Member Info for Straycat

Rinat Akhmetov, System Capital Management and Metinvest are all the protection we need.
Novinskiy won't be privatising ENW anytime soon...

JKX and ENW are from very different places, with very different objectives.
DYOR/IMO.

Love it Invstrat,
Worse, I believe every word!!
So having lost a lot of money on this Company, not too bitter after all?
I've got a Dinky car replica...does that count?
Actually I was a Corgi man myself...

I love your adherence to the specified rules of engagement, like their ever going to cover all possibilities/eventualities.
It's like tax collectors taking on serious professional specialist accountants who are paid real money to cover their Client's positions.
What a mismatch...

Inv,
Soon after I joined this bb in 2018 I was intrigued by your insight given your experience...don't see it your way but do understand and respect your position.
Always have, always will.

Chiswick eh?...close(ish) to my part of Town.
Very worrying and not a little disturbing!!!

Yes it is...just make sure you stay below the reporting thresholds.
It's not about voting rights...it's all about anonymity. I know.
If you wish to conceal your true holding either individually or in concert, it's really not that difficult.
Btw, I'm not an advocate of the 'missing 40%' theory; total b*llocks imo.

You're such a miserable f*ck Invstrat, but as a LTH you've earned the right imo.
And you can be very funny too...
BTW; does that mean GKP's a 'moonshot'?

So easy to conceal your true shareholding behind Nominees...

Let's hope so OF,
Not sure why I'm so deeply suspicious; making lots of money on this one...
Guess it's that classic dilemma of moral integrity v personal gain.
I'm sticking around a while yet though...what does that tell you about me?!?!

Inter-company trading means that Enwell pricing to Smart is entirely irrelevant.
It doesn't matter what price Enwell sell at; it only matters what price Smart sell at. Because Enwell is a wholly owned subsidiary of Smart.
Enwell sells to Smart, exclusively.
Smart then play the market pricing accordingly.
Enwell pricing has nothing to do with market prices.
If Novinskiy chooses to sell to Smart below or above the prevalent market rate then all he has to do is to justify the rationale...

On the back of the 2018 results yes; but it's still running on behalf of JF and SZ and if you run the numbers you'll see even though it was capped at 20m shares, it was never fit for purpose.
However it certainly it represented more of an incentive for them to stay if there was any takeover scenario...look at the takeover exit terms and what it means to them.
But in the end it kept them in place and that was important at the time.

The fdsc doesn't address the fact that none of the 'hurdles' were/have ever been met.
Like I say, I think it was a useful management tool, but to pretend that it ever had any real prospect of truly energising JF and SZ as an incentive is a mistake.
Remember, Sami and Jon were embraced with golden handcuffs on arrival...the VCP simply kept them interested.

The terms of the agreement were never met; not even now.
Yet the beneficiaries still benefit...no problem with that personally, but let's keep it real.

Hyperbole, P, simple hyperbole.

PUTUP,
By his own volition he only has to be right once.

On the matter of JH's negotiating position;

'He isn't in a position to negotiate.
He's in a position to deliver what the MNR want'.

That is an entirely incoherent understanding of the new impetus behind GKP activity.

JH doesn't even need to negotiate right now; he's already shown his hand by returning 25% of the net worth of the Company to its shareholders in the first nine months of his tenure.
So when he sits across the table from the MNR they will know what he is capable of if they continue to stall the investments needed to take the field development to 75k bopd.
He'll simply continue to turn the profits from producing @55k bopd and a favourable oil price into shareholder returns, prioritising them over the investment plans required to develop the field.
And he's already flagged this intention unless there's a breakthrough.
I would have said he's in great shape.

Why 'Tosh'?

Leverage C0ckeye, always negotiating leverage.
That's why I admire his 'front foot' stance.
JH has nothing to lose imo.
He can milk GKP cash balances for the next two years (and more if he plans his capex sensibly).
GKP have been on the back foot of the FDP rejections for years...I think he's saying 'enough's enough'.

You know I'm not advocating the VCP as a takeover defence, otherwise I would have stipulated.
Nor I am I decrying it as a mechanism to shore the management up post reconstruction. Otherwise I would have said so.
Good tactical management if you ask me.
But no one should be misled as to the primary function of the VCP, and its beneficiaries.
On the matter of financing field development, anyone who understands the numbers knows no private equity is required.
It's just a matter of management balls to work through the task at hand.
But for that you've got to have a man at the helm who can take his people with him.
If he believes.
You don't do you? Too much effort? Too much risk? Too old?

Hi C0ckeye,

Good to see you still alive and active!
It's my contention that JH is demonstrating a deliberate change of negotiating posture.
By returning $100m to shareholders in his first nine months in post (by way of dividends) he's flagging what a possible future looks like if the KRG continue to procrastinate.
In short he seems willing to bring things to a head during the forthcoming/ongoing FDP negotiations.
Either the KRG properly engage and acquiesce in the future field plan development to 75k bopd (at the very least), or they restrict his options as to how he best does his duty by his shareholders.
And that would mean further dividends/buybacks and other mechanisms to return value...

Paul's back...