The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
I was wrong about the 25% rules applying to ENW as well as JKX. ENW is now just listed on AIM so the rule is 10% not in public hands.
However, the continuing listing on AIM is just one mans decision.
"its criminal' - It's just figure of speech. You got the trade right congrats.
This could have easily happened before results as after well done. ..Plenty got sucked in to allow you to sell.
However, the reality is the company was 'selling' its results via RNS's in a quite encouraging way. Unlike elsewhere.
Also SP has pushed up over 60p before now on lower gas price (2018), with many more issues. And only dropped when gas price lowered. However, and apparently critically, the company didn't have the cash to buy itself out till now.
The reality is the company was showing itself in this pricing environment to be a major cash machine. and it was too good to let the minority potentially benefit. And they have pulled the plug. At least even the 54p buyers didn't lose all.
SC thanks for that...
Still don't see why his other shared business interests benefit with the listing.
He could take private and give the gas to his steel interest.
Smart/ENW is weird one a private shell around the public company.
But we know he never wanted to take RPT private in 2012, in 2018 and now...
I'd just like them to state it again!
No protection now OH <20% gets you nothing mate!
All down to Novy IMO.
SC you perhaps refer to fact that they have future political ambitions together? So wouldn't want the stain of ENW privatisation?
ENW also has a history of not going private when it could, Novy when he took Pinchy's stake he did say that he didn't want to take it private, and foresaw a good outcome for RPT/ENW. And they do have a lot of strong comments on their adherence to the QCA code in AR and the like (The above is simply restating OH's point I think).
However apart from all this the we now have th eJKX RNS statement that the lack of 25% free float and therefore non compliance with FCA listing rules was one of the reasons for the delisting decision. This has left ENW lookin rather vulnerable. I wonder could we get ENW IR to state that delisting is not now the plan or will it be. The prize = a rerate!
Cheers
sorry if I'm at 'entry level'
Thanks Straycat,
What are these peoples connection to ENW?
Share register is
Smart Energy (CY) Limited 264,996,769 82.65
Pope Asset Management 22,273,339 6.95
oldholder, I appreciate your views thanks. I note that JKX is not ENW.
I also have some remembrance of what Novy has said in past.
Good outcome for ENW/RPT etc.
However this is from JKX RNS (do we think think this is lies or not?)
"...In addition, the number of the Company's shares held in public hands, known as the "free float", is below the level required by ongoing requirements set out in Chapter 9 of the FCA's Listing Rules. As at the Latest Practicable Date, only approximately 21.9 per cent. of the Ordinary Shares were held in "public hands" (calculated in accordance with LR 6.14.1). The Listing Rules require 25 per cent. of the Company's shares to be in public hands, which for the purposes of the relevant test excludes any shares held by those with 5 per cent. or more, or held by the Company's Directors. There has been an ongoing dialogue with the FCA with respect to the Company's failure to meet the continuing obligations requirements under the Listing Rules with respect to the number of shares in public hands (which includes shareholdings of less than 5%, excluding directors and certain connected parties). The FCA has indicated that it would not grant the Company a permanent derogation from this requirement and that it expects the Company to develop and implement a plan to increase the number of shares in public hands. The Company has sought to implement a plan and has successfully increased the number of shares in public hands by, inter alia, releasing shares previously held in an employee benefit trust, although not to the required level of 25 per cent. However, in order to increase the number of shares in public hands further either Shareholders with more than 5 per cent. holdings need to dispose of shares to "public hands" or the Company needs to issue new shares into "public hands". If the Proposals do not proceed, the Board will need to continue discussions with both the FCA and the larger Shareholders to find a resolution (unless the rules change in line with the FCA proposals described above)..."
Novy wanted to pay 20 something for all company.
Pinchy came in with 20 something +2p. Novy went to 38p. And took 54%.
It's pretty certain that can't happen now.
As Novy took over Pincy's stake when he gave up his last last plan for takeover in 2018.
ENW have to state again not plan to go private now AND in so doing show that jKX are lying as to their reasons.
OR go private (at let's face it) whatever price they choose to charity case ENW investors.
fair LOLOLLOLOLOLOL! :P)
OK we don't know really why Novinsky kept this listed so long. There have been reassuring RNS's in the past. Not so on the JKX side.
It depends if that has changed and or if the FCA issue is really real or not.
And then what price or will there be a price etc.!
Krok,
We don't know. previously Novinsky didn't want to do this.
Depends if the FCA issue as explained in the JKX RNS is real issue or not.
No matter confidence in Ukrainian gas companies somewhat diminished for a while now. (not least JKX holders)
JKX delisting tender offer might be the reason here chaps....
Talks with FCA. problem with not 20% free float
And that said not sure why JKX would have same.
Nope. Russkie troop build-up is all I can see.
Barry,
I'm trying to protect you....
You can go around claiming all these Oligarchs are criminals or not depending on you weekly trades that fine by me.
However your name is now on the JKX share register today.
I'm just saying. Be carefully. "hello is that Siberian airways"
Oh Barry you such a very naughty boy!
Presumably you gain or lose confidence in companies based on your current holding.
"he is a very naughty boy!"
lost confidence18 Oct '21
I've lost confidence in this one, I see loads of tweets and messages aboout how great cash build is, and it is good but there are too many traders out there looking for a quick 10-15%. Price goes from 46-50p sells off, then 54p sells off back to 49/50p.
No one mentioning the biggerst holders Eclairs with 28% holding because no one does any research. The main guy owes Ukrainian govt $2bn over corrupt Privat bank. No way will Ukrainian govt give JKX the £12m its is in a legal battle for.
Personally feel ENW Enwell which is Ukrainian has 100% exposure to rising gas prices (unlike JKX only has 40%) is a better gas company also has $65m in bank, no debt, no legal cases.
its is just 0.5% discount to what SMART get. With the bundling of production enabling a higher achieved price and overall operational efficiency
(see here from RNS):
"Furthermore, Smart Energy has agreed to combine Regal's gas production with its own gas production, and to sell such gas as combined volumes, which should result in higher sales prices due to the larger sales volumes. In order to cover Smart Energy's sales, administration and regulatory compliance costs, Regal has agreed to sell its gas to Smart Energy at a discount of 0.5% to the gas sales prices achieved by Smart Energy.
The terms of sale for Regal's gas to Smart Energy are (i) payment for one third of gas delivered by the 20(th) of the month of delivery, and (ii) payment of the remaining balance by the 10(th) of the month following the month of delivery.
And also the price they have been selling has been tracking up with the actual price. "
In the last HYR (not mentioned in Q3) the realised gas price was reported slightly higher than that reported by JKX.
So go figure.
I wasn't aware that the Site:
https://www.ueex.com.ua/eng/exchange-quotations/natural-gas/medium-and-long-term-market/#data-filter
Was potentially so inaccurate. The achieved prices for the month were getting there. Say HYR of UAH6,897/Mm(3) corresponded to roughly that on the ueex site of the price in January 2021. So expecting big increase Q4..
OK Krok,
I'll play STICK too!
Impossible to fathom Putin from this end. He opened his mouth yesterday and crashed European gas price. And UK gas Company gas prices. Again!. LOL.
He must be loving the power he's got. The plan maybe to tie Europe to long high price gas contracts. That would I suppose reduce current price a bit.. But maybe long term higher European price?
It seems that Ukraine gas prices are above that of Europe. That is interesting. I get Europe would then resupply Ukraine. but there is a mark-up on the Euro-Ukraine border/gas hubs it appears.. (in link)
https://www.ueex.com.ua/eng/exchange-quotations/natural-gas/medium-and-long-term-market/#data-filter
I guess if Ukraine is cut out of Russian supply they will have to import gas via Berlin?
Krok - adieu?
see you again in 3 years!?
Or stay around for some more..?
>>>>>>Gas just gone over $6 again... wonder if it will hit $20 like it did back in 2005?<<<<<
Are you for real? OR serious?
If I convert to your $6.28 for a MMBTU
The natural gas price is Europe/UK $29 .
And in Ukraine it is even higher
https://www.ueex.com.ua/eng/exchange-quotations/
https://www.reuters.com/quote/NGLNMc1/