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WEN Wentworth Resources Plc

32.50
0.00 (0.00%)
24 May 2024 - Closed
Delayed by 15 minutes
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
  0.00 0.00% 32.50 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 32.50 GBX

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Date Time Title Posts
05/1/202409:58WENTWORTH RESOURCES : DECENT YIELD AND GOOD CASH FLOW762
07/5/202020:32Wentworth Resources PLC : When will the market rerate?48

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Posted at 08/12/2023 07:49 by loglorry1
You can only sell to a market maker on II at the RSP price. The risk of not getting full payout is very low now and its almost certainly better to just wait a few days and get paid in full.

I'd be a buyer at 30 for sure.
Posted at 07/12/2023 16:32 by greenslug
Anyone trying to sell these having any joy?
I was thinking of selling a proportion of my holding as I'm worried there may be further troubles/delays. From ADVFN level 2 I can see the different brokers and prices but can't get a frim quote through ii. They give a price from Aquis that was much earlier in the day. I note from the LSE list of Setsqx ccp securities that Wentworth have a segment and sector all of their own. Anyone have a better understanding of this?
Posted at 06/12/2023 09:25 by wbodger
I think lots of WEN shareholders agree it is a disappointing outcome but I believe M&P cannot amend the terms at the application for Sanction, so the share price should get back to 32.5.
Posted at 18/11/2023 02:53 by wbodger
So the AGM will be held on December 15 in London.

hxxps://wp-wentworth-2020.s3.eu-west-2.amazonaws.com/media/2023/11/WEN-2023-Notice-of-AGM-final.pdf

It is clear from the Chairman's remarks that they are preparing for the M&P offer to lapse because they include this about dividends:
As soon as practicable after the long stop date of the Acquisition (being 31 December 2023), or should the Acquisition lapse prior, it is the Board’s intention to consider as an immediate priority the declaration of a dividend (payable as an interim dividend so as to not require shareholder approval) representing the FY 2022 final dividend, the interim H1 2023 dividend plus an additional “special”; dividend in recognition of both the strong performance of the Company and the patience and forbearance of all shareholders during the period since the announcement of the Acquisition, noting in particular, the time that has been taken up by discussions between M&P and Tanzanian stakeholders in relation to the conditions to the Acquisition. The Board is currently undertaking a full capital allocation analysis to determine the appropriate level of any return whilst ensuring sufficient liquidity and financial flexibility to meet its future commitments."

I was also interested in this paragraph because I previously emailed M.Langavant of M&P suggesting the dividends for 2022 be paid by Wentworth to its own shareholders (without getting a reply):
… [because] of the “no increase” statement made by M&P in its announcement on 20 February 2023, which prevents M&P from improving the financial terms of the Acquisition (other than in the specific circumstances set out in that announcement) … the Board is not proposing to declare, pay or make any dividend, distribution or other return of capital in respect of shares unless and until the Acquisition lapses.
(precis of the Chairman's words.)

If M&P really want Wentworth they will cave and pay some bribes. It won't be an easy exit anyway: with or without the acquisition M&P still have to negotiate price terms for their next gas contract, and resolve the dispute about the historical cost pool.

Maybe the market believes the Acquisition will lapse. AIUI under the takeover Code they could not make another bid for a year.
Posted at 02/11/2023 21:04 by boystown
What do the experts think? Will this go through at the price we all know is, at best, about 2/3rds of what it should be?

And if it doesn't - will we get the backdated divis we've missed?

I really don't know what to hope for.
Posted at 26/9/2023 10:24 by rolo7
The CEO wants her bonus for takeover and share options to go with it to be sold
Posted at 26/9/2023 07:58 by jonesy100
Cash is now equivalent to 18p per share by my calculation
Posted at 14/9/2023 14:32 by wbodger
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.
Posted at 21/3/2023 09:33 by wbodger
Here's the announcement of December 5th:


It includes this:

General

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

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