In today’s briefing:
- Attractive Yield of Kumho Petrochem Pref Shares Amid 100 Billion Won of Common Shares Cancellation
- Golden Eagle Energy: Last Day To Buy Cum-Divvie
- ADX Energy Limited (ASE: ADX): Two high impact wells to commence drilling by YE23
Attractive Yield of Kumho Petrochem Pref Shares Amid 100 Billion Won of Common Shares Cancellation
- On 16 October, Kumho Petrochem (011780 KS) announced that it will cancel 0.77 million shares on 23 October, representing 2.6% of its outstanding shares or about 100 billion won.
- We particularly like Kumho Petrochem preferred shares which provide a dividend yield of nearly 6.7% which is 2x the dividend yield of the common shares.
- Foreigners have been net buyers of Kumho Petrochem preferred shares this year while they have been net sellers of its common shares this year.
Golden Eagle Energy: Last Day To Buy Cum-Divvie
- Back on the 26 July, Geo Energy Resources (GERL SP) announced an intention to acquire a majority stake in coal miner Golden Eagle Energy (SMMT IJ) (GEE).
- GEO shareholders have now approved the purchase of a 58.7% stake in Golden Eagle from Indonesian conglomerate Rajawali Group, triggering an MTO at IDR1,255/share, which is subject to Indonesia’s OJK.
- In addition, GEE announced a special/additional dividend, with a cum-entitlement today, the 17th of October.
ADX Energy Limited (ASE: ADX): Two high impact wells to commence drilling by YE23
- ADX is expected to start drilling the Anshof-2 appraisal well in November.
- The Anshof-1 well will then be drilled in Q2 or Q3 24 increasing gross production from the Anshof field to ~1,000 bbl/d with three wells (500 bbl/d net to ADX).
- MND has already paid ADX A$3.2 million for past costs and long lead drilling expenditures.
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