ftt
I think OI insisted that they get to an effective blocking minority which they will do with their combined shares and warrants at no premium.
As regards other shareholders, placings have always been offered to a select few shareholders, Persey et al, who also get to vote on whether pre-emtion rights can be disapplied. Of course they have always voted in favour of this because they know it will not apply to them (in the next placing). This time, the disapplication will have to be approved before OI's shares are issued as there is insufficient headroom from the last resolution.
Persey et al must have been squared with that. But whether that includes assurances that they will be able to top up as much as they want from the 7.5 million to be available to existing shareholders remains to be seen. |
Definitely a placing, the RNS specifically said so:
" SRT will issue up to 21.5m new ordinary shares at an issue price of 35p per share
by way of a placing which is entirely underwritten by OI, raising gross proceeds of
£7.5m. Existing shareholders will be given the right to acquire up to a maximum of
7.5m shares in aggregate, with OI reserved a minimum of 14m shares. Subject to
shareholder approval, the Company has agreed to complete the fundraising at the
earliest opportunity in November. A further announcement will be made in due
course." |
CM5.. I think that exclusion of holdings less than a certain holding just because of that would be illegal afaik.Is it going to be a rights issue, open offer or a placing ? Different costs. Only issuing 7.5m to current shareholders is either a kick in the teeth or because they don't think current shareholders will really take part - but they could have made the number of shares higher and let OI take any unallocated shares. |
How will company and cavendish allocate 7.5 million shares at discounted 35P? In theory this would be one share for every 29.5 shares held. Would Ocean Infinity, with in excess of 8% qualify? Administration for small numbers will be avoided, which probably means holdings less than 30,000 or 25,000 might not qualify. |
G20 is about 10 days b4 SRT"s just announced 'extended FYE 6/24' results publication date, 2 December.
Some progress on Indonesia would be very welcome, I'm sure.
GLA |
I hope he’s got a pen with him. |
I see Prabowo is due to visit the UK on his way home from the G20 in Brazil, lateish November. Probably no need to remember as I would have thought there will be a fair few protests. |
thanks-direct entitlement a much better solution than PB |
I missed all this in the maelstrom of the Budget! |
It seems that PB do still exist, but have folded their retail operations in the UK: |
If you're seriously interested in the IHT question, there's a good thread here:
Does PB still exist? Haven't seen much trace of it recently, which I tend to think is a good thing. If there's to be a PI offer, it should be focused on existing holders, not short-term traders. |
They used Primary Bid for the offers in April 2020 and again in Aug 2023 but the Dec 2023 offer was direct entitlement which had the advantage that it could be bought in an ISA.
Incidentally, for those that use an ISA as a means of IHT alleviation, it appears that the relief for qualifying ISA shares will no longer be total but at only 50%. |
This is a British treasure and the gov should declare it a national critical business or similar. The French and US have much stricter takeover rules than the UK.
Unfortunately we are still “open to inward foreign investment”, which sounds great but actually includes takeovers. |
who was the retail offer through in december 2023 ? was it Primary Bid ? |
Surely time now for a significant re-rating of share price? This is a serious project |
You've got to believe that the Straits of Hormuz chokepoint would be an 'area of interest' for lots of folk, most locally Ra's Al Khaimah (eponymous : = the 'peak of the tent') and down the Gulf of Oman to Fujairah*, both emirates of the UAE.
* The Port of Fujairah is the world’s second-largest bunkering hub. Strategically located on the only eastern seaboard of the United Arab Emirates, it is within 300 km of all the emirates. Fujairah is also unique as the sole multi-purpose seaport on the UAE’s eastern coastline, enhancing its significance in regional and global maritime activities.
GLA |
Saudi has only just stuck a toe in the water. Will it want to play second fiddle to neighbouring royal family? |
 As if on cue...
..The contract is for a state-of-the-art national maritime surveillance system for the Kuwait Coast Guard and other relevant agencies. The system will incorporate a broad range of sophisticated sensor systems, USV's,* Ai Analytics, augmented reality and integrated command & control systems as well as new supporting civil infrastructure.
The contract forms a 12 year partnership with implementation expected to take up to 2 years, followed by 10 years of support, training and maintenance...
* A 'maiden contribution' from OI....
Interesting to see also that there's a UAE connection...
.."Kuwait's First Deputy Prime Minister, Interior and Defense Minister Sheikh Fahad Yosuf Al-Sabah signed separate deals on Wednesday with the UAE and Britain as part of efforts to beef up the national coastguard's capabilities.
The agreements with Abu Dhabi and UK-based SRT Marine Systems meet the highest "maritime quality" standards, representing a step towards enhancing Kuwait's maritime security, according to an interior ministry statement.
The deals are part of a broad "overhaul" of the nation's maritime security apparatus, added the statement, singling out the agreement with Abu Dhabi as being a testament to the camaraderie shared between the two Gulf Arab neighbors.
After Bahrain, Saudi and (now) Kuwait, are we going to see a GCC-wide ( ie Qatar, UAE, Oman) roll-out ?
GLA |
The penny has dropped. There will be a scrum for the £7.5m shares on offer at 35p. |
RNS issued
Winning this landmark contract is a huge honour and achievement for SRT and reflects our many years of technology and project delivery capacity investment. This system will undoubtedly be amongst the most sophisticated maritime surveillance system in the world, incorporating several significant innovations along with full integration and digitisation of surveillance and command and control which will provide a powerful tool to enhance national security and maritime safety and environment protection and sustainability. We look forward to working with our new sovereign partner to deliver this contract and more in the coming years. |
46-49 SPREAD NOW |
ah.. that a relief.. first of many ....... |
Someone earlier was wondering about the likely availability of the retail shares at 35p. I’ve been buying around 40p on the guess that by the time it happens I won’t be able to get what I want at 35p and 5p is neither here nor there, if it all goes even vaguely to plan. |
Kuwait's First Deputy Prime Minister, Interior and Defense Minister Sheikh Fahad Yosuf Al-Sabah signed separate deals on Wednesday with the UAE and Britain as part of efforts to beef up the national coastguard's capabilities.
The agreements with Abu Dhabi and UK-based SRT Marine Systems meet the highest "maritime quality" standards, representing a step towards enhancing Kuwait's maritime security, according to an interior ministry statement.
The deals are part of a broad "overhaul" of the nation's maritime security apparatus, added the statement, singling out the agreement with Abu Dhabi as being a testament to the camaraderie shared between the two Gulf Arab neighbors.
The ministry is determined to employ the latest "technological means" in an effort to ensure the security of Kuwaiti territorial waters and navy personnel alike |
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