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It may very well become a great merger, however it's a tough pill to swallow when we had cash per share in excess of £2.14 (excluding any contingent from Kraken or Egypt in FY 22). Tullow surely getting the better deal.
I don't necessarily disagree re buying them all up slowly under 200p. Particularly if that's cash accretive per share for the rest of us! Just surprised more than anything that they are able to regularly scoop up so many at that price level.
This time next year Rodney!
have a significant negative EV?!
If we had YE Cash of $314m + 1060m India - tender offer buy back 500 = $874m.
Shares in issue post tender: 324,499,878
Cash per share: $2.69? GBP equiv of £2.14
This ignores the further buy backs at the £2 level, contingent consideration which we know is due, and I am sure at current brent prices we are v.profitable and generating significant profits post opex and capex?!
So what am I missing?! And why do they only seem to want to buy the shares in volume at the £1.92-£2 level?
Decided to take another 25,000 for my SIPP on the recent fall!
Growth stocks certainly taking a battering. However, if you sit back and take a long term view (hence the SIPP) this surely will be trading at multiples to the current SP when some of these investments list on the stock exchanges. It got to 40p when the NAV was c. 6p less than 12 month ago!
Interesting to see Mckay Securities PLC has been bought by Workspace.
Clearly shows that these REITs trading significantly below book value can be targets!
I'm underwater here but fully intend to keep topping up each month as the fundamentals are very attractive.
GLA.
Having read the interims, AHFS was in the balance sheet at a net cost of $326m and per RNS on 2/11 it was sold at $455m. So further $129m increase to NAV (unless I am mistaken somewhere). Plus a large amount of consideration on top dependent on Brent price which is booming!
Bring on the share buy back!!!
Thanks for the response Illaquens and understood re assets/liabilities.
I think it was because I was looking at the SFR at 7.3 rather than 6.7. Should therefore be a nice uplift.
V. optimistic that the revised assessment of the royalty will be extremely positive and add a few million uplift in the Feb NTAB.
Does the monthly NTAB update on ASX account for the latest share price position of each equity investment at that point in time?
Slightly confusing as I thought the SFR equity investment alone counts for £30m NAV on a market cap of £32m.