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HG - you're old-fashioned! However, I totally agree that the leasing news is very encouraging. In normal circumstances, I don't think this would be worthy of an RNS as it's more 'business as usual'. Unfortunately, in the unusual situation RGL is in with so many concerns (some real, some mischievous) it might be considered as potentially price sensitive and therefore subject to RNS.
I think the Martley stake is the big news (great find Chris). I also love the quote from their CEO back in January - when asked about opportunities on the public market, he stated "There are companies that look just absurdly cheap, particularly those that are externally managed that, usually unfairly, are just hated by the market." I think the stake he subsequently built in RGL shows exactly what he thinks of the valuation. Sometimes it's good to be old-fashioned!
Obviously not out of the woods yet, but such a relief to some some detail on a significant disposal programme. Personally, I'm not tempted to buy any more whilst there's a possibility of a capital raise, but it appears they are no longer asleep at the wheel.
I agree that the alarm bells are ringing - that was the point of my original 'governance' post. I believe there should have been stronger governance to address the risk that is now all too evident.
I apologise for using the term 'garbage', but I believe you are wrong to to question the integrity of the valuation. I repeat this is not "their valuation" it has to be provided by an independent source. There are many valid reasons why the share price is at such a large a discount to NAV, but you appear to be inventing a completely spurious new one. In this, you are not the messenger but simply a scaremonger.
"It's no wonder market does not believe their valuations." - sorry, I think you're talking garbage here. Firstly, it's not "their valuations" - they are provided by an independent consultancy. I don't believe there is any market doubt on the integrity of these valuations, it's more the concern that they might not be realised if there was some sort of 'fire sale'. I don't believe this has proven to be the case with the sales realised so far.
TH Tim - "It is highly likely that they have breached LTV covenants"
This is an incredibly strong statement. Please can you provide your evidence to support this assertion?
Whilst I still believe that the stock is seriously undervalued, it is clear that the company has got itself into a sticky position on the LTV. As a shareholder, I have to question the governance of the company that has allowed this to happen. The first point of contention is why Inglis is a "Non-executive director" of the company. He is CEO of the Asset Management Committee - how can he be a NED?
More importantly, I have to ask what the independent NEDs have been doing to allow this situation to arise. They form the Audit Committee and part of their terms of reference is to:
(i) assessing the principal risks and emerging risks facing
the Company, including those that would threaten its
business model, future performance, solvency or
liquidity, and how they are managed and mitigated;
(ii) assessing the prospects of the Company over such
period deemed appropriate (but longer than 12
months); and
(iii) determining and reporting to shareholders in the
annual report whether there is a reasonable
expectation that the Company will be able to continue
in operation and meet its liabilities as they fall due over
the period of assessment;
I have to question whether they have been successful in meeting these requirements.
The penny might be about to drop that the share price and the bond price are totally absurd. Shareholders may have been conned into selling in the belief that the market is always right. It isn't. The UK market appears to have forgotten how to price an instrument correctly - not just RGL, but many, many others (see Hotel Chocalat for recent example). I think this bounce will continue as investors begin to get a grip.
Well something's just triggered a 10% jump
A really skilful mail by CaneToad; an absolute classic of its type.
First, point out some "misdemeanour" to gain the moral high ground.
Second, establish yourself as the voice of reason with everyone else on your side
Then casually compare RGL with a penny stock - you know, the sort that can go bust any day.
And of course you're not shorting, merely standing on the side offering sage advice.
Brilliant work
Check out https://www.hknenergy.com/investors/reports-presentations/ and look at "Reports"
Nice story, but Karamehmet/Çukurova does not hold 56% of Genel. This is very old information. Bilgin is the biggest shareholder at 22%. See 2022 Annual report page 89
Frustration doesn't even begin to cover it. How can the politicians be so stupid to maintain this lose-lose situation?
Still, up 5% today. New hope or false dawn?
OK it's this https://www.basnews.com/en/babat/810620
I'd like to believe it
Link to reports please
I would love to be wrong on this one, but I think you are well wide of the mark. Far from being collaborators, it appears from the May 2022 AGM that HG and TB have been engaged in a boardroom struggle as Gozal (and Higgs) were not re-elected to the Board.
Calm down dear. This is a simple PDMR dealing notification and the time limit is within three working days of the transaction. It's part of the EU Market Abuse Regime and not particular to London. Take a chill pill, or perhaps do some research before making such absurd statements.
Today's RNS states: "On 29 May 2023, Ümit Tolga Bilgin notified the Company that on 25 May 2023, Bilgin Grup Doğalgaz A.Ş. purchased 750,000 Ordinary Shares in Genel Energy plc at a price of £1.1108 per share, and on 26 May 2013 Bilgin Grup Doğalgaz A.Ş. purchased 25,000 Ordinary shares in Genel Energy plc at a price of £1.1100 per share. Ümit Tolga Bilgin is Vice-Chairman of Bilgin Grup Doğalgaz A.Ş., and is a Non-Executive Director of Genel Energy plc."
Bilgrin Grup already own over 22% of the company
176-192. What's occurring?
Nice rise yesterday but back down with a bump today - all on no generally available news. Impossible to make a sensible investment decision at the moment. Probably have more luck with Tripod Lad in the National tomorrow.
No. It's a mystery and not one I'm particularly enjoying.
I'm guessing the market was spooked by the curiously timed trading update, but I'm hoping the fundamental value will eventually be reflected in the price. IG is not exactly flying either.