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I've now looked at the 2022 and 201 accounts. The 2021 accounts show that all the directors took a 20% pay cut from 1 April '20. This cut was increased to a 50% cut from 1 August '20. All these pay cuts were restored on 1 March '21. For comparative purposes the salaries were: BOC: 2020: £23k & 2021: £28k and SO: 2020: £130k & 2021: £146k. Before that the picture is not very clear because that's when SO replaced Hugh Mackay.
The MM's have put me off buying back in, I couldn't trade out when the 28th of Jul RNS dropped and the share price rose nicely on the day, I wanted to sell on the good news, but the spread was wide and you couldn't sell more then about £50 worth, in realty, the MM's were only taking buy orders!
in my oppion, I think they must of known about the water cut RNS coming and didn't want to be holding shares.
I managed to sell when the (bad news) water cut RNS arrived though, It feels like your're playing against someone with marked cards!!!
Given the politics of Ireland that was a major win
“ To be fair the bod secured a licence extension for Inishkea.”
Is that not the very least they could do??
Or thinking as I type, have I missed the joke??
Which if they were significant shareholders they would get - and we would all think that was fair. That’s why shareholders like BODs with high shareholdings.
To be fair the bod secured a licence extension for Inishkea. If they can get a JV over the line then the deserve very handsome remuneration
@Tovoc. Agree with 90% of what you say. Simply pointing out that restoring pay after a temporary pay cut is not usually described as a percentage pay increase to salary.
@Serif - During Covid projects were stalled and we were short of cash.
Now we have Wressle producing lots of cash flow with all other projects still being stalled!
The directors have the POWER to dip into the companies reserves and choose how much to reward themselves.
Yes, if Serenity had hit and was a success then fair enough, increases in pay maybe justified but Serenity failed!
The pay increases that GP reported are disgusting given that the management has diluted our shares and crashed our share price; yet they get double digit pay increases?
This begs the question, how much in addition is being paid into their pensions!
In most other companies they would have been sacked!
By all means, reward on success but not failure!
IMHO
Not sure I understand the 20% of MCap maths. Not defending the CEO salary level, but does seem unfair to criticise a percentage rise because of taking a pay cut during a crisis. It was probably the best thing SO did during his reign!
To be fair, how many companies on aim pay their execs 20% of the mkt cap. imagine if that were the case at shell for instance. we are all mugs waiting for the crumbs that fall off the table or the swill splashing from the trough.
no news here is bad news re cpr.
Thats disgusting!
GP - to be fair a word of caution on percentage rises - they had halved their salaries during Covid which is why they seem to increase in 2022 when they restored them. Another question altogether whether the CEO of a company EOGs size should get such a large salary. We don’t yet know what Will is getting.
BO'C was paid £41k in 2022 (up by 46% from £28k in '21) and SO received £258k (up by 77% from £146k in '21) according to the 2022 accounts. This makes me wonder what they are paying Will Holland. It's presumably in the region of £250k to £275k, or maybe more!
It's entirely possible that Heyco and Ujo etc viewed Mark Abbot's progress with Wressle as pitiful; hence their super cheap takeout of Edr.
The updated CPR will not be made public until after we are operator and a new capex budget agreed between the partners. I also think Heyco may take a private placement at a premium in Eog in the near term.
I think Eog becoming operator at Cloughton is a prelude to operator transfer of Wressle to us aswell.
SP has been very low for quite some time. Some proactive action and initiatives are required. Buy-back share can be one more way to supprt the SP.
Don’t understand why ERCE can’t just provide a range of water cut percentages and publish the report now, so that we can get on with everything else - eg gas pipeline, Pstones etc. Egdon could monitor the flow themselves and draw the appropriate implications. Delaying doesn’t look a sensible approach when there are other things to progress - unless it suits Heyco agenda to have report published after takeover complete etc.
The issue with the CPR is that water appeared at an unspecified point in July so Egdon asked for it to be updated - the question is, how long will ERCE want to monitor the waste water flow before committing to new conclusions? my guess is 2 or 3 months, so sometime in October?
Our CEO will present the EOG investment proposition at the @Proactive_UK
One2One Investor Forum in London on Thursday, 7 September 2023.
Surely we will hear positive Wressle CPR news before this, and a clear plan of action. !!!
You never know with EOG.
Garde, his or her? Or are they many?
Gerry, hence the username! Well done & good luck.
Not currently invested here.
In his own words BOC came out of retirement just for Inishkea! and the couple of hundred grand a year for not doing alot obviously.
People get bored quickly on AIM and sentiment fades in a couple of weeks. Don’t think there has been anything to significantly change valuation of business since then (so still think we are madly undervalued), but the wait for updates on current projects seems to drag on longer than necessary - and perhaps instead of hearing about the next great project (pres. Cloughton) would prefer to get more info on any of the ongoing projects: Wressle, North Broughton, Serenity, Ireland, upgrades on other production assets. EOG is great at starting projects, would like to hear more about successfully finishing them.
Sentiment has certainly changed in the last 10 weeks since WA spent approx 150k on another 1.56% of the company that's for sure. Perhaps he's got some more cash down the back of the sofa so he can average down.
Not a step to take lightly but it worked at Tern plc - where the CEO was forced to step down and no rights issues permitted. This obviously creates problems in terms of going forward but I have had enough here so will vote against the board next time round unless there is news on Ireland in the meantime