Yet Another Value Podcast

Jeremy Raper on his Serica engagement campaign (SQZ)

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Jeremy Raper returns to the podcast to discuss his latest "engagement campaign" at London listed Serica Energy (SQZ). In particular, he focuses on why Serica is trying to rush through their most recent deal and why shareholders should consider voting against the share issuance at the meeting next week.  

Jeremy's letter to Serica: https://rapercapital.com/wp-content/uploads/2023/01/open-letter-Serica-Board-1.pdf 

All of Jeremy's engagement campaigns: https://rapercapital.com/engagement-campaigns/  

Chapters 

  • 0:00 Intro 
  • 2:30 What's happening at SQZ 
  • 8:45 SQZ's past deal rejections and timing on this deal 
  • 15:45 Why an "accretive" deal does not necessarily create value 
  • 17:30 How this deal insulates management and discourages shareholder feedback 
  • 22:05 Discussing SQZ's shareholder base
  • 27:30 How this deal gives away a controlling stake in Serica for free 
  • 30:00 What should shareholders who don't like this deal should do 
  • 32:20 How Serica management will respond if the current vote fails 
  • 36:05 Providing an update on the coal trade 
  • 47:35 Discussing Unit Corp (UNTC)
    • ...more
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    Yet Another Value PodcastBy Andrew Walker
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