Member Info for SEA7

A good update with more to come

Knew there was still that seller in the background. 2.5 million share sale at 18.5p from 0941 this morning just printed

Yes, bought a few more as well

Probably baillie gifford still selling down

Those 2 x 100k share trades this morning are buys - I am being quoted 19p to buy

Not before Bailie Gifford are out, I suspect. i note that you can buy this morning at 19.27p - that is the quote i get for size.

Nothing like a bit of ramping legache lol

Those trades look like somoene builiding a holding discreetly.

three trades of 128506 shares x 19.45p is £24,994.17 per lot

one trade of 128176 shares x 19.50p is £24,994.32

one trade of 128837 shares x 19.40p is £24,994.37

that to me, looks like one person buying £125k of stock, over 5 lots and paying about £5 per trade commission

Yesterday there were two buys of 128506 shares at 19.45p. Today another 128506 shares bought at 19.45p. Someone is buying up £25k lots.

Https://oilprice.com/Energy/Crude-Oil/Are-the-Bears-Wrong-About-the-Looming-Glut-in-Oil.html

Crude oil inventories are always a good place to start, and that is exactly where Oxford Energy starts, noting that inventories in the OECD have only gained a rather modest 4 million barrels over the first six months of the year. This modest increase means OECD oil stocks are still substantially below the five-year average, the research outlet noted, adding that the gap with that average was 122 million barrels.

The inventory situation is similar in the United States as well, even though the benchmarks slide every Wednesday when the U.S. Energy Information Administration reports a crude inventory draw. Over a longer period, however, inventories have trended down, suggesting demand is pretty healthy and the threat of a massive glut may well be a bit exaggerated.

Https://oilprice.com/Energy/Crude-Oil/Are-the-Bears-Wrong-About-the-Looming-Glut-in-Oil.html

Crude oil inventories are always a good place to start, and that is exactly where Oxford Energy starts, noting that inventories in the OECD have only gained a rather modest 4 million barrels over the first six months of the year. This modest increase means OECD oil stocks are still substantially below the five-year average, the research outlet noted, adding that the gap with that average was 122 million barrels.

The inventory situation is similar in the United States as well, even though the benchmarks slide every Wednesday when the U.S. Energy Information Administration reports a crude inventory draw. Over a longer period, however, inventories have trended down, suggesting demand is pretty healthy and the threat of a massive glut may well be a bit exaggerated.

From the update..

With the water handling infrastructure in place, the Company is turning up production in current wells.

..

That tells you they intentionally restricted production whilst this was being addressed.

with production in current wells be increased and new ones coming online, the daily bopd, should see a decent lift

Despite MTC having headwinds, the accounts say

debt of £19.7 million, however, after the reporting period, they paid off £11.5 million of that debt, after receiving £16 million from reliance, the current franchise partner in india.

meaning debt is down to £8 million. The pension liability skews the debt picture, however, as that pension liability is discharged over decades, rather than one chunk, it should be set aside when thinking of operational matters.

The closed schemes...

30. Retirement benefit schemes (continued)

During the year the Trustees secured a buy-in contract (Bulk Purchase Annuity Polity) with Canada Life Limited for all members of the

Executive Scheme. The annuity acts as a very precise liability hedging asset that provides an income stream to match future pension

payments. - effectively making it a zero ongoing liability to mothercare.

the schedule of contributions to the closed staff scheme was £2m in 2025/£2m in 2026 and £3m in 2027 in those accounts.

You can see the changes in the profile in that scheme, that 60% of the members are deferred in 2024, compared to 65% in 2023 - meaning 5% have either retired, transferred out or passed away.

They are doing what they can with regards to liability driven investments, bonds, etc.

Once they get the scheme as close as possible to being fully funded, they will wind it up and offload it to a third party provider, such as L and G or Just etc.

Pension deficits are movable objects - the size of the deficit at the actuarial valuation in 2017, two years before the company went into admin was £139 million. It was then shown as £11.2 million in october 2019 The regulator is more interested in a stable employer that can support a scheme over the longer run, rather than see it bankrupted to pay the scheme money in the short term.

Pensioners in payment will be covered by the policies bought for them as an annuity - assuming they took that route. All those who are not old enough to claim their pension are the ones whose current benefits are not matched by the assets of the scheme. You will see people transfer out, retire and sadly die off over the years, which reduces the ongoing liability.

These recovery plans are normally upto 10 years, however, there are over 1000 schemes in the uk with recovery plans longer. Mothercare will meet with the trustees, agree a new plan and submit it to the regulator, if they feel that the current schedule of payments is onerous.

If mothercare have closed the scheme to new entrants and have new employees on a Defined contribution scheme, then slowly but surely this legacy pension scheme will fade away to nothing. The company just needs to ensure it survives and manages the support to the scheme adequately

HtTps://www.bailliegifford.com/en/uk/institutional-investor/literature-library/institutional-only-literature/strategy-quarterly-updates/asia-ex-japan-quarterly-update/

The above Ballie Gifford factsheet to June 30th 2025, does say they voted in favour at routine proposals at Jadestone, however, that is the only mention the company gets.

They do indicate that their Holding in CNOOC was a detractor due to the lower oil prices and they have been trimming their holding in CNOOC, however, maintaining a position.

The read through could be that they are trimming their position in JSE but could keep a holding, albeit at a much lower level. So, even though they still have 4% as of the last update, they may not be selling out completely.

I would suggest that this is an excellent final result and certainly to me better than the expected overall situation at the Skua-11ST well that was already announced. The impressive initial rate has settled and will ‘meaningfully contribute to higher production from Montara’ which we know cuts opex and extends the field life by about one year.

The company will now manage the well along with the others to maximise the overall recovery from Montara safe in the knowledge that this will increase the value of the entire development. Finally CEO Mitch Little confirms that the revised production guidance will be ‘underpinned’ which will go a long way to keeping shareholders happy.

I suspended my TP a long time ago but with so much good news now coming from Jadestone I feel that I will be happy to reinstate something realistic along with the upcoming interims. New management appears to be very much hitting the ground running which is the best news.

Great result, however, with Baillie Gifford still selling and who have another 4% to go, they are no doubt filling every order today!

Changes to major shareholder list - updated as of 31st July

Tyrus up to 28.48% from 27.42%

Hargreaves up to 5.09% from 4.26%

interactive investor up to 3.83% from 3.13%

Baillie Gifford down to 4.44% from 6.74%

One fund that has AXL as its second largest holding...

htTps://media.amg.com/content/dam/amgfunds/documents/factsheet/AMG%20Yacktman%20Special%20Opportunities%20Fund%20Fact%20Sheet.PDF

The above shows that arrow is 6.39% of the texas based funds holdings.

htTps://www.morningstar.com/stocks/xlon/axl/ownership

Morning star shows that the 6.39% of yacktmans fund is 7,000,000 shares of AXL

this fund is just below the 3% disclosure level