Wentworth Resources Share Discussion Threads

[ntv] 14/12/2022 19:32

there can still be an offer of 32.5 from TDPC so don't get too exited yet. Maybe M&P not bothered whether their bid goes through or not as they don't appear to be buying in the market
Shame those days have gone where companies stake build first or do a "raid" to build a stake
The only one I can see at the moment is FIF
Even LOAD was only a late jump

[jonesy100] 14/12/2022 17:58

Is there a possibility that the bidder will just have to improve their offer? Not clear that they will clear majority acceptance level. I notice one or two investment firms increasing their holdings now - eg GWM. Maybe they are just arbitraging between current and final price, or they think this worth more. Any views?

[mwj1959] 14/12/2022 15:57

As the minority owner of its only asset the risk that the company would be taken over at a price below its (perceived) true value by the majority owner was always there, particularly when its attempt at diversification (Rovuma) failed (probably predictably given the various pre-emption rights that existed). The chance of another offer is highly unlikely given the circumstances, which is unfortunate. It clearly leaves a bad taste in the mouth, but a profit is a profit, so should never be sniffed at.

[koolio] 14/12/2022 08:25

Pigeons; I agree there could and probably should be a better offer, where would it come from is the only question. Kathrine and the directors have published growth strategies and made all sorts of statements and now selling out to line their own pockets and probably a nice little consulting job. Self serving a holes.

[pigeons] 13/12/2022 14:57

I would not be surprised to see a better offer yet

[wbodger] 13/12/2022 10:11

Second quarter 2023.

Scheme Document to be sent out in January will give schedule.

[jamessmith23] 12/12/2022 12:23

If sale goes through when expected to happen??

[ntv] 07/12/2022 18:50

Russman
I think we are not getting a full picture as per usual
Have you seen my message on eca thread

[russman] 07/12/2022 17:08

& approx $45m in cash & debtors at the interims. Hope Gov upps the ante.

[ntv] 06/12/2022 15:42

My alternative to the cash offer is to return a substantial amount of the cash to share holders via a tender offer or via the company issuing B shares and then immediately purchasing them
An up to date financial statement would be handy
See my previous comments

[ntv] 06/12/2022 09:48

I believe it was. Many a chance to spend that cash on share buyback when the prices were down in the high teens /low twenties. Then some mumpet came on here and reckon he had loads of shareholders were going to get an egm. Not a single one of them voted against the board so you question who it really was. I was the only one that voted against and that wasn't many votes because the other accounts I hold couldn't vote without notice which again is now sorted.
I think it was all faked for some reason
Could easily have increased the dividend by 50% recently which might have got some interest in the company
Presume as a partner, the Tanzanian government related department will take this over at the same bid price.

[russman] 06/12/2022 09:38

maybe an opening offer. should at least be approx fcast NTAV. Makes financial sense for the Gov to pay more.

[rolo7] 06/12/2022 09:22

ntv agree withn you roe was cfo here? looks like this was all planned when she became ceo?

[mwj1959] 06/12/2022 07:46

NTV…re your 613 post you have to take 12.9p from both the share price and the offer price and then you get your 62%+ premium. Bit disingenuous I know.

[wbodger] 05/12/2022 20:01

per mick2020 on LSE, April 12 RNS declared Katherine Roe had 9,328,899 options. At 32.5p a share that's £3.03 million for coming to work. Nice if you can get it. She won the lottery, no wonder she gave an irrevocable undertaking to accept.

[ntv] 05/12/2022 19:31

Roe and rest of board haven't exercised their options
Keeping it quiet on how many they gave themselves. Presume they will reap their cash reward when it finally all goes through. Jobs for mates and all that

[wbodger] 05/12/2022 19:05

That's interesting, the two largest holders have not given 'irrevocable' pledges. Also Julius Baer bank have 3.49%. That's about 26% in play, as well as another 51% of small holdings.

Keep you hands on your wallets folks. No risk if this bid goes down ... Wentworth should still pay 7% dividend on 32p share price.

[gary1966] 05/12/2022 17:49

Irrevocable undertakings as follows:

Katherine Roe 91,666
Iain McLaren 372,890
Vitol Energy (Bermuda) 16,813,535
Robert McBean 9,605,385
OVMK 13,127,352

Hope that helps.

What I will say is that today's news insulates a part of my portfolio from market weakness/turmoil, which in the current market is quite comforting.

[gary1966] 05/12/2022 17:20

Hopefully the bid won't go through at this level and the board will be replaced with people that are working in the interests of shareholders rather than themselves.

[ntv] 05/12/2022 13:31

So if the company had returned 12.9p to share holders thus reducing the share price to 12.1p. I just wonder how would existing holders would have used their cash to buy more shares? No option has been offered to shareholders with regard to a choice as per usual

[ntv] 05/12/2022 13:07

Note TDPC have a right to make an offer by the looks of it

Adjusting for Wentworth's existing cash of approximately US$30.2 million as at 1 November 2022, which was equal to approximately 12.9 pence per Wentworth share, the Acquisition values the business and non-cash net assets of Wentworth(1) at approximately GBP37.1 million. This represents a premium of approximately 62.2 per cent. to the closing price of 25.0 pence per Wentworth Share on 2 December 2022 (being the last Business Day prior to this Announcement) when this closing price is similarly adjusted for cash

SO 32.5p is an a 62.2% INCREASE ON 25p which MATHS CLASS DID THEY FORGET TO GO TOO.
WHAT A LOAD OF FUDGED UP FIGURES HAVE COME UP WITH STRIPING OUT CASH THEN VALUEING THE BUSINESS. WTF