Try and separate out this rns from anything to do with self-enrichment of directors at shareholders' expense, will you. I am merely making a point, which I think you agree with, about cash preservation in today's difficult environment. But stock options and share incentive schemes drawn up by a Compensation Committee made up from within their own ranks is a totally different, and incestuously bad, matter.
What's the point in wasting money with small returns, looks like a good deal to me, save the money live to fight another day. They could easy now make a move for vog , with $100m in the bank and g/teed returns for years this would be a great time to strike, even at £1.50 a share.
So you would prefer that BLVN would throw good money after bad into an asset of uncertain future value in a market as volatile as oil has been, and will continue to be? Cash preservation is the number one priority for O&G cos in this environment, after careful DD has been performed. What's wrong with that?
Update on the Proposed Acquisition of Licence Interests in Tanzania Bowleven, the Africa focused oil and gas exploration group traded on AIM, announces that, further to the announcement of 19 November 2015, it has decided not to pursue its interest in the proposed acquisition from Aminex PLC of a 25% interest in the Kiliwani North Development Licence and a 50% interest in the Ruvuma PSA, in Tanzania, following the completion of due diligence.
Thanks Tunggie but I'm happy doing what I'm doing. Just to clarify, I'm not asking for new press releases. I am suggesting that when there is a RNS, the CEO prepares it properly. As things are, they appear to be a chore to be rid of in the barest detail. Since Hart is non technical, it should be prepared by someone with the appropriate knowledge if he feels unable. As for the share awards, the board has to consider the "optics" or perception of decisions on those whose money they are supposed to safe guarding ie the shareholders. That wisdom is supposed to come from the Chairman. Regardless of whether the executives were entitled or not to the awards, he should have advised that the awards be deferred until the share price had recovered until at least the 2015 mean. As it was the shares were awarded at near all time lows and the tax burden dumped on an already fragile market. To my mind, that is an insult to the shareholders and the reason why executives in this country have got such a bad name.
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