Soco; I intend to ask this question tomorrow.

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22nd Jun '11 by MadDutch

4 comments 6784 reads

At the Soco AGM tomorrow, I intend to ask Soco International’s CEO Ed Story;

We will soon have a considerable income. Soco’s share of the TGT 55,000 BOPD from August , rising to 95,000 daily barrels in 2013; and also from the capital gain when TGT and or Soco Vietnam is finally sold.

Please consider giving the shareholders a dividend or a return of capital, in the meanwhile.

I suggest that up to 12 years of loyalty to Soco is justification for such payments, I for example have been a very patient shareholder for 11 years, and I recommend buying Soco to many investors.

Mike Van Moppes,
(MadDutch)

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MadDutch

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4 comments

emptyend

22nd Jun '11

Please consider giving the shareholders a dividend or a return of capital, in the meanwhile.

Sigh.

There will never be a dividend as such, though there may well be a chunky return of capital - though only when a deal is done in VN.

It is a waste of time asking about a dividend, Mike - though it would be fair to ask about how value will be returned to shareholders once a VN deal is done.

Have a good day, and regards to you and your good lady.

MadDutch

22nd Jun '11

Thanks for your comments Keith, your knowledge is miles ahead of mine.

I hear the sigh, but we are more likely to get it if we ask, than if we do not. Some cash will be very useful in the market crash which I am expecting in the near future.

I had already emailed my question to Ed before I posted it here; so he will be expecting it tomorrow.

My wife is sitting next to me now. I asked her if she wanted to say anything to you, she said "Tell him I think he is the Bees Knees!"

Mike

Isaac

22nd Jun '11

Madutch

Soco is not likely to pay a dividend, even if you beg them to. It has never been their strategy. They have made it very clear how shareholders make a return on their investment unlike some tin pot micro cap.

And no there won't be a crash in the near future either, the markets are going higher this year and will make new highs as I already indicated previously.

But I am glad you and a whole load of others think so, as one thing is sure & that is the consensus is always wrong especially in relation to the markets.

MadDutch

23rd Jun '11

My dividend request;

was preceded by Ed saying that Soco will have generated a billion dollars of cash by 2015 and be looking for other attractive projects. He said that cash will be returned to the shareholders if they cannot find good deals.

I then asked the directors to consider that my request would be positive for the share price and may bring a good purchase offer forward, since a buyer may not be happy to see shareholders getting paid for oil which he wanted.

Ed said that he would rather have his money in his pocket, than in the ground.

As for market up or market down; nobody knows what will happen tomorrow; but Iceland defaulted and has not suffered. That makes a Greek default a likely event. The rest will follow when their electorates see that unpunished defaults are far better than years of misery. That will not be good news for the doomed European experiment and for market bulls.

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Soco; I intend to ask this question tomorrow.

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MadDutch

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