"Ian Weatherdon only got 69% shareholder approval to stay on. Why?"
Perhaps... poor management of the company's capital structure allowing it to hold excess cash for far too long: not aggressive enough in returning cash particularly via buybacks once oil recovered from pandemic slump, not swift enough to transfer bought back shares to EBT and cancel balance etc. I can think of a number of areas where he needs to lift his game - a lot.
(PS Many here praise John Harris vs JF forgetting, conveniently, that he has - to date - merely been fortuitous in the timing at which he took the role. He still has to prove himself.)
"Buy Backs will be kept offline ‘in treasury’ - awaiting a BONANZA of self awards to our management - when they eventually achieve that illusive milestone of 55kbbs/d."
Complain about the compensation policy. Don't complain about the strategy of meeting options exercise with stock purchased in a buyback rather than new issuance. This latter question is a capital structure one and unrelated to the first.
"A small proportion will be grudgingly distributed to shareholders - just to keep us satiated."
Huh? Stock purchased in a buyback aren't distributed to shareholders. Quite the opposite - they're purchased FROM shareholders; those wanting to sell. Tens of millions of dollars have already been distributed to shareholders via buybacks. Long may it continue until the company has a more optimal capital structure.
You can keep *****ing about historical messaging (I do have some sympathy for your view here although substance always overrules positioning) but I think it far better to look forward. The future, just like recent past, is bright for GKP shareholders willing to keep their VAR.
So you don't think the stock mis cheap at £2? If you think it's fair value (or over-valued) at that level you can sell into the buyback. As far as the company is concerned it would just be returning capital to shareholders. Instead of returning it pro rata it is returning it to those that sell to its bid. The price doesn't matter to the company.
"Overall my only surprise is that the share price is still lingering around this level"
To understand this you need to consider a couple more 'downsides'. Small cap, low liquidity and (as you note already) sector mean that attracting additional institutional sponsorship is very difficult. Hence finding significant impetus on the bid side of the stock price is a challenge. Retail will bob it around here and there but it's not nearly the same as, for example, when Blackrock increased their stake back to 5% from below 2.5%. A buyback can help this and we should be lobbying hard for it.
Still good upside to come. Company has an enterprise value of just over $0.5bn and $110 million of receivables as of the end of May. At current oil prices this year's capex to get to 55k bopd is a mere 2 1/2 months' receipts. After that it may be a different story but the ride up to 55k should be sweet. Chug, chug, chug.
I make no apology. Opu has consistently shown his views are based on hyperbole and without analysis.
"you’re 4’8” in your high heels and I’m 6.2 in my stockings .. now that’s about 25% yeh ? I’d dwarf you agreed"
The problem with this 'analogy' - obviously - is you'd have to believe the delta of 1'4" dwarfed the 4'8" in order to apply it to Opu's argument. It clearly doesn't.
" PUTUP and mates were saying sp would be be down at 150p after 10% divi money confirmed. Yawn."
Show me where this was stated. Hint: it wasn't.
"If we get 16p per share for example, does the sp drop 16p on ex div date in theory?"
All else being equal, yes, it ought to. 16p per share has left the value of the company. However, rarely does all else remain equal. The value that's left in the company can change - up or down. But make no mistake, the 16p that left can't affect the value of the company anymore and unless you believe other factors have affected the value of what's left you would mark down the value of the stock by that amount. And in order to get your 'dividend yield' (a simplistic calculation of divi per share divided by the cum divi share price) you need the residual value of the company to rally back to the cum divi price. Else you don't have a yield at all. You've just shifted some value from one pocket to the other. 'Dividend yields' are an illusion - particularly those created by major, 'special' dividends which significantly affect the capitalization of the company. The company can equally alter its capital structure and return capital via a buyback. Do you calculate a 'dividend yield' when the company does a buyback and cancels the shares?
errr.... going from 44k to 55k is about a 25% increase in receipt. That doesn't "DWARF all previous income". Not even close. That assumes the R factor stays where it is and yet we know it will rise quickly. Opu, you've never been one to actually do some analysis.
Nothing new/unexpected but good to see the uplift in the stock price. Now clear of long term resistance dating back to 2016. Happy to be sitting up 130%. But the company is hoarding at least a further $100 million of cash which ought to be paid back to shareholders and adding to this with every receipt. Onward.