Share Name Share Symbol Market Type Share ISIN Share Description
Rockrose Energy Plc LSE:RRE London Ordinary Share GB00BYNFCH09 ORD 20P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 815.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
810.00 820.00 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 120.03 5.79 204.67 3.9 103.0
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.00 GBX

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Date Time Title Posts
17/7/201921:43RockRose Energy PLC2,145
21/8/200609:54Russia Real Estate Development Ltd1

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Rockrose Energy Daily Update: Rockrose Energy Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker RRE. The last closing price for Rockrose Energy was 815p.
Rockrose Energy Plc has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 825p while the 1 year low share price is currently 342p.
There are currently 12,593,784 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Rockrose Energy Plc is £102,639,339.60.
tim000: gwillerz, good point. My calculations may be wrong but I estimate (as you do) that, taking account of the latest options granted, the company can buy back 1.07 mn shares without AA breaching the 30% limit. That would cost next to nothing when set against the company's current cash pile, which demonstrates what a highly leveraged business RRE has become (like a bank - its balance sheet is multiples of the mkt cap). I would guess that over the next few months, if the share price underperforms the Directors' valuations and there is no new M&A transaction, then another buy-back may well be announced. But personally I wouldn't expect the company to go into the market to buy small parcels of shares upon relisting. (I've already mentioned that I think TM Cavendish might be a large seller, so a formal buy-back offer at a sensible price would suit them.)
tim000: RRE is becoming two distinct businesses: one with O&G assets and substantial cashflow, and one with decommissioning liabilities of circa £40 per share (or more). While the latter business is not yet especially busy, it will become increasingly so in the years ahead. (I believe the weighted average length to decommissioning all of RRE's assets is currently circa 12 years, but that would of course lengthen if real O&G prices rise over the medium term.) In the meantime, it is likely to weigh on RRE's share price - the NPV of these liabilities could potentially change enormously due to changes in underlying assumptions. Also, the skillsets and management resources needed to manage the two businesses will be very different too. One possible solution in the medium term would be to hive off the decommissioning business into a separate quoted company, with cash (provided by RRE and its new equity shareholders) of its own. I suspect that only then, would RRE's share price attain its full value (which I estimate to be at least £40 currently).
pireric: Exciting times over the next few weeks. Important to detach away from just the share price when thinking about predictions and turning it back into a market cap.... Need the prospectus, but this could reasonably settle at a £200m market cap over the course of a very short period of time. Translate back into a share price and basically double. All official guessing from me reserved until the prospectus! Really interesting AGM notes posted earlier. Worth a bookmark and re-read over the coming days: Https:// Would you rather sell or buy RRE if it were to relist at a £150m market cap? I suspect the answer to that would be much more levered to the upside and so base case I can see a pretty meaty jump out the gates
tim000: fwiw I have purchased some units in the Cavendish AIM fund, which owns 1.8 mn RRE shares (14.4% of the company, and about 13.3% of the total NAV of the fund). Let us suppose the RRE share price triples in the days/weeks/months following readmission. Other things equal, RRE will then account for over 31% of the NAV of the Cavendish fund. I cannot believe that the fund manager would allow the fund to have such an extremely high proportion of its NAV accounted for by one company. So it will either seek to place some of its shares with another institution, or start selling in the open market, or seek a buy-back from the company. I know it has been stated that RRE won't buy back any more shares because it would mean AA exceeding 30% of the equity. However, my understanding is that the 30% limit is allowed to be exceeded, given the authority from the stock exchange. (Indeed I am invested in at least one such company.) Anyway, this is worth bearing in mind post readmission - it just might present an opportunity for us to acquire more shares cheaply, or to see the NAV of RRE rise substantially following another buy-back.
mr. t: An additional benefit of Tain - its oil would flow through Bleo Holm, and some of Bleo Holm's $80m pa cost would be apportioned away from Blake and onto Tain. This would mean Blake's opex would reduce, and its profitability will increase. I make this worth about £2 on RRE's share price - giving a total NPV of Tain to RockRose of £13 per share.Giving there are risks, i3e management have proven to be way too optimistic, Tain is not Liberator, and oil companies are valued considerably less than NPV - I doubt Tain going ahead will make much difference to RRE's share price in practice.
bountyhunter: Shell is at £25 so the level of the RRE share price is by no means unusual. I don't see a share split as a priority right now with everything else going on. Maybe at some point in the future though.
tim000: Not sure who you are referring to fb. Fwiw, I don't disagree with what you've written, and it's not inconsistent with what I've written. (I was just giving an example of how debt finance doesn't change the economics.) As you know, the cash in the Marathon bank accounts is part of the entity being acquired. Actually, I don't think we know for sure how RRE is going to pay for the $140 mn; RRE may use Marathon's cash being acquired or it may keep the cash and borrow within its banking facilities, or a combination of both. It matters not. The point is that if the transacted valuation of the assets is correct, that cash obviously is needed to cover future liabilities. There is no economic difference between using Marathon's cash now and borrowing later to fund decommissioning, or borrowing now. That doesn't affect the transaction's impact on the RRE share price.
tim000: Assuming Marathon's assets are worth $140 mn, and RRE pays $140 mn, then there is no effect on the RRE share price. That's because RRE has to take $140 mn out of its balance sheet (cash and debt) to fund the acquisition. If it funds the purchase entirely with debt, the Enterprise Value (EV) of the company will rise by $140 mn, but there might be no change in the mkt cap. The behaviour of the RRE share price upon coming out of suspension will entirely reflect the market's perception of whether the deal is accretive to RRE or destructive. Given the small mkt cap of RRE in relation to the assets being acquired, there could be tremendous leverage to the share price. RRE shareholders believe that Marathon was unloading its remaining NS assets in a fire sale and they were sold at a knock-down price. I personally think (as a RRE shareholder) that, given AA's skill in managing mature assets, and the likelihood that the sale price was depressed by a lack of prospective cash buyers, RRE's share price will rocket - but not necessarily on relisting. But we must await the market's view.
fardels bear: If we look at SQZ after buying Erskine production from BP at 3000boepd, we see a share price of 30p and 265m shares in issue. Mkt cap £79m. If we look at RRE with 12,590,403 shares in issue and average production this year of 11200boepd the current 600p share price gives us a mkt cap of just ice £75m. Now being that we all thought (or holders did) that SQZ was undervalued at the time, what conclusion must we draw for RRE share price?I've tried to ignore decommissioning as that's not free cash and as unrestricted cash RRE has over twice what SQZ held at the time. SQZ P2 at the time was less than 5mmboe so that counts in RRE favour and I've just realised I've invested here without being able to find out what the current reserves are which with any other oil co would worry me.
cf456: Good post from the lse BB: --- "If joe blogs has 1 share, representing 10% of the shares in a £10m company, his stake, and his share is worth £1m. Now, assuming there is no price action, if the company buys back 5 shares (half of the shares) and cancels them, the market cap is now £5m and there are 5 shares left in circulation. Joe Bloggs still has his 1 share, which now represents 20% of a £5m company. This equate to £1m a share. If the company make £5m a year profits, and assuming this fact is unchanged by the share buy back, the PE ratio when there was 10 shares would be 2. In the situation where there are only 5 shares, the PE ratio is now 1. Lets assume that when there was 10 shares the company's PE ratio was at fair value of 2. IF there are only 5 shares and the PE is 1, then the share price should in theory have to appreciate by 100% to get to 'fair value' of PE = 2. People saying RRE market cap will go down by 20% are correct and people saying that the share price will go up by 20% are correct in theory. The difference is that the former is guaranteed, and the latter is not. Having said this, wiping out sellers equivalent to 20% of market cap would massively tip the balance of buy vs sell pressure toward the buy side, and this is why i am very excited for the execution date to pass as not only will the company be more undervalued due to having the same operating incomes but with a smaller market cap, but there will be an absense of sellers dampening any share price appreciation that follows."
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