Member Info for NobbyD

...It could all change with Q4 results!

Thanks BaysilHope - I stand corrected. Nevertheless, the point I was trying to make was that I couldn't see how we were going to be worse off after the windfall!

Fag-packet calculation:
500,000,000 shares @ todays value of £1.9 = £950,000,000
GoI award £106,000,000 less buy back and less dividend = £306,000,000
New value £1,256,000,000 divide by 400,000,000 (number of shares after buy back) = £3.14/share.

...also, the buy back means there are about 20% fewer shares.

I'm not sure I agree. The award from GoI is $1.06B. After the $200M buy-back and the $700M dividend, that still leave CNE $306M in pocket equal to about a 30% increase in the value of the company. Just my opinion.

Just surmising *strokes chin sagely* but a company on the brink of embarking on a buy-back of its own shares might actually welcome such a 'negative' recommendation. I'm not suggesting a conspiracy, just a timely coincidence from which we all benefit.

It would seems that Peel Hunts downgrade from 225p to 180p last week was perhaps a little... premature!

Schatzy57,
The 'buyback' is Cairne withdrawing its own shares from the market. In some instances, a company might hold them in treasury, but in this case CNE are reducing the overall number of shares. They've committed £20M to take advantage of what is currently a low share price, but the target is to buy-back $200M of shares which will increase the overall share price as the net asset value will be divided amongst fewer shares. The special dividend is most of the remaining refund of tax taken by the Indian government. Based on 500,000,000 shares being in the market prior to the buy-back, this would equate to around 72p/share.
However, as other (more savvy) contributors have pointed out, between receiving the refund and the payment of dividends, the company may appear to be ripe for acquisition, which in its self would attract a premium on the share value.
Hope this helps.

BaysilHope - You're like a truck-driving poet! :)

Well said Pdub. I for one am looking forward to the Q4 figures in due course.

IMO, what the RNS confirmed was the ineptitude of the BoD to properly expedite the necessary progress.

"...Cairn will COMMENCE the filing of the necessary documentation under rule 11UF(3) of the Indian Income Tax Rules 1962(Rules)..."

Given that the 'rules' were agreed some weeks ago, CNE should have the necessary documents filed already, which beggars the question, WTF have they been doing? Again, all IMHO.

Thanks BaysilHope - I like to think that us small investors helped to chivvy them up. I have to say that it didn't actually amount to very much information though, other than to say things are progressing (which is positive). In particular, I think 'early 2022' is somewhat vague.

BaysilHope - You're welcome & thank you. I hope others take the same action rather than just whining about lack of information!!

Like many of you, I believe an update regarding the India settlement is long over-due by CNE.

I've emailed IR asking for information and suggest that if others did the same we might press them to respond. email link is available via their contacts page. https://www.cairnenergy.com/contacts/

I emailed David Nisbit and Doug Taylor this morning regarding progress of the India settlement. I'm not particularly hopeful of a reply, but would suggest that others do the same.

Regarding presence of BoD's at todays GM, I suggest that they would have been present. They just weren't available to press the flesh of the great un-washed pre or post meeting.

I see that Peel Hunt have BMN as a 'buy' with a target of 27p. Encouraging.

Perhaps GoI could act as expeditiously as they did with the sale of Air India to the Tata's? *Tongue firmly in cheek*

Should have read:
"...no incentive NOT to..."

They have a vested interest after all.

I'd be happier if they agreed a fixed sp as Duferco have no incentive to keep driving down the price until 8th November.

What's the general consensus? Good thing or bad?