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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Trinity Exploration & Production Plc | TRIN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 1.00 | 1.92% | 53.00 | 15:33:31 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 53.00 | 52.50 | 53.00 | 53.00 | 52.00 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 25/7/2024 22:25 by nafafa If a credible bid does not materialise by the deadline there is a possibility that TXP reduce or even pull their offer, which potentially leaves Trin in a very awkward place. I wonder then would Trin management be prepared to engage with shareholders and run the business to benefit shareholders, rather than to further their own interests, all along my preferred solution.Obviously if existing Trin holders consider that the current TXP share price is artificially low because of perceived dilution associated with the deal then this is an opportunity to sell Trin and buy TXP provided one thinks TXP is a good investment without Trin's cash and ongoing production - an interesting conundrum! |
Posted at 24/7/2024 17:53 by mirabeau Trinity Exploration & Production plc ("Trinity")Statement regarding possible offer by Lease Operators Limited ("Lease Operators") and Re-scheduled Court Hearing The recommended all share offer by Touchstone Exploration Inc. ("Touchstone") On 1 May 2024, the boards of directors of Trinity and Touchstone announced that they had reached agreement on the terms of a recommended all share acquisition of the entire issued and to be issued share capital of Trinity by Touchstone (the "Acquisition") to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"). Under the terms of the Acquisition, upon the Scheme becoming effective Trinity Shareholders will be entitled to receive 1.5 new Touchstone Shares for each Trinity Share held. Trinity published a shareholder circular relating to the Scheme on 24 May 2024 (the "Scheme Document"). Capitalised terms used but not defined in this announcement have the meanings given to them in the Scheme Document, unless the context requires otherwise. On 24 June 2024, Trinity announced that the requisite voting majorities to approve and give effect to the Scheme had been received at the Court Meeting and the General Meeting, each held that day. On 28 June 2024, Trinty announced that all Regulatory and Antitrust Conditions, as set out in Part A of Part Three of the Scheme Document, had been satisfied. The Acquisition remains subject, inter alia, to the Court's sanction of the Scheme at the Court Hearing. Possible offer by Lease Operators The board of directors of Trinity (the "Board") announces that on 17 July 2024 it received an unsolicited, conditional, non-binding, indicative proposal from Lease Operators, a company incorporated in Trinidad and Tobago, regarding a possible cash offer for the entire issued and to be issued share capital of Trinity at a price of 68.05 pence per Trinity Share (the "Lease Operators Proposal"). The Board notes that should a firm intention to make an offer pursuant to Rule 2.7 of the Code (a "Rule 2.7 Announcement") be announced on such terms, the Lease Operators Proposal would value the entire issued share capital of Trinity (excluding Trinity Shares held in Treasury) at approximately £26.5m and represent a premium of: · 41.8 per cent. to the Closing Price of a Trinity Share of 48 pence on 24 July 2024 (being the date of this announcement); · 89.0 per cent. to the unaffected price of a Trinity Share of 36 pence (being the Closing Price on 30 April 2024, the last Business Day prior to the announcement of the Acquisition); · 71.0 per cent. to the volume-weighted average price of a Trinity Share of 39.8 pence for the 3-month period ending 30 April 2024 (being the last Business Day prior to the announcement of the Acquisition); and · 39.6 per cent. to the implied value of a Trinity Share pursuant to the Acquisition based on the Closing Price of a Touchstone Share of 32.5 pence on 24 July 2024 (being date of this announcement). The Lease Operators Proposal states that the making of a Rule 2.7 Announcement is conditional upon, amongst other things, the completion of satisfactory confirmatory due diligence on Trinity by Lease Operators and a unanimous recommendation from the Board (the "Pre-Conditions"). Lease Operators has informed the Board that the Pre-Condition relating to its recommendation is not waivable but the Pre-Condition relating to due diligence is waivable. This announcement does not constitute a firm intention by Lease Operators to make an offer for Trinity. The Board emphasises that there can be no certainty that any firm offer for Trinity from Lease Operators will be forthcoming (even if the Pre-Conditions are satisfied or waived). Rescheduled Court Hearing relating to the Scheme and consideration of the Lease Operators Proposal In light of the indicative terms of the Lease Operators Proposal and recognising that the Court Hearing to sanction the Scheme is imminent and scheduled for 31 July 2024, the Board has decided to reschedule the Court Hearing to the next available date, being 23 August 2024 (the "Re-scheduled Court Hearing"), in order to provide additional time for the Lease Operators Proposal to be advanced and evaluated. The Board highlights that Touchstone will have the ability to invoke Condition 2.3 (ii) of Part A of Part Three of the Scheme Document on the day prior to the Rescheduled Court Hearing if it so chooses. Code Notices Any offer for Trinity is governed by the Code. In accordance with Paragraph 4(c) of Appendix 7 of the Code, the Panel Executive will announce the deadline by which Lease Operators must clarify its intentions in relation to Trinity. In accordance with Rule 2.5 of the Code and to the extent that Trinity declares, makes or pays any dividend or distribution or other payment or return of capital to Trinity Shareholders following the time of this announcement, Lease Operators reserves the right to make an equivalent reduction to the terms of the consideration payable under the Lease Operators Proposal. In such circumstances Trinity Shareholders would be entitled to receive and retain any such dividend and/or other distribution and/or return of capital or value to which they are entitled. |
Posted at 20/7/2024 16:37 by nocents “ Multiple oil-bearing reservoirs”!!3 bopd per reservoir. We have been taken for a ride. It seems the norm in the stock market now, particularly AIM. Bruce at least had some integrity and honour, and pride in the company. This BOD did not have a clue about oil, nor did their esteemed geologist James Menzies. Their incompetence is astounding. Regarding TXP, I would not expect quite the same incompetence. Baay seems to understand gas and oil better, although I expect he does not give a fig about shareholders. However Trin holders will own 20% of TXP. This will allow them to have some influence , although not 50% as in Trin. It is good to be wary of TXP. Shareholders are cannon fodder across the board these days. Didn’t used to be so. Paul Baay did express his desire last October to enter the FTSE 250. Yes that could be pie in the sky. Sales talk. Or true. He has offshore now to market or farm out with no spt. Trin’s off shore with no spt ($73 a barrel Q2) . About $3m savings in admin. A host of drilling prospects at $1m each. No hedging. Oil not just gas. Is txp a lifestyle company like Trin became? Maybe. Maybe not. I think Baay is certainly more proactive. But shareholders. We mean diddly-squat but could combine to exert a pressure group. This is not Trin. Baay is more cautious re. deep drills. Txp should be producing quite a lot of cash with Trin from here. I have lost so much that the little I would get back is exactly that, almost irrelevant. The more large shareholders there are in TXP the safer they will be. Yes I am very wary too. But I saw this reach £1.50 in 2021. Trin never got above the old 16p. In 2019 they were both 10p!! Trin has wearied us. They deserve nothing but shame. But we must let our aims evolve as the new company does. But we should never trust them. |
Posted at 19/7/2024 15:03 by nocents I am afraid after 11 years of being in Trinity that I saw it fall to pieces on the death of Bruce. At least he knew his oil stuff. Without him I am 100% convinced that it would never have used Trin’s “ Article 11” and managed to refinance. The management has been abysmally poor and dare-I-say slovenly. A year of hedging, 3 dry conventional wells, a horizontal drill bit that vanished with the intention to drill, an incredibly downright stupid assessment of Jacobin which I think that I could have managed better( yes really)by doing the research and risk assessment decently with zero ignorant hype ( the coup de grâce which finished all credibility) , an arrogant chairman who blames shareholders (??!?). All this plus more. I just can’t believe the ineptness, but maybe that is my naivity. 4D, Ncyt, Pog etc. Then Trin. Stock market is Wild West. Never used to be. Directors seem to spin yarns and do what they want with no consequences and nice chunky payouts after it goes belly up.TXP may be no better. I hope they are , but who knows? At least they had the nouse to snap up a drowning Trin for sixpence. So we’ll see. Cascadura? Don’t know. Coho, don’t know. Galeota and Hummingbirds? Don’t know. I dearly hope they are not slapdash like post-Bruce Trin. Unbelievable. 30 bopd.. Just over a barrel an hour. Well done Trin(!?!) Nota bene…no commentary in RNS. First time ever. Goodbye Trin. Putting us out of our misery? …. , yes. Even if the merger does not live up to my expectations, I won’t miss the appalling inept management and unwillingness to take responsibility Mr. Clayton. |
Posted at 22/6/2024 10:50 by nocents Terms cannot be altered post-vote.Not sure what these risks are(??). Trin carries negligible risk and decent reward. TXP has around $20m debt but Trin can help with that, as can FCF. The ‘market’ has not marked down this deal. It is simply responding to people selling some TXP. Buying Trin makes more sense but Trin’s price in turn reflects TXP only until end Q3 or whenever date of enactment. This is a very good deal for TXP!! 20% dilution for what they get!! Not sure I follow your logic. Galeota will not be developed by Trin, and Paul Baay has repeatedly made it clear he is mainly interested in onshore development. Galeota can however be used for considerable tax losses, which may merge with BA , and could possibly be sold off . A large producing oil company borders Trin’s asset. It would be an error for Trin holders to reject this offer. I do not see the share price recovering this year personally, but TXP has plans and the cash flow( with Trin) to develop cretacious migrated oil (3 wells at $10m), and BA. It needs to diversify away from gas as gas prices are fixed and negotiated rather low in Trinidad. Oil is unlikely to drop as Russia is not going to stop, and Iran supports it. I suppose if China invaded Taiwan there could be a trade embargo which could cause a global recession, but it is not that simple. Oil is likely to stay high for 3-5 years imo. The correct long term reduction of emissions is the way forward but in the short term Russia has kyboshed it. So TXP need to get the oil out of the ground asap . And gas. Talking 3-5 years IMO. Lexus. Who has added?? |
Posted at 12/6/2024 10:56 by nocents Proof of FCF and proof of free gas flow (TXP) are not the same as promises. Of course Baay will promise a doubling in 2024 and again in 2025. He does what Sunak doesn’t-he plays politics correctly. He is not to be trusted, just as the Trin BOD were/are not to be trusted.I think the share price would drop for Trin if it fell through-purely through AIM doing what it always does…disappoin I think any good Trin news will be hidden from us intentionally. Going it alone would certainly be a decent option, but we would not benefit from considerable Gand A savings, salaries/NED’s etc., £500k AIM admission, employee reduction, etc. We were scammed of our dividend” set in stone” which irritates me immensely, fooled ove Jacobin, not told promised Upper bopd by end of May so assume none, told it would eventually pay for itself etc etc. we were constantly having the wool pulled over our eyes and I can never trust the BOD again no matter what. Incompetent to say the least. But I, too, am immensely sceptical of Paul Baay. I would not trust him an inch. I certainly would not trust prospective Cascadura gas output just on initial pressure. It’s what Trin yarned to us about Jacobin. I think we may have to suck up the loss of Trin’s autonomy, but go into TXP with a note of high caution. PB does not give a hoot about multiple temporary( or long term) investors. He is paid well and we are oh so very dispensible. Never forget this. But if we reject the offer we would have to accept a share drop and an unwillingness to invest. Trin let themselves be bought for peanuts, which shows their absence of political and business acumen. Incompetence I am afraid, and grossly demeaning about us posters. I won’t be sorry to see them go. They should frankly be ashamed of their mess-ups. |
Posted at 06/5/2024 10:17 by pavey ark A few fairly random points this morning:1. I take it that the largest shareholders were tipped that "something" was going on or TXP picked up on disquiet but either way this explains the lack of action by the major shareholders...... the board were smart enough (for once ) to see that their time was up. 2.The new shares are 19.9% of the TXP total .....at first I thought this a strange figure but I take it that companies can issue under 20% without shareholder approval. 3. Trying hard not to look at TXP drilling, financial forecasts etc but it looks like we have gone from a dull uneventful year with TRIN to a bit more activity/interest from TXP. I think that most people have decided that this is a done deal so what happens if we get even a small amount of good news from TXP and the share price returns to 50p+......does TRIN go to 75p+ ? We now have a self fulfilling prophecy here.....TRIN shares rise BECAUSE of smallish uptick in TXP which then makes the deal even more likely to go through.....no deal and the price falls back. If the TRIN shares don't rise immediately on a rise from TXP then TXP holders will/should sell TXP and buy TRIN. 4. Where does this leave the TRIN price ?.....hmmm if, as everyone expects, the deal goes ahead the the question is....where does this leave the TXP price? 50p looks a rather easy target and if the upcoming results/updates are positive then 60p is very possible.......but TRIN is a bit of a steal so we have to add that in. I could see the year end TRIN equivalent price being at or over 100p ........something none of us imagined possible before this deal. |
Posted at 03/5/2024 22:38 by sleepy Having invested for decades without having bought a small oil company i started to buy shares in TRIN this year. I am concerned about the competence of the TRIN board and that they may not have got a good/best deal for shareholders.I think TRIN is subscale and can see logic in putting TRIN and TXP together (also very happy to accept a better offer from someone else) My understanding is that what is currently proposed would result in TRIN shareholders having about 20% of the enlarged company. Is this reasonable/fair? TRIN shareholders could achieve a 25% interest with an offer of 2 TXP shares for 1 TRIN share. The proposal requires a 75% vote in favour. Assuming 80% of shareholders vote then it could be defeated by holders of about 8 million shares. The largest shareholder has 4m shares. There may well be others who would support an attempt to improve the offer and with £2 million, not a large amount of money to some people, and the support of the largest TRIN shareholder then TXP could be forced to renegotiate their offer (or let it lapse which I sense that they would be reluctant to do) |
Posted at 01/5/2024 13:07 by nocents Lol. Welcome back. Watch this space in a year post BUenosA and Galeota. Baay may even sell off parts of Galeota to Perenco next door. Sensible move to accumulate cash. Trin has no debt , holds cash and is cash generative. Even pays a div which I hate to lose. P/E of less than 2. TRin is being bought for a song and I am not a hugely happy bunny with b/e of £1.29p but we’ll see. The deal may not go through at 75%. However, I think Baay has more about him that could deliver than JB of Trin. Near term catalysts are also Jacobin shallow oil late May and 1p div in June.Sold far too cheaply though. Trin’s tax exeption alone makes it worth 3 times 60p!! Shame. Trin is not run by businessmen, just salary recipients clearly. Good to dispose of them accordingly. But TXP really shouldn’t be at 40p anyway. Should be well over 50p. So before higher production, but debt holds it back. Trin was a giveaway, assuming it gets the green light. I resectfully feel my old colleague Bruce roll in his grave. I don’t think Perenco will enter the fray, but I feel it’d be a hostile bid. Trin’s BOD are exiting with bursting bank accounts on overpaid salary and TXP have bought for peanuts. |
Posted at 01/5/2024 12:11 by redtrend che7win - even with TXP's potential increase to 14,500 by year end, not all "boepd" are equal. TXP is 82% gas!!! At current 8,500 bopd, their realised boepd is a mere $26.53 boe! In comparison's to TRIN's $70+ boe.You then have TXP's high net debt position of $23m Q1 2024, with 2024 capex of $33m, I very much doubt they'll reach their target of $25m Net Debt end of 2024. TRIN currently has Net Cash of $9.1m incl VAT receipts. When you take this in to account, TRIN's share price at 60p is on a FCF and PE of less than 2. To acquire assets with a payback of <2yrs is quite a feat, far <2yr payback when you remove TRIN's overpaid board. By time deal is done, TRIN's net cash position will be even more. I would guess >50% of acquisition price will be paid by TRIN itself from its Net cash position TXP will inherit! This is before you even chuck in the huge tax losses to be utilised and huge potential of Galeota @ 7,000 bopd. It's a good deal for both companies considering TRIN's management has been found lacking, but TXP is getting a far far better deal imo. |
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