Member Info for Sir_Hector

But not if I sell now! Will take the dividend and then see. If it hits 300p I’ll certainly be cashing in a chunk of my holding.

I’d like the dividend!

Absolutely, and I anticipate we’ll get an update shortly

I’ve been in LGEN for four years with an average at 236p. As solid an investment you could hope for and a great dividend. I won’t be reinvesting unless the price drops though because history tells you this will be at 250p again at some point this year

Mine came through before the weekend. Not planning to reinvest ATM this price although I suspect we will see a post dividend lift.

Well the last few months have certainly forced a bit of a spring clean of the finances and a general sorting out of the business. With the worst of the threats now covered with provision a look at future prospects does indeed make the possibility of a takeover look likely at the current price. The bank is arguably in better shape than when the SP was nearer £16 so there is huge scope for growth atm.

I imagine that this meeting will approve the restructuring whether it is enacted immediately or not is another matter. Surely a positive RNS with confirmation of the rig contract and an up-date of on-site progress (with pics) will send the SP soaring. They must be holding back to get the approval before the price rockets, that’s all I can imagine.

The rig contract will be between the rig owner and Harlequin and not GEX directly. That might be why an RNS hasn’t been issued by GEX. If it was not the case that the rig was signed up, GEX would have reported that the plan had slipped, possibly.

I suspect that like me, Miker has tired of all the negativity being spouted and has decided to let things lie for a bit. We know that there is a quarterly lifeline to the drill at Hussar and that there really isn’t anything to discuss until then. The restructuring is something that was probably going to have to happen at some time so there shouldn’t be too much read into that. Calls for updates on progress are all well and good but frankly there is no need to RNS every little bit of progress if there is no need and nothing to gain. The negative posters are clamouring to see the downside of any news release so keeping quiet is clearly a good way to shut them up!

Is your group chat exclusive? I’m curious to know the collective shareholding among the LT holders.

OT?

I agree that a degree of acquiescence is most likely, the alternative scenario of full on fighting this is likely to prove too damaging to all parties to be at all attractive. I do feel however, that given the legal standing, there might just be an appetite to push back on the number of claims given that many claimants haven’t really been treated as badly as some might suggest. The pre-2014 claims look particularly flaky and the Johnson case sets the benchmark for unfairness. The problem with acquiescence is that it does rather set a president and leaves the door open for further exploitation by the nanny state. If it doesn’t pass the legal test it deserves to be challenged.

So presumably, the lenders will have to invite claims and then assess them individually. Against the FCA scheme? What if they conclude that the rate wasn’t excessive (lower than the threshold in the Johnson case)? Sorry, your claim doesn’t meet the criteria! Appeal via the ombudsman? This is all going to be an enormous sh*t-show if the lenders decide not to play ball with the FCA. Better for all if this goes to a judicial review, thanks to the media and Martin Lewis, anyone who ever bought a car on finance thinks they’re owed £800 for nothing.

Yeah, not happy that Lewis has gone from being a trusted go-to for advice for people with limited understanding of finances, to gong banger for the people against the system. They say power corrupts and I think he needs reining in a touch, it’s all gone to his head!

Is anyone planning to attend?

It all seems to be coming together nicely for a positive end of quarter report. It will take most of the four months to get everything mobilised if they’re just starting recruitment! The rig will need to be stripped down for transportation, relocated and rebuilt on site. They may be portable rigs but it’s a bit more than putting a tent up in your back garden!

And what if Hussar doesn’t deliver as anticipated? GEX hamstrung, no revenue, SP slumps, no working capital! This restructuring provides an insurance policy and allows GEX to move on to the next opportunity. Without it the game is likely up!

What street is that Brian? For all the cries ‘get out before this tanks’ the dip has been minimal on the news. Clearly people are reading the RNS and seeing that it’s not all doom and gloom as first assumed!

Absolutely FlopStar, I’m with you there. It’s not just Hussar, for GEX to be a major player they need so much more downstream and this is probably a sensible route to securing that. However, as you say, for the time being Hussar is the focus and getting the shareholders behind the BoD by a demonstration of progress is the way to go.

GEX is greedy to hoover up the rights to as much as possible before the markets cotton on to what they’re doing. The strategy to be a global player only gets fulfilled if you have a big enough portfolio of sites. They want to stretch to as many of the high potential locations they’ve identified as possible. Equally, if the first play (Hussar) falls short it can’t be allowed to all stop there. This is why the restructuring is required, to provide a back up in this event. This is a high stakes game so don’t invest if you can’t cope with a strategy that doubles down rather than quitting.