Member Info for MPO818

LTI - Your response, noted below. So perhaps you could detail what impact these events had on LLOY. That was a short lived event, indices in the US, Germany and France (maybe more) are this evening at record highs.

"The share price fell with news on SVB, Credit Suisse etc. and remained subdued throughout the rest of the buyback."

If there is a 20% future fall - you may then say "It was due to the car finance scandal" or maybe "Luke Shaw is out for a couple of months" I'm sure you will think of something.

"So the only downside of a great day is we will be paying 6% more for buybacks which I take will start tomorrow"

YES - But if history repeats by May/June it could be paying up to 20% less.

IMO the inclusion by LLOY of the £450m is tantamount to an admission by the company that there is a problem.

That is all the FCA need to delve deeper and deeper into the issue to justify their reactive actions. Any decent regulator needs to be proactively reviewing financial arrangements in advance of products being marketed. Imagine if pharmaceutical companies were allowed to market products before they have been given clearance by the various medical councils. When will the appointers (ie Government) wake up to how regulators should function.

Despite a welcome 4.35% rise today (it was initially down on the day) the current share price is circa 13% lower than this time last year.

Sadly this has become and looks likely to remain a trading stock rather than an investment, with the prospect of another significant decline as the car finance fiasco becomes clearer in September.

Some WFT for Rolls Royce - surely this previously poorly managed company has benefitted from the unrest around the world. Then of course there is the banks throwing billions at share buy backs as they jump on the back of the interest rate hikes. - lets have a level playing field. Oil and Gas prices are more or less back to normal - Users are now paying for the "poor UK regulator" who allowed financially weak businesses into the energy market to create false competition when none was needed. Rant over.

£400m for the car claims = guilty as charged = another 2 years of claims. Woeful

From Serica's results

The Environmental Statement and draft Field Development Plan for the Buchan project have been submitted, with completion of Serica's acquisition of a 30% interest is expected to occur during February.

Whilst AB continues to collect his £300k salary + whatever add on's available and with the knowledge that in 2/3 years time cash will be flooding into the company he (imo) will be in no great hurry to sell the company. In the interview he reiterated there will be circa £25m cash at the next year end and running costs for sitting on their hands is circa £3m pa. Why should he rush?

Share buyback continues until July 2024 - no new buy backs announced. Rather disappointing, expect sideways trading for the shares.

Good content, nervously presented.

Maybe if AFC got their finger out and delivered some positive share price enhancing news thing would improve on here. Why it takes such a small small company, with no meaningful financial transactions over three and a half months to produce annual results is beyond belief. What are these people doing all day?

The Labour Party will create Great British Energy, a new, publicly-owned clean energy company.

We will harness Britain’s sun, wind and wave energy to:

Save £93 billion for UK households.

Deliver one hundred percent clean power by 2030.

Cut energy bills for good.

Create thousands of good local jobs.

Deliver energy security.

Make the UK energy independent.

Labour will build an energy system for the future, run for the British people.

"Or just a simple transfer transaction?? Who knows."

Thats the most likely event between related parties.

Dick

"We'll probably find out more on Monday morning"

Confirmation of the deal would be good, an out of the blue full bid even better, dreaming again.

Malcys latest blog covered this and I thought since SQZ are now a partner in the Buchan project JOG investors may be interested- "top of the 2024 bucket list" well if they do well maybe we will too.

Mitch Flegg is one of the most experienced, high quality CEO’s in world energy not least in the UK and it is a serious blow to Serica that he has decided to move on after two spells at the company. This news is to me a shock but not a surprise as they say, in one sense with the deals he has done in recent years and the one he fought off he has a 100% track record and Serica rightly sits at the top of the new Bucket List.

Also, having met with him very recently, whilst he said nothing about this I get the impression that firstly SQZ is so well run that it runs itself very well, not a criticism but he has assembled a highly professional, experienced team that deliver time and again and secondly, frustration with the rating, something shared by other CEO’s may have contributed to his decision.

Next week a group of Serica followers are gathering in Scotland for a Capital Markets event, it will be difficult for it not to become a Mitch tribute extravaganza. Nevertheless, it will not be easy for the nominations committee to step up and find a replacement, after all, how do you replace the best in the business….?

Mitch Flegg commented in some depth on the deal, I found his final sentence unusual, but very encouraging

Below is the start of his statement and the final sentence - most strange that he is leaving as they announce results.

"We are delighted with this transaction which gives Serica a significant interest in the proposed Greater Buchan Area project, potentially adding a third production hub and further resilience to Serica's North Sea portfolio. In common with our other hubs, the GBA plan involves utilising existing infrastructure - in this case an FPSO - with the possibility of exploiting multiple accumulations in the area. Moreover, the development has been designed to deliver an industry-leading low level of carbon emissions, consistent with Serica's objective of reducing the overall carbon intensity of its activities.

We congratulate Jersey Oil & Gas for having created and progressed the GBA project before recently transferring operatorship to NEO Energy. We look forward to working with them and NEO, including the latter's experienced and well-respected project team."

For all 3 companies the success milestone is each beating the 2023 high in share price, confident they will all do it.

I acknowledge that both the share prices of ITM and CWR have rallied recently and therefore to take this into account I have added below the 2023 highs and lows for each of the companies. No bias is intended between any of the companies, and for clarity I hold both AFC and ITM and expect all three to do well in 2024.

All LTH of AFC are expecting (me included) an exciting 2024 with multiple events in the pipeline, including (the prospects) a labour government. So I thought it would be useful to tract the progress of AFC and our main sector firms ITM and CWR.

All three have suffered really poor share price performances with dramatic drops in value since the start of 2020 and throughout the COVID period and all are looking for better times ahead. I set out below the current share price, number of shares in issue and the current market caps for each. I'm sure all LTH can recall the days when AFC had a market cap well in excess of £500m and hopefully, with the right news we will see it again - :

AFC share price 19.20p. Shares in issue 746.52m. Market cap £145.42m. (data from 2/2/24)

(High 33.03 on 7/2/23. Low 11.28p on 17/7/23)

CWR share price 217.40p Shares in issue 192.98m Market cap £424.17m. (data from 2/2/24)

(High 518p on 8/2/23. Low 138p 1/12/23)

ITM share price 62.70p. Shares in issue 616.88m. Market cap £388.51m. (data from 2/2/24)

(High 119.05 on 8/2/23. Low 48.01 on 1/12/23)

LTH in all three are looking for better times - will come back and update as the year progresses.

All LTH of AFC are expecting (me included) an exciting 2024 with multiple events in the pipeline, including (the prospects) a labour government. So I thought it would be useful to tract the progress of AFC and our main sector firms ITM and CWR.

All three have suffered really poor share price performances with dramatic drops in value since the start of 2020 and throughout the COVID period and all are looking for better times ahead. I set out below the current share price, number of shares in issue and the current market caps for each. I'm sure all LTH can recall the days when AFC had a market cap well in excess of £500m and hopefully, with the right news we will see it again - :

AFC share price 19.20p. Shares in issue 746.52m. Market cap £145.42m

CWR share price 217.40p Shares in issue 192.98m Market cap £424.17m

ITM share price 62.70p. Shares in issue 616.88m. Market cap £388.51m

LTH in all three are looking for better times - will come back and update as the year progresses.

DU you wrote

"................inc the directors (all 5 of them)."

With a max of 10 - They reported annual expenditure through to first oil would be circa £3m. What, in your view would these director/employees be doing during this period?