Member Info for NewKOTB

They are now DOWN just ~£60,000,000 in four months, if they voted for this deal then recovery is possible.

aimo & dyor

"Were you in favour of the original deal NewKOTB? I suspect that you weren't,.."

Correct I was against the first Kistos offer, when the second came around it was structured differently with which I agreed more so. .... however, irrelevant, we didn't even get to vote, instead SQZ made a counter offer ( probably prompted by Mercuira and BoD self-interest) Now we have what is in effect a RTO for which we don't get to vote on either ..... just the issue of 111m shares to facilitate the Tailwind deal .... absolute joke !!! Well, it's no joke really.

aimo & dyor

"Bad management that took this company from 26p to £4.."

And should of done a deal with Kistos ate 426p .... instead they decided to give 40% of OUR company away and buy £277m debt then give £61m away as a golden thank you to the founders of Tailwind too.

As for going from 26p to £4 that was purely on ACW's connection with BP and Serica being in the right space for BP to off-load Rhum and at the time, all its negativity surrounding Iran. So as you see Serica have not done any deals on their 'own merit', since ~2009 afaic.

At this rate Mitch will be forever known as Grand Old Duke of York.

aimo & dyor

NS,

"Please can you list those other investment opportunities.. I ask out of ignorance rather than judgment"

It's clear you know the answer to that, if as you say, been here over a decade. On numerous occasions Mitch et al have stated they have looked at many, many deals and REJECTED them on the basis of not offering value, ie quoted as 'will not overpay' .... One has to ask, what the 'ell were these deals if it makes Tailwind look good !!

I could list (no doubt you could too) NS's deal after deal that have gone down over the past few years that would have been significantly better than this pile of steaming do do, that's without looking overseas ffs !! Pure Mgt failure to deploy capital is why we are in this mess.

I appreciate you need to talk this deal up for the sake of your clients portfolio's and you clients relationships but come on ... really, if you had no working interest in Serica would you view this deal in the same light, of course not.

aimo & dyor

Yes, he did sell at the time, total amount sold represents a single digit percentage of Mr Stockdale's total vested and unvested holding.
So for me, good news that he is at least adding again.

AA initial offer 246p CASH plus 0.2932 new Kistos shares rejected out of hand, vs SQZ current SP 255.5p ... says it all about our mgt team I'm afraid.

aimo & dyor

So, as Upomega asked, what is there to like for institutional investors ... if indeed there is 'something' we should see a recovery in SP, otherwise, they too have been duped. Either way, long old road back to highs of 452p, if at all !!

aimo & dyor

EV now same as last seen 6 months post BKR deal ..... way to go Serica Board !!!

Well, shorter's have taken the opportunity offered by our BoD.

Totally destruction of SP over past ~4 months from 452p for a deal that on the surface should never of even been given the time of day. Many PI's will have already reached capitulation point, some waiting for that buy point. Without SP bounce I would have thought the chances of that 5% EGM would improve significantly. SP volatility is name of the game atm, where she will go, nobody knows.

atb
aimo & dyor

Had to take you off filter to see what rubbish you are spouting, wish I hadn't bothered.

Interesting you are so keen on keep resurrecting a thread you started 12 months ago, sign of paid posters.

Back on filter ....

aimo & dyor

Fall in SP would for sure open the door for an hostile approach (~300-400p) ..... Given the completion date is ~March, this would still leave time for such action although a long-shot .... The actual detailed for/ against percentages will be interesting and will guide decision going forward. Hard one to call, so at very least our SP will be under pressure from the off and will take a few days / weeks to settle, either way.

I have for some time now expressed my thoughts on how PE would takeover SQZ, for the life of me I didn't expect for one nano second, our BoD to be complicit. This deal is being presented as us acquiring Tailwind, where in reality it's full-on Mercuira PE acquiring us via reverse T/O !!

Few hours left to vote .... please do as you never know, it may be your vote that is all is needed to stop this deal.

aimo & dyor

Closed on a "won't she" ... :-(

After surge into close ~ +9.5p ended up with UT to close at +7p, hence dragged back into descending wedge, all lining up for big call on vote !!

Remember ... EVERY vote counts.

aimo & dyor

Cut-off circa mid-day tomorrow, 24/1/23 ....

So vote now, if not already done so.

You may need to phone / contact / online chat etc your broker directly to cast your vote as this is not a corporate action, rather a vote on resolution to dilute current holders by ~40% ... hence if passed, Mercuria et al will become, by far, our controlling shareholder....

aimo & dyor

SP ..... will she or won't she ?

Right up to resistance this morning of descending wedge which pivot point is next Monday !!! Gulp !!!

aimo & dyor

Following on from my previous post, some more thoughts :

Now, I wonder, is a 'Strategic Agreement' between Serica (aka Meruria) and BP on the cards !! An agreement that would allow Trojan Horse Serica to have 'first' option on fields ( Worldwide) that BP want to off-load in order to meet their ambitious net zero targets. Using our innovative tried and tested BKR model, BP would 'officially' remove these assets from their portfolio, hence advancing their net zero goal, whilst still retaining sliding scale revenue of said fields for 4 - 5 years hence. Clearly, real benefits as shown by our own BKR styled deal will not be really evident until well past 18 month lock-up... hummm !

BP Quote : "We are targeting a 20% reduction in our aim 1 operational emissions by 2025 and will aim for a 50% reduction by 2030 against our 2019 baseline. The 2030 aim was updated from 30-35% to 50% in February 2022..."

So have SQZ (ACW et al) lost their minds, been offered certain 'benefits' or a much grander plan than detailed in the pathetic 23 pages circular is underway or combination of !!

PS My vote is and has remained so, a firm NO.

"Latest time and date for receipt of electronic proxy appointment or completion and transmission of CREST Proxy Instructions or Forms of Proxy : 11 a.m. on 25 January 2023."
PS Your broker will usually need ~24 hours advanced voting to cut-off date allowing for admin requirement ( 11 a.m. on 24 January 2023) , so ensure you vote prior to this. atb

aimo & dyor

Of course, I would therefore expect Andrew may well be one of the first to fall under the hammer.... then onto overseas interests asap I would say.

PS Still not heard from any major institution either for or against this deal ....

PPS Mercuria post forma ~28.9% holding is by design, the hidden agenda for this is why I voted against issue of further equity.

aimo & dyor

Danno,

Does beg the question, what advantage will Lawson bring to Mercuria on and above what they have now ? And why after just joining Mercuria was he immediately assigned as part of the deal to our board as non-executive director.

I'm sure ACW has a 'friendship' with Lawson too built off their common BP ties !!

How will Lawson via Mercuira / BP add value to SQZ ? Remember BP's Looney have stated their green agenda, in order to execute this they would need to 'off-load' significant current O&G fast and in an controlled manner in order to meet their net zero targets. Ie Simple deal replication over multiple assets over multiple deals .... BKR repeated time and time again.

Lawson as head of BP M&A since Jul 2012 he would have been involved in both Erskine and esp BKR deal. His Linked-in page is interesting and he joined Mercuria in 2022 probably around July giving 6 months notice (circa 20/7/22). Now remind me when did we Serica shareholders get 'strongly' advised not to take any action... 12th July regarding Kistos deal.... hummm !!

I've already stated that Serica will become a Trojan Horse for Mercuira, in turn Serica ( aka Mercuria) take advantage of BP's net zero ambitions, given Mercuria's, as stated by Mitch, its "fire power" !

Am I now forming another view on this deal outside of these awful terms, or is this why they are so awful T&C's, maybe but my vote was and will remain NO !!!! As I can only vote on what information we have been given.

https://uk.linkedin.com/in/robert-lawson-8451579
https://www.bp.com/en/global/corporate/sustainability/getting-to-net-zero/five-aims-to-get-bp-to-net-zero.html

aimo & dyor

You only have to look at the circular produced for the BKR deal (296 pages) AND Supplementary Admission Document (243 pages) vs Tailwind (23 pages).... to see what a stitch-up this deal is :

Now for a deal that 'gives' away equity at ~40% dilution resulting in of 28.9% holding of new entity for Mercuria et al and valuation is also greater than BKR we get a circular less than 1/23rd .... really !!!

https://www.serica-energy.com/downloads/reports/Shareholder%20Circular%20-%209%20January%202023.pdf

BB,

"With Mercuria in place nothing passes without their say so even with a 74% turnout...Madness..."

Even with 100% turnout of voting rights, ie all issued share capital ~383m votes cast, they (Mercuria) will ALWAYS have the upper-hand in virtually ALL matters, from board re-appointment, remuneration committee advised pay awards / LTIP / Bonuses , takeover approach, further issue of share capital etc etc etc. Some votes only require 50.01%, easy peasy for Mercuria, others need 75.01%, still not a problem. Remember it's votes cast on the day that count and voting apathy would mean very little resistance to whatever Mercuria would want to do with OUR company. PS with Mercuria + ex Tailwind founders + our BoD would carry ~32% (atm before any share BB and cancellations) of company voting rights. As a blocking vote Mercuria et al will also have the final say when it comes to selling our company. Serica WILL BECOME little more than a puppet on one of the many arms of Mercuria. Trojan Horse takeover this is !!!

As you mentioned BB this 'deal', utter MADNESS, of the Nutty Boys kind or even One Step Beyond reality to the point of It's An Embarrassment certainly no House Of Fun atm.

THIS DEAL IS A COMPLETE STITCH-UP FOR ALL EXISTING HOLDERS ... VOTE "NO"

aimo & dyor

Sir James Dyson : More Voices of Discontent not just from our industry ....

"A prominent supporter of Brexit, Sir James said the government believed it could "impose tax upon tax on companies in the belief that penalising the private sector is a free win at the ballot box".

"This is as short-sighted as it is stupid. In the global economy, companies will simply choose to transfer jobs and invest elsewhere," he warned."

https://www.bbc.co.uk/news/business-64328977