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Last post: McCangts, 31 Mar 2021 17:39
Yeah and they’ve decided to take the week off - tanking next Tuesday?
tax free....
Wait a year, 170 mill pretax gave os 0,45 nok. we are already upp 88 mill, with all thats coming in 2021 0,45 will be dwarfed by nest dividend.
expected more
Nice :-)
Started: buysell, 26 Nov 2020 09:13
Last post: badkrukan, 26 Nov 2020 11:18
"New dividend policy. The Board has resolved to
establish a regular dividend policy to be based on the
annual profits generated by the operating activities of
the Company. Subject to available liquidity and financial
position, the Company intends to distribute an annual
dividend in an amount equal to 40-60% of net profits.
The new dividend policy will be in effect from fiscal year
2020 with the first dividend expected to be paid out
after the next annual general meeting to be held in
2021. Following the resolution of the outstanding tax
matters, the Company has a strong financial platform
and a solid foundation for executing its strategy as an
industrial investment company. Going forward, available
financial funds are expected to be deployed to support
this core strategy."
40-60% of net result.
I correct myself, they subscribed to further shares
Results make for good reading. Can understand why they wanted to realise some gains from TXP given its significant rise. Wonder if they will consider a dividend at some point from the gains?
http://www.northenergy.no/
touchstone and subsea making up the bulk of the profits
GLA
Last post: buysell, 15 Oct 2020 15:37
more buys
https://newsweb.oslobors.no/message/515564
gla
Started: buysell, 5 Oct 2020 21:38
Last post: LEXION, 14 Oct 2020 10:41
Primed for a huge rerate here now on the back of TXP success with Chinook
I shall hold a little longer
Today the closing price was 1.97 NOK that is now the highest price I have seen so far. Hope this is us on an upward trajectory.(now finally in profit here)
GLA
Last post: buysell, 2 Oct 2020 16:57
yes norb not a lot when you consider it.
the price at the minute is 1.84nok that's as high as its been lately. (and I'm still underwater at that)
GLA
buysell, they have deep pockets. But they are only spending a fraction of the dividends they received from NORTH earlier this year (they received MGBP 0,7 each). So not really impressed with their buying, or the price they are offering.
that's more buys again from two financial advisors bringing there holdings to 7.85% and 6.06% .These guys must have deep pockets. Just like dana
GLA
It’s good to see these insiders with substantial positions buying in more. My question is why?
The discount has been there for a while. They have been sitting on a lot of cash, do you think they have found a target for this cash that is making these insiders want a bigger share of the cake?
Nice to see a good rise today - on HL platform at least
I’m back to all square and with some potentially huge news soon from TXP I’m hanging in here for the rerate
With Subsea firing on all cylinders also - that rerate has to happen
GLA
Started: norb, 9 Sep 2020 15:12
Last post: norb, 9 Sep 2020 15:12
Seems like a very good exit deal.
https://newsweb.oslobors.no/message/513157
Last post: buysell, 8 Sep 2020 16:59
https://newsweb.oslobors.no/message/513097
another buy today
GLA
Not sure what to read from this. SP is too low and we are ready to buy more at NOK 1,65 If somebody is ready to empty their holdings ? Also, no more news from NORTH the next couple of weeks.
I have only just found this forum. I posted this on the TXP site. I picked up another £10K of North today.
For those looking at another way in to TXP there is still Northenergy asa, TXPs largest share holder. At the end of Q2 the percentage of NAV in TXP was 27%, but TXP has gone up since then but so has NE SP and NAV.
I calculate that NE is still sitting on a big discount to NAV. Market cap at end of Q2 was 61% of NAV, and it is now at 61% ( NE SP went from 1.4NOK to 1.9NOK but has dropped back to 1.7NOK.
The % of NAV in TXP I calculate at 31%. With the discount for every £1 in NE you get 50p exposure in TXP.
But NE has also announced a dividend policy of paying out 40-50% of net annual profit. It is already sitting on I estimate 105NOK of profit, so if it pays out 50% of this, that is about 25% of its current Market Cap. As nearly half of its NAV is in cash it can certainly afford to do this.
So you invest £1 in NE and in 7months you get paid a dividend of 25p. So then you have 50p of exposure for every 75p in NE.
A bigger payout if TXP goes up, with greater exposure.
And still exposure to NE at a discount, and its discounted cash pile. An interesting play.
Started: norb, 1 Sep 2020 17:07
Last post: norb, 1 Sep 2020 19:37
These two gents as financial advisors, and chairman of BOD (Anders Onarheim) are now controlling 32% of NORTH.
North Energy ASA - Mandatory notifications of trade and disclosure of shareholding
1.9.2020 17:01:39 CEST | North Energy ASA | Major shareholding notifications
Rachid Bendriss, financial advisor to North Energy ASA and primary insider, has
purchased 408,497 shares at NOK 1.6848 per share via his fully owned company
Celisa Capital AS. The total number of shares beneficially owned by Bendriss
after the transaction is 9,067,797, which equals 7.62% ownership in North Energy
ASA.
Didrik Leikvang, financial advisor to North Energy ASA and primary insider, has
purchased 408,497 shares at NOK 1.6848 per share via his fully owned company
Isfjorden AS. The total number of shares beneficially owned by Leikvang after
the transaction is 6,930,300, which equals 5.82% ownership in North Energy ASA.
DISCLAIMER
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
Started: buysell, 1 Sep 2020 17:28
Last post: buysell, 1 Sep 2020 17:28
anybody know how to delete it
cheers
Started: buysell, 31 Aug 2020 10:30
Last post: danawinner, 31 Aug 2020 16:55
LEXION?LEMON Don't hesitate to scrap the Disney channel, the stock market is far more entertaining. Start 'em young.
As you will gain far more in a month than it costs, you shouldn't hesitate.
I am a very parsimonious person these days and even I can see the benefits.
You may also get one or two ideas that are only available if I can contact you direct, as they are not going to be aired on a public forum.
Subdued day in Norway after excellent Q2
Happy to hold here to let that value pan out -which it will
Dana - would you go for LSE premium or deprive the family of Disney + ?? Can’t decide
Have a good bank hol everyone- I’m back working - combine rocking and rolling
Just to reiterate lexions comment I am also very grateful for all the time you have spent deciphering the data into meaningful information.
GLA
Keep up the good work
Started: danawinner, 31 Aug 2020 08:56
Last post: danawinner, 31 Aug 2020 10:02
LEXION thanks for the appreciative remarks.
As you know, in spite of North Energy ASA being slow to realise that a dual listing would be good for the company, we will continue to petition for this, and use pressure to achieve it.
Best,
DANA
Thanks Dana and Norb for all your analytical content
These results are spectacular- pity the response is pretty muted -value always bigs out in the end
10% discount to NAV would be a good start and that would come with a dual listing as has been talked about here
NAV = 334 MILLION NOK
SHARES IN ISSUE 119 MILLION
IF TRADING AT 100% OF NAV SHARE PRICE = 2.80 NOK
PLEASE NOTE THE SHARE PRICE SHOWN HERE ON LSE IS NOT LIVE, IT IS ONLY UPDATED AT THE END OF DAY TO THE LAST UK TRADED PRICE.
IF YOU WANT TO SEE DELAYED LIVE PRICES GO TO
https://www.oslobors.no/ob_eng/markedsaktivitet/#/details/NORTH.OAX/overview
Now moved to 1.96 NOK
https://www.oslobors.no/ob_eng/markedsaktivitet/#/details/NORTH.OAX/overview
Started: danawinner, 31 Aug 2020 08:31
Last post: danawinner, 31 Aug 2020 08:31
the investment in TXP represented 27% of the stated 283 million NOK.
IE 76.41 million NOK.
As at the 30th June, the £ stood at 11.9 NOK
https://www.poundsterlinglive.com/best-exchange-rates/british-pound-to-norwegian-krone-exchange-rate-on-2020-06-30
So the value of TXP shares at 30th June was £6,42 million, with a share price of 53,5 pence = EXACTLY 12,000,000 Shares.
So let us assume that through deduction, North held 12 million shares at 30th June. I did not manipulate the figures at all, and the 12 million shares figure was my first calculation of the numbers.
Since 30th June, the 12 million shares have increased in value to £8,4 million, a profit of £2 million.
In addition to this, the Reach subsea shares have increased in value by 1.08 NOK to 1.66 NOK, an increase of 54%
The value of the Reach shares as at 30th June was 50.4 million NOK so now worth 78.4 million NOK an increase in value of 27.5 million NOK.
It is all looking better and better.
Started: danawinner, 31 Aug 2020 07:53
Last post: norb, 31 Aug 2020 08:15
Results as expected. I did miss on equity (non-controlling interest which has been eliminated going forward). Still scratching my head about TXP and what to expect going forward.
It is worth noting that since the Q2 results, the TXP share price has moved from 53.5 pence to today's value of 71 pence, an increase of 33%.
We can expect that if/when Chinook hits the gas bottle, the TXP share price should increase by 25% and more once reserves are confirmed in due course.
We believe that North has continued to sell TXP shares, but the SP achieved in the interim is likely to have averaged 65 to 70 pence, so a much bigger cash pile to distribute next year after the AGM per the newly stated dividend policy.
I haven't yet compared the official figures with Norb's excellent estimates, but things are looking very good indeed.
I expect the share price to open at 2.25 NOK or perhaps even better!
All imho and dyor.
Thanks Norb for bringing this share to the attention of TXP shareholders, we are very grateful!
Started: danawinner, 31 Aug 2020 07:34
Last post: norb, 31 Aug 2020 07:48
About TXP
North Energy decided to realize some profit during the quarter by selling 5.7 million shares, resulting in cash inflow of NOK 26.1 million and a net profit of NOK 17.6 million. Through these transactions, North Energy has realized values in an amount equal to its total cash investment in Touchstone Exploration. As such, the remaining shares held represent only profit and the Company has an opportunistic approach in respect of maximizing the total value of its remaining shareholding.
Opportunistic approach.........whatever that means.
Here they are with pretty pictures as well.
https://northenergy.no/wp-content/uploads/2020/08/NE-Interim-report-Q2-2020.pdf
and they look pretty good to me, thanks to TXP Touchstone!
https://newsweb.oslobors.no/message/512512
North Energy ASA ("North Energy" or "Company") records an income of NOK 52.0
million in the second quarter of 2020 compared to a loss of NOK 8.4 million in
the same quarter last year. The income this quarter is primarily due to a
significant increase in market value of the investment in Touchstone
Exploration. The Company's cash position as per end of second quarter is
reported NOK 136.5 million.
The Company's main industrial investment, Reach Subsea, reported an all-time
high result of NOK 27.8 million in the second quarter. High utilization and
successful project execution are the main drivers behind the improved
performance.
North Energy's total investment portfolio, measured at market value, is per end
of the second quarter NOK 143.0 million, up from NOK 115.8 million last quarter.
The portfolio consists of industrial holdings, listed financial investments and
other financial investments. The industrial holdings include the Company's
shares in Reach Subsea where North Energy is the major shareholder. The listed
financial investments consist of shares in Touchstone Exploration amongst
others.
The Board of Directors have revisited the Company's strategy, including an
updated dividend policy. For further details, see the second quarter financial
report for 2020, which is available on the Company's website, www.northenergy.no
[http://www.northenergy.no].
Started: danawinner, 28 Aug 2020 09:41
Last post: norb, 28 Aug 2020 14:13
I dont expect much to happen short term after Q2. Need to see a higher MCAP of REACH, and the market beginning to appreciate the investment in TXP.
well done dana. I've had another small top up this morning also
cheers
Took another 34,936 this morning after the usual hassle of phoning a limit buy order in.
Now set fair for Monday morning with the anticipated quarterly update.
It will be interesting to see whether the Oslo market has sufficient volume for the share price to reflect the massive discount to net asset value.
If this share were quoted on the AIM market, I am sure that the response would be much better.
Time will tell.
Started: danawinner, 27 Aug 2020 16:52
Last post: danawinner, 27 Aug 2020 16:52
Had the usual bugger about trying to get through to EQI as this can only be done over the phone.
Held for 25 minutes and got through and finally placed my order.
Missed it by 30 seconds.
Norway closes at 3.20 pm.
GRRRRRRRRRRRRRRRRRR!!!!!!!
Started: danawinner, 19 Aug 2020 14:27
Last post: danawinner, 27 Aug 2020 15:26
I have been checking Norwegian corporate law. We need 10% of shareholders to call a general meeting. It is possible to vote for a London stock exchange dual listing, for even more attractive is to to call to dissolve the company and distribute the assets. Now that would be a very attractive option .
I am waiting in anticipation of update next week
How can the gap between NAV and market cap divulge so far - it doesn’t make sense to me
Is it just that North Energy Is so far under the radar or that the investments are at the more risky end and don’t appeal to the average “investment trust”
investor ?
I also have a holding in Primorus- and they have a NAV of £8m and market cap of £4m - ludicrous!! There main holding is GGP
GLA
REACH didnt fly away. As expected, but it should build a strong momentum the next couple of months. We already know that Q3 probably will be better than Q2. SP is not very far from the initial investment NORTH made in REACH. Just below NOK 2. All we need is a broker or two to realize what is going on with NORTH and REACH. Not that the majority in any of these two camps seems to care much about increasing their values.
Reach Subsea ASA up a healthy 18% today
But most important, Q3 will be even better.
Started: danawinner, 25 Aug 2020 23:05
Last post: danawinner, 26 Aug 2020 10:12
I think that my idea of a horse box is enough to put most female equestrians off sex.
https://www.ebay.co.uk/itm/Vintage-Rice-Double-Horse-Trailer-Project/373161452737?hash=item56e227e4c1:g:spkAAOSwcp5fQS4P
Yep - we run the other brand. - Whittaker - check them out !!
Looking forward to a serious rerate in TXP to drive the value here for horse box upgrade !! - It’s not far away guys
Ah, 'nuff said.
A girlfriend asked me to buy her a new horsebox, I thought about £500.
Wrong.
https://www.oakleyhorseboxes.co.uk/detail.asp?id=40673
Morning Dana
We have horses - that’s why I’m poor !!
- apologies for off topic
LEMON FFS I know that all farmers are really poor, please treat yourself to a premium subscription for a month, we need to talk. I know that times are hard, and you have had a substantial paper loss on TXP the last couple of weeks, but PLEASE treat yourself, it will pay off for you. If necessary, I will give you the money for your sub in Trinidad at the effing £1 party.
Started: jt4264, 25 Aug 2020 11:13
Last post: danawinner, 25 Aug 2020 14:39
JT4264 I think that we will see some more progress with the quarterly update next Monday and again on TXP hitting gas at Chinook.
Moving in the right direction.
GLA
Yes it is always difficult to buy. With equiniti/Eqi/selftrade it is utterly shambolic. Three times in the last month I have placed limit orders and they have cancelled them without any reference to me. The only way is to do it with a telephone limit order and stay on the line until it's filled or to knock it on the head and place a higher limit order.
I'm with HL as well, was worried it wouldn't get filled but was sorted fairly quickly. I'm in for the ride now and will look to add more in the near future if it keeps heading in the right direction.
Jt4264 I’ve bought 2 chunks these last 14 days and HL have always been on fill or kill
If happy with the buy in price then go for it - as Norb and Dana are saying North are looking more and more the bargain of the moment
GLA
Norb, Dana, have either of you had issues with purchasing shares? Can never seem to get a live quote and almost always fill or kill has to be the choice.
Started: danawinner, 19 Aug 2020 17:39
Last post: danawinner, 19 Aug 2020 17:49
Norb reply continued....
Norb reply
Tobin, your figures makes sense. We havent seen any sign of new investments since Q1, and after the final settlement with the tax authorities in early April. Thats why I argue they still sit at MGBP 11,7 in cash. During Q2 they have paid a dividend of MGBP 1,8 to their major shareholders from a group entity owned 80/20 which they now are merging with NORTH. This could also be the main reason why they sold +5 mill shares in TXP in Q2 - to keep their cash balance more or less unchanged after the dividend.
TXP came as a surprise 3-4 years ago, and they may pull something like that out of the hat one more time, but I expect that their assets as of today looks like something like this:
+ Cash MGBP 11,7
+ TXP MGBP 9,3
+ REACH MGBP 4,4
+ IOX shares MGBP 0,27
+ IOX Bonds MGBP 0,6
= Total assets MGBP 26,7
Total shares 119 million each GBP 0,22
Last closing at OSX GBP 0,12
As you will appreciate this is now historic in that the shares in Reach and Touchstone shares have risen, as have North Energy, but a LONG way to go to catch up with the asset value.
Norb if you get the chance to do an update, it would be much appreciated by all, thank you.
I think that lots more TXP Investors will follow us, especially if (when) Chinook hits gas!!!
These are the previous posts from the TXP page.
Norb and Tobin are stars
Here is a rather funny fact about NORTH as it seems to be a really cheap entry to TXP compared to AIM and TSX based on its current MCAP. It closed at NOK 1,45 on Friday which equals a MCAP of MGBP 14,7. Of which cash equals 11,7. If we assume that the rest of their assets excluding TXP (no debt other than some minor liabilities and accruals) of MGBP 5,3 also can be sold to their current market value (primarily shares and bonds listed at OSX), their position in TXP is in fact valued with a negative amount of MGBP 2,3 on Friday July 24th.
If someone offered NOK 2 per share of NORTH - a total of MGBP 20, they would acquire the 6,9% stake in TXP at a discount of 65% compared to the last closing price at AIM - GBP 0,735. Further more, to make it even more exciting - you would still have MBGP 17 of cash at hand to increase your position in TXP.
Go figure.
==========================
Tobin also did an analysis
North is on the Norway stock exchange, fairly safe.
March financial report they stood at 50% discount to NAV, they had been sold of heavily like so many in the sector. They had more cash than their NAV and TXP their main investment. At that time TXP was 24p/share and valuation of TXP in portfolio approx £4.9million. If they hadnt sold any it would be about £15million. The 6.9% is now worth £9.31million. How much did they make selling TXP shares? £2million-£3Million?. If they sat on that cash they would have about £14million cash.
Still as much cash as their capitation.
They have Shares in reach subsea, they are up 38% since March 31st, so if they still own them, then worth 4.4million now.
If the other 8% on investments havent gone up, and remember we are talking of 31st March, they would still be £1.7million.
So investments txp, reach and others would be £15.4 million. So even though their SP is up they are likely to be still sitting at a discount of >50% to NAV, thanks to TXP
They were saying that they were going to invest some of their cash. If they did those investments could have done rather well over the past few months.
TXP was 23% of NAV. Now it will be over 30%
And they have done big share buy backs...
They had some tax question hanging over them, but that was dropped.
2nd quarter report out on 31st August.
It looks a bargain.
===========================
Norb reply
Tobin, your figures makes sense. We havent seen any sign of new investments since Q1, and after the final settlement with the tax authorities in early April. Thats why I argue they still sit at MGBP 11,7 in cash. During Q2 they have paid a dividend of MGBP 1,8 to their major shareholders from a group entity owned 80/20 which they now are merging with NORTH. This could also be the main reason why they sold +5 mill shares in TXP in Q2 - to keep their cash balance more or less unchanged after the dividend.
TXP came as a surprise 3-4 years ago, and they may pull something like that out of t
Started: danawinner, 17 Aug 2020 17:30
Last post: norb, 19 Aug 2020 14:10
Its interesting to see that NORTH is sensitive to how REACH SP performs, while TXP SP and its potential seems to have little or almost no effect. Probably because the market has been left in the dark too long about the true nature of this position. Also why, or if they still sit with a lot of cash at hand. We will soon know.
I think that we are going to have a great deal of fun with North Energy.
It amazes me that the Norwegian Market seems to be disinterested and cannot seem to see its potential.
I think that once the quarterly results come out, there may very well be some positive movement.
There will also be substantial upward movement at the end of November also...... and again in February, May.....
Same as Touchstone TXP, which we all know and love.
I like the fact that there are some other winners in this portfolio in addition.
I am the guilty one. I just had to see what happened if I filled the allmost empty gap from 1,7 to 1,99. Sorry about that. But it also confirms what to expect if really good news arrive.
Maybe your 2 cents is right Norb
Not showing a rise on here but my HL is showing up 12% this last 10 mins at 1.82
Interesting!
This is speculation based on some simple facts. Nothing else.
NORTH is holding 1,8 mill shares and bonds worth approx MUSD 1 in Interoil listed at OSX
https://www.interoil.no/
Largest shareholder in Interoil is
https://integracapital.com/
GM in Interoil approved an increase in capital in June, and they can issue 80 mill new shares - a 50% increase from 153 mill to 233 mill shares.
https://ml-eu.globenewswire.com/Resource/Download/e3099b80-bc6e-41c6-a9a7-5bceb3b97194
It is expected that Interoil will invest in new assets. Such as Lithium or other natural resources in SA
https://www.interoil.no/wp-content/uploads/2019/07/Interoil-IOX-Prospectus-18-July-2019.pdf
I suspect there is a link between NORTH and Integra Capital which has a strong position in Argentina/SA. Especially based on the network of its President Jose Manzano
https://en.wikipedia.org/wiki/Jos%C3%A9_Luis_Manzano
Integra is already invested in Lithium
https://smallcaps.com.au/latin-resources-backing-argentine-investment-house-key-lithium-project/
http://desarrolloenergetico.hernandobry.com/integra-recursos-naturales-explorara-tres-salares-en-jujuy-en-busca-de-litio/
NORTH is probably still sitting at around MGBP 12 in cash since the tax dispute was settled in April. I havent seen or heard any news about new investments in Q2, but I wouldnt be surprised if NORTH was invited to take part in investments in new assets facilitated by Jose/Integra Capital. Directly, or indirectly through an increased position in Interoil.
My two cents. Probably less.
Started: danawinner, 27 Jul 2020 14:28
Last post: McCangts, 17 Aug 2020 09:55
Closed at 1.72nok Friday- joint listing would do wonders for P/NAV
Sorry, we are at 2NOK, I meant 2.5 NOK end month.
Hi McCangst Thanks for joining me! If a succeed in encouraging a joint listing, we will not be alone.
I am looking forward to the end of the month 2 NOK imho, we shall see.
I'm now in for 40,000 but intend to increase when a couple of other shares hit my target.
I am expecting 25-30% overall by the end of the month but no rush to sell here.
Here to give you a little company Dana, in yesterday with a chunk!
Rune Dana cfo Ex shell m&a interesting,
It would appear that I am the first ever buyer of North Energy ASA on the London Stock Exchange.
Only a small trade to get it onto my purchase list, but you have to start somewhere.
https://www.londonstockexchange.com/market-stock/0MD9/north-energy-asa/overview