Shearwater Share Discussion Threads

[cheekyfella] 29/9/2018 11:18

Interesting week ahead.See how quickly the open offer sells through.

[channel pirate] 29/9/2018 09:43

nw99 - I would imagine the Open Offer will be well over subscribed and we might not get so many. Open Offer of £1,000,000 divided by £0.036p per share = 27,777,777 shares only.

I'm thinking of all the new shares in "total" to be issued and added to those already trading would make "best part of a tidy few", so could be the company will do a consolidation sometime not to far up the line. Now we all know what happens when a company consolidates don't we - the market hammers into the inflated price and brings it back down some.

I'm already sitting on 525,000 shares with best part of them in my ISA, and no spare ISA allowance left to invest this tax year, so may not be able to buy any anyway if they would also have to be bought in the ISA.....

Maybe wait for a while and see what happens - Just a Thought !!

[nw99] 29/9/2018 09:00

Likewise apply for as many as they let me buy

[watcher13] 28/9/2018 18:33

Well they seem to have got it away but less cash in the deal and a heavy level of costs & fees (£17.7m raised but £15.4m net to SWG) suggests it was quite hard work. Be interesting to see who turns up on the share register as there should be one or two placees who will need to declare their stake.

At 3.6p it looks like good buy level so I'll be applying for full amount on the Open Offer plus extra if available - it would be nice if the full £1m of the Open Offer is taken up.

[casabella2] 28/9/2018 18:10

Great news .Looking forward to next week and beyond.

[nw99] 28/9/2018 17:19

Great all done

[2lb] 28/9/2018 17:18

LOL

Couldn't raise the cash.

3.6p placing for the balance , exactly as expected.

Poor deal for everyone except Brookcourt who are laughing all the way to the bank.....

[peantern1] 28/9/2018 17:14

All the above questions answered on RNS titled Update on Proposed Acquisition of Brookcourt Briefly new deal struck using more shares verses cash see below.
Amendment of Proposed Acquisition terms

The Company has entered into an amendment agreement with the Brookcourt vendors whereby total consideration for the Proposed Acquisition of £30.3 million will now be satisfied by cash consideration of £15.15 million and the balance of £15.15 million will be satisfied by the issue of the Consideration Shares. This is in contrast to the position previously stated in the Acquisition Announcement, whereby the total consideration of £30.3 million would have been satisfied by cash consideration of £22.95 million with the balance of £7.35 million to be satisfied by the issue of new Ordinary Shares.

Notice of General Meeting and publication of Admission Document

The Proposed Acquisition, the Placing and the Open Offer are conditional, inter alia, upon the passing of the resolutions to be proposed at a general meeting of the Company (the "General Meeting") to be held at 11.00 a.m. on 16 October 2018 at the offices of Mayer Brown International LLP, 201 Bishopsgate, London EC2M 3AF.

[sailorsam1] 28/9/2018 16:00

No Post AGM RNS?

[come on] 28/9/2018 13:45

Any news on possibly relisting?

[nw99] 28/9/2018 10:42

All on track

[2lb] 28/9/2018 10:36

Not a lot as far as I am aware.

[carolyems] 27/9/2018 19:27

what happened at the AGM meeting today. does anyone know

[channel pirate] 25/9/2018 11:33

Will be good to hear some update as to when we are expected to start trading again, as been nearly 6 weeks now since the last trade was done.

[cheekyfella] 25/9/2018 11:18

I will be attending the AGM on Thursday - If I'm not beaten to it I will be asking for some clarity on the Brookcourt deal... let's face it, the AGM agenda is small beer by comparison.

[piperpeter] 24/9/2018 16:27

Shonep. Ref. your post 552 re President Energy.

Perhaps you should update your source of information?

PPC is now producing approx. 2,700 boepd.
Cash at year end 2017 was US$4 million.
It entered 2018 making profit.
Currently generating free cash flow of approximately US$2,500,000 per month.
All operating expenditure covered by cash flow.
Drilling of three well programme now underway (see today's RNS).

Too much to list going on there currently...and throughout 2019.
First half results to June 30 should be released this week.

Take another look.

PPC is rapidly expanding.

Pp.

[watcher13] 24/9/2018 14:31

Should be noted that the readmission of the shares to AIM will require a general meeting but it won't be this week's AGM as SWG needs to publish a circular which sets out the details of the deal, the placing, and the open offer and gives sufficient notice to shareholders of the general meeting to approve them. This might still be some time away.

[nw99] 24/9/2018 10:19

AGM Thursday all looking good

[nw99] 20/9/2018 21:12

Will add more anywhere under 5

[cheekyfella] 20/9/2018 12:38

Agreed, and if it returns starting with a 3 I will add more than I will if it is starting with a 4.

[2lb] 20/9/2018 12:28

Fair response cheekyfella - and yes there is the potential to provide increased shareholder value and returns here , certainly they are focussing on a good sector.

I still believe that it will take a lot of work to grow into the MCAP as it stands and so the terms of the RTO are pivotal. If the deal is priced at a diluted share price that starts with more than a 3 then I will be impressed.

[cheekyfella] 20/9/2018 11:46

You are right 2LB on all counts apart from the poetic licence bit.
I've worked in the industry for quite some time and there are lots of loose tongues as there are in any industry. Let's just say I heard a couple of loose tongues wagging the other week -- hence the post.
Agree re the price for Brookcourt, but you could take the optimistic view and use the analogy of a football club seemingly overpaying for a striker... if that striker scores the goals that brings them silverware it will be money well spent.
SWG is all about the sum of its parts making profitable progress and that will deliver shareholder value.
Of course I'm a realist and I'm here to trade and hopefully make money the same as everyone else.

[2lb] 20/9/2018 09:53

cheekyfella - you are absolutely right about the RTO and the associated approval.

This, however goes somewhat against your post from last week as below indicating some sort of inside knowledge that news would be last Friday or Monday just gone. Had you just forgotten about the AGM approval? Or were you perhaps just being a tad over optimistic and using a fair degree of poetic license?

I have no doubt more acquisitions are in the pipe , no doubt they will also be overpaying for them as per Brookcourt (which had been up for sale for a hell of a long time and had been passed on by numerous preferred suitors before someone finally bit)

There management team I agree is very strong, but its very strong in a big corporate environment , not in a small cap buy and build strategy, VERY different skills required rather than just "I used to run this really big thing you know"


cheekyfella12 Sep '18 - 09:59 - 550 of 562

Friday or Monday expected
insti placing oversubscribed - cherry-picking the correct investment partners essential and important part of the process - it's really good news

[cheekyfella] 20/9/2018 09:22

One other point worth making is that as SWG are effecting a reverse takeover, then according to the RNS it requires shareholder approval at a general meeting.

The SWG AGM is next week...

From the SWG website... "Notice of the AGM of the Company, to be held at the offices of Mayer Brown International LLP, 201 Bishopsgate, London EC2M 3AF on Thursday 27 September 2018 at 11.00 a.m."

From the last RNS.

“As such, there can be no certainty that the Proposed Acquisition will proceed. The Company intends to publish a combined shareholder circular and AIM admission document (the "Circular") in relation to the Proposed Acquisition and the Enlarged Group in due course."

"The Company will make a further announcement in due course.”

I expect by next Friday we will be back in play and I will be rooting down the back of the sofa for some loose change to top up.

[cheekyfella] 20/9/2018 09:09

2LB is right about M&A activity being very strong in the digital resilience arena, however saying SWG are not a preferred buyer is wide of the mark as they have more acquisitions in the pipeline.
Xcina are set to deliver some real value to the bottom line in Q4.
Very strong management team in place.