Wentworth Resources Share Discussion Threads

[wbodger] 23/2/2023 18:27

Unlike some I don't begrudge her the options. During her tenure as CFO Wentworth reduced its chronically late Receivables from TPDC and Tanesco, and paid off the remaining debts. When she became CEO a good dividend was paid. (That had little effect on the share price though, which is why M&P only had to pay 20 pence a share more than the free cash to acquire the one-asset company they already knew a lot about.)

I regard her contribution as very positive.

[loglorry1] 23/2/2023 17:47

"Katherine Roe was granted nearly ten million cost free share options"

Were they really cost free or did she pay for the options? I don't mean the strike price I mean the cost of the options.

[mwj1959] 23/2/2023 17:03

Squeaked through courtesy of large numbers of PI not voting. Often the case with these small mkt cap stocks. Barclays, who I hold my stock through, didn't even notify me that there was a corporate action on this and I had to contact them to tell them that I wanted to vote. I have no idea whether they actually did and I'm sure that they didn't bother to notify any other shareholders after I told them that they needed to generate a corporate action on this.

[wbodger] 23/2/2023 16:30

Katherine Roe was granted nearly ten million cost free share options and presumably voted them, as she announced she would do. Ten million is 5.5% of 180 million.

Fidelity won't be too pleased.

[rolo7] 23/2/2023 16:12

A takeover has occured here when only 43% ish of total shares have voted in favour use your vote next time I was happy to take the money before vote. Must we the lowest % ever to provide who deferred vote really

[loglorry1] 23/2/2023 16:11

Very close 0.26% margin.

[wbodger] 23/2/2023 16:11

Yes. I will read the RNS on the InvesteGate page and see how close it was before commenting.

Pity but we did our best. (Very surprised that M&P took the chance.)

[rolo7] 23/2/2023 16:06

Just passed being the word

[gary1966] 23/2/2023 16:01

I think that is saying that the takeover has been approved.

Share price reaction would suggest that is so.

[wbodger] 23/2/2023 10:29

Meeting is at 2 PM

[loglorry1] 23/2/2023 09:25

When is the vote?

[wbodger] 23/2/2023 09:24

Sorry about that pompous post.

Anyone hearing the result please post here (after making your move, of course). Especially if you've been at the meeting.

[wbodger] 22/2/2023 17:29

Tomorrow. The number of votes present at the meeting, also the tally of for and against, will be recorded and announced to the meeting and will affect trading when trading of the shares resumes. The Board will announce the result before any suspension of trading is lifted.

If the bid is successful the Offer will remain on the table for anyone who has not accepted it to do so. The Board may wait for the Scheme to be approved before putting out the RNS, with a new timetable for share certificates to be surrendered and payment for them to be made. The Board may need time to finalise that timetable, which is the only thing that might delay it, so perhaps the shares might remain suspended until Friday morning. But the result will be hard to keep unknown.

If the bid was unsuccessful there needs to be a market in the shares as soon as practicable.

(If you don't mind my asking what makes you think it might take longer? They are usually only too keen to announce the result.)

[gary1966] 22/2/2023 16:56

Apologies but I am a little confused about when we find out the outcome of the bid. Can anyone help me?

[mwj1959] 21/2/2023 21:34

The current development agreement extends to the end of Oct 2031, but can be extended before then if there are sufficient reserves to do so.

[gary1966] 21/2/2023 19:00

Pricing contract runs until 2031 I believe.

[rolo7] 21/2/2023 18:43

isn't the gas contract price up for renewal soon? I think ms Roe was sitting in a safe coe/cfo seat with little to do really

[wbodger] 21/2/2023 15:09

If the deal is rejected it will remain partly Wentworth's gas. Of course M&P will continue to sell it to them on behalf of the continuing JV !

[loglorry1] 21/2/2023 15:00

"Tanzania needs Wentworth's gas"
They get it anyway M+P will continue to sell it to them .

M+P know they are the only ppl interested because they are the operator. I don't expect a better deal. I guess they know that too.

[wbodger] 21/2/2023 14:56

Doesn't she have responsibility for that very situation? The company is profitable and Tanzania needs Wentworth's gas (originally discovered by Artumas, which was the name before it became Wentworth). Why are there no better options, including drilling to extend the reserves, with a guaranteed market for much needed gas going straight into the pipeline to Dar. That's part of her job.

The bid for Scirocco was doomed as it must have been obvious that without agreement with APT not to pre-empt the transfer of Scirocco's 25% to Wentworth APT would block that acquisition. Did Wentworth even try to negotiate with APT? Even now Wentworth should contact APT and do a deal with them. APT intends to use the Mdimba gas processing plant and to share the pipeline to Dar for gas (already discovered) in the Ntorya licence. They would need M&P but surely Wentworth have a lot of bargaining power.

They have allowed M&P to table an unsatisfactory take-it-or-leave-it offer and tried to dress it up as a 62% increase on 20 pence. The more recent share price for comparison is 24-26 pence, and 32.5 is only 30% better than that. That isn't acceptable and should be rejected.

[mwj1959] 21/2/2023 09:20

There is no doubt that Ms Roe has been over rewarded for running a company that doesn't operate its only resource and has a mkt cap of just over £50m. She would, of course, argue that she has got the best price for the company in the circumstances (only one realistic bidder).

[rolo7] 20/2/2023 19:39

I bet she resigns if deal does not go through

[mattjos] 20/2/2023 18:47

Ms. Roe will then have to pull her finger out, stop counting her theoretical too easily ill-gotten gains & drive the business forward.
It's an entirely respectable business and shouldn't prove too taxing.
Let's see if she's up for the graft or throws her toys out.

[mwj1959] 20/2/2023 18:08

Share price decline saying that there's an increasing chance that this is not going to go through. Be careful what you wish for all those PIs that voted against this. You may never see 32.5p again or at least for a good while - M&P won't be able to bid for another 12m and there are no obvious alternative suitors on the horizon (and if there were, surely if this deal was too low they would have counter bid). It may not be the optimum price many want, but most of us will be sitting on a nice profit, which shouldn't be sniffed at. I voted in favour as a consequence. Not that it will move the voting dial by much.

[ntv] 10/2/2023 07:25

Politely put Mattjos
Fidelity took their time though
No holding here currently