Serica Energy Share Discussion Threads

[nigelpm] 02/2/2024 17:00

Some folk are incapable of reading a simple RNS it seems :

This change is expected to take place after publication of the Company's 2023 full year financial results. Mitch Flegg will remain as an adviser to Serica until after the Company's 2024 AGM, expected to be held in June 2024. David Latin, the current Chairman of the Board, will take on the role of Interim CEO until a long-term successor is appointed.

[waterloo01] 02/2/2024 16:48

He's still doing presentation next week, so not a 'bad leaver'

[farmscan] 02/2/2024 16:35

I had assumed from the outset of the Tailwind deal, that Steve Edwards was the most likely candidate to take over as CEO at some point. MF hasn't resigned with immediate effect, he has given notice. I suppose a possible scenario is that this had been planned for sometime and for some reason Steve Edwards left unexpectedly leaving the post vacant. Just a thought.

[nigelpm] 02/2/2024 16:12

It happens - human beings make decisions for all sorts of reasons.

[oilinvestoral] 02/2/2024 16:08

For the silly kids at the back! It's not "unusual" that Mitch retired at 63! What's "unusual" is the haphazard way the transition was done! No candidate identified ! No handover period! Not even keeping the seat warm while they search! The chair is stepping in as a stop gap! That usually only happens when someone is fired or is dead! Any planned corporate transition is usually done in a more organised and structured manner!Hope that helps

[bountyhunter] 02/2/2024 16:03

I would certainly agree with you that the whole sector has been out of favour over the last year. The question is when will things turn? The household energy cap is forecast to drop again in April but that is a trailing indicator, and the market looks ahead, not back. At least the dividend yield here should underpin prices up to a point assuming it can be maintained, and I have no reason to believe that not to be the case.

[farmscan] 02/2/2024 14:44

In fact, I use Sharescope to follow shares and I have used Serica as an overlay on the charts Enquest, Harbour, Deltic and Kistos. Serica has done better, relatively, than all of them over the last year, excepting Harbour's recent news, and has broadly been in line with Ithaca, so it seems to me that the general decline has very little to do with the Tailwind deal. Not that I expect many to agree with me.

[farmscan] 02/2/2024 14:19

But yet again, the recent decline is not specific to Serica, is it. Look the charts for Harbour, Ithaca and Kistos over the last few days.

[bountyhunter] 02/2/2024 13:48

Well the market was not impressed and clearly was not expecting it.

[nigelpm] 02/2/2024 12:30

Quite - I don't understand why people see that as unusual.

[dcarn] 02/2/2024 11:10

Once you've made your money you really should try and enjoy it whilst you still can. At 63/64 with what Mitch has made, I know what I'd be doing.

[farmscan] 02/2/2024 09:05

I would think that it is highly plausible that MF is thinking of retirement regardless of whether he is 63 or 64, these days many seem to retire a lot earlier than that. I would imagine he has put in many many hours at the office during his tenure and would quite like a little free time.

[nigelpm] 01/2/2024 23:27

I'll leave you and others to random theories then ?

[bountyhunter] 01/2/2024 20:07

It certainly doesn't support it when you suggest he's closer to retirement age than he actually is.

[nigelpm] 01/2/2024 19:43

Ok - I'll give you that - born - August 1960 - so 63 on both a rounding basis and actual age. Doesn't negate my point in any way though.

[bountyhunter] 01/2/2024 18:42

nigelpm1 Feb '24 - 10:00 - 5416 of 5419
>> Lots of speculation here but he's 64...

Actually he's 63.

[nigelpm] 01/2/2024 10:31

I wouldn't be at all surprised with acquisition news or at least some further colour on how they plan to use the new facility.

[sawney] 01/2/2024 10:03

"and is hosting an event for sell-side analysts in Edinburgh on 7th and 8th February with David Latin and Mitch Flegg attending together with Martin Copeland, the incoming CFO, and members of the management team who will be providing greater detail on the Company's operations and planned activity program.

Sounds like more than just an ordinary corporate update in Edinburgh....whatever, not long to wait..

[nigelpm] 01/2/2024 10:00

Lots of speculation here but he's 64 and probably wants to enjoy retirement away from the stresses and strains of running a large and successful O&G company.

[reallyrich] 01/2/2024 09:44

Mitch has done nothing. The game changing deal was done before he was in place. He hasnt even bought shares. For an intelligent man he is a muppet

[tigerbythetail] 01/2/2024 09:29

For all the nice words, the CEO is leaving without a successor in place and 2 days before an update - so danger lights flashing here. I'd surmise there was a boardroom bust up and Mercuria came out on top.
Did Mitch Flegg not realise that Mercuria were always going to force out SQZ's "old" management after the semi-takeover?

[ashkv] 01/2/2024 09:05

haha - very sarcastic and on point :)

bountyhunter1 Feb '24 - 08:31 - 5412 of 5412
0 1 1
"Mitch Flegg leaves the Company in its best ever health"

..as evidenced by the share price!