Yet Another Value Podcast cover image

Yet Another Value Podcast

Jeremy Raper on his Serica engagement campaign (SQZ)

Jan 19, 2023
53:52

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)

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode