Member Info for mrc_mrc_mrc_mrd

Mjapac- it was a 7am issue so no problem getting larger holders onboard the night before. It’s basically the BOD with their free shares, plus Fitzpatrick with the shares he used to gain control to make up the 11%.

Big double - I have no idea. I had assumed that votes that are not cast would be counted as FOR votes, but your way sounds better.

Sounds like you might be successful in beating these guys then. It’s a disgrace that Fitzpatrick gets to vote to give himself a big fat fee. Such a conflict of interest.

Do you know if there are any large holders outside of the retail space?

Highland - only $3 million on completion (1 year or more). The rest is far enough away to ignore IMHO.

That $3 million will be spent in fees and taxes and salary on the day the deal completes IMHO.

There is nothing in this deal for SH. Better to relinquish if that is truly the only alternative. At least then Gneiss get a bloody nose and we have a chance of starting again with a competent BOD.

Is it 50% required to stop the deal?

Just another 400 million votes needed then!

Where are we with Eagle?

If I remember right the farm down didn’t happen (something to do with Anasuria not being operated by the buyer ? Or did I dream that?).

Anyway I noted the news that Anasuria are now operator of the FPSO.

Alternatively maybe in a high POO environment development with our own infrastructure becomes viable. Could be a quick turn around project to increase our capex spend next year.

Pelle - yes, don’t get me wrong I would take 60p today. If a deal comes along where the combined entity is greater than the sum of the parts then that is great.

Right now I think CNE and ENQ should get together. Debt disappears immediately. ENQ bring the operating experience and future cash flow. It’s a better fit than TLW where the cash barely makes a dent in their debt pile.

That will be the fighting Fitzpatricks I believe with around 8%.

They have had really good value out of that share purchase.

Jan - that’s not my point. He can do what he likes once he steps down. A sale should not happen just because AB wants out.

Pelle - you are also free to exit at any time.

I think it is highly unlikely that ENQ goal is to become debt free.

If AB wants to sell his 11% after stepping down then that is fine. It’s also quite possible to do that. ABs age should not be driving his business decisions. We need him to be taking calculated risks to maximise value.

He is the current CEO of the company…when he decides to step aside that does not mean the end of Enquest. There is still a need (more than ever) for a North Sea focussed late life producer.

Pelle - he only has 11% to sell. It’s not his company to sell unless it’s in the interests of all shareholders.

Doubt he will sell while valuations are rock bottom anyway. He still believes in oil IMHO. Better to get the company into a dividend paying position then use the income for his philanthropy.

Well played big double.

It will be difficult I think. The prolific finance has sprayed a large number of shares onto the market so unless people were throwing good money after bad then percentages will be less for sure.

What we need is a board that have a genuine drive to grow and develop businesses (for its own sake). The incumbents are just money grubbers.

Who cares if you were right about WEN??

You got the only bit that matters badly wrong. Here is something from Chris less than 2 months ago:

“ cperkin Premium Member
Posted in: SCIR
Posts: 22,035
Price: 0.50
No Opinion
RE: Return?29 Apr 2022 12:51
First appraisal well on AIM that can't be funded predicts mrc, we will see.

Sale or fund.”

Well Davey- Chris and co were ramping this share when it spiked to 1.85p just over a year ago. I’ve been warning about this outcome for at least that long.

You seem to be new here doing some bottom fishing / knife catching?

Perhaps you should listen to people who have been here a little longer.

Trust think if they hadn’t pumped cash into the AD vanity project or the rebrand or the failed dyas deal. Purely to justify their existence and funnel cash to their associates?

They should have hunkered down, conserved cash, and raised early to be in a strong position for Ruvuma negotiations.

As I say, quality of management is rock bottom. I can see the SP getting hammered unless they exit sharpish.

Grsshaw- AEX and ARA don’t need to offer more. They can take up their preemption rights and get it for the same price.

You could hear the glee in her voice.

Very well played by WEN.

SCIR shareholders been done over something rotten. Just enough cash being handed over to keep the “deal makers” happy and support “admin” costs.

Looks like the half million advance will negate any need for immediate financing to pay directors fees at least.

Long stop in 1 year, but we know from AEX that was not generous enough for the glacial pace of Tanzanian bureaucracy

What is wrong with you Chris? Will you not apologise to everyone for your incessant ramping over the last 4 years?

Seems the Gneiss guys can do no wrong in your view.

I seem to recall you saying that government approval wouldn’t be required!!

Sorry I meant AEX and ARA

Mjapac - AEX and SCIR have preemption rights. Basically they will be asked if they want the stake on the terms offered by WEN. That’s my understanding.

The approval of this deal could take a year or more based on speed of approvals in Tanzania.

Looks like SCIR will need to fundraise to keep the lights on in the meantime.

The strategy is a mess…just pick something and stick with it instead of chasing all the shiny things!

Huge red flag