Member Info for tmnky

In addition to the proportion of fees notified recently, it looks like the Partner of the investment manager and an associate have put some of their own money in.

Very encouraging!

"It seems they can buy BASF holding for about 1.2bn which seems an absolute steal"

Tomorrow would be good. 😀

Withoutt

"Surely if the shares are sold on the open market, won’t that keep the share price low"

Yes, that was one of the warnings in the prospectus. Hence why I believe the company proposed Resolution 27 and shareholders approved.

Whether it is the vulnerability as Egremont mentioned or just to keep an orderly market as I mentioned, it makes sense.

Prospectus :

https://www.harbourenergy.com/media/wullkpzp/17-prospectus.pdf

Egremont

My only recollection was that the prospectus mentioned the possibility of Basf selling on market and that could move the price.

I might still have a link, will have a look.

Ha you beat me to it. Here is the extract.

Price

Any off-market purchases by way of standalone purchase shall be at a fixed 2.5 per cent. discount to the most recent close of market price of the Company’s Ordinary Shares on the London Stock Exchange.

If an off-market purchase is made in conjunction with a Share Offering, the price payable by the Company to BASF (or its nominee(s)) will be equal to the price at which BASF agrees to sell each Ordinary Share to investors in the Share Offering (as determined through a bookbuilding process).

The BASF Off-Market Buyback Contract limits the maximum price payable for Ordinary Shares broadly to the upper price limits applicable to on-market purchases pursuant to the authority to be granted by Resolution 26.

When this cropped up a little while ago, I copied a piece from the prospectus which made it clear that basf's shares ranked pari passu with other ordinary shares. I believe that means that they cannot pay more than market price otherwise they would have to offer all shareholders that higher price.

The reason for doing it off market is surely to keep an orderly market given the volume.

I believe they are on a fixed fee with performance incentives aligned only with ultimate returns to shareholders.

It would of course make them look better but I doubt many are in much doubt that the NAV was overstated prior to InfraRed's appointment.

They also said that they were hoping to negotiate down Triple Point's fees so maybe a net benefit?

"Well, we're not waiting until 2027 one presumes, so we're forewarned to expect limited realisations for Arqiva's sale."

On the contrary, it looks like we are.

"Arqiva Group: the Board believes that pursuing a sale of the Company's stake in Arqiva at this time would not yield an acceptable outcome for shareholders as clarity is needed on key broadcasting contract renewals in order for value to be optimised. The realisation process is not expected to occur before 2027, upon agreement of terms of key broadcasting contract renewals."

"Exactly how does spending cash on the blame game help us going forward?"

Maybe a waste of shareholder money as you say or maybe there are thoughts of further comeback against Triple Point and/or the auditors. They will have to restate 2023 anyway, I guess.

Looking at the reviews on Amazon, it seems it may be using CFDs on T212. I imagine they pay the dividend on xd day just like spread bets.

He/she might have got lucky with AV with xd on a good day, but wouldn't have done so well with TW if I remember.

There is no infinite money glitch as we all know.

Dan222

Should have added :

in addition to the 46% of the votes for their 46% of the shares.

Dan222

As Basf's holding is substantial they were given entitlement to, I think, 2 seats on the board as part of the deal

Sorry to post twice but here is an extract from the full year results.

"2025 Annual General Meeting (AGM) and Board update

Harbour Energy's Annual General Meeting will be held on Thursday 8 May 2025. The Notice of Meeting will be

published alongside the full annual report and accounts in March 2025. Andy Hopwood will be standing down

from the Board at the close of the AGM and will not therefore be put forward for re-election by shareholders.

Harbour plans to seek authority from its shareholders at its upcoming AGM to conduct an off-market buyback

of shares held by BASF, its largest shareholder. While BASF remain a significant shareholder, it is Harbour’s

intention to seek such authority each year from its shareholders to retain maximum flexibility. The Company is not obliged to exercise the authority or proceed with an off-market buyback once the authority has been approved."

According to the prospectus :

"The BASF Consideration Shares will, following Admission, rank pari passu in all respects with the

Ordinary Shares"

So must be treated the same.

In addition one of the risk warnings was :

"The market price of the Ordinary Shares could be negatively affected by sales of substantial amounts

of Ordinary Shares by BASF"

Hope that clears it up.

BadNewInvestor

I sold about 3 weeks ago at 46.88 and redeployed with mixed results, hope you do much better.

In answer to your question regarding PHP improving their offer, whether they were to do it with more cash or more shares, I believe it would widen the gap between the value each set of shareholders get.

Anyway, best of luck.

Hi Graviton

I can only guess the reasons but after the first proposed offer was made it was reported that some did.

I'm with you, hoping for PHP combination.

Blackfriars1

I agree and although on the face of it PHPs offer is lower, if calculated based on assets rather than currently depressed share price, it looks a much better deal.

Sadly that won't satisfy anyone wanting out.

GDog74

Completely agree with you.

I sold my Assura on the basis of it being dead money if the KKR deal is agreed, or a return to discount if not.

But I believe this new PHP proposal is great for both even if slightly better for Assura shareholders.

Unfortunately it may be a combination might also revert to discount even if not as much.

We heard at the time of the first proposed offer there were shareholders who wanted out so that wouldn't suit them.

We can but hope.

HBR is down more, SHEL much less.

6% dividend so time for me to buy back in. I expect it might go lower so I won't go all at once.

It's times like these that offer opportunity if you can look at it that way.

Poppop

Parnassius made a couple of posts over on the UKW board explaining the motives of wealth managers. Worth a read.

Also the S&P500 had back to back 20%+ years and sucked in money from all over the world. All you had to do was keep buying the dips. I read many whose knowledge I respect but even some of them even now say it just needs a good correction before new all time highs.

If you look around social media you rarely see the word valuation.

I sold almost all my US shares late last year but my UK portfolio remains fully invested. Over 8% yield!