Wentworth Resources Share Discussion Threads

[mattjos] 10/2/2023 00:06

Hopefully will get voted against & Katherine Roe will immediately got booted out. She has sold shareholders down the river whilst attempting to line her own pockets.
She's long on BS and short on talent.

[value hound] 09/2/2023 13:03

Looks like it's touch and go

[russman] 06/2/2023 06:25

I have voted "NO". Offer too low.

[wbodger] 03/2/2023 08:11

Yeah, it's just a restatement afaics. I would like an exit but this is too low. M&P can afford a proper offer by three weeks from yesterday.

[gary1966] 03/2/2023 07:35

I think they’re getting desperate.

[wbodger] 02/2/2023 21:24

No reference in that M&P report to any dispute over the Historic Cost Pool in Tanzania. Nor to Tanzania wanting to pay for gas in Tanzania Shillings.

M&P are doing okay, thanks to Tanzania. Better than in Venezuela (still stalled), Colombia (duster) and Gabon (6% decline due to a production issue). Angola looks like a bright spot for them.

It looks as if the asserted increase of 7% reserves may come from the Tanzania column of the 2P Reserves paragraph on page 4 where, despite production from reserves of 15.8 bcf of gas, reserves at the end were slightly higher at the end of 2022 than at the start. There is no working on this unsupported assertion. My own calculation comes to +9% using 'Revision' from the M%P figures, not 7%, but it's close enough. (204.3 x 1.09)-15.8 = 206.8

[gary1966] 02/2/2023 07:43

M&P report they reference.

[jimmladd1] 02/2/2023 07:38

Well, for what its worth on my small hildings, I've voted no.

[gary1966] 02/2/2023 07:34

What’s the odds we don’t get the updated independent valuation until after we have to vote on the takeover.

[wbodger] 30/1/2023 12:39

I wonder whether the OVMK 4.53% switching from 'yes' to 'no' would put 'no' over 25%. There may be individual decisions comprising the 4.53%, in which case it will be unpredictable, but certainly up to 4.53% switching theoretically could cause an up-to-9.06% flip flop. Getting to 75% acceptances would be far harder.

I can't see WEN falling back in the event of a 'no' because the bid is only 30% better than the 25 pence before the announcement. That isn't much bid premium to lose. Also M&P want WEN and it is not a prize to quibble over. The gas is needed by Tanzania who have given notice of increased "nomination[?]" for 2024. M&P will easily negotiate a settlement of the dispute with TPDC over the Historic Cost Pool, which is not a deal breaker and IMO has only been mentioned in the December 23 RNS to spook WEN shareholders into accepting this deal. I see it as a bargaining chip. TPDC have back-in rights unless they decide not to use them wink, wink.

All IMO. DYOR

[russman] 28/1/2023 07:12

will they get 75%; seems tight call to me.

[wbodger] 27/1/2023 10:27

The latest RNS is about two tiny changes to the Form 8.3 declaration of 8/12/22: one is a correction to the date of the declaration from 8/12/22 to 5/12/22, the other is about the authority OVMK has to vote the shares they hold, adding the four words I have emboldened here:
* OVMK does not have discretion regarding voting or offer acceptance decisions in respect of 8,023,579 shares that are included in the table above.

Odd that someone thinks it important to make that correction on the eve of the vote being called. OVMK control 7.52%, but they are saying they do not have offer acceptance discretion over 4.53% of those, presumably belonging to a client.

(As I read it. So DYOR.)

[wbodger] 25/1/2023 08:37

So: no change to the offer. 32.5 per share, Shareholder General Meeting to approve is on Thursday February 23. Conditional on a yes vote, of three quarters of votes.

Scheme sanction by Court expected to be within 21 days after that. That would take it to Thursday 16 March. Effective two business days after that (if it takes all 21 days the following Monday, March 20).

[wbodger] 24/1/2023 10:59

Form 8.3:Bastian Luecken bought just under 3 million shares (1.64%). Co-founder of Novalpina in 2017, a private capital fund which attempted to take control of an Investment Fund NOAL GP of which he was a director, criminal charges mooted after quashed attempt to seize control. Not sure why he is interested in WEN, where the M&P bid is cash. We'll see tomorrow- possibly a paper alternative in M&P? (I've no idea!)

[wbodger] 12/1/2023 21:55

Tim Bushell repeats the fiction that this is at "a substantial 62% premium to the share price at the time of the offer when adjusted for cash and is a material increase to M&P's initial indicative offer prices."

Everybody knows what a 62% increase looks like, and this share has been trading between 22 and 24 pence for years. 62% increase this is not.

The convoluted argument for a claim on past profits is also fantastic. The job of the well-paid Board is to sign off on accounts of years in which those claims should have been made at the time, if there was anything to them. Presumably there is not? In which case it will be up to M&P to fight their own corner. (Best of luck to them.) But it looks like shroud waving, an attempt to frighten shareholders into accepting a bid that they might not think very generous.

Of all the shares I have invested in this is the most illiquid and suspect in daily trading. Good results have passed unnoticed by the market and the changes to domicile to address illiquidity have simply not worked. Maybe it will be good to put WEN out of its misery at a (disappointing) profit.

62% I wish!

[gary1966] 11/1/2023 10:12

RNS out.

Independent valuation of oil and gas assets only, between 24.80 and 27.90p. 12.2p of cash that will have grown over the last three months. So 37p valuation in worst case scenario and ignoring increase in cash levels over the last three and a half months. I think M&P are going to have to do a little better than 32.50p and share price reaction since the offer suggests the market agrees.

[davidosh] 20/12/2022 14:11

NTV....I totally agree from the little knowledge I have but certainly know directors working hard with thousands of employees to manage and big decisions to make who only earn a tenth of that remuneration package.

[ntv] 20/12/2022 10:46

Virtually anyone can sell a company like Wentworth. Shareholders didn't need to pay loads in annual salary and nil cost options for that. Jobs for friends etc. Totally unnecessary. They are not even the operator
Still nothing from TDPC. Maybe after Christmas now

[wbodger] 19/12/2022 17:10

What would really have helped was a genuine market in the shares. I was discouraged more than once by the excessive spread maintained by the few MMs even offering prices. No point in offering too much only to have to write it down immediately and gamble on the market closing the spread. Played for mugs comes to mind.

Wentworth RNS just confirmed (3:20 PM) KR's option position as 9,328,899 no-cost options. Earlier an Initial Declaration RNS was filed for 1.33% of the Shares - that doesn't look like acceptance of the deal.

mick2020 on LSE is getting many responses to his informal survey of PI holders unhappy with the Offer. Looks to me to depend on whether FIL will hold out.

[mwj1959] 18/12/2022 18:05

Well its at its highest level for many years and I suspect in its current iteration

[ntv] 18/12/2022 10:35

mwj1959
The offer price is not at an all time high. It maybe a recent high but ATH
Certain people I feel have done much better than others out of this due to the way options were handed out.
The management has had plenty of Ops to repurchase large quantities of the share capital at knock down prices and still have plenty of cash in the bank.
A vastly improved dividend policy would have helped the share price considerably as the policy was very mean imho considering the cash being generated but then the options wouldn't have been issued at low prices would they.
Lots of other issues imho but nothing is ever done

[mwj1959] 17/12/2022 17:45

I can see why there is a clear case looking at what has happened at Home REIT, but less so for WEN. The former may or may not involve some sort of fraudulent activity and shareholders have clearly seen the share price collapse. And there are plenty of aggrieved large institutional holders who are all over this. WEN is more about whether the offer is "fair" or not. Most of us feel that the (extremely well paid for a single non-operated asset) management have sold us somewhat short, but we shouldn't forget that the offer price is comfortably an all-time high for the company, so everyone has made decent money, even if it is not as much as they would have liked. And we shouldn't forget that there is probably only one realistic buyer out there (M&P).

[davidosh] 16/12/2022 16:28

I have just found this re Wentworth as it may help shareholders