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Trading in a number of European banks including Credit Suisse has been halted, as fears over the banking sector grow.

Mommur,

Put that wine away & breakout that GlenDronach 21, looking likely to finish blue for first time since Feb !

Infor,

Thanks for the link.

"The proposal to introduce a price at which oil and gas would need to reach before the levy kicks.."

For me the floor has to represent 'opportunity' and not what we currently have, a dagger through the heart of the industry. Floor for Brent should be min $70 barrel, where as NBP min around 80p/therm imo, crucially these need to be inflation linked if this is to last until 2028. Remember EPL Policy objective was to address "extraordinary profits", for me that means highly exceptional, one off events not natural supply & demand so a floor mechanism is a prerequisite.

Key criteria for the policy to consider was to look at economic impact, "These changes to the Energy Profits Levy are not expected to have a significant macroeconomic impact on the level of business investment". I think that alone is reason to alter the policy given the amount of voices willing to move investment overseas. Once capital investment moves out of UK little will ever return imo...

https://www.gov.uk/government/publications/changes-to-the-energy-oil-and-gas-profits-levy/energy-oil-and-gas-profits-levy#monitoring-and-evaluation

It is logical to expect a review to place a floor on prices, just a matter of if that floor is fair and reasonable for all. Any whiff of positivity on this matter from Hunt this week would be welcomed and should begin to rebuild damage caused.

aimo & dyor

Completion anytime within next few weeks, expected timetable stated as March.

Hopefully once the mist clears, completion RNS lands with key metrics and CoH our SP should respond, unfortunately who knows how much of the dilution is baked into this cake. Problem has always been not being able to see the deal in full presented by our board and I fear the unknowns will remain the unknowns. Who knows where our SP would have been without this deal given our CoH almost equal too or greater than current MCap atm, or indeed who may of come knocking. As it is, Mercuria have what they want with our BoD complicit in making it happen and giving in to Mercuria's terms.

Sub 200p would be an absolute Tragedy but 'When the morning cries and you don't know why, it's hard to bear
With no one to love you, you're goin' nowhere, Tragedy' ...... !!

aimo & dyor

13-Mar-23 Canaccord Genuity - Buy 525.00 515.00 Reiteration

I would have thought given MCap of now under £600m that our CoH is equal to or greater than, ( 31/12/22 @ £480m) dependent upon when tax payments are made or deferred.

aimo & dyor

I would have thought DT would have insurance cover for all eventualities.

Sparrows, almost as bad a Seagulls when the 'chips' are down.

https://www.unitetheunion.org/news-events/news/2023/march/200-sparrows-offshore-contractors-vote-to-strike/

Having watched market reaction to HBR today, it gives me more confidence that Mr Market is starting to understand the WFT and how companies are to deal with it, just need this albatross of a deal around our neck to complete and hopefully stop the rot then move forward .... fast !

aimo & dyor

lol ..... just as well I didn't read law !!

Yep, I'm reading it wrong !!!!! lol

Unless I'm reading it totally wrong ( that may well be the case), the US$ 11,104,812.40 should read 111,048,140 ?

lol, try focusing on "US$"

Norma, do you need a clue !

Shares released in consideration (already authorised) for the deal will be upon completion RNS except for 2,877,698 that SQZ will withhold for a period of of 6 and 12 months, just in case we need to claw any back as I understand it.

Lol .... How about this for another gaff, one I missed on first reading from our OFFICIAL CIRCULAR, anyone spot the error, not the first I found either ;

"The Resolution to be proposed at the General Meeting authorises the Directors to allot new Ordinary Shares (in addition to the existing authority to allot) in relation to the Acquisition up to an aggregate nominal amount of US$ 11,104,812.40 (being an amount equal to approximately 40.7 per cent of the issued ordinary share capital of the Company as at the Latest Practicable Date).."

Just re-enforces how rushed this deal was and clearly driven by Mercuria .... why did it need to be rushed !!

Still time for white knight to come riding in given where our SP is atm, be difficult for our board to argue against +350p/s but no doubt any approach would never see the light of day, Mercuira will ensure that.

aimo & dyor

Barry,

" I'm sure Mitch is very concerned about all of this!!!!!.." lol, very funny, although he may well change his tune when one day he goes into his office and finds another nameplate on the door.

One view is smart money's pulling us down to load up. Given upon completion, with cash accrued from TW since 1/12/22 and our own cash hoard we could be in for a nice surprise upon completion RNS. Next to nothing CapEx has occurred since locked box so could we be looking at CoH of ~£550m post completion, current MCap £620m.

Norma, time to shine, what's your estimate of CoH, please none of this guff you don't speculate on these matters, humour us all, pretty please. You obviously would have run these figures. I could be miles out so you view would really be appreciated. atb

aimo & dyor

Just as thought, zero headline news on BBC about HBR .... instead they are now turning their focus onto individuals pay awards... lol, good old BBC

https://www.bbc.co.uk/news/business-64899421

Back to Dec 2021 SP with SP now oversold too, could the bottom be ~203-205p next week ?

Orders placed as HBR today has shown there is a way forward and with Jacques Tohme taking over as CFO and obvious backing of Mercuira financial engineering to call upon plus addition of Michiel Soeting should put us in a good position. Meanwhile our SP is in the sewers.

Just the unknown final objective of Mercuira that will continue to concern me until proved otherwise.

aimo & dyor

On top of it all the gov can't even point the finger at massively inflated NBP prices either to justify the tax. Current NBP is less than twice 10 year average and falling even with the worst March temps for many a year. With NS players cutting jobs and moving investment oversea, the NS WFT tide will turn this year for sure as treasury finds they collected little to nothing more in NS taxes than over pre WFT years. HBR and alike will spend all their cash on overseas investment and ensure their accounts remain 'balanced' in favour of the shareholders. Battle-lines have been drawn.

aimo & dyor

"The massive positive is that the media here will highlight the company is making job cuts due to the EPL. Screw you government..."

Yep, as there is no way our intellectually challenged media will understand our accounts let alone Joe Public, win win afaic .... That's why headline's so far have been all about massive pre tax, lets see how the BBC cover this today in their none bias reporting.... probably somewhere between cat stuck in tree and old lady lost purse.

aimo & dyor