Member Info for Straycat

That's very funny and astute in similar fashion.

We play what's in front of us and I reckon they've been found out.

Here's the business truth.

If GKP has a business model that is sustainable then it's driven by self funding growth.

I

Looks to me like Itza and P are AI bots; all you've got to look at is their wording structure.

I'm a published author ( Vanguard) so I am aware of the English language and how it works.

But they are being driven by others who want to degrade GKP's position.

Who are these people?

This is VERY good news, per today’s RNS:-

‘On 22 March 2025, Kevin Rountree, Chief Executive Officer of Games Workshop, entered into an irrevocable undertaking to automatically reinvest the full amount of every dividend received by him to purchase fully paid up ordinary shares of 5 pence each ("Ordinary Shares") in the Company under the Company's dividend reinvestment plan, during the period beginning on the date of the irrevocable undertaking, and ending on the earlier of:

(i) 12 months from the date of the undertaking; or

(ii) any date on which Kevin Rountree's employment with the Company ceases.’

Particularly because on 14/2/25:-

‘The company has been informed that on 14 February 2025, Kevin Rountree, Chief Executive Officer of Games Workshop, acquired 102 ordinary shares of 5 pence each ("Ordinary Shares") in the Company under the Company's dividend reinvestment plan at a price of £146.25 per share.

As a result, Mr Rountree now has an ultimate beneficial interest of 19,293 Ordinary Shares, representing approximately 0.06 per cent. of the issued ordinary share capital of the Company.’

So he’s worth nearly £3m in Games Workshop shares and he’s committed them to GAW for the next twelve months…not many CEO’s do that because it restricts their behaviour.

The key phrase is ‘irrevocable undertaking’.

Excellent in my view.

DYOR.

Hi C,

I have no intention of re-engaging with that idiot...I was just mocking him.

But I have never blocked anyone on any bb; as a matter of free speech principle.

Do you miss me PUTUP?

Why don't we kiss and make up?

Still love you and your preposterous arguments centring around raping and pillaging GKP's hard earned FCF.

Like I said, 'Not a clue'.

Last time I looked there were 222m Common shares in circulation.

Obviously got that wrong.

That’s a pretty impressive set of results in the circumstances.

So much to comment on, but two gems buried in the RNS architecture, hidden from sight that I’d like to highlight immediately:-

1) ‘As at 19 March 2025 the Group had $115 million of cash and no debt’;

That means GKP has developed another $13m in the last ten weeks. Given the extreme trading arrangements they’ve had to deal with, that’s a pretty decent performance. And augurs well for future shareholder distributions this year.

2) ‘While the date of the re-opening of the ITP remains uncertain, management have assessed a re-opening date of October 2025 as being reasonable.’

Got to ask yourself whether this coincides with the natural termination of the ITP contract on 17/9/2025…JH has already confirmed that he is in discussions with the KRG about payment surety and delinquent debt recovery.

Oh yes, and one other thing…5m shares seem to have evaporated:-

‘As at 18 October 2024, the Company’s issued share capital consisted of 217,005,286 common shares with no further shares held in Treasury.’

Not a clue.

That's because no one is selling.

Stupid, meaningless post.

Tomorrow should be interesting though...

Great post.

Succinct and absolutely to the point.

On a simple business model, and without the massive political issues involved, there is no way the ICG will pay for debts contracted by other parties when they had no involvement in those commitments and contractual arrangements.

What they can do is to enable a re-opening of the ITP, which is in their best interests (and will inevitably have to happen in everyone's best interests anyway) and negotiate the delinquent debt repayments into any new deal.

Will it happen?

Doubt it.

If you look at GKP's financial trajectory, given its debt free status, and Genel's, they look very different if/when the ITP re-opens.

But, like I say, and not that it matters one jot, Genel looks like a gift right now.

‘Genel Energy Plc has engaged Pareto Securities AS as Manager and Bookrunner to arrange fixed income investor meetings. Subject to market conditions and acceptable terms, a new senior unsecured bond issue with a tenor of five years may follow. The purpose of the bond issue is to refinance the remaining outstanding senior unsecured bonds with maturity in October 2025 (ISIN NO 0010894330) and general corporate purposes.’

So the Board are already trying to arrange new financing arrangements to cover them ‘til 2030.

No need to worry then…but that will come at an unsecured cost.

Or maybe it is a worry. Why the need?

What do you think OH?

Tartine,

‘If the contracts get sorted, I believe this will go back to £1 ish but anything after that is uncertain.’

Big IF.

Btw, honest appraisal on this bb is at a premium, so good effort.

Thinking of investing right now, even though every instinct tells me not to…

That's not very nice...as a Snowflake I can be hurt you know!!

Still doesn't hide the truth though does it?

Your business model looks like it's in ruins due to reoccurring management mistakes.

What you going to do about management failure Big Boy?

No skin in this, but those results are not good.

On any level.

Rog,

‘In short the beneficiaries will include western nations investing in Kurdistan, and where BP tread others will follow.’

Difficult to argue that point, and the resulting GKP revaluation which is already massively understated.

Love this share. It’s the share which keeps on giving…

I reckon 11p equivalent on Thursday and that’s fine by me.

It means there’s still nearly $90m for reinvestment once renegotiated normal service is resumed.

The bet is whether JH is ‘up for it’.

I think he is.

‘Today 10:02

Iraq and Turkey discussed renewing the Ceyhan pipeline agreement and the possibility of extending it south to boost Iraq’s crude export capacity and reach European markets.’

Key word take-aways: -

1) Discussed;

2) Possibility;

3) European.

We’re doing okay without these empty words.

Not great right now. But with ca.$112m FCF following a commercially distressing period (my estimate of 20/3/25 RNS FCF narrative) JH and the Board have called this right.

That ITP will re-open. Nobody’s that stupid. It’ll certainly re-open. And that re-opens a whole new world that GKP were just getting used to in 2018. Look at these results for 2018 which was the last true performance pre Covid and ITP shut down.

Revenue $251m ($172m) +45%;

Profit $80m ($14m) +571%;

Capex $36m ($8m) +450%

And that was at 32k bopd and a weighted average Brent Crude for the year @ $72.

Trouble was, GKP didn’t know what to do with their new found success under Ferrier and Huijskes.

Now it’s the terms of that re-opening which should/will pre-occupy GKP and JH.

Nothing else.

Literally, my money’s on his judgment.

Because if the cause is to fulfil the GKP ambition of self-funding growth, and he’s committed to that cause along with his Board, the numbers are startling if they succeed!

Hey Mec,

I went to the Apple store in Covent Garden a couple of weeks ago; the staff were absolutely excellent because they were informed and believed in the concept.

Of course I bought…so easy.

Is that the retail concept for Warhammer?

Because if it is then I’ll definitely lean into that.

Take it easy Meconposis,

Just playing around...

Well into this share now and looking forward to understanding more.

Ha!

And I really hope you're joking.

‘Go into a shop - preferably just after school's out. Hang out.’

That’s like suggesting someone goes to the playground to watch the children leave school!!!

‘I often think that Warhammer has a very inclusive culture like skateboarding. Turn up at a skateboard park anywhere in the world and - no matter what your ability - ask for help and someone will teach you something.’

Ditto!!!

I’m now learning what I need to know about the Warhammer culture on line…and taking investment decisions accordingly.

But thanks anyway.