Member Info for SeaTank8300

I've been following the company for years and probably have a feel for how the board thinks, but mostly they are just doing what they said they would do which makes it much easier for us investors to forecast the next step. In my view they will keep raising the dividend as the operating numbers notch upwards; I guess the baseline interim dividend will remain constant for the rest of this year at 4.6c, then there will be an increase in the Special for 2025 assuming the oil price stabilises around the $70 mark and full year operating metrics maintain their upward course, which is quite likely. The baseline dividend should see another increase one year from now. Don't forget ANOH remains a material dividend driver too, once the evacuation route is fixed and the plant is running at full capacity for 12-18 months; I think I sketched in around 10c additional dividend annually from ANOH,or 2.5c per quarter, which will likely be from around 1H 2027 onwards. Still much to play for.

Does anyone have any information about which customers are the major debtors, whether there are any underlying guarantees, why these customers stopped paying, and why does SAVE believe they will collect? I can't see any disclosure.

US segregated funds have doubled since 1 Jan. The US business is firing hard. This is where the value and upside lies, and will be the basis of a NASDAQ listing and higher valuation multiple IMO. There remains plenty of upside.

Yes although note some of this capex will qualify for full recognition/expensing as operating cost under current rules, we'll have to see how much they can push through. The rules are complicated but we can be sure that management are optimising the best they can. The business could afford a higher dividend before the transaction in my view but have been restrained by the note covenant, so they can definitely justify if now with that restriction significantly raised. Let's see what next week brings, hopefully good news.

Hi herminator, I'm not sure about a full dossier but they will disclose MPNU operating numbers for Q1 and they might again provide guidance for production increases this year but this will likely be a wide range, but the fuller business plan for MPNU will be presented later in the year, certainly not until the second half. They need to invest incrementally more to rebuild the cash shield in order to lower the cash tax percentage and increase free cash flow metrics, ultimately converging with that of the legacy Seplat business, but it will take 3-4 years I guess. In short, free cash flow progression from MPNU will be a steady lift-off rather than a rapid ramp, but in any case it will be free cash flow positive from day one and the scale of the combined business and strength of balance sheet and positive outlook will provide the Board flexibility to raise the dividend significantly over time, in my view. I think in the past I said I expected very big increments in dividend, but now I feel it will probably be a steadier rise over time. The baseline is currently 3.6 cents quarterly, so I hope an increase to 4.0 or 4.5 cents quarterly this year is doable, plus a special at the year end. I would like to see the stock return to a 10% yield at the current share price. The wildcard is the oil price, as at $60 levels the Board might prefer to remain cautious.

Just a reminder to all that we have ex-date on 8 May for the Final and Special dividends, followed three weeks later by ex date for the first quarter dividend, not to mention the fact that the bond/note replacement last month loosened covenants regarding dividends to equity holders, so I expect another raise of the quarterly baseline dividend next week to boot.

App download data is not at all relevant so don't worry about it; the consequential drivers are about efficient as targeting to drive actual yield on CAC, activating unused or reactivating dormant accounts, and encouraging greater activity from active users. This stuff is way more technical than simply downloads. This is a key USP of PLUS. Volatility is certainly a core driver. And Customer deposits in USA is certainly a driver. Follow those.

Agree 100%.

Also Q1 update next week (?) should show good revenue acceleration in USA.

Nice article/interview with Roger in the FT at the weekend. Can't share unfortunately.

Thanks for sharing, this is good news. The empire builders and blockers have been removed. Private sector experience has replaced them. Great to see Austin Avuru, one of SEPL's largest shareholders and founder, joining the board too.

SEPL has launched its $650m notes offering and the yield is looking to come in around 9% which would be a great result. MOST IMPORTANTLY, the covenant headroom for dividend payments to shareholders will be lifted materially. This is key to future increases in dividend. So by end March, the board will be free to raise the dividend materially.

Oil names weak across the board on concerns about POO and SEPL is taking a beating like everyone else. Nothing to do with the fundamentals. Great buying opportunity. Don't worry and don't forget you are being paid quarterly and handsomely for sitting on your hands.

Total Funds Required to be Segregated +71% YTD

https://financialservices.plus500.com/firm-financial-information/

Their US business is transforming in scale right in front of us, in real time

$562m

61% growth year to date

Made are a smaller revenue base, they've just been lucky with some lumpy contracts in my view

Further, i have been told "Plus500 Financial Services became a full clearing member of ICE US (as it is of CME, Eurex and MGEX) in January. Having access to several trading venues makes an FCM more attractive to customers, and this appears to have coincided with a sharp increase in segregated funds...which indicates a jump in the volume of business in the USA". Which corroborates my point. Happy days.

Immense increase in segregated funds!

Gg, there are too many other variables involved to accurately use it to calculate US income in my view, but we know it is a clear directional indicator, which is at least something

Sustainable Capital know and understand SEPL as well as anyone and have been shareholders for years. This holding increase is another positive signal for what is to come later this year.

Last week, "total funds required to be segregated" in the US rose from $345m to $456m, a 32% rise, in a single week. I believe PLUS must have rolled out a new product or onboarded a large executing broker as client. This is very exciting for the US business. One year ago the segregated amount was $287m, at which time the US buiness was already generating >10% of group revenue on an annualised basis. The growth of the US platform is the primary growth thesis for PLUS in my view. The surge in client deposits suggests the US business is taking off. A significant and growing US revenue and profit base will drive further re-rating of PLUS and justify a move to NASDAQ. Very exciting.

https://financialservices.plus500.com/firm-financial-information.html