The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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I agree completely. The management have given no credible reason as to why they are throwing the towel in with what appears to be( and was hyped up by the management) a highly profitable company with huge exploration and production potential. We are producing at over 6400 bopd and have significant infrastructure ownership. It's not for the directors to decide to call it a day for the company. We the shareholders especially the small PI who kept this company going through thick and thin, decide whether we are going to sell and on what terms. If the directors don't have the time or the stomach for it any more than they should leave gracefully and forego any share awards which are for performance related - NOT firesale related.
This decade has been an unchecked transfer of wealth from shareholders to the management class in the US with buy back financial engineering and massive, unprecedented share options. AIM management believe they can replicate this. I did not invest in this company for two years only to see this happen.
I would ask why why why did they agree to sell at 19.21? If it's not a fire sale , why have they not said sorry but that's undervaluing us so we'll just walk away and grow us some more?
IT JUST DOESN'T ADD UP.
Why are they so keen to sell the whole shebang for what we think is below par?
They either KNOW something else is pending , otherwise they are being handsomely paid off imho.
Why would JW buy 1.2 million pounds worth at 17p if he thought 10% was all he'd get in return?
Lets hope it gets defeated and the board get booted off.
Mav - yes really.
Even if some other party comes in and pushes the price up. they IMO have betrayed investor who trusted them.
You think what you like, I no longer care to try to appease those that will never see what is obvious. We've had months of various poster refusing to consider any fault on the part of the BoD, most PI's now appear to have woken up to the true situation.
Simple mechanics - Have we actually been stitched up if 19,20 isn't the final selling price ? Yes its a disappointing and frustrating starting point but please try and have some perspective !