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The difference in the Share Premium at year end and now is small presumably due to the timing difference
I see no confusion..........
From the 2021 balance sheet reserves " Share premium 21,528,077"
Note 15 Reserves " Share premium – represents the amount subscribed for share capital in excess of nominal value, less related share issue costs."
The Court has agreed that UJO can move those reserves from Share Premium to general reserves and so qualify for distribution purposes. There is the small matter of "Accumulated deficit (9,468,392)" to extinguish which makes £12,059,685 potentially available for dividends or share buyback .
It is a bit higher than cash available but that will soon be overcome with Wressle income.
Big question is what will the company decide to do with the cash and the size of the dividend ?
Each month you get the option to exercise the warrants and they settle at month end.
"What do you think about delayed/defered tax payments ?"
The tax position might be unclear. The sunk cost refund portion of the quantum is presumably just that and is not taxable, but lost profit might be subject to corporation tax in Italy. On the other hand if it is "compo" then that is not the result of trade, vocation or profession and may not be taxable anyway. The directors are apparently looking into all this, and without access to any detail of the award, it's just guesswork.
donalb, IMO, it's an impossible calculation because the RNS does not specify which Euribor rate; take your pick from today's published rates.
Euribor 1 week -0.079 %
Euribor 1 month 0.085 %
Euribor 3 months 0.518 %
Euribor 6 months 0.984 %
Euribor 12 months 1.483 %
I exercised the 9p warrants today with II. Simple tick box process via Corporate Actions and settles on last trading day of the month. No urgency to sell the resulting shares, just better in my hands than someone else's.
"The problem is they will likely go for annulment which may take some time"
I have checked this out with the vicar at my local church and he says he can only offer annulment if there is no consummation.
It seems to me that Italy have been totally screwed, so the matter is now consummated, IMO
Italy condemned for the no to drilling and the lack of authorizations to a platform in the Adriatic. The British company Rockhopper Exploration has won the international arbitration against Italy regarding the "Ombrina Mare" oil platform, which was supposed to have risen off the Costa dei Trabocchi, in the province of Chieti, near San Vito. This was made known by the same multinational, based in the United Kingdom, which should have exploited the field and which, due to the lack of revenues, given that the project was blocked following the opposition of the citizens, turned to the International Center for dispute settlement (Icsid). The oil and gas company, with key assets in the Northern Falklands basin, has released a document, dated August 24,
Rockhopper argued in arbitration that the failure to issue the Ombrina mare oil concession violated the Energy Charter Treaty. It was the Ministry of Development in 2016 that stopped the authorizations for the search for offshore ocarbons, at sea, within 12 miles from the coast, that is just over 22 km. The Ombrina arbitration began in 2017, and the ruling was ordered by the 'International Center for Settlement of Investment Disputes, based on the Energy Charter Treaty, is the body appointed to manage international disputes of this type.
“There are no concrete possibilities of appeal and the payment must be made within 120 days from today. It was a unanimous decision of the triumvirate consisting of Klaus Reichert, Charles Poncet and Pierre-Marie Dupuy, which ruled that Italy violated the Energy Charter Treaty. Rockhopper estimates that 20% of the funds will be used to cover expenses of various kinds, and that the net for their company will be 80% of the amount paid ", said Maria Rita D'Orsogna, physicist and university professor in the USA and historian environmentalist linked to Abruzzo, at the forefront of the battles over ocarbons and the Adriatic coast. “The Rockhopper CEO. Sam Moody says he is happy with this result because there has been a lot of work on their part since they bought Medoilgas in 2014 to bring Ombrina to light.
When India failed to pay up to Cairn, they got court orders to seize diplomatic property in Paris and to seize Air India planes in USA. That soon changed India's tune and they negotiated a settlement.
I expect Harbour Litigation already has eyes on diplomatic residences in Washington and the NY consulate building.
Surprising how accurate the twigs can be !
It'll be only 24 hours from Tulsa
Michael2021, if Tuesday comes and goes without any news from ICSID or even another 60 day extension, there will be no effect on the share price , because right now that is priced in at 8p+. However if an award is announced, all hell will break loose.
Given that the likelihood of an Italian win is vanishing small on the basis of the published proceedings , this stock is like betting on Tiger Roll to win the Grand National twice. It is almost assured. And I won twice on Tiger Roll !
"I just took The chance though really hold a lot in 3's."
Garbled , it's never been 3p matey, dream on.
Garbled
You can't get warrants by spread betting on IG Index
According to the London Stock Exchange the closing price today was 8.81, but London South East shows 8.50, which was the most recent "A" automatic trade, around 11.00 this morning . I thought the headline SP was either the mid point of bid and offer, or the UT if there has been an auction.
Every day, LSE uses the most recent A trade as the share price, no matter whether it's a buy or sell. I think this is misleading. Anyone know why this is?
Headder
Its not a court case.
Garbled
You do realise that all those paper £50 notes behind the couch will become worthless in October unless you bank them ?
I am convinced that the OM award will be published at 23.59 GMT on 22 August , so as to deny the Italians time to read it and oppose it in some way or request a 60 day extension. The process will have timed out one minute later and be extinguished.
ICSID cannot afford to be subservient to the ECJ on jurisdiction of the Energy Charter Treaty in Europe. It would spell their end on such matters. It is a political game of chicken and they intend to win on jurisdiction. The RKH award is a side issue which has already been decided according to their own website.
There is no other logical explanation.
I thought wrongly that there were two letters "i" in defenestration, not one
So that theory goes out of the window.
31 Dec 2023