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SC

You said

“What happened is a non event as the court decision will be annulled and the claim will be heard in Switzerland instead”

I thought the ICC2 case was in Switzerland

So where was the case heard?

Happy Investor

There were very good reasons why Rockhopper lost the case

Read the judgement and you will understand why Rockhopper lost

There are no good reasons why Zenith should not win the full $500 million

The ICSID claim has a value near £1

Zenith are very likely to win ICSID

Tunisia has already offered a large settlement of almost $200 million

That is 30p per share

SC

Thanks for your comments

Surely the main issue here is why has a judge completely dismissed the ICC2 case?

Where did this ICC2 actually take place? Was it in Switzerland?

Do we know the name of the judge?

Was it several judges or a single judge?

Was it a unanimous decision?

Switzerland is considered to be a place with a good judicial system, and well qualified judges, and fairly low corruption

So how can a case that was considered to be an open and shut case be dismissed so completely by the judge or judges?

And how can the highly qualified Zenith legal team find multiple irregularities in the conduct of the judge or judges?

How is this possible in a jurisdiction like Switzerland?

We are not talking about a court in some third world country where corruption is expected everywhere

Are we to assume that the judge or judges were compromised or bribed or blackmailed or threatened in some way?

And assuming that the ICSID case for over $500 million is expected to proceed as normal and that a win is highly likely, is it not reasonable to assume that the shares should only fall by about 20% from here?

Will the ICSID case for $500 million be decided in the US?

And will it be a decision by several judges or by a single judge?

Hopefully the US court will see things very differently

The case for $130 million was dismissed but the far bigger and far more important case for over $500 million still proceeds as normal

So perhaps a fall from about 15p to 12p tomorrow?

Difficult to understand any of this

Any comments from you SC ?

I thought this ICC2 was a certain win for Zen?

Where was the decision made? Is it Switzerland?

Perhaps a few whispers in the ear of the judge from the Tunisia government were made?

They are probably more likely to take the side of the government of a large country over a very small oil company

Weak Results

And with zero guidance

And with a big increase in wage and NI costs ahead

And with consumers struggling

B&M shares will probably just keep drifting lower until the next results in November

Panmure Liberum said the first quarter showing for B&M was ‘somewhat disappointing and does little to ease fundamental concerns around the health of the FMCG grocery channel.’

The broker warned ‘fears of a potential margin reset may persist, keeping earnings volatility elevated’ and suggested like-for-like sales would ‘struggle to maintain momentum for the remainder of the year.’

Jefferies described the results as ‘a soft outturn from B&M, particularly given the weak comps, Easter boost, and favourable weather - even if we had broadly inferred this following the full-year results in early June. We remain poised to see the CEO’s diagnosis and treatment of B&M’s weak like-for-like trend.’

Fairly weak update with no guidance

Would not be surprised to see quite a large fall here

UBS were appointed as Corporate Broker in January

Why have they not published any Price Target or any research yet ?

It was not so long ago that Peel Hunt had a Price Target of £9.30

That is about 8x the recent price

Where has that very high valuation gone now ?

If Puretech had their main listing in the US the share price would probably be at least $4 or £3

When will the market see the huge value here ?

Can anyone explain why there are 3 separate cases instead of just one single case?

Could things not have been settled much quicker for ZEN shareholders with just a single case?

If there was just a single case there would not have been these long waiting periods between the 3 cases

They won the first case but it was only for 1% of the claim and so what was the point when 99% of the claim was not included?

It would have been much better to win 100% in the first case and then perhaps the share price would now be £1

Playtech looks quite overpriced according to Market Screener with a forecast of 13p eps for 2026 and so a forecast PE of about 24

There was also a loss of 7p per share for 2024 and a loss of 40p per share for 2024 from continuing operations

The other industry players such as Entain seem to be significantly cheaper on a forecast PE of about 8

There are probably several reasons for the share price drop

The share price has almost doubled in the last year and so there will obviously be quite a lot of profit taking

Investors may also see Playtech as overvalued now in comparison to other companies in the same industry

Playtech has also been severely criticised by many investors recently for extremely poor Corporate Governance and so this will always be a huge red flag for many investors

The Playtech directors have already taken over £100 million from shareholders in their last executive bonus scheme and so what is to stop them from taking another £200 million or £300 million from shareholders whenever they want?

Well there does not seem to be any reason to exclude the 250 million Letter One shares from any Market Cap calculation

So that must mean that the current Market Cap calculation of about £2.4 billion on LSE is not correct

The correct Market Cap for HBR is about £2.9 billion

Both LSE and HL have a current Market Cap for HBR of £2.43 billion

1.44 billion voting shares x current market price

But both Market Screener and Investing com have a current Market Cap for HBR of almost £2.9 billion

They are obviously including the 250 million non voting shares for Letter One

So what is the correct Market Cap ?

Bots

Why would those 2 reasons be of any concern to Exxon or Chevron?

They could easily make a bid for HBR at £3 now and it would probably be acceptable to BASF and other shareholders

If they wait until the HBR debt is cleared and the BASF shares are sold then the HBR share price may be over £3 and they will have then have to offer about £5 for a successful bid

Better for one of the big US oil companies to make a £3 bid for HBR now while the shares are so hugely undervalued

The big US oil companies all seem to be valued at much higher ratios than HBR on almost every valuation metric for an oil company such as Price/Earnings or Price/BOED or Price/Proven Reserves

The valuation difference is so huge that HBR could be valued at £5 a share and it would still seem to be fairly priced when compared to the big US oil companies

So why are none of these big US oil companies bidding for HBR ?

What is the correct Market Cap for HBR ?

There are 1.44 billion voting shares

And there are 250 million non voting shares for Letter One

So should the share price be multiplied by 1.44 billion shares or by 1.69 billion shares?

Thanks

So if these Deferred shares are traded on the stock market how can a person buy them? I have searched for them on my broker account but I did not see anything

Do they have a symbol that I can search for? What price are they currently trading?

And if they have no dividend what is the investment case to buy these deferred shares? It is difficult to see what value they would have to an ordinary investor

And 925 million x 12.5p shares still seems like a very big bonus for the directors of a FTSE 250 company. That is £115 million worth of free shares.

Did most of these free shares worth £115 million go to Linda Cook ?

HBR shareholders seem to be getting fleeced by everyone

Thanks

So I assume when these deferred shares have vested, and the directors want to sell them, the company will pay £115 million to the directors?

It seems like a very large amount of money for a FTSE 250 company to be giving to a few directors

I do not see any mention in the annual report about what directors were given these 925 million shares

Is there any way for a HBR shareholder to find out when these 925 million deferred shares were issued? and who these shares were issued to?

Thanks

So what value do these deferred shares have to the HBR directors?

Is it 925 million x 12.5p ? About £115 million ?

Can these shares be traded or sold by the directors?

Do you know when these shares worth £115 million were given to the directors?

Is it the current HBR directors that have received this £115 million?

HBR has 925 million Issued and fully paid Ordinary non-voting deferred shares of 12.49p

Does anyone know the purpose of these shares?

They do not seem to receive any dividends but there are almost one billion of these deferred shares so they must have some purpose

So does anyone know?

When were these deferred shares issued and what is their purpose?

Who owns these 925 million shares?

Is there any possibility that they will be converted to Ordinary shares at some time in the future?

What is likely to happen to these deferred shares in the future?