Serica Energy Takeover Rumours (SQZ)

Buyback programmes are unlikely for a number of reasonsFleggy and the BOD absolutely detested them ! He has addressed this question many times and they feel that investing the cash and growing the assets is a better use of capital.The pink elephant in the room is that purchasing shares in a large quantity would increase Mercuria’s percentage holding and ultimately lead to crossing the 30% barrier which would force them to initiate a takeover ! Oh BTW Oil trading houses are not known for their philanthropy!!!

I agree with the point that he could have felt it was time to do something else. I took advantage of downsizing after a takeover at the age of 57. They say life is like a two week holiday and at 40 you are beginning the second week and we all now how fast that goes. I had a gap year and loved it, relaxed got fit knocked the house and garden into shape. I remember telling my doctor who was the same age and he went and retired and went off on a cycling holiday around Britain. Twenty years later, I've no regrets I should be packing up for the flight home but bugger that let's stay for another week.

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?