensive.
Of course the Conservatives brought in windfall taxes - they were the only party in power.
If that's the level of your contribution KoK then please stop.
See RNS dated 18 May.
A 14 bank syndicate have agreed terms for a $375 borrowing base. And that was after due diligence of the suns -so they’re happy FCF can repay that ok.
Hopefully they’ve learned their lesson on raises now!
DEC are always going to be chasing value accretive acquisitions - that’s the business model.
Andii, Thanks for replies.
My view (as you asked) has been constant for last 18 months. Happy with the tech and confident there’s a huge market out there BUT do EQT have commercial, project management and financial competence to bring all the disciplines together whilst managing cashflow.
Idex deal was a great initial step but it’ll take a timely, profitable Italy MDC refinance to make me add more.
But happier today than I was a month ago.
Disagree with the assumption that they were unable to diversify - they haven’t but is that because there were really no opportunities or that they were slow, looking in the wrong place, too timid to take them? I’d say there have been opportunities but Genel haven’t been quick / smart / agile enough to take them.
I’m actually more confident after the investor meet presentation - as it seems are rest of the market as early 5% drop has been recovered on no new news, purely sentiment.
Not sure I agree.
Whilst pipeline and Iraq / KRG issues are outwith Genel’s control, making acquisitions is not. It’s been their priority for 12 months and they haven’t completed anything.
They re also throwing money at BB arbitration despite not knowing who can or will pay even if Genel win.
Receivables and Overdues mounting with little idea how they will ever be paid - it was tricky when only KRG were involved.
Sorry Andii but if you’re going to post you’re going to get questions.
Were the Longspur estimates for 2021 / 2022 made in 2019 / 2020 anywhere near actuals?
Some track record of accurate predictions would go a long way to adding credence to the research notes.
Or does the Covid / Ukraine impact just invalidate everything and out first chance to judge will be comparing 2023 estimates with actuals?