NO TA ON THIS THREAD PLEASE - (edit) and no pointless speculations either!
I've created this thread just to park stuff in that is only tangentially-related to SOCO's interests and doesn't relate to any of the specific assets.
http://www.investegate.co.uk/article.aspx?id=201112120700147445T&fe=1
repurchase arrangement for closed period starting today , ending on well result.
K
http://www.4-traders.com/SOCO-INTERNATIONAL-PLC-4001087/news/SOCO-INTERNATIONAL-PLC-DIRECTOR-PDMR-SHAREHOLDING-13928280/
This seems to have passed without comment. Interesting that Mr de Sousa, who owns over 8 million shares, should buy 100,000 shares,
his current holding is worth over £24M , he could be forgiven for selling a few don't you think ? the fact that he buys 300,000 pounds worth of shares, must make you think that he thinks they are very undervalued surely ?
I doubt he'd do such a transaction if he thought they were worth 20% above current price. I must admit I'm baffled either way, if they do sell out at 6 pounds a share he'll walk away with over 50 million pounds, is an additional £300,000 going to be material to him ???
cheers K
The Company announces that on 9 December 2011, Mr Rui de Sousa, the Non-Executive Chairman of the Board, purchased 100,000 SOCO International plc ordinary shares of £0.05 each ("Shares") at a price of £2.9995086 per Share.
As a result of this transaction which represents 0.03% of the issued ordinary share capital of the Company, Mr de Sousa is interested in a total of 9,008,820 Shares, representing 2.65% of the issued ordinary share capital of the Company. Mr de Sousa holds 300,000 Shares personally, representing 0.09% of the issued ordinary share capital of the Company. Palamos Limited, a connected person to Mr de Sousa, continues to hold 8,708,820 Shares, representing 2.56% of the issued ordinary share capital of the Company.
http://www.investegate.co.uk/article.aspx?id=201112121748128271T&fe=1
another 35k bought today,
in a closed period now, so it's in the hands of the gods somewhat,
K
Yes, that's over half of the shares bought today (if ADVFN trades data is to be believed...)
Could be yet another "topping up" opportunity at the end of this well...regardless of the outcome.
if they do sell out at 6 pounds a share he'll walk away with over 50 million pounds, is an additional £300,000 going to be material to him ???
£300k is always material......even to the richest!
Close periods are always an awkward inconvenience for Directors, and sometimes an apparent gifthorse can no longer be looked in the mouth [;-(]
I guess EE, but with so much already in soco seems odd to be buying such a small amount,
but then if it offers the best value you can see on the stockmarket why not, I would agree that
it's a bullish sign.
on the daily purchases another 100k today at about 294
http://www.investegate.co.uk/article.aspx?id=201112131656419052T&fe=1
For the life of me I cannot work out who would sell at these prices, it's not even as if it's been much lower recently. I guess some might be betting there will be a dip if drilling results are negative ? which is always more likely than not, and until we have certainty and history of oil production flows at tgt there is bound to be weakness,
so I guess I've answered my own question !
K
Hi all,
In the likely (?) event of a poor result with the drillbit over Xmas, perhaps ES/RC could be persuaded to 'play Santa' and include in the RNS an update on current TGT production.....
A bit more guidance to the market would be welcome !
GLA
Hi there, I was under the impression that they were producing and monitoring now, and that a new plan would be decided upon in the new year, presumably based on the production data, and then acted on.
As such I wouldn't expect news with the drilling results, but this is just my understanding and may be incorrect.
The upside of a bad result I guess is that it might give the company an opportunity to buy a decent sized chunk back at lower prices. I'm hoping to buy a few on drilling results myself
cheers K
http://www.investegate.co.uk/article.aspx?id=201112141726530081U&fe=1
another 100k bought at 289 average,
sounds to me like now we're in the closed period, 100k is the instructed amount per day, or at least the average,
and they're sticking to that as a maximum for the time being,
K
What's very satisfying is that they're not using the buy-back to inflate the SP. Bottom fishing as the opportunity permits will add to the NAV per share at very competitive costs, taking full advantage of todays depressed markets.
http://www.investegate.co.uk/article.aspx?id=201112151717270987U&fe=1
another 70k, average price 285
K
and there's more .....
another 100k
http://www.investegate.co.uk/article.aspx?id=201112161706131873U&fe=1
I just remember when BP were buying back at 5 to 6 quid per share, it went on for 2 years, while Browne was raking in a fortune for his "brilliant' management of the company. He could have paid shareholders more divi, but no, he was a genius that's why they paid him so much. 2 years later, the price fell below 4 pounds, and all those bought back shares were so much wasted money. Conclusion - give us shareholders a dividend and l;et us decide how to use the money!
oilschmoil, I have a vague memory that there might have been some one-off event that caused BP shares to drop from £6, so perhaps they were actually good value at the time? I don't think BP is a great example to use on the pros and cons of buybacks. That said, I wouldn't object to SOCO becoming a dividend payer. ET
Surely when (as here) buybacks are obviously accretive to NAV, they should be applauded. I often dislike buybacks, but I don't think one can take issue with them in SOCO's case.
I too would not object to a dividend, mind.
lol extownie......... I do recall the event, for which there were multiple causes, not least sloppy management under Browne's equally highly paid successor. My point in my original rant was simply that if an E&P company finds it has more money than it needs for E&P it should return it direct to its shareholders.
