Member Info for Lunchalot

I’m really hoping Blackrock are out of this stock as they are often behind unexpected market moves.

Wokinpark, I’m not entirely sure as MS and Blackrock seem to be swapping holdings and both registered offices are Wilmington USA. Difficult to decipher exactly what Blackrock were doing but guess something to do with their capital gains tax position at the end of financial year , and the tender offer.

Wokinpark, MS & JPM are acting alternatively as principle, for the company buyback. As principle is key because they are buying stock and taking it onto their own book thus not having to pay stamp duty because they are registered market makers. They then sell the stock at the average price paid plus commissions to the company for cancellation. Probably acting for one week each on an alternative basis and book out the trade at the end of each week, therefore they accrue a holding , which they have to disclose before selling to the company and holding drops to zero.

CNE is currently in the FTSE 250 index. Will the shares be demoted to the Small Cap index at the next review?

Barney, See Vodafone SP since they started buybacks. Lots of examples where sp not supported.

Todays move looks classically like shaking the tree to get the last of the flakey holders out.
Barclays timing of their buy recommendation was at best useless and at worst criminal.

Remember a buy back cannot be used to affect the SP and certainly not support the SP It is a passive tool. If MS are using a 200p limit , their trading logarithm will only participate in a small % of the daily turnover going through the LSE and other exchanges, normally 5% of daily turnover. Institutional investors can approach the company , via MS, with larger blocks of shares however. If the SP moves sharply lower then the buyback can increase its % , say to 10%, of total daily turnover.

Buy

I haven’t seen e note bu would assume Barclays have a more realistic valuation of Egypt gas assets.

Short Interest Tracker puts the total short position at 1.35%

LuckyCounts, may I ask where you are getting your short position data?

No official RNS announcement and figs would normally be presented at 07:00.
Are you sure of these results?

Hurricane SP fell from 65p to 0.5p after the board over stated the reserves of oil and the flow from the well head , which has a huge amount of water ingresses. The board then recommended deleting the equity so the bond holders could get a payout.
A court case found against the board and they have all been sacked. Chrystal Amber is the white knight and the equity now stands at 10p. The point is BOD tried to steal the business off the shareholders at a greatly reduced price against the asset.

The US should not engage with the corrupt Venezuelan dictator with a
Knee jerk reaction to replace Russian oil. Instead they should engage in the Falklands oil & gas, under stable UK jurisdiction.

The $200m proposed share buy back is a folly. This whole tender offer and buy back is designed to help the institutions and not the smaller investors.
After the BOD have used our cash to buy out the institutions I wouldn’t be surprised if they take the remainder of the company private and that will be a nice earner for their pensions.
We need to vote down the tender offer and buyback and could do with a white knight to achieve that purpose. See Hurricane Energy debacle and how under hand a BOD can behave.

The tender offer and buy back should be voted against and either return the cash to shareholders via a special divi unless the BOD can find some decent assets to purchase, which I doubt very much

Institutions will offer more shares than they hold assuming that they will be scaled back during the tender process. What will be the SP after the tender offer? If you haven’t sold any shares in the tender then your current holding will take the hit down to the ex tender price.

Because abrdn cannot guarantee they will be out in the tender, especially as it will probably oversubscribed.
Once the tender is over where is the next institutional buyer ?

There is a big seller in town, circa 25m shares, who wants out. Market is finding a level where buyers are happy to take out the seller. Hold on and wait for the RNS Holding in Company

I agree.
City didn’t like the $131m loss and have zero confidence in the management going forward.
I have held this stock since 2017 when the management where seen as top draw.