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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Wentworth Resources Plc | WEN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 32.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 32.50 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 06/12/2023 09:25 by wbodger I think lots of WEN shareholders agree it is a disappointing outcome but I believe M&P cannot amend the terms at the application for Sanction, so the share price should get back to 32.5. |
Posted at 18/11/2023 02:53 by wbodger So the AGM will be held on December 15 in London.hxxps://wp-wentworth It is clear from the Chairman's remarks that they are preparing for the M&P offer to lapse because they include this about dividends: As soon as practicable after the long stop date of the Acquisition (being 31 December 2023), or should the Acquisition lapse prior, it is the Board’s intention to consider as an immediate priority the declaration of a dividend (payable as an interim dividend so as to not require shareholder approval) representing the FY 2022 final dividend, the interim H1 2023 dividend plus an additional “special” I was also interested in this paragraph because I previously emailed M.Langavant of M&P suggesting the dividends for 2022 be paid by Wentworth to its own shareholders (without getting a reply): … [because] of the “no increase” statement made by M&P in its announcement on 20 February 2023, which prevents M&P from improving the financial terms of the Acquisition (other than in the specific circumstances set out in that announcement) … the Board is not proposing to declare, pay or make any dividend, distribution or other return of capital in respect of shares unless and until the Acquisition lapses. (precis of the Chairman's words.) If M&P really want Wentworth they will cave and pay some bribes. It won't be an easy exit anyway: with or without the acquisition M&P still have to negotiate price terms for their next gas contract, and resolve the dispute about the historical cost pool. Maybe the market believes the Acquisition will lapse. AIUI under the takeover Code they could not make another bid for a year. |
Posted at 26/9/2023 07:28 by e43 Quite ridiculous that they haven't declared a dividend. |
Posted at 14/9/2023 14:32 by wbodger Shareholders received no final dividend for 2022 with no explanation other than the line in M&P's offer to the effect that the Offer could be reduced by any dividend paid by Wentworth to its shareholders. After this delay if they don't change that it will make the offer even less appealing than it already was. The cash available to pay the 2022 final dividend should already have been in Wentworth's account in February, so it would not have cost M&P anything.The expectation of a penny final dividend was built into the historical share price with 2022 operations reporting. (Possibly M&P might have shaved a penny off their Offer Price in return for dropping that claw-back sentence but their Offer was already unappealing to many and would have failed, imo.) If any change downwards to M&P's offer fails to persuade the Sanction court to allow it (especially because of petitions by Wentworth shareholders) he/she might decline M&P's request. If the Long Stop Date de-rails the Scheme, that is another way the Offer might lapse. Good thing - Wentworth ought to deal directly with APT or keep going. |
Posted at 30/6/2023 07:22 by boystown Results out - divi postponed pending outcome of acquisition - but will be paid if the takeover doesn't happen. |
Posted at 13/6/2023 08:11 by gary1966 Given that the price we receive is linked to inflation, production up strongly, I would expect strong cash flows and ample to pay the dividend. The elephant in the room is the takeover situation and if that will be used as an excuse to not pay one. |
Posted at 13/6/2023 07:58 by greenslug Maybe we'll get a dividend if it isn't swallowed up by legal fees. |
Posted at 19/4/2023 09:56 by wbodger People should email M. De Langavant at M&P if this takes any longer to complete. The WEN shares will not be suspended until the conditions are met and that timing is in M&P's hands.The final dividend for 2022 is overdue, and there is no good reason why it cannot be paid to Wentworth shareholders, with an ex-entitlement date some date before Completion. |
Posted at 28/3/2023 12:05 by wbodger M&P know everything they need to know about Wentworth and the Scheme does give them the right to waive some of the conditions.I think they surely have enough to waive approval by Tanzania, and pre-emption by TPDC, because both of those are easy to sort. If they are really going to take another three-months they should pay the 2022 final dividend to WEN shareholders. I am emailing M&P to ask for that, or to at least waive the conditions and declare Unconditional so we can move on. |
Posted at 21/3/2023 09:33 by wbodger Here's the announcement of December 5th:It includes this: General ยท If any dividend, distribution or other return of value in respect of the Wentworth Shares is declared, paid, made or becomes payable on or after the date of this Announcement and prior to the Effective Date, M&P reserves the right to reduce the consideration payable for each Wentworth Share under the terms of the Acquisition by the amount per Wentworth Share of such dividend, distribution or other return of value. In such circumstances, Wentworth Shareholders would be entitled to receive and retain any such dividend, distribution or other return of value, which has been declared, made or paid. Last year the results for 2021 came out on April 6th. TPDC are shareholders and their holding is not dependent on the offer M&P are making for Wentworth, so they will expect the accounts and final dividend in the usual way. |
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