Alaric says I think the management are crap, which is mostly true.
However, I also said that i thought they’d done a masterful job gaining finance at a difficult time to pull off the OML18 deal. The one thing they’ve done well and made money at. I have suggested more than once they should drop the ‘exploration and production’ stuff from their RNSs and just concentrate on financing deals like this.
But then my posts are nuanced and give credit when its due. Not an unremitting, rose-tinted view about everything coming good eventually and standing in profit as things are anyway (not specifically referring to any individual here, but it has been said more than once from more than one source).
The fact there hasn’t been a lot of credit to give to SLE isn’t my fault. So I come over as a harsh critic. SLE hardly help themselves with a vastly over-paid CEO (including bonuses!) and private loans on the company for $17.6m houses (I think it was) when most shareholders are well underwater and waiting for something to happen. Plus getting involved in controversial claims in Western Sahara , running court cases down to the wire, accounts auditors refuse to sign off on, dubious deals in Poland, selling off the only profitable wells to ex-directors (or employees, I forget) … the list goes on and on.
I wonder if Alaric has investments anywhere else? He sounds like a young man so has time to make mistakes and still recover, but time flies as us older people know and sometimes you get hit with a 20% pay cut you just couldn’t anticipate E.g. result of the Brexit referendum for those of us living or with financial commitments abroad.
My position here is about 3% of my overall stock portfolio value (less if you take current value and not book cost of my position) and stocks make up less than half of my assets. So, I can afford to take a hit here if it comes to that, although I no longer have any income to speak of, so I’d rather not! In fact I always find losing money really boring.
But I’m still hopeful that this bleedin seller may run out soon. No blocks of 100,000 the last two days, or yet today, so who knows? The buyback started really well in terms of raising the stock price and would take off again if this seller runs out of stock, despite it only being a far too small amount in terms of market cap under most circumstances. SLE’s circumstances are far from standard, as we’re all to well aware.
If I have to hold over into the next tax year with these tranches that would be bad and a drag on my annual target of 15%+ across my whole portfolio. As I believe I said in one of my previous posts, if I wanted to hold an oiler for dividends, I’d go with Shell, not SLE.