Wentworth Resources Share Discussion Threads

[mwj1959] 26/9/2023 18:31

What a surprise that Special K isn't doing an Investor Meets Company call!

[wbodger] 26/9/2023 16:09

Sorry, you meant Tanzania. My mistake.

[whoppy] 26/9/2023 15:41

On 11 July 2023, Wentworth was notified that the FCC has issued a decision notice that application for FCC approval shall not be determined at this time and that this application will be marked closed by the FCC.

[wbodger] 26/9/2023 13:55

Interesting posts on LSE. Far too polite, imo, but the underlying disgust is clear.

What worries me is that nowhere in today's update does Katharine include a pledge to oppose any extension of the Long Stop Date, so it will be up to shareholders to petition the Court at their own expense if they want to oppose any extension.

I also believe that needs to be accompanied by a Shareholder's Resolution to require the Wentworth Board to reject any future material discussions with M&P varying the present Offer until the substance of them has been made public. That circumscribes the Board's power, and may be unenforceable, but it would take some balls to ignore it.

(In particular no future deal should be recommended that interferes with the right of the Wentworth Board to distribute dividends to its own shareholders. That's none of M&P's business.)

(AFAIUI another Scheme cannot normally be put to shareholders for a year after a failed one except where the Court allows it.We need a Board that is committed to get a good deal for shareholders. If we cannot be sure of that the Board needs to be removed.

[wbodger] 26/9/2023 12:21

Says who? (By the way in UK I think you probably mean the FCA who are fast asleep and never do anything useful. Just woolly threats about Insider Trading. See this page.)

[whoppy] 26/9/2023 10:37

She won't be getting it as the FCC won't allow it.

[rolo7] 26/9/2023 10:24

The CEO wants her bonus for takeover and share options to go with it to be sold

[jonesy100] 26/9/2023 07:58

Cash is now equivalent to 18p per share by my calculation

[e43] 26/9/2023 07:28

Quite ridiculous that they haven't declared a dividend.

[jonesy100] 26/9/2023 07:14

Extraordinary. Having talked down the company and accepted a pretty unconvincing offer, they are forced to admit that their results are rather good and the cash pile is massive. Not impressed.

[wbodger] 14/9/2023 14:32

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.

[gb904150] 13/9/2023 08:41

your wish is granted. RNS to say interims out on 26th September....as well as an update on the M&P offer.

How about dishing out all those lovely dividends we've missed thus far?!

[mwj1959] 12/9/2023 18:34

Interims came out last year on 12 Sep, so we should be due some soon. Feel rather like a mushroom at present...kept in dark and fed on sh*t!

[wbodger] 13/7/2023 07:32

In Malcy's blog of 12th July there is coverage of Aminex's RNS including a reference that the Gas Sales Ageement they need for their Ntorya project has been agreed by all relevant Tanzanian authorities and has been submitted to the Cabinet of Ministers for final authorisation.

I hope this means (reading across) that M&P's Gas Sales Contract Renewal might also be agreed.

The hold up on the M&P takeover has to do with with Tanzania's Fair Competition Commission. It seems reasonable to me, that Tanzania should vet fair competition of takeovers in its energy sector. (Heck, in UK we are doing exactly this with Microsoft.) Perhaps M&P comes across to Tanzanians as arrogant? (As Microsoft appears to us!)

[russman] 13/7/2023 07:01

Doubt a new application would be anymore successful.

[cowie19] 12/7/2023 12:26

More fudge today this could go all the way to December 31st.

[cowie19] 03/7/2023 19:20

Is the risk/reward here now much more positive in that increasing your shareholding here potentially has limited downside if the bid is pulled and 20% plus, upside if the takeover goes through. Having said that I do think 32.5p is a low take out.
Better than where we are today though lol.

[boystown] 30/6/2023 07:22

Results out - divi postponed pending outcome of acquisition - but will be paid if the takeover doesn't happen.

[healthtech] 20/6/2023 12:56

When are results and divi announcement out? Seems it keeps getting postponed.

[wbodger] 13/6/2023 09:24

Friday's RNS contained an unusual paragraph: "This announcement has been made without the consent of M&P".

I've never seen that. To me it suggests that Wentworth are exasperated at M&P's inability to get this done.

So it takes brown envelopes. So what, that's how some economies work. Pay the cab.

[gary1966] 13/6/2023 08:11

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.

[greenslug] 13/6/2023 07:58

Maybe we'll get a dividend if it isn't swallowed up by legal fees.

[pem5] 12/6/2023 17:42

Wentworth web site shows this date