Member Info for NewKOTB

Wowwww, Linda really and I mean really pushes the point of UK WFT effect on the business .... Might as well say 'F U, UK' the RNS.

Reducing investment
Possible end to CCS
Staff Losses
Not interested in Licensing round
Moving to diversify internationally. etc etc

Remember, this is from a company that provides 15% of UK o&g needs, not some tinpot AIM company with tiny revenue.

aimo & dyor

Well if proof was ever needed that investing in UK O&G stocks is dead due to WFT and the fear of a Labour gov taking even more, today's opening says it all ... same with Kistos yesterday too ... market hammered it. Mr Hunt et al you really have no idea what you have done for UK energy security .... buy candles, 'four candles' if you can, lol !!!

aimo & dyor

Sound like AS is getting desperate or SQZ have asked him to paint a better picture of Mercuria deal by dishing Kistos.

"The revised Kistos offer on 22/7/22 was to pay 358p/s to each SQZ shareholder (based on KIST closing price then of 530p/s); Were that offer still valid, it would be worth 296p or 17% less based on KIST current share p of 377p/s"

Not sure what he's getting at tbh : On 22/7 SQZ SP was 354p today 271p, that's a fall of 24% vs KISTOS of 29%, which btw in last two days fell ~8%. The cash element would remain unchanged so for me the KISTOS deal is actually better now than it was then.... esp with AA in the driving seat. btw the revised offer on 22/7 was for 425p/s (213p cash +0.4 Kistos equal to 212p/s ) not 358p as AS has stated. Also he stated "Were that offer still valid, it would be worth 296p", which I actually make currently 363p/s. Please feel free to check my calculation. atb

PS should AA come back with offer 363p/s I would take it as I would have significantly more confidence on not getting turned over by AA than with Mercuria.

aimo & dyor

Tomorrows update statement will enforce HBR position in moving away from UKCS and into more stable tax regimes. Cost cutting is good for the business no so for those concerned. Headlines in press tomorrow will be all over job cuts due to WFT, good on Linda.... Looks like she is savvy when it comes to PR too.

OFAC License current expiry date of 31 January 2023 .... Normally this is renewed weeks if not months in advance. Don't tell me SQZ have market sensitive information being withheld atm as I'm sure agreement has already been reached for OFAC licence.

Guess they are waiting for the 27th .... lol

aimo & dyor

"I think HM Govt have ruined investor confidence in the North Sea.." , lol, you think !!!

Morocco offer 10 year tax holiday from production ..... something for Linda to consider.

"The Company is actively evaluating opportunities outside of the UK and Dutch jurisdictions..."

Yes please .....

FoT,

"Do you trust Mercuria with 28.9% control to do the right thing by shareholders or not?"

Well, that's the $million$ dollar question, quite literally for many here.

aimo & dyor

SP,

" if massive dividends are extracted, ALL shareholders are going to get them, not just Mercuria.."

Of course, however that should not detract from what may happen after 18 months is up, would they then want ALL, 100% dividends for themselves ?

aimo & dyor

btw, he owns just 1.2% of SQZ

"For full disclosure, Burggraben holds 3.4m shares (1.2%) of $SQZ. "

So PI's here have that covered. ;-)

aimo & dyor

See also, like me he is expecting SQZ to take on massive debt ( high net debt shown), so it follows that further acquisitions are nailed on.... !!!! If debt is no being paid down, where is all the FCF generated going, once again I'm expecting massive dividends being extracted ( no actually shown as such ), all as per Tailwind business model.

aimo & dyor

However, see he added :

"Caveat: mgmt made the mistake NOT to deliver a CPR for the Tailwind assets...."

So taking a lot on 'trust' I would say for him to state his finding as such !!!

aimo & dyor

Think you will find many would have already planned for this year’s awards… real test for me is next licensing award, assuming there is one.
Yes, full boycott would have been ideal, although it was nice to see HBR turning their back on UKCS.

Pity L&G only hold 0.13%, otherwise for sure they would be following the same path here too. Although they did get others onside too ;

"LGIM own 3.98% of Capricorn, Refinitiv Eikon data shows. Other shareholders publicly opposed to the NewMed deal include Madison Avenue, which owns an 8% stake, as well as Kite Lake (7.4%), Palliser (6.9%) and Newtyn (6%)"

Lets hope we do see some activist between now and deal completion. As once the deal completes, some time in March then SH will be 'stuck' with whoever Mercuria want to run the show .... which we know will not be Andy Bell our current CFO and if Mitch doesn't toe-the-line, he will, as eggs are eggs will swiftly follow too. PS, Even if he does, chances are Steve Edwards will replace him in near future.

General Meeting to Approve Allotment of Consideration Shares vote on 27th ( voting instructions to be received at least 1 week prior to the meeting in order to ensure we can action in time for the registrars deadline, so this Friday ). Vote as this may be our last chance to stop the deal.

aimo & dyor

Infor, thanks, thought I would open new msg with new subject so it's better highlighted.

"LONDON, Jan 16 (Reuters) - Asset manager Legal & General (LGEN.L) plans to take the rare step of voting to oust energy group Capricorn's (CNE.L) senior leadership and halt its planned merger with NewMed (NWMDp.TA), according to a company document seen by Reuters.

Capricorn shareholders will vote on the NewMed deal on the morning of Feb. 1 before voting in the afternoon on activist investor Palliser's proposal to overhaul the board. The deal is opposed by Capricorn's three biggest investors, who say that it undervalues Capricorn."

https://www.reuters.com/markets/deals/lg-plans-vote-against-capricorn-leadership-newmed-merger-2023-01-16/

PS Anyone know how the metrics of this deal stacks-up against ours ?

aimo & dyor

"A windfall tax without a floor or any definition of 'windfall' is an absolute joke..."

Yep, seen recent reports that UK NBP will return to normal by 2025 ... probably due to all our gas being imported by then ( Mainly via US / Qatar) as our own industry will be on its knees.

Interesting how we were easily dragged down with US closed today ?

After really decent rise last week, many would of sold their gain without the 7am RNS (not me btw)..... However, decent recover today and 7am is ONLY 1 HOUR away. Jam tomorrow could easily become Beluga tomorrow.

aimo & dyor

Ade,

Thanks for your detailed explanation, must pop out and see what my local graffiti artist current thinking is !!

Think HBR need to adjust their Buyback routine ..... maybe go hard in late afternoon to stop all the traders killing off the rise, however, guess its best for the buyback that they do pull the SP down in PM tradings, just very, very annoying atm