Member Info for Maverick7

Is that what the market is looking for before taking notice?

There maybe a reluctence by investors to invest in KIST due to UK election unknowns, labour winning wont improve sentiment. The upcoming KIST update will hopefully inform us where they see the business going and current cash position and debt.

InvestorPA you sound like a burned trader/ investor, we’ve all been there, live and learn, what’s your beef with these directors? The recent raise at 1.25 wasn’t great, but if you bought at those levels you would have made a tidy profit

Pitty for him to not have bought at 2p years ago, hes had mutiple chances to buy over the years, i dont get why he is buying, he is leaving anyway

They give the directors and easy side, this forum would really challenge them with the questions we would put forward

Looking at the chart, the trading range is getting tighter as the share price declines and the highs are dwindling each time. Will be interesting to see what happens here as we approach the election.

Yes operating costs of $19, however there are considerable “head office” costs and these are probably just as much, then there’s interest on debt, dividends, all adds up

Finally, the board and major shareholders have come to the realisation that Mitch doesn’t have the required skill set to grow the company any further. He is still sticking around so I don’t see any negatives with the coming update. It’s just that they don’t trust him to use the RBL and the likely strong cash position to deliver “increased shareholder value” as per quote below. Mitch probably doesn’t have the expertise outside of the UK and this must be the focus going forward, its an easy decision to make, just took them an age to make, but the share price decline made it a no brainer.

David Latin, Chairman, said: "Serica is now well placed for further growth in service of increased shareholder value, to which the Board is committed as its top priority. With the executive team strengthened by the appointment of Martin Copeland as CFO and a depth of talent both within the management team and on the Board, we have an enviable platform for growth and delivery of value to shareholders and all stakeholders.

That with Mitch Flegg exiting the business, the share price isnt up,

In 2021 there was a special dividend that was paid, will we get the same in 2024? Strong cash position, strong cash generation, more shops, no debt

Lol, the shareholder destruction here has been massive, raising money at 0.25 was criminal, this share will never reach 2p.

It’s a dead duck after they release the next news, they have no money and Lorna has needs to resign. Massive dilution coming - knowing Lorna its probably at 0.025

Yes, i can tell you why, they want to buy in big or increase their holding - so dont want the share price to run away

ok with me so i can build to the position i already have, its a no brainer

Lets face it, the RBL they have approved will not lead to any sizeable acquisition, what is $500m odd going to buy you? There wont be any acquisition overseas - i will be astonished if thats the case, i dont think they have the appetite to do that, it will be the same old and thats either improve their operational effeciency and longevity of their existing fields or drill some more wells in the North Sea.

You need billions to make a material and sizeable acquisition, we arent there yet

The last interims update way back in September stated ;

“ Net cash and cash equivalents stood at €247 million at the end of the period, with net debt of €42 million following the assumption of Mime Petroleum's outstanding bonds”

So i would think that net debt has been significantly reduced since then. Also production has likely increased in the last quarter.

No surprise that institutions are buying up cheap stock, this is a growth stock as well as paying a nice divdend, more shops to pen, cash rishc and no debt

There should be an operations update due in the next few weeks so hopefully we have some idea on cash and production year end

Blackrock have added to their short position? Didnt they read the RNS yesterday

Jefferies - really, is anyone seriously taking any notice of them, they obviously want to buy in big at a lower price

I would forget about Serica trying to buy KIST, that was just a tit for tat response with KIST trying to buy SQZ, it wasn’t a real offer

I get the feeling that Mitch Flegg et al are not bothered about next general election results, either way they are on a gravy train. Either they get paid by HMG if the latter renationalise the sector or they will just keep taking the cash.

They specialise in the North Sea, so we can rule out any acquisitions over seas.

Why aren’t they buying up shares if they believe we are undervalued