Member Info for Urraca

I agree with Hereshoping, and it would be nice to get an update telling us the company management are buying stock at these prices. I have said this to their PR company. But a lot depends on what the Institutional holders decide to do. I'm sure they've already been in touch with management. The price action does not suggest that they are selling now. The 450k trade from midday Friday must have been a buy at that price, and the 62k trade from just before close yesterday looks like a buy too. So I remain cautiously optimistic that there is upside from here, although it will be a bit of a long road back over £2. I saw someone on a d v f n yesterday suggested that Berensbank was now suggesting a price of £1.80, but I haven't found anything to corroborate this.

Massive sell off here on Friday, so I thought I'd have a look at the figures. Profit after tax: FY2016 £12.3m. Expected to be £13.2m after this restatement, so still growing YoY Net assets: £7.2m H1 2016; £38.3m FY 2016; £42.7m H1 2017. Net debt: £47.9m H1 2016; £29.4m FY 2016; £26.1m H1 2017. So, profits and net assets still rising and debt falling. Most importantly, this bad news has arisen from a failure to control costs and manage currency fluctuations on the input and manufacturing side. This is not driven by a drop off in sales or decline in popularity of LED lighting. Therefore, whilst commodity prices and currency exchange rates are not within the control of management, dealing with their fluctuations certainly is. And many many other companies do this routinely. The error seems so basic I'm quite taken aback. I would welcome a fuller explanation of how it came about. But the remedy is pretty straightforward, and the skills required easily available, so I think the selloff has been overdone. A 25% fall from the sp before this news would be £1.75, which looks about right, and is my short term target. So long as there are no more unpleasant surprises, and they continue to grow the business, the price should fully recover over the next year (barring external shocks of course).

11am. Less than 10 minutes until it kicks off

Well done chaps. Always knew this was a little gem. Just sad I wasn't in when it got suspended.

I think Meadows got it right. It currently looks like �an undertaking of great advantage but no-one to know what it is!!" It may well come to something, but that would take a while to unfold. However, I have mined a few PlusOne coins. Just in case ;-)

Thanks GG79, that makes sense

The RNS says "� In line with this capital allocation strategy, the Board is today declaring a further special dividend of �350 million, or 914p per share. This is to be paid on 1 December 2017 to shareholders on the register of members at the close of business on 3 November 2017.*" That's tomorrow. I don't understand why its trading as if its ex div now. I've contacted ELTA investor relations to clarify. BTW the * footnote just says it won't be in the divi reinvestment plan

GG79. The RNS says that div is paid to everyone on the register at cop 3 November. Which is tomorrow. I've been scratching my head over this.

Good to see this back in the 90s. Should be over £1 really.

Not a bad result, but this statement will limit the upside imo: This strong outcome is tempered by the outcome at the initial target well, which will limit the southern extent of the field somewhat

All legal advice, including fom the EUs own lawyers, is unanimous that there is no legal basis whatsoever for the EU to demand that we keep paying our share of the budget after we've left. In fact, upon leaving, we have no legal liability. We may however honour certain commitments, at oir discretion, and depending on the deal we get. But aggressive posturing is entirely normal at this early stage of negotiations, as anyone who has been involved in big complex negotiations knows. Having said that, the French, in whose interest Barnier speaks, must be very worried at the prospect of CAP unravelling when we leave. This sterling example of 'regressive' taxation stands as the central plank of the so-called "progressive" EU. Designed by the French to ensure Germany paid them war reparations in perpetuity, increasingly the UK has been picking up the bill, especially since Blair's disgraceful capitulation to EU demands for more money from us. But if you want to believe this is all doom and gloom for the UK and the EU stands strong proud and righteous, and won't suffer any reciprocal damage from punishing us, i'm sure no facts, or anythng I say, will persuade you otherwise.

It is good to see the sp recover. I think its tracking the oil price recovery pretty closely. It makes the huge selloff in the 70s look really bizarre though. Why would anyone do that? A margin call? Or to close the deal on getting the Delek IPO when they float in London?

So good they RNSed it twice. Brent looking good too. If the off book trades are still being held by brokers on behalf of the purchaser, then maybe the purchaser doesn't have to declare until they take ownership. I honestly don't see how the seller of the shares can avoid notification though. Unless the 53m shares comprised blocks of less than 1% from many sellers - and that's assuming the many sellers had holdings of x.99% and could sell down the 0.99% without triggering reporting requirements. I've checked the fca guidance on reporting regulations - there is no mention of exemptions for off book trades.

This didn't go up a bit more purely on the back of the improving oil price. Is it now a week since the gargantuan trade, over 53m, showed up. And still no TR1? That really is a poor show, and I expected better from a respectable company like Faroe. I've seen it before, huge trades, with no accompanying TR1, but that's down in the dregs of AIM. I'm going to contact the company to express my dissatisfaction.

Yes, a great update. And Brent back over $50 with repeated heavy draws on reserves. Which begs the question, why would anyone have been selling before this? It strikes me that it would be petulant of Delek to sell out at a loss if a takeover proposal was rebuffed. And they don't seem like a petulant outfit when it comes to money. Careful and prudent more like. Delek want to float in London. I wouldn't be averse to taking that Delek stock for a fpm merger.

Yes I saw the big trade. I can't understand why Delek would sell now, even if they have made a takeover bid and been frustrated. They are awash with cash, and could comfortably sit on their FPM holding while pursuing other targets. Without an RNS we're in the dark on who's selling and who's buying. Would appreciate some clarity now.

If Delek have sold, then the market has absorbed almost 54m shares, which has brought the sp to mid70s. With the big seller almost clear, this must be close to the bottom - although it probably will lurch down for a short while if Delek confirm they've sold. If Delek have been buying, they must be at 29.9%. On the brink. Either way, I regard this as positive for FPM by Sept.

It was on the London Stock Exchange site Colonel Drake. Volume (order book) 674,883; volume (off book) 53,735,525. I've got a screen grab. There are several days grace before TR1s have to be filed. Something may come through later today, or maybe next week.

It is trading like a sick dog, but it is not a sick dog. I suspect that Delek came in with a low ball bid and were rejected, and have been selling out. But we will probably never know. The london stock exchange, on the summary page for FPM, has a link to a file of intraday off order book trades. Unfortunately, when I toggle it, it won't load. If anyone is interested, and can actually open it, I'd be very grateful if they could post a summary.

Well, I hope this disclosure mans that the seller has finally cleared. If it is Delek clearing off, the sp should rerate to a more realistic value. Wonder if there'll be news tomorrow?