Capricorn Energy Share Discussion Threads

[last of the mohicans] 31/8/2023 16:46

OMG 5.1M plus traded in the auction at 172p !

I sold some earlier 7.9K at 1.8173p as I'm trying to trade it & build up my holding as I'm doing so.

I wonder where that stock came from ?

I'm sure we will find out in the next couple of days through holding announcements.

I wonder what price this will open in the morning ?

I wonder if they bought any of that dump via the buyback as well ?

LOTM

[last of the mohicans] 31/8/2023 14:08

taxi1

Personally I'm not expecting too much with the half year report, given the oil price in the 1st half of the year.

Some more substantially above expectation (pre drill) new development wells would be nice.

Probably the most important bit will be how they are getting on with reducing the outstanding payments due to them in Egypt ( or at least holding them steady for now)

Then how they are going to distribute that $100M. Hopefully they do another share consolidation with it, along the lines of 3 new shares for every 4 held.

I know you'll think that's not going to do anything, well it won't immediately but come the middle of next year, you'll probably have changed your mind when you start to see how much the dividend yield is. That will then push up the share price as other investors see the value here of a significant cash-cow.

I'm also hoping they increase the size of the share buyback and actually use that cash to do it. The current one should be mopping up stock nice and cheaply right now & for some unexplained reason its not & yes it will make a big difference further down the line, getting those other 4M+ shares bought it, because that will be 4% less shares for the dividend to be shared amongst.

If you go back to the offers around the £2.70 mark, then each share bought back for under that price, increases the value of those left in issue. Yes its a kind of hidden value but its still there & growing ( the $450M payment effectively bought in 166.5M shares at £2.11 & the buyback has bought in 5.7M at roughly £2.09 on average). So that increases the hidden value from £2.70 to over £3.30 a share on the shares currently in issue.

With around 100M shares in issue following all of the above, & next years operating costs reducing by $35M. (yes that's $0.35 per share drop in annual costs).

LOTM

[taxi1] 31/8/2023 13:35

Half year results 14th September
Hopefully good news

[taxi1] 31/8/2023 12:35

LOTM
Good research but we know the banks and hedge funds control the company.
I can’t believe there doing all this if there’s not a plan to make money
Hope they come up with something I’ve held these for years still in negative territory

[last of the mohicans] 30/8/2023 08:38

Very Interesting, Bank of America increased there holding yesterday (when the LSE market was closed).

I have been closely watching all of these recent holding announcements & also the large shareholder data on the company website.

On 31st July there were 10 holding above 3% listed there for a total of 94.826M shares or 66.21% of the company.

By the 11th August (latest data on the company website) that had increased to 94.905M or 66.43% (Newtyn had disposed of 1.13M shares during that time & ABRDN disposed of just over 70K. Blackrock & Vanguard had both increased there holdings by tiny amounts (under 10K). Goldman Sachs had increased its holding by 1.267M

Since then the holdings announcements tell us, Madison has disposed of 2.635M shares, Goldman Sachs has increased its holding of voting rights by a further 3.046M shares & Bank of America (Merrill Lynch) has acquired voting rights over 14.321M shares.

Which means the 11 largest holdings now account for 76.8% of the company's shares.

There is clearly something going on & they are doing there damdest to shake weak holders into parting with there shares so that they can accumulate them on the cheap.So don't say you haven't been warned !

I'm not sure who is lending (selling there voting rights to both Goldman Sachs & Bank of America) but given the numbers involved its certainly more than 1 party that's doing so and if your not going to be using the voting rights for a purpose then when pay for the right to do so ?

LOTM

[controlledmadness] 25/8/2023 16:48

Have just asked a question of whether BofA have gone to sleep as no shares bought for a long time. Seems they should be buying with price so low.

[taxi1] 25/8/2023 12:50

Yes these boys are good
They were hand picked for their excellence in oil and finance
You have to wonder why they weren’t working before they came on board to save us from the last incompetent board ?

[suetballs] 25/8/2023 11:37

Well the new board is certainly doing a great job of enhancing value!
A poorer performance than the previous mob.
Suet

[grahamg8] 17/8/2023 16:57

On loan to another I?

[controlledmadness] 17/8/2023 08:30

Please explain why goldman can go to almost zero from 10 percent and then go back again and there were no shares bought in the share buy back.

[controlledmadness] 11/8/2023 17:08

Manipulation?

[finkie] 11/8/2023 09:33

Ah yes back to normal today

[taxi1] 11/8/2023 09:17

Haven’t got a clue took about month to go up 10 pence then in a morning goes down 10 pence

[finkie] 10/8/2023 16:46

Why is this going up it rarely goes north

[finkie] 10/8/2023 16:35

Why is this going up it rarely goes north

[churchill2] 09/8/2023 16:11

538000 shares at 185.7p to be precise. So you could argue that his interest is in line with shareholders. If is reputed expertise re Egypt is successful with some experts forecasting higher oil prices who knows.

[taxi1] 09/8/2023 12:07

Also they gave the new man top man
500,000 free shares with s three year no sale agreement
I thought the hedge funds were looking to offload Egypt and split the sale between them and fold the company,but they must see value in only having Egypt I don’t see it.
Anyone see anything different.

[anley] 09/8/2023 11:35

and then on the 8 Aug Goldman Sacs seem to be involved with some 10% of the equity under various Swap agreements.

I have no idea what has happened here but it is a disclosure matter hence the two announcements.

[anley] 27/7/2023 10:57

Did I notice that one of the US hedge funds has just upped his holding?

[xxnjr] 24/7/2023 08:13

ENI are coming back to drill another well on their "significant" discovery on Block 7 Mexico



yet CNE are "withdrawing" which sounds like shorthand for "we won't receive any cash".....

[anley] 20/7/2023 15:47

Perhaps investors do not like EGYPT and here in the UK that seems to be the case as well..........political.

In any case there does seem to be dogs left to die in back offices so a clean up is still needed.

[dunderheed] 19/7/2023 09:02

HSF - you've always intrigued me on this as you seemed to have a dislike for CNE management previously - I've got to admit I always thought CNE was a "reasonable" company.
I really liked their "balls" as they simply did exactly what they said they'd do - in quite a risky way IMHO - and always seemed to come out "okay" in the end? But - they took some pretty big gambles and appeared to overpay for any of their respective BD work?
My only criticism was the C suite did seem to be pretty highly paid - but equally they seemed to get above average returns for their investors?

Two caveats - 1. I can remember speaking to a lot of other highly experienced and top directors of other larger E&P / fully integrated firms who often referred to CNE's "suicidal" approach to business strategy and 2. Wtfdik?!

As ever all IMHO and DYOR.

EDIT btw is the new CNE CEO the chap from Transglobe because he's bloody excellent IMHO.

[hsfinch] 19/7/2023 08:32

Rage at activists investors and their mates. They've destroyed a decent Scottish company. What's left ain't got a chance of doing anything good. The new CEO is a bean counter under orders. Expect more job cuts, another divi from cash in the bank and sale of Egypt rump for peanuts if you're lucky. By the way, dinnae expect another penny from Sangomar. OAO.