Member Info for Malvolio

0.1594. This is getting beyond a joke.

Thanks, Singhie

Singhie: Have you factored the windfall tax/Energy Profit Levy into your calculations? GL has said little or no tax will be payable in Year 1 of the levy but what about thereafter?

That volume figure is 33% up on the previous day and the highest figure recorded this month - most of the other days have been in the mid 0.15~ area

Thanks for the tip. Had a quick look - agree with your verdict. Odd that you have to hunt around to find the current market value of individual holdings. I found the easiest way to do this is to go straight to the PDF version of the portfolio detail page.

Gets a mention in this Bloomberg piece: https://www.bloomberg.com/news/articles/2022-09-07/foreign-buyers-hoover-up-britain-s-fast-growing-tech-companies?utm_medium=social&cmpid%3D=socialflow-twitter-deals&utm_source=twitter&utm_campaign=socialflow-organic&utm_content=deals

Chicago private equity outfit . This from its website: GTCR has a strong history of private equity investment in technology, media and telecom companies within the TMT sector. GTCR has capitalized on the strong growth in information services and technology by investing in a variety of dynamic growth industries that use software, services, media, proprietary information and networks to help companies more efficiently communicate and conduct business with each other.

GTCR’s team of highly resourceful investment professionals continues to actively seek opportunities in software, services, data and information services, technology-based outsourcing and network-based services. We proactively recruit world-class management leaders and entrepreneurs to partner with in these industries.

Since 1997, GTCR has invested in nearly 30 companies in the technology, media and telecommunications sector. Continued advancements and innovations in technology, software, data and networks are creating exciting new TMT private equity investment opportunities for the firm.

Cheers, D666 - already signed on.

It's a post about the loan agreement under the heading "loan agreement" - don't know how you find that sinister. And the point isn't how long or short it will take to pay off the loan - it's about the amount of interest that will be clocked up until then.

That loan is probably getting near 60 million USD now. Announced in Nov 2020 @ Libor plus 8%. USD Libor now anything between 1.57 (overnight) to 3.57 (12month)

Cheers, lebuge-addick - dunno how I missed that.

I vaguely remember, but cannot track down, an RNS from ages ago which implied - but did not say outright - that both sides call in the arbiter, the arbiter independently comes up with a figure (perhaps without even knowing the two rival figures) and then discloses his figure. And whichever of the two figures comes nearest to that is the winner. Ring a bell with anyone?

How the new Investment Allowance will work?
• The government has also been clear that it wants to see the oil and gas sector reinvest their profits to support the economy, jobs and the UK’s energy security.
• To encourage this, a ‘super-deduction’ style investment allowance will be introduced within the levy to provide an immediate incentive for the oil and gas sector to invest in UK extraction.
• The new investment allowance rate is 80% and means the total tax relief on investment nearly doubles - for every £1 businesses invest they will overall get a 91p tax saving.
• The current 10% Supplementary Charge provides companies with an investment allowance that can only be claimed once income is received from the field subject to the investment (which can take several years).
• In contrast, the new 80% Investment Allowance for the Energy Profits Levy will be available to companies at the point of investment, making it both more immediate and more generous.
• The government expects the combination of the levy and this investment allowance to lead to an overall increase in investment, and the OBR will take account of this policy in their next forecast.

(Hat-tip to another board):
How will the Energy Profits Levy work?
Currently, the oil and gas sector pay a 40% headline rate tax on profits consisting of 30% Ring Fence Corporation Tax and 10% Supplementary Charge.
In recent years, under the existing regime, fewer than 35 groups have made tax payments each year. In 2021, the top 7 groups accounted for around 95% of payments.
The Energy Profits Levy is an additional 25% tax on UK oil and gas profits on top of the existing 40% headline rate of tax, taking the combined rate of tax on profits to 65%.
To appropriately tax the extraordinary profits, companies will not be able to offset previous losses or decommissioning expenditure against profits subject to the levy.
It is expected to raise around £5 billion in its first 12 months.
The tax will take effect from today, 26 May 2022, and will be legislated for via a standalone Bill to be introduced shortly.
In future years, if oil and gas prices return to historically more normal levels, the Government will phase out the Energy Profits Levy, and also the legislation will include a sunset clause, effective at the end of December 2025.

From Directors' Talk Interviews

https://www.***************************/kistos-plc-14.0-potential-upside-indicated-by-berenberg-bank/4121061112

Q. What is the likely timescale (1) for the 5% negotiations and (2) for the arbitration process if negotiations reach stalemate?

The quote is: "... should the 5% option be resolved beforehand..." And if it isn't?

Mildly surprised by SD suggesting the 5% issue may not be sorted before the DFS comes out. I had assumed a faster timescale- and it may put a question mark over the assumptions in the DFS.

Dip666: Is there not a different possible scenario for S3?
: Each side submits its final figure to the other side.
:: If the two figures are more than 10% apart it goes to arbitration.
:: Without knowing the two figures, the arbiter then produces his own independent valuation.
:: Whichever of the two bids comes closest to this figure is deemed the winner.