RE: Var Energi acquire Neptune29 Jul 2023 18:56
NQM,
"We can only hope the bod restrain themselves....maximum of $9 per barrel of 2P.."
Interesting one, I guess the next deal which will occur before long will, imo, offer us PI's a real insight into our boards (cough, Mercuria's) future direction of our company.
Will it be loaded with debt with intention of just sucking all the cash via dividends (std op's for PI backed O&G). Will the debt be via primary bondholders or RBL backed via links to Mercuria or via mainstream banking facility. Will, as per current oil hedging and marketing, be arranged via Mercuria's trading arm, so enhancing their take from Serica. Will there be more board changes with ex Sercia out and more pro Mercuria in. Will the buybacks be started, so taking advantage of our weak SP, or keep the cash for dividend distribution. What about the interest in moving to main market, that's gone quite too. So many question, with so little answers.
Main question is, are Mercuria et al trustworthy as a 28.9% holder and will they do the best for SH's or are they, as I think, leaning towards the dark-side and as a shareholder I await to be shown the light on how accreative this TW deal will actually be for SH (as promised in great detail by Mitch Flegg) .... or will, taking SQZ private always their end game, if so at what price.
Only 2 months before Mercuria can begin to sell SQZ shares as per lock-up. Founders at which time will be issued with ~£1m worth of shares each, then further ~£1m in another 6 months, entering into an orderly marketing arrangements for a further 12 months from first tranche.
NEXT DEAL places a marker in the sand and needs to be fully transparent, afaic, no slight of hand with manipulating figures to enhance the t/o proposal, unlike TW deal that used none std metrics to sell the deal to Serica shareholders.
atb
aimo & dyor
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