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apologies if this has been stated already but doesn't their request for annulment mean that they recognise and adhere to the ICSID arbitration process?
I appreciate the responses so thank you (not just TM). I believe I have a better understanding of the different mechanisms and being impartial from the SP, I understand they are similar (ignoring tax implications and dealing costs). However, during the last buybacks the SP dropped approx 3% and 7% with a similar oil price to what is it today (pre-pandemic) so I experienced a reduction in VAR. Although the reason for the drop isn't necessarily a cause of the buyback you can understand shareholders making that comparison (hence the negativity towards a buyback).
TM - your last post also refers to a shareholder's disdain for a GKP buyback (note I am not referring to buybacks in general) - another reason for a shareholders disdain for a GKP buyback might be the reason that Invstrat alludes to - i.e. the majority of shareholders don't believe the buyback is in THEIR interest.
Last post was in response to kaaran.
TM - please can you explain how the last two share buybacks resulted in returning value to shareholders. If you could provide some tangible evidence i.e. relate the SP during the buyback periods then it might give me a better understanding of what you are conveying.
slig
Good spot VanVan although I'm reading that as a slight delay?
Compare :-
"...definitive agreements for which are expected to be concluded by the end of August 2020."
with :-
"...completion of drafting of our new joint venture agreements with Ozaltin Holding A.S. and Proccea Construction Co., which we are focused on finalising in the coming weeks. (dated 02/09)"
However still very positive, and although I'm expecting a reasonable rise in the SP based on shareholder approval and hopefully dates in the calendar for a special dividend I do expect there is much more to come over the longer term.
Ash, thanks for the info, it looks like a riveting read. Seriously though I have scanned through it and I thought to myself, I'm sure the partners know this stuff inside out and it is just a matter of time....and I'm sure the partners are already well known to the ministry for what they are bringing to the venture.
"Ariana, Özaltin and Proccea are now working through the necessary steps, including seeking Ministerial approval, in order to complete the transaction."
"This transaction will crystallise significant value for the Company and substantially de-risks the deliverability of the Salinbas Project, at an important time in its development. Accordingly, we fully expect shareholders to support the transaction, definitive agreements for which are expected to be concluded by the end of August 2020."
"The Company also intends to seek approval from Shareholders for the transaction as soon as practically possible."
I guess that AAU is waiting for the Ministerial approval to be completed before making an announcement?
Is anyone reading this familiar with the Turkish process and timescales involved? I would think the answer to this will allow a better forecast of when the announcement will be made.
slig
I must doff my hat to those who have taken the measured and impartial strategy to sell their shares in these unprecedented times. We all have our reasons and clearly the outlook is always uncertain. However, I must also admire those stay the course and who have confidence in the management to promote value in the company with a potential US$30 million being received in payment for the JV and dividend payment if all goes to plan. I agree with Spike501's first paragraph that AAU has a strong position, and the negatives we can only speculate.
I'm not sure if anyone here remembers or knows Dic from Rugby but I hope he's still around to see that his (and all LTH's) faith in this company might just be paying off...