Wentworth Resources Share Discussion Threads

[cowie19] 05/1/2024 09:58

Not received in IG Index as yet mm

[healthtech] 04/1/2024 19:08

Got mine also. 70% total return, not bad although it could have been higher had dividends been paid this past year

[boystown] 04/1/2024 17:33

Yes - got mine too.

I was thinking about recycling it into SLP; seemingly good value with a huge yield (>11%). Any thoughts?

[jimmladd1] 04/1/2024 17:02

Money received in ajb and hl cash accounts

[scorpione] 04/1/2024 10:08

boystown - I suggest you try after 3pm and it should be there

[boystown] 04/1/2024 09:53

I haven't got mine yet; anyone else?

[wbodger] 18/12/2023 17:07

18/12 Wentworth RNS confirming those dates. One thing to add:

Latest date for despatch of cheques and crediting of CREST accounts for cash consideration due under the Scheme: ... by 4 January 2024

Edit 21/12 ... Scheme Effective RNS includes the words "as soon as practicable but in any event not later than ..." 4th January. So we ought to get the cash before that...

[greenslug] 18/12/2023 08:42

Seems we've made it over the final hurdle.

[wbodger] 11/12/2023 13:49

In answer to the question "who's buying", obviously Ophorst. They spent £155,000 on half a million shares at 31 pps, on the same day as the RNS, upping their holding to 7.76%. They had previously stopped buying in August at 7.5%. They know this is going through.

Sanction meeting set for 19/12 (Tuesday next week), Scheme expected effective 21/12. So it's just a formality, might as well wait for the full 32.5 pence. Shares delisted Friday 22nd.

[loglorry1] 08/12/2023 07:49

You can only sell to a market maker on II at the RSP price. The risk of not getting full payout is very low now and its almost certainly better to just wait a few days and get paid in full.

I'd be a buyer at 30 for sure.

[gb904150] 07/12/2023 16:36

I managed to sell all of mine for 30.3p yesterday using a 30p limit order and with ii.

I figured there was still a small risk of it not going through so I'd rather grab the bird in the hand given the history.

[greenslug] 07/12/2023 16:32

Anyone trying to sell these having any joy?
I was thinking of selling a proportion of my holding as I'm worried there may be further troubles/delays. From ADVFN level 2 I can see the different brokers and prices but can't get a frim quote through ii. They give a price from Aquis that was much earlier in the day. I note from the LSE list of Setsqx ccp securities that Wentworth have a segment and sector all of their own. Anyone have a better understanding of this?

[wbodger] 06/12/2023 09:25

I think lots of WEN shareholders agree it is a disappointing outcome but I believe M&P cannot amend the terms at the application for Sanction, so the share price should get back to 32.5.

[loglorry1] 06/12/2023 08:42

I was wrong looks like the deal happens. I think I'd rather keep my stock but its fine. Plenty of good places to recycle the money.

[wbodger] 06/12/2023 08:31

(my post crossed with #745. Also, odd coincidence, I wrote it without noticing the share price jump.)

[wbodger] 06/12/2023 08:26

There is still a chance that M&P will make a face saving deal with Tanz in time to waive the CP and just declare the takeover effective.

The market doesn't think so but the share price won't move until they issue a RNS (declaring one way or the other). If M&P won't budge they might as well pull the plug and withdraw the Offer early.

Wentworth could probably get a deal with Tanzania based on their long association.

M&P are useless. They need to close their operation in Tanzania. How about selling it to Shell (hxxps://www.shell.co.tz/#)

[wbodger] 06/12/2023 08:22

duplicate removed

[value hound] 06/12/2023 08:14

Sounds like we're over the line???

[loglorry1] 02/12/2023 08:52

The deal is dead IMHO and M&P will walk away. I hope Katherine hasn't spent too much on in in fees and can get back to paying dividends and buybacks. Just run it for cash and pay it to shareholders.

[russman] 02/12/2023 07:02

if the Gov have not budged by now, I would be amazed if anything happens in Dec.

[wbodger] 18/11/2023 02:53

So the AGM will be held on December 15 in London.

hxxps://wp-wentworth-2020.s3.eu-west-2.amazonaws.com/media/2023/11/WEN-2023-Notice-of-AGM-final.pdf

It is clear from the Chairman's remarks that they are preparing for the M&P offer to lapse because they include this about dividends:
As soon as practicable after the long stop date of the Acquisition (being 31 December 2023), or should the Acquisition lapse prior, it is the Board’s intention to consider as an immediate priority the declaration of a dividend (payable as an interim dividend so as to not require shareholder approval) representing the FY 2022 final dividend, the interim H1 2023 dividend plus an additional “special”; dividend in recognition of both the strong performance of the Company and the patience and forbearance of all shareholders during the period since the announcement of the Acquisition, noting in particular, the time that has been taken up by discussions between M&P and Tanzanian stakeholders in relation to the conditions to the Acquisition. The Board is currently undertaking a full capital allocation analysis to determine the appropriate level of any return whilst ensuring sufficient liquidity and financial flexibility to meet its future commitments."

I was also interested in this paragraph because I previously emailed M.Langavant of M&P suggesting the dividends for 2022 be paid by Wentworth to its own shareholders (without getting a reply):
… [because] of the “no increase” statement made by M&P in its announcement on 20 February 2023, which prevents M&P from improving the financial terms of the Acquisition (other than in the specific circumstances set out in that announcement) … the Board is not proposing to declare, pay or make any dividend, distribution or other return of capital in respect of shares unless and until the Acquisition lapses.
(precis of the Chairman's words.)

If M&P really want Wentworth they will cave and pay some bribes. It won't be an easy exit anyway: with or without the acquisition M&P still have to negotiate price terms for their next gas contract, and resolve the dispute about the historical cost pool.

Maybe the market believes the Acquisition will lapse. AIUI under the takeover Code they could not make another bid for a year.

[glawsiain] 13/11/2023 08:32

Well, at least by the new year (Long Stop Date of 31 December 2023) we should know what is happening... either we get bought or we don't.

and if we don't, we have a backlog of dividends coming.

[russman] 10/11/2023 07:07

this is dragging - 31st Dec looooong stop.

[boystown] 02/11/2023 21:04

What do the experts think? Will this go through at the price we all know is, at best, about 2/3rds of what it should be?

And if it doesn't - will we get the backdated divis we've missed?

I really don't know what to hope for.

[wbodger] 19/10/2023 12:29

From Maurel&Prom announcement* of today's date:

"Activities For First Nine Months Of 2023"
...
Update on completion of ongoing M&A transactions
o In Gabon, [... etc.]
o In Tanzania, discussions are continuing with TPDC for the acquisition of Wentworth Resources
...
Then later:
Available liquidity at 30 September 2023 stood at $112 million, covering only the cash position, as the $67 million RCF tranche was fully drawn down. This excludes the amount placed in escrow under the offer for Wentworth Resources announced on 5 December 2022, which amounted to $79 million at 30 September 2023.

M&P reiterate the Longstop Date for the transaction is 31/12/23.

*Link: hxxps://www.maureletprom.fr/en/documents/download/1499/activity-for-the-first-nine-months-of-2023