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Seller out ?
Must be near the bottom
some chunky buying atm,at full ask
By accident or design Heyco could have saved themselves at least £5m in any takeover bid by booting the Wressle CPR back to some now unknown “later date”.
Unless you are a well paid director, all share holders here are distressed!
Crazy sp but I don't mind, I'll keep buying at this price when I can
There is clearly a distressed seller in the market.
Mcap is a complete and utter joke Serif.
With current SP if you deduct our cash held from MCap, that now means that Wressle and other eog production assets are being valued at less than £3m - if you attribute nothing at all for potential of Ireland, Serenity, Cloughton etc.
Rathlin is looking for partners to get WN across the line, all permissions in place as of yesterday, drilling can get underway within months once the funding is in place - RBD likely to fill any shortfall come December when they get a large cash payment from Shell.
Not sure why there is much excitement in new licensing round - how do we avoid several years of technical work followed by futile attempts to farm out under increasing hostile investment environment?
You make some very valid points Nigel in your posts...Keep posting!
From my understanding Operators lead on the activities - so in this case Will was saying EOG would carry out the further technical analysis on Cloughton and do the tricky legwork to get the various local authority/national park people on board. Presumably Egdon would not have bandwidth for this work at present. Further down the line I believe the operator (with partners general agreement) can control activities, timelines and news updates (as Egdon have with Wressle) and get costs covered by partners for operating expenses incurred.
What is Stephen Williams doing and what is he taking? Things need to be brought into question here. I don’t see a buy back happening because the people on the payroll like the comfort of still getting paid in harder times if they arrive
Fair enough I’m getting BOC salary confused with SO and the previous accounts director. Will must be on a fair whack for seemingly nothing. Point is it appears to be a bit of a club where they run for a couple of years and then bail out once it’s been rinsed. Overpaid in my opinion given the performance and issuing themselves options along with the paycut. Can anyone advise the benefits in terms of being an operator of a licence as apposed to a partner?
As you say GP calculations pre-Covid get muddied by changes in role. But when Chairman for 2019 SO was paid £40k, so it would appear that Brian’s pay for that role has actually only risen 2.5% over past 3 years. Let’s hope that the same is broadly true of the CEO!
Would not be surprised if they applied for furlough scheme as well
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!