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Finally emptied it and sold 150,000, to write off against gains on Serica. Not been a good investment but you cannae win them all.
I am still here, as I consider my rather large yearly dividend keeps my interest. 10 years to recover the capital loss if we stall here. Seriously though, a reduction in dividend would not be good news and I wait with baited breath with regard to Mercure's tranche - pity they weren't classified as nil divi.
My only solace is we 13e has dropped as far as Serica Energy. Painful period, but added a further 100,000 i3e shares sub 19.5p. One would think Canada wouldn't go down the route of HMG destruction. Oh joy, Corporation tax uplift next for lower returns for years to come - thats my Limited Company closing, with MVL taking an exception time period - a backlog HMG?? Must stop belittling politicians they are purely human with their snouts in the trough. Roll on the next dividend.
A 5 mile run and then 2hrs with the dogs on Balmedie Nature Reserve just out of Aberdeen, took my mind off our woes here. Thought about putting a couple of fish heads on top of Mr Fleggs car going past Rubislaw, always a pain getting herring gull sxxte off the roof.
Three of my investment trusts JMI, LWI and THRG have holdings in Serica. Perhaps we may see JP Morgan, Henderson and Blackrock add to their holdings at this price. We can but hope.
76 Companies have bid for Licences in the 33rd Round, no doubt we are one of them. This time I hope its known discoveries rather than spinning the drill. Or we may have not bid to send a message - fat chance that would be the knighthood gone.
Concur Newk, that 200-205p is possible, which is 10% downside from my purchase today. Certainly would be an overshoot from my simpletons perspective.
Having had a 50% retracement from my previous sell and a 20% retracement from the offer price of 278p, just perhaps the 111million additional shares are beginning to be costed into the sp. 200p would be nearly a 30% retracement on the offer price, so bracing myself and have additional funds at the ready. Just don't half the dividend Mr Flegg - that would be further insanity for the sp.
Shame that the read across from Harbour has taken us in the opposite direction. 10,000 for me @ 224.88p, having reached my purchase threshold. No doubt a tad early with this falling knife but gut has outweighed head this morning and I should have bought Harbour!! As usual DYOR, I am no sage.
Fully understand your concerns Dick and rationale for reducing your holding. I sometimes think I have a love affair with this share that is ultimately dangerous and wealth destructive, but a very large dividend on my holding is seductive.
I am fortunate that I sold a large tranche at 441p with half the cash being eaten away by inflation in my account at the moment and the other half soundly placed in investment trusts that are doing okay.
My hesitation with Serica is whether the 111 million additional shares due soon are fully reflected in the share price. Any drop I would assume our II's would grab a bargain and not allow Mercuria a price below 278p.
Muddy Waters Dick, but of all people, i just can't see ACW letting a company he has nurtured to success going for a song as Arthur Negus would say. Good to see a rebound in JOG.
Deep into that darkness peering, long I stood there wondering, fearing,
Doubting, dreaming dreams no mortal ever dared to dream before;
But the silence was unbroken, and the stillness gave no token,
And the only word there spoken was the whispered word, “Buymore"
This I whispered, and an echo murmured back the word, “Buymore!”
Merely this and nothing more
Only being whimsical on the negativity abounding at present - watching with interest and refraining at present.
I did note your recent discussion comments on the I3E share chat Norma. Can't fault you on your SQZ and I3 Energy holdings, as I also hold significant amounts of both. Where we differ is that my holding is way above a 1% figure, and bizarrely I have recently increased my i3 energy holdings on the recent drop to hold the same amount of both shares.
Love the dividends and as you say - certainly a hedge.
Jury's out, but lets see where we go from here.
Unfortunately Ash, with a 9m year end figure, thats a few years wages to these lifestyle exec's. The share price is an inconvenience to them until II's become disgruntled. It took over 10 years for FPM.
Wrote my small holding off to gains made this year elsewhere and scratch my head as to why I put even this small amount in for the final 3 drills - although at the time the share price had halved and they did look interesting. Hey ho.
Bp were involved in Namibia a while back, which was a particularly painful period for Serica Energy when they strategically withdrew. Pity Serica didn't keep the Licences but let them lapse a couple of years ago before the new interest developed.
But who knows.
Having had a significant holding in Trap Oil that led to me having 10,000 JOG shares which I sold for 200p in 2019 I still keep a weather eye on JOG. Honestly I would still have had them but used the £64k hit to offset against other gains.
I still consider that a tie up with Serica Energy would be beneficial to both companies but just can't see much of a premium on the price at present and £8.00 seems very ambitious.
Serica's Tailwind offer says it all re "discount".
Perhaps an offer of 0.9 shares in Serica for every Jog share and lucrative options for Exec's would entice them and yet again leave only pennies for PI's. On the plus side is a nice dividend going forward, capital gains and Bruce used to offset Hunts tax raid until 2028.
Timing is everything and I sincerely hope all LTH especially Dick get some reward here - and may well tuck some away myself. GLA
Over the last few days, the good old unions have spilled over into the offshore arena, with more demands for pay rises and potential strikes hitting a number of facilities offshore.
So we cripple second tier companies financially and then expect them to negotiate a settlement with their offshore workforce. Shell and BP will negotiate from a position of strength, with the pain being negligible as usual. Mr Putin would love our lights to go out - perhaps "we" are going to do it for him.