MY POST OF Saturday WAS CUT SHORT SO SEE THIS IMPORTANT PARTOF MY RECOMMENDATION. There are basically two ways of voting, either by proxy or in person at the AGM. If you cannot attend the AGM but want to vote by proxy, there are two alternatives: (a) If you hold your shares in electronic form (i.e. in Crest) you will need to contact your stockbroker (or other person who you hold your shares through) in order to instruct them on how to vote on your behalf. If you do not do this then it is likely that no votes will be cast in respect of your shares. Please do not rely on your stockbroker or other person to contact you. (b) If you hold your shares in paper form (i.e. share certificates, rather than electronically in Crest) then you should have received by now, in the post, a notice of the AGM together with a proxy form allowing you to state how you would like the Chairman to vote your shares. If you are not attending the AGM in person then you will need to complete this proxy form and return it to Capita Asset Services, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU. Receipt by Capita must be by 9:30am on 4 May 2015 and so proxy forms should be posted no later than Wednesday 29 April 2015. If you do not receive the proxy form in the post you should download a copy from: http://www.amerisurresources.com/reportspresentations.html The Notes to the Proxy Form provide additional information on how to complete the form correctly. It should however be noted under Note (2) that if you mark the box "vote withheld" it will mean that your proxy will abstain from voting. A "vote withheld" is not a vote in law and will not be counted in the calculation of the proportion of the votes "For" and "Against" a resolution. If you fail to select any of the given options, the proxy (the Chairman) can vote as he chooses or can decide not to vote at all. I strongly suggest that shareholders vote against resolutions 2, 3 and 7. I will certainly advise those shareholders who have invested in the company at my recommendation to do likewise. I HOPE OTHER SHAREHOLDERS AND THE CORPORATE GOVERNANCE DEPARTMENTS OF INSTITUTIONAL SHAREHOLDERS WILL BE RESPONSIBLE AND REACT SIMILARLY OR, AT WORSE,ABSTAIN FROM VOTING ON THESSE RESOLUTIONS.
Vote AGAINST AGM resolutions
I am private investor in Amerisur and own 2,600,000 shares. I have advised several friends to buy shares in the company which they did. The Notice of the AGM, which is scheduled for 9.30 am on 6 May 2015 at The St. Mellons Hotel in Cardiff, and the Proxy Form can be found and downloaded from http://amerisurresources.com/Amerisur-Resources-plc-AGM-notice-2015.pdf I intend to vote AGAINST three resolutions which will be proposed at the AGM. They are: Resolution No.2 – “to re-elect George Woodcock as a director” - AGAINST Resolution No.3 – “to re-elect Stephen Foss as a director” - AGAINST Mr Foss was appointed as a director on 5 January 2015 and became Chairman of the Remuneration Committee. The first action he took resulted in the announcement on 9 February 2015 to allot 25,480,000 shares under the company’s LTIP to Giles Clarke, Nick Harrison and John Wardle. Shareholders will be aware of the history to the implementation of the LTIP scheme which scheme, I believe, should only have been implemented with full shareholders’ approval. Most people to whom I have spoken about this matter found the latest allotments pure greed and well below the standard expected of a publicly listed company. Furthermore this was borne out by the subsequent reversal and reduction in the awards as a result of dissatisfaction expressed by a number of institutional shareholders. Even the reduced awards are, I believe, well beyond that which is justifiable especially when taking into account previous awards and the basis and timing of these allotments. Any director deserves serious questions as to his (or her) eligibility to serve as a director of a publicly listed company if he (she) proposes and/or endorses this level of awards particularly to non-executives. For this reason I propose to vote against the appointment of both of these directors whose re-appointments come up for approval at this AGM. Resolution No. 7 – “to authorize the directors to allot relevant securities”- AGAINST Under this proposal it would be possible for Directors to allot up to 10,621, 690 additional ordinary shares pursuant to the Company’s option schemes. I believe that this resolution should be opposed based upon the allotments made to directors in the past. Allotments to directors, whether executive or non-executive, should only be permissible with the specific approval of shareholders. There are basically two ways of voting, either by proxy or in person at the AGM. If you cannot attend the AGM but want to vote by proxy, there are two alternatives: (a) If you hold your shares in electronic form (i.e. in Crest) you will need to contact your stockbroker (or other person who you hold your shares through) in order to instruct them on how to vote on your behalf. If you do not do this then it is likely that no votes will be cast in respect of your shares. Please do not rely on your stockbroker or other person to
The measure to look at is the return on capital employed/future potential in this regard. [Terry Smith (of Fundsmith fame) did a good analysis of TESCO in this regard and why he wasn't invested in them. Tesco's use of capital was deteriorating over many years under Terry Leahy - even whilst Leahy was being lauded as the best CEO in the UK....) What does PTA look like in this regard? Amerisur's ROCE for 31 Dec 15 = 45.6% (from AMER fundamentals)
RE: STIFEL view on Pipeline
Good luck with your enquiry. Amerisur are not exactly hot on PR and shareholder relations. The pipeline info is not a secret; the CEO has discussed the build time previously. But it may have changed (a bit) with the re-configured design. Who knows? Might get some more info at the next AGM in May....
RE: STIFEL view on Pipeline
Six to eight weeks to build any oil pipeline sounds optimistic but if that's what they said I guess it must be true! I wrote to the company asking the same question but haven't heard back yet. Think I'll sit on the sidelines for a bit longer. Good lucl all.
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