Member Info for PanamaPete

Alessandro, I guess it's people who think like you.

Once the share price has risen to 650p, you can then buy for an 8% yield which will make you feel more comfortable.

Not that a currency conversion should delay payment of the dividend but I guess it's the banks payment processing systems & I have always found the divi from Energean is credited a few days after payment date. Should be in by next Friday latest.

977p I meant.

I have found the dividend takes a few days as there is a currency conversion to do.

Took advantage of the pullback late this afternoon & added at 877p.

I think the ambiguity re "The Group expects to redefine its dividend policy post-Transaction close" has spooked the market among other things about the deal, however,

Quote: "Energean's strategy is to be the leading independent gas-focused E&P in the Mediterranean and beyond. The Group has taken the decision to sell certain non-core geographies, where at least $7.5 million per annum of G&A savings have been identified, in line with its key business drivers to:

· Be cashflow accretive: the Transaction is expected to be immediately free cash flow accretive. The Group expects to redefine its dividend policy post-Transaction close." Unquote.

I feel the sell off has been overdone & having sold down from over 1100p, I sold my last tranche recently iro 1030p (& missed the recent 1070p spike after the news was announced re Sale of Egypt, Italy, Croatia assets), I've bought back today at 980p so not too bad with how things have panned out so far.

With dividends paid tomorrow I suspect there will be buyers topping up so have bought back in at 981p in anticipation of a rise in SP.

Whatever happens to the dividend long term, the special is up to $200m & with 184m shares in issue that's about $1.09/share or up to 85p/share.

Except this sentence:

“The Board has therefore decided to begin a sale process, having received a number of initial expressions of interest from third parties”.

The remaining shorts can find their coats in the abandoned property locker. Please respect the neighbourhood and leave quietly.

Riskingit, four years of dividends is very short sighted imo.

650p would be daylight robbery.

Expect to see other shorts heading for the exit.

If this is a precursor to an offer, the recent Tory bets on the election date would pale into insignificance.

Biddy74 on ADVFN saying shorts reducing.

"GLG dropped significantly on Friday. Now down to 1.21% from 1.8%"

May those that didn't buy under a fiver be eternally locked out 😐.

No offer under 850p (6% yield) would be worth considering.

I suggest that shorts are reducing with interest rates lowering.

“Jefferies analysts estimated the net asset value of the resources that Energean is selling to be $1.28 billion, implying a 26% discount in the deal.”

Could this mean a reduced divi after the special is paid ?

Nice little recovery today.

Canadian Light Sweet / WTI differential should also close up.

Think we will hear more of the positive impact of the Trans Mountain Pipeline expansion re AECO pricing & feel some are focusing too much on the current spot prices. WTI looking strong.

Added 100k today at 10.24p.

I3e's new borrowing facility is at 9.2% (Canadian Prime + 2%) & non-amortising, down from the amortising 9.5% with Trafigura. Not sure which bank the current borrowing facility is with is but RBC has cut is Prime Rate to 6.95%.

I'm surprised the SP hasn't reacted more positively to this rate cut which could potentially mean lower costs on any drawdown (Prime + 2% = 8.95%).

Added 100k on Friday having topped sliced at 11.48p recently.

https://financialpost.com/fp-finance/banking/rbc-cuts-prime-rate-after-bank-of-canada#:~:text=Canada's%20central%20bank%20cut%20its,first%20reduction%20since%20March%202020.

Have been watching these for a while. Bought twice today iro 1.46p & both marked as sells.

Seems LTH a bit screwed on the heavily discount offer only to be able to buy them in the market afterwards for less.

You would soon know if there were.