Member Info for Redacted

Yes, I remember that Jim. I was buying at not far short of that price back in the day. Don't remind me!

The irony is that the SP probably wouldn't have risen much had GENL won, yet here we are 20% or so down, and nothing else has changed. GENL continues to make money from local sales and will make even more should the Ceyhan pipeline ever re-open.

What's even more ironic is that even though the KRG owe $50m+ for past receivables, GENL will probably still end up having to pay their legal expenses for the Tribunal. Let's hope they can at least come to some agreement over that, although history doesn't suggest they will.

The greatest irony of all however is that having pumped $1.4bn into Miran and BB, GENL now have nothing whatsoever to show for it, except a bill for their opponent's legal expenses.

I wish I'd never heard of Kurdistan :-)

So where does this leave GENL now? Were Miran and BB assets fully written down?

Let's hope they get a better result than GENL got today!

I wonder what the KRG's legal costs were? If they are awarded costs, which seems likely, then they'll have to deduct them from the money they owe to GENL.

I'm no fan but that's a bit of a stretch that one Stanley.

TLW can't kick the tax dispute anywhere. It's in the hands of the Tribunal and all we (and TLW for that matter) can do is wait for their judgement. I just hope it's a positive outcome for TLW.

Yep, more jam tomorrow. Or maybe even the day after with TLW.

25 to 30 % decrease in projected FCF and that's before the pricing of those 4 cargos, which let's face it, aren't going to be priced as highly as expected at the current oil price.

The only thing that's going to stop the SP sliding further in the short term is a positive result in the tax dispute.

Onwards and,,, ...sideways!

It's certainly been an expensive mistake for us Crafty.

Https://oilprice.com/Energy/Energy-General/Are-Iraqs-Oil-Flows-Through-Kurdistan-To-Turkey-Set-To-Resume.html

One thing, or rather person, that worries me in all of this is MA. He is a bottom feeder and often doesn't get involved until he can smell blood. And barring his own he doesn't much care whos blood that is.

When he first came onto the scene my initial thought was that he, along with the 65% Club, were planning to take the whole lot private. Not much work, or money, to get them to 75% and it's game over for everyone else. And they wouldn't be paying anywhere near what Apollo and the like once offered, that's for sure.

I know that is just conspiracy theory, and as time goes by it looks less and less likely, but I've still got an awful, nagging feeling at the back of my mind as to MA's ulterior motive. He didn't get where he is today be being Mr Nice Guy.

It's probably why he wasn't too bothered about giving up his Golden Share.

Can they take him out though Oke?

He has built in protection over the years, as if this day was planned long in advance. He owns most of teh property freeholds. How do you get past that?

That's the main reason I don't believe there will be any offer for THG now. It's MM's poison pill.

Oh the irony.

MM happily takes the IPO money but then goes to war with those that invested, and with the City. If he was half-decent at what he does that wouldn't be an issue, but he isn't. He has been found wanting and is out of his deapth. He picked a fight that he was never going to win, and here we are with the inevitable consequence of that foolish mistake. All to satisfy his own, over-inflated ego.

Now though he has no real friends left, because he has treated them like dirt and lost most of their money, so he is trying to salvage what he can (for himself, of course, not us) from the wreckage. But to do so he needs the help of some wealthy backers, and they are having none of his antics. For their money they are going to exact a high price, probably a lot more than MM ever thought he would have to pay.

Good on them I say. If I'm going to get a good kicking from what's about to happen here, then thinking that MM will suffer the same fate is the only comfort I can draw.

I'm holding for the update at the end of the month. They've been telling us that payments were front-loaded and the free cash should start to show in the second half. If that turns out not to be the case then it's probably time to move on for me.

Spoke too soon....

Some great debate going on here, thanks chaps (or maybe chapesses?)

I don't pretend to understand much of it but it's great to hear those that know what they are talking about sharing their expertise.

And no green boxes while it's going on. Bonus!

"It's only been 3 days since the RNS" Yes, and the SP is ONLY 53% down. No problem there, eh?

"What else should they say?...that they haven't alread" They haven't said anything at all, that's my point.

"They can't control the market reaction" Correct, they can't. But they can certainly influence it. The BoD should have known what the market response was likely to be, and prepared for it. Not doing so seems incredibly naive.

What worries me, and judging by the current SP many others, is the way the BoD have handled this situation. Listening to the Trading Update webcast it's obvious there's something seriously wrong but there's no way the BoD are going to give any more detail about what that is. Their response to the final question from Peel Hunt was nothing short of dismissive and downright rude. They did not handle that situation well and that really didn't look good.

And since then the BoD have been silent. I'm sure they have a lot on their hands at the moment (understatement of the century) but could they not find 5 minutes to put out a statement to calm investors' nerves? The SP is in free-fall and the BoD are in radio silence. Another bad look.

As far as I can see there's nothing in the papers today either. IR could have done an interview with one of the Sunday papers to settle things down a bit. I know they need to be careful so as not to mis-represent the facts of the situation, but a professional IR team and BoD could surely have done that. So why not? Again another bad look.

The problem may not be that significant (that seems very unlikely now) but the longer the BoD say nothing the more significant it starts to look. Existential? Probably not. But if it's handled badly its effects will be much worse than they needed to be, and before you know it, what previously looked like a solid company suddenly doesn't look quite so solid any more. Somebody really need to get a grip of this. The problem is there, that cannot be changed. It's now down to how it's handled, and that will determine how much damage will result.

For the reccord I'm in at 51.3pps. I'm not inclined to sell up just yet but, being reasistic, this could go either way from here. You certainly need to keep your wits about you with this one.

I use Interactive Investor. Thay were pretty crap in the past but seem to have got their act together now. Their charges/fees are low and they provide a pretty good service overall. You can actually speak to someone on the phone should you ever need to, which is quite rare these days.

I transferred over from Hargreaves Lansdown a few years ago. The best move I ever made. I think they are very expensive unless you have a large pot. Their web site isn't great either but they have just been (or are in the process of being) taken over so things can (hooefully) only get better.

I don't have any experience of the other platforms.

Yes, the debt has gotten to such high levels that borrowing more is becoming difficult. The answer? Bring some of the State assets onto the books, make the debt levels look more 'respectable', then - borrow some more money.

Reeves struggled to keep on top of her credit card bill so God help us with her running the countrt's accounts.

Interactive Investor were non-committal when I spoke to the, saying they couldn't be certain until they had all the details of the demerger.

However, their web site is states Unquoted shares or Delisted shares cannot be held in their SIPP, so I'm not convinced that I will be able to hold NewCo afterwards.

https://www.ii.co.uk/help/investment-accounts/sipp/investments-you-cannot-hold-in-our-sipp