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Whilst we're digging: http://www.investegate.co.uk/article.aspx?id=200708141701150917C&fe=1 BNP Paribas Arbitrage held a disclosable interest in August 2007 that was briefly above 3.00%. It looked a bit strange at the time and I dont recall the story.

Re. Press coverage - there was a piece in Tempus today (The Times - 26 September). It may be on-line but not available to non-subscribers? Final paragraph verbatim - "Soco is in an unusual position among smallish oil and gas explorers in that it can offer a reliable dividend stream and a projected yield of about 5 per cent next year. The shares, up a…

Quite a good time (from a UK shareholder perspective) to be monetising USD assets, IMO:   If Soco do announce a dividend policy in respect of £-deominated shares how much forward selling of US$ would you then be advocating? (Assuming of course that things are taken over by events.)

All very small beer anyway compared with the big picture. £20m is neither here nor there than the NAV of TGT.£20m is only the impact of the share buy back. The Company must be close to cash balances of US$200m or the equivalent of approaching £0.40 per share. That’s not small beer and without a dividend policy it is only set to escalate rapidly.

One spin-off from these buybacks is that there is some £20m that would otherwise be exposed to ‘credit risk’ as an equivalent US Dollar deposit. Casting an eye at credit risk exposure, the Annual Report does contain policy statements in both the Financial Review (page 34) and in the Notes (page 80) regarding this element of risk management and these offer some degree of comfort…




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