As 2019 neared, I wrote a couple of share tips of the year. After the first quarter (and a bit), how are they faring? My first selection was San Leon Energy (SLE), with its interest in a world-class oil and gas block onshore Nigeria. I noted positive operational momentum and it scheduled to continue to be repaid against loan notes, whose balance is $157.8 million against a market cap of circa £130 million (€144.5 million, $165.5 million) – the offer price of the shares then 26p…
The shares are now around 37.5p to sell – particularly sparked by a 20th February announcement of a tender for 10% of the issued share capital… at 46p per share. The company emphasised it “reflects our strong financial position, our confidence in the company's future prospects and commensurate cashflow, and our view that the current share price does not reflect fully the potential value of our business. We will continue to seek opportunities to return capital to shareholders through either further share buyback tenders or dividends, as the business continues to grow and we execute our strategy on the ground in Nigeria”. We recommended to tender shares but that we’d still be happy to hold the remainder – and the latest operationally was of a well having been drilled and set for production and testing and the rig moving to drill another new well, with “an update on the second new well… in addition to advising on the production rate from Akaso-15… in due course”. Ahead of those, my stance is hold.
My second selection was Synectics (SNX), a surveillance technology and networked security systems company. I particularly noted there looks good reasons for encouragement on trading, a forecast current year dividend of 6p per share and a prospectively modest price/earnings multiple at a just over £35 million market cap – the shares then around 200p to buy…
They are currently a 199p mid-price – that though with they having hit 186p in February. I noted then results subdued… but confident of good progress from here – and last month saw an expected “around £1 million” oil & gas sector contract (its largest new oil & gas order “for a number of years”) and “a multi-million dollar” gaming sector contract (a new customer choosing to replace its existing system in Macau). Those further enhance confidence of good progress – and I continue to consider a house broker more than 300p target price realistic. My stance remains buy.
Filed under: San Leon Energy, Synectics, Bould Opportunities, Carclo, Bunzl, Atalaya Mining, Legal & General
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