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Wentworth Resources Plc

0.05 (0.17%)
Share Name Share Symbol Market Type Share ISIN Share Description
Wentworth Resources Plc LSE:WEN London Ordinary Share JE00BGT34J81 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.05 0.17% 30.25 96,462 08:00:13
Bid Price Offer Price High Price Low Price Open Price
30.00 30.50 30.60 30.25 30.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Energy Equipment & Services 23.82 6.07 3.40 889.71 53.86
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:00 O 5 30.50 GBX

Wentworth Resources (WEN) Latest News (2)

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Date Time Title Posts
07/5/202020:32Wentworth Resources PLC : When will the market rerate?48

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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 21/3/2023 09:33 by wbodger
Here's the announcement of December 5th:

It includes this:


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.

Posted at 23/2/2023 18:27 by wbodger

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.

Posted at 21/2/2023 14:56 by wbodger
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.

Posted at 20/2/2023 18:08 by mwj1959
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.
Posted at 12/1/2023 21:55 by wbodger
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!

Posted at 17/12/2022 17:45 by mwj1959
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).
Posted at 05/12/2022 13:07 by ntv
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


Posted at 05/12/2022 09:14 by wbodger
NTV, you still looking at cash on hand? (Reference your #576) Even with the strong £/$ now, that would pay back most of this 'bid' for free.

WEN traded below 23 for years. That was ridiculously low after Wentworth paid off the debt, so even more reason to have published the September approach. That alone, combined with cash on hand would have lifted the share price to well over 30.

Posted at 20/12/2021 12:34 by kenmitch

I’m disappointed they’ve wasted that money on buybacks. Time and again posters and commentators talk about rewarding shareholders with buybacks or call them handing back cash to shareholders. Unfortunately events time and again show that to be nonsense. After all if buybacks always supported the share price and rewarded shareholders, all we investors would need to do to guarantee success would be to buy shares in Companies buying back heavily.

I could give you dozens of examples where buybacks did NOT reward shareholders with a higher share price, and instead were followed by big share price falls, but this one example will do.

When Whitbread sold their Costa business for around $3 billion they decided to reward their shareholders by spending all of it on buybacks. The share fell immediately and then heavily to way below the buyback prices. So far from being rewarded shareholders suffered a big loss! It was a huge sum of money just thrown away.

This happens time and time again and even where the share subsequently did well it could well have gone up anyway. After all if profits and dividends increase and Companies issue “better than expected” updates the share will very likely do well. And if a Company buying back subsequently has a disappointing update the share price will normally fall, buyback or no buyback!

It’s inevitable most posters will continue to think this post is nonsense because they have read so many times how and why buybacks are supposedly good (e.g they do mean higher eps) but are never reminded of the so many cases where they go badly wronng.

Wentworth Resources share price data is direct from the London Stock Exchange
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