Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Https://www.serica-energy.com/downloads/presentations/Interims_2023_final.pdf
Persistent these seller/s, even after what was a pretty good set of results, our SP is still under downward pressure.
Thanks Flexmw,
Good to know David is aligning himself with 'real' shareholders, hopefully he will add more in coming months, may even start to hold as many as some SH's here.
Anyone know when the analysts presentation is today & tomorrow !
aimo & dyor
He may of done between joining originally in 2006 and running off to destroy Circle Oil in 2015 before returning back in 2017 to do the same here ! Can't recall him actually buying with hard cold cash recently. Sorry, can't help without looking back through RNS's, feel free to do so, Emmerdale beckons, got to go :
https://www.lse.co.uk/rns/SQZ/?filter=directors-dealings,director-pdmr-shareholding
aimo & dyor
Yes, not just a token buy either, £215k's worth by David, significantly more than his last purchase April 23 for ~£35k. Just need more Board members to put their hands in their pockets too. Well done David
Mommur,
"otherwise their CFO will find a wall of selling..."
Maybe that's their objective.
I too have given a thought or two to both Hardy's and ACW for the same reasons as yourself.
As for rats Dick, for sure this is not the end .. just a few more rats to come aboard, then we will see her sail away over the horizon to a private island never to be seen by Joe Public again. Give it until this time next year, max ! Mercuria will then throw overboard the worn out gangplank as it has served its purpose to be replace with a jib to haul aboard the untold treasure that await them.
aimo & dyor
"All have the potential to rise from current levels.."
So has Mr Pecker, although I'm not holding out much hope for him either !!
Pick of the bunch is HBR for obvious reasons, the others, little hope of regaining real traction this side of 2028. SQZ will need something special, only if Mercuria plays ball that is. Remember LTIP's set in May must be at least equal to 500p during the 180 day period to vest, so there is always hope.
Lets see how they sell it during the Analyst call in a few days.
PS Hope Mitch has to give up rights to all un-vested LTIP's now but some how I doubt it !
aimo & dyor
"Where has all the cash gone and will they be able to maintain the div?"
HMRC, though I'm sure those wonderful tax losses from TW deal help immensely.
If they don't hold dividend yet another promise broken.
Mitch managed to destroy Circle under his leadership, gone along way to doing the same here.
aimo & dyor
"retrospective ‘proper’ windfall tax which will be backdated...."
Not a chance of 'backdating' imo, legal challenge will, for sure follow as I know of no example of the gov being able to do this. If by some minute chance it occurs then ALL UK companies are now at risk and if not already so will make the UK totally un-investable. The fallout of such a move would bankrupt firms overnight not to mention the knock-on effect.
aimo & dyor
Well, only less than 10 months to wait until Mercuria could take the lot. They could offer ~260p/s costing them net ~£720m (~£6.50bboe) for ~110mmboe reserves (excluding Buchan and our improved 2P's )throwing in whatever cash we have on hand plus all those $billions$ of tax losses too. By then all the heavy lifting on improving production will be well underway and Mercuria could sit back and congratulate themselves on a job well done, watch the cash roll in.
The next acquisition and appointment of CEO, will, for me be critical to assess Mercuria's future intentions .
aimo & dyor
For Mercuria ...... !
The sales pitch contained within the official Circular for the TW deal stated :
"The Acquisition supports a new growth phase for Serica"
and
"The Acquisition is expected to be strongly accretive on a per share basis from Completion"
Failed so far on both accounts.
aimo & dyor
Net debt acquired from TW deal has been reduced by an unbelievable £5m from time of acquisition, typical MO for PE, max out debt and suck the cash out. SQZ prior to TW deal was debt free and as BB stated had at 30th June 22 they £420m in cash.
Now for understatement of the day, 'SQZ really need to up their game' and fast.
aimo & dyor