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Trading update on 29th Nov
https://www.harbourenergy.com/investors/financial-calendar/
https://www.lse.co.uk/news/HBR/uk-oil-and-gas-licensing-round-attracts-115-bids-ck7n0c9m8ab016h.html
Doesn’t look like the government will ever water down the the WFT with so many companies still willing to invest in the NS fields
Not according to this
https://twitter.com/willhares/status/1586687090145755136?s=46&t=1bbvMmNDiCeDmxzbzFMTBw
Apologies Plebleens. Just realised the press release I saw last week was only indicative changes, and the actual changes will be based on today’s market cap. Looks like HBR will definitely get kicked out. Maybe that’s why the price hasn’t moved up. Then again the sp didn’t move up when it joined FTSE 100 either .
Probably a delay in getting the changes updated as this is not a regular scheduled index rebalancing event. Makes more sense that HBR was added today that’s why yesterday’s after closing UT trade volume was huge with index funds buying to reflect the changes. The trade volume doesn’t seem very high today.
Not sure what your problem is. I’m trying to let people know a piece of news that no one mentioned which might explain the recent price drop. if you have nothing better to say it’s best to keep quiet rather than filling the board with non stop pointless comments
looks like Harbour didn’t. make it to the FTSE 250 index this quarter announced on 28th May. Maybe that’s why the share price has been dropping if people that bought in earlier expecting HBR to be added decided to reduce their holdings after the announcement. Also since index funds are not forced to buy, the daily volume is low.
Further to Premier's announcement of 6 October 2020, the Company is pleased to announce that it has received the requisite level of support from each class of its creditors for the proposed merger of Premier and Chrysaor Holdings Limited and the reorganisation of Premier's existing finance arrangements with those creditors entering into a binding support letter.
Under the support letter the creditors have, among other things, irrevocably undertaken to vote in favour of the Court-approved restructuring plans, and have agreed to waive Premier's financial covenants until completion of the Transaction. As such, the merger agreement between Premier, Harbour, funds managed by EIG and Chrysaor has been released from escrow.
Premier will launch the restructuring plan processes through the issuance of a practice statement letter, immediately after the Prospectus for the Transaction is published, which is currently anticipated by the end of 2020. The Transaction is expected to complete by the end of Q1 2021.
Terms defined in the announcement of 6 October shall have the same meaning in this announcement.
The article says PMO is asking a reduction in cash price. The renegotiated terms already requires PMO to pay BP additional fees when oil price is above 50 something so maybe they are just asking BP to reduce the cash upfront and move that amount to future payment when oil price is higher.
SK, shorting is much more risky. If you long a share the most you can lose is 100% if the company goes under but if you short a stock there is no limit on how much you can lose. If price goes up more than 100% you will lose more than 100%.
Kenni, MSCI has been an independent company for a long time so Morgan Stanley has nothing to do with the index rebalancing. The index rebalancing is to reflect the stock market based on the market cap of each company and few other rules and a review is done normally quarterly or semi annually. It is just like S&P or FTSE which are other companies with their own indices, and financial institutions use these indices as benchmarks for their funds. PMO got removed from the index because it's market cap shrunk so much compared to other companies.The deletion and addition of companies to the index would have been announced couple of weeks ago before the actual event itself. Hedge funds and active funds do use the rebalancing event to make money by either guessing who is going to be added or removed before the announcement, or by catching the share price movement after the announcement since passive index tracking funds have to buy or sell shares to mirror the index as closely as possible and they don't care what the share price is, and that would push up or down the share prices depending on if there is enough buyer or sellers in the market to cross trade.
KenniGT, the index tracking funds have to sell the shares today at any price as PMO is not going to be part of the index. If there is not enough buyers in the market the share price would drop disproportionately to the market cap.
ColonelD. Sorry it's the semi annual review today not quarterly. Topped up some more myself at closing auction. Hopefully will rebound a bit on Monday if Trump doesn't say anything later today causing oil price to drop.
It's the MSCI small cap quarterly rebalancing day today and PMO is getting kicked out of the index. Probably the reason why the share dropped as passive funds are forced to sell the shares.