As happened when Boskalis tried and aggressive takeover at Fugro NV the takeover reached 30 percent and was blocked so after long deliberation Boskalis has now started dumping the stock onto the market.
So the Bod here are trying to protect their own high salaries and could end up really screwing up but they have 96million reasons to stay
I might add the price currently for a takeover is undervalued and the Bod are right to not allow it at Current level
This is, and always has been an appallingly run company with so much potential! I've been following on and off for some years, never invested, sometimes regretted when the SP peaks but then breathing a sigh of relief when it dives. The COC doesn't look good but with the current management unable to turn this amazing asset into a massively cash generative business, you can see how and why it happened and why it looks like a reasonable bet at the moment. Much better would be a management a la VOG or AEX, both of whom have used the last few years to moved their companies into proper growth territory. Merger/takeover is unlike,esp with AEX, but what a better option if it happened!
I asked three weeks ago about the amount the directors had reduced their pay by and what exactly did the company have to achieve in order for them to receive their hand out of shares in June that were deferred in December. This is my reply
Thank you again for your patience with our response.
I’m sure you will have read our preliminary response to COC, and hopefully had a chance to view Billy Allan’s video message (here is a link in case you’ve not seen it <link>). A more detailed response will be following shortly.
In terms of director salary reduction: I’m afraid we have not publically disclosed the amount of reduction and therefore I am not at liberty to pass this information on.
The LTIP reward is based on ‘overall satisfactory and sustained improvement in the performance of the company’ and the measurement of this is at the discretion of the remuneration committee.
The board unanimously recommend you vote against all resolutions tabled by COC, when voting opens I would encourage you to exercise your right to vote.
In your heart of hearts you just know that they have reduced their salaries by a tenner a week and 'steady progress' is probably enough to trigger the share award (if they last that long)!
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.