Member Info for Proust

DNA3 announced on 8 January that all 220 million shares will be redeemed at 64.7p for £142.347 million on 16 January, payment date c. 27 January. Some DNA3 shareholders seem likely to reinvest cash in AA4 as the only remaining high-yielding aircraft leasing play. Bear in mind that AA4's capitalisation is just £162m and that the volume of shares traded during last week's selloff was 2.9m on Wednesday and 5.9m on Thursday. Even if only 10% of the cash to be returned to DNA3 shareholders is used to buy AA4 shares, then £14.2m x 64p translates into buy volume of 22 million AA4 shares, or well over double the sell volumes of last week, even assuming that 100% of that volume was driven by sell orders. In other words, the amount of fresh liquidity available to aircraft-leasing fanciers should more than offset the impact of last week's selling, and drive a substantial hike in AA4's share price from late January onwards.

The thresholds and rate

2.9 The OGPM tax rate will be 35%.

2.10 The government will set two thresholds: one for oil and one for gas, and they will apply per financial year.

2.11 The OGPM thresholds for the financial year 2026 to 2027 will be: • Oil: $90 per a barrel • Gas: 90p per a therm.

2.12 For subsequent years, thresholds will be adjusted using the Consumer Price Index of the preceding year. Projected thresholds for the following financial years are below.

Financial year Oil Gas

2027 to 2028 $91.88 92p

2028 to 2029 $93.70 94p

2029 to 2030 $95.66 96p

2030 to 2031 $97.59 98p

That's what I'm thinking - from a quick read, the new tax regime from 20230 looks much better, plus the document confirms that fresh development with tiebacks will be allowed- so all that's really changed for the worse is that hopes of a earlier end to the Windfall regime have been dashed. I just bought some back at 100p (having unloaded a few at 153-155p ahead of the budget). Good luck to all holders!

It's only the high-grade copper price (c.$44,300) that's down 20% on the tariff news. The normal copper price is barely moved at c. $9,650. That's the category that CAML sells- in 2024, their average price received was $9,219/t, ie 4-5% BELOW the current spot price. If this is just a knee-jerk reaction by ill-informed AIM investors, then it's a good time to be buying CAML, now yielding 12.3%.

Previous payments havent reached my HL a/c until 10th or 11th, so dont panic if it's not there by the end of this week!

RGL shares have been sliding for some time- 24p currently, down >15% in the past week alone- and reading between the lines of the update on 2 February, I'd be worried as an equity-holder about being wiped out at some stage due to an inability to realise enough value from future sales to cover the debt. So my guess is a (single?) holder of RGL1 is worried enough about their ability to refinance this bond and repay us in full. I'm still assuming that some combination of cash, a dividend cut and a sale or two will allow them to scrape together the £50m by August, but I'm not confident enough to add to an already very large holding.