Member Info for romaron

Just reminiscing. A post by NH on the 21 March 2020 "I have to say this is now looking like an attractive short. Lots of deluded long term holders probably with very little cash left due to constant topping up all the way down. " The price was around 8.26p.

Perhaps he tied himself to it?

Good find Modestus. Add this to it: https://www.bloomberg.com/news/videos/2021-07-05/goldman-s-currie-doesn-t-see-another-oil-price-war-video?sref=866aH6XX

Don't know if you'll get it straight away but I found it via Art Berman on twitter. Hard decision. Do we take notice of Eric Nuttall and Jeff Currie or the hindsight trader L3 and the ESG champion chilting?

Yup, that's supermarkets for you. Private equity is now moving in (Morrisons, Asda) because the attractions of cashflow are just too strong to be ignored. Reminds me of another industry! Like food and household goods we will always need energy. Of course I could carry on the debate about finance and reasons not to be invested in oil but I'd rather leave that to the hindsight experts or view changers creating reasons to post on this message board and haven't they been busy!
They do though know very little about bank financing and bonds so can be safely ignored. I mean less than a year ago we were staring down the barrel of the bonds bearing a YTM of over 30% (24 Oct 2020 RB 53.05). Our management never lost their nerve and we are now looking to refinance at very favourable terms. Well done the team.
I mentioned that I thought our prospectus/placing was a little rushed to beat 30 June deadline but it is more a feeling. The sale by CNE of Kraken to Waldorf was supposed to be completed by H2, it didn't. I also notice that Waldorf have employed an ex Spirit lawyer announced 9 June. Centrica are still pushing the sale of Spirit and so it goes on. There is a lot of activity that we aren't privvy to and never will be.
I imagine that our management are still putting deals together because they haven't the time to dissect he minutiea of end of life contracts as message boards do and are looking for new assets and refinancing requirements. The contributors to this board come in all shapes but there is a lack of knowledge. It is quite amusing to call yourself a level 3 trader but I take it that is self-parody and shows a sense of humour, even extending to considering themselves cleverer than Gaffney Cline. As I say, it takes all sorts.
I think we have an exciting time ahead of us and we have been clearing the boards to some extent. This company is a "going concern" with plenty of scale and life left in it. Taking debt down to zero is not an aim and never was. I would imagine some very tasty opportunities are being run past us and the M&A guys are making up for lost time. All looking very promising. AB is firstly a highly trained Mechanical and Aeronautical Engineer and went to Dukes and Stanford. I'm gonna take a wild guess here and suggest he knows what he's talking about and I'd rather listen to him than any anonymous poster/troll.

Build it and they will come.

You don't do CoP or decommission the financial structure of a company every time you go through a financial restructuring. L3 has such a high opinion of himself that he thinks he knows better. I don't know what plans the Board of EnQuest have and I'd be off like a shot if they required my input or his. Loans like contracts get renewed on a regular basis whilst events and the macro environment are always hard (impossible?)to predict. What's difficult about understanding that?
It may appear untidy but life is like that. They have the same problems at BP and Shell.

Personally I think it's karma. The rioutous drinking and not closing gates behind them in the 8th to 11th century annoyed quite a few of our ancestors, especially as they were uninvited. Us Brits have a long memory. 60p party promises to be "eventful".

https://coub.com/view/1xgyte

Apologies in advancce nothing about EnQuest. I am asking for a friend and that's the truth. Known him 55 years. He has lived in the same house for over 35 years and been married longer. His wife recently retired and she has a Defined Benefit Pension (DBP)pot of £173k. They are not short of money or financially illiterate. She wants to release these funds into a SIPP, Inheritance Tax being one consideration. We all know there have been abuses to DBP schemes and the government has as usual overreacted. Some naive pensioners were conned but this isn't the case here.
To transfer from a DBP to a SIPP needs an FCA authorised advisor to sign it off. This is more of an insurance policy against abuse for many do not require advice. In my friends case there is a consultation fee of around £1,500. Then a totally unnecessary forward planning and a glossy brochure will be produced which will go in the bin. However the fee for this is likely to lift the bill to £6,000 and annual fees possibly added on. We all know that these brochures are often not much more than cut & paste and will be very similar. My friends DO NOT REQUIRE this advice and will sign any necessary waivers. So it is an easy £1,500 for a signature though on paper it is much more complicated. Their assets dwarf the amount in question and basically she doesn't want to wait until she's 94 to break even.
They live in Woodford Green, Essex East london borders. If anybody can help here or knows somebody please email me at romaron49@gmail.com
Any conrrespondence will remain confidential.
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Just more complications Juan. I've got them all over the place. In my trading, ISA and SIPP plus some with my wife and daughter. I'm off out for some libation shortly. It's all getting a bit too much.

Received this just now:

Corporate Action Notice
EnQuest has announced a rights issue. Terms are 5 for 89 Subscription price 19p.
As such based on your position at close of business on 30th June you have the right to increase your position by 5 for 89 @ 19p.
Deadline is 22nd July. If we don’t receive instruction offer will expire worthless.

Please call the client management team if you have any further questions.
Kind regards,
Customer Support Team

=====
Didn't realise it extended to spread bets.

https://www.youtube.com/watch?v=WdjTi-uhoqI

Listen at 2.00 minutes in. A message from your ex Chairman in 2013. You can't say you weren't warned! I refer to this video often. It survives the test of time and I don't really disagree with him. He also refers to Tullow in the tape. Once saying they told fibs (06.45) but also at 5.00 minutes in he mentions that make sure your capital is less than 10 per cent. They recently paid 10.25.

Not sure you're right there Juan. The remaining EnQuest analysts that pick through the entrails of announcements may well read them after they've had their morning run, dropped the kids off and stopped for a coffee. I meet one some mornings. He's loving the life. An occasional visit to the office when he can be bothered.
I think AB has something else in store for us. He's disappointed me a tad with the casual way in which they dropped Swedish investors. It does though confirm my opinion that we don't really count. Institutions though do! Who gives a toss about us whilst Baillie Gifford and Aberforth get 2 bites and possibly the EBT.
The good news is that the Institutions have been looked after and they have more leverage. I think this will go down well in the part of the market that counts (that doesn't include us). Not moaning just stating facts. When I worked in the City did I worry about people losing their jobs? Of course not. The world is cruel and unfair. We are at least aligned with those that AB and his team favour. We just don't get a bigger share.
I think the OO will not hold us back. Too small and anyway PI's are easily malleable. They have a whinge and then suck it up.

Strong Buy when they finish going through the prospectus and result of the placing! OO immaterial in scheme of things and a chunk of the Institutions are in both anyway.

With all the placing excitement the UK have beaten their target by a year and will officially no longer burn coal to generate electricity from 2024. Alok Sharma, our minister serving as president of Cop26, the UN climate summit taking place in Glasgow this November said that this "sends a clear signal" to other countries that they should follow suit.

*Other news is that China, India, Indonesia, Japan and Vietnam plan to build more than 600 new coal-fired power projects, with a combined capacity of more than 300 gigawatts but that's OK as they are only responsible for 80% off new coal powered plants planned around the world. It could be worse.

You may have something there E - it looks to me that they shoe-horned the placing and prospectus into the first half of this year. It may be coincidental but HY and YE's are busy times so why squeeze it in. Maybe we got a better placing price as the Institutions wanted to window dress? Accountants can torture figures into saying almost anything and it is about time we got some favfourable adjustments and whatever the opposite of impairments is.

Tullow were on a knife edge regarding finance and ran it really close to the wire. They had a $300mio convertible bond maturing July 2021 and two others for $650 mio maturing April 2022 as recently as March this year.
The new 2026 bonds with the 10.25% coupon are at a premium now with a YTM of c.9% but of course Tullow pay 10.25%. Their new RBL deal was full of gobbledygook but does appear to be at this level too (I stand to be corrected). Unless I'm missing something we have what I consider to be a very good rate for our new RCF/SFA or whatever its called.
The new Tullow CEO Rahul Dhir, their pair of safe hands, has stabilised the company but at a price. To give you an idea of how dull he is he makes chilting look interesting but he was given a hospital pass.
Bit disappointed that EnQuest didn't extend the OO to the Swedes but on the upside it saves a lot of messing around for them. They may not be so happy if the price goes to 25p for example between now and admission to dealing. If it goes lower I for one would be very surprised. Tomorrow will be interesting.
Squif - there's always a catch. Sculptor won't cancel the old loan without compensation. Would you?
I'm most happy that EnQuest just carry on with their plan despite the copious advice found on here. Bit like Gareth Southgate. So may false dawns but EnQuest must go higher tomorrow, surely!

Be Lucky

Available now on enquest.com Only 371 pages.

Now all we are waiting for is the prospectus which will be posted on enquest.com. The placing went smoothly. The market will appreciate that.

prefer "slowed down" to "have affected". An editing function would help.

I'm expecting the result of the bookbuild and prospectus drop through the letter box any time now. Earlier the better for me but I suppose Covid could have affected the usual process.

Assuming all goes well (and there are no alternative indicators) the bookbuilders are somewhat blind and have to take a lot on trust. It is also quite brave of the company to test the market in this way as if JPM have to ante up any shortfall and AB chipping in won't be a very good look. I cannot imagine the bookbuilders can see the prospectus before anybody else so today could be a very important milestone on our progress.

Confidence in EnQuest will be increased following a successful raise.

Stupmy - I assume you're talking about this company https://primarybid.com/about
If not then I apologise as it is a term I'm not acquainted with.

If you're looking for advice from chilting a word of warning. He knows even less than you but has an opinion about everything. Like you (yesterday 14.52) - this is all he does.

Not the same thing at all Stupmy. if you're into Angel investing you're on the wrong board.