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Donalb, have you any idea what the position of Sinn Féin is regarding their policy of offshore gas in Ireland?
Article in FT today on oil and gas interests in EG, it doesnt make great reading. Exxon has pulled out and despite a concerted effort to get a western major to buy there assets, there were no offers. The president is under investigation in US nd France and he is now turning towards the Chinese. It sounds like a difficult situation and may be more difficult to find a farminee then we had anticipated. I hope WH has contacted CNOOC.
As long as we get inishkia going am not bothered tbh
Not an immediate one but odds have shortened for sept/oct
Nothing burger, Varadker stepping down as Taoiseach & Fine Gael leader, but does not expect the announcement to trigger a general election !!!
Varadkar is resigning. Maybe there will be an early election and opportunity to get rid of ryan
I just want to see all holders get a good return here
Not to mention the (mid) alignment of interests. Despite his exorbitant salary WH holds a pathetic number of shares. Far fewer than myself and many others here
No grudge here. I suspect we agree on a lot more than we disagree. But you don’t need me coming in here every other day saying how dire SP performance has been/is - it’s there in black and white on every graph and every time we check the current SP! Yes I like everyone else here want the SP to rise which is why I focus more on the potential of what’s coming up than past disappointments, because only one of these is going to affect the SP now. You can’t ignore experience but it doesn’t always tell you what’s going to happen next.
I think we disagree most on timescales - I think you need to give a CEO 18-24 months to assess them - it takes time to get projects moving in this business - so I’m giving WH the benefit of the doubt until Nov - and I have been encouraged by Inishkea renewal and EQ but these now need to be progressed.
As for raising pay in response to poor pay performance - dreadful. But I fear Execs across AIM and companies in general have lost the plot around properly rewarding performance (just read some of the other BBs) - so maybe I don’t feel so much outrage re EOG itself, but I will be looking for him to raise SP performance significantly to prove he’s worth it.
Anyway here’s to good fortune for all of us whatever our current perspectives. Perhaps we should all pray for a miracle - perhaps Eamon Ryan becoming a petrolhead!
Serif,
I am sorry if I accused you of anything, I should not have made any assumptions it was just my reading of your posts.
You’re making all sorts of unjustified assumptions about what I am or am not thinking. I welcome and supported removal of SO and Paul’s efforts in crystallising this. I have no evidence that Paul would be better than WH in role at present but keep an open mind. What I am against is a continuing “war” if it doesn’t have clear majority support - for which you need to show at least some active support from major holders. That’s all.
BTW, WH and Paul are not the same. WH is drawing over £365,000 a year and would not want to give up that salary whereas Paul had no intention of running the company but did want to see a decrease in salaries, less option awarded at lower and lower prices and was willing to look at a merger which I doubt WH would entertain.
We all want to see the share price go up but because you think it might been seen as putting people off buying into the company, you ignore the obvious that the share price performance is terrible and that is down to management.
Serif the only reason we even had a revolt was the dire share price performance over the years and share holders were tired of seeing large sums of pay in bonuses/salaries/options going to the BOD when the share price was going in the other direction. You may say the WH and co have only been in the job for a year but he was on the BOD as FD before being made CEO. Alistair Stewart has been a consultant for EOG for over 10 years (+-) and I haven't seen the portfolio deliver in that time. BOC has been Chairman for over 5 years and awarded Simon Oddie ridiculous salary/bonus for ruining the company. Without Paul and his efforts we would still have SO and SW drawing salaries and being on the BOD, BOC and non executives awarding themselves share options at a lower a lower price, year after year. So I say well done that the shareholders stood up to the greed of the BOD. I would venture to guess they might again come the AGM if there is not an improvement in the share price.
@Gerry - and that’s the point saying you would abstain is not providing support. No sensible investor wants a company wasting time on civil wars. If you want change you need to assemble a clear majority and mount a clinical coup, so we can all get back to business. Paul or Will are all the same to me on the data available - but I am not interested in 5 or 10 or even 50% voting for change as it won’t deliver a clean outcome. So without wanting to be rude to anyone imv it’s a case of do it or drop it, because dragging out the conflict is not good for anyone invested here.
I agree completely FD.
The whole Nominee account debache, has highlighted the crazy if not dishonest way Brokers control ownership Rights that should go along with Share Ownership to PI's who have handed over cash for the privilege. Few PI's, will have been aware that shares held in Nominee accounts are not automatically within the Investor's Rights as a Shareholder.
Frankly, the attitude of Brokers is incredulous when not only can they decide when a SH can vote, but also lends shares legitimately owned, too 3rd parties(Shorters) for a fee.
It is high time Financial Regulations are corrected to give PI's the Rights they are entitled too.
Also WA had said that he would abstain if it came to a vote.
Serif, just to clarify - Paul did make sure that all of the 5%+ shareholders had the required letter from their nominees before he would send the request for an EGM as he anticipated that there could be a potential issue with the shares being held by nominees. So the only "paperwork technicalities" you suggest were the fact the shares were held by nominees not the shareholders and in that case EOG approach was exceptional compared to the Reabold situation.
Equatorial Guinea’s Minister of Mines and Hydrocarbons, Antonio Uburu Ondo, will speak at the 2024 edition of the African Energy Week (AEW): Invest in African Energy conference – taking place November 4-8.
I hope we don't have to wait until November for some positive news from EG!
Posted by Tommy241 on the other board.
Https://www.adomonline.com/invest-in-equatorial-guinea-oil-and-gas-minister-of-mines-and-hydrocarbons-joins-african-energy-week-aew-2024/
“To attract foreign investment in domestic gas opportunities, the Ministry of Mines and Hydrocarbons is in the process of implementing a series of measures to strengthen the business climate for oil and gas companies. Various fiscal amendments are poised to come into force this year, including a reduction of Corporate Income Tax from 35% to 25% – translating into a reduction of 10 points – and the reduction of Dividend Tax from 25% to 10% – a reduction of 15 points. AEW 2024 will showcase upcoming opportunities and competitive investment terms, connecting investors to Equatorial Guinean projects.
Speaking during the 2023 edition of AEW, Minister Ondo said that “We are open for business, we are open to host new investors and we are inviting you to be very pragmatic when you approach Equatorial Guinea,” and ease of doing business in the country has already led to several developments being made.”
Gerry is absolutely correct in that the BODS rejected the EGM requisition on a legal technicality. It was shameful. Serif, you say all is fair in love and war but I doubt there will be much love for the current BOD if they cannot get this share price up before the next AGM and war could break out.
I have already said this but patience is very thin amongst LHS.
Yes agree could do with some news on that huge portfolio imho
@Gerry. I think RBD rejected the first attempt in Oct 2022 because of paperwork technicalities, so don’t think EOG approach was exceptional. But rejection was a sure way of “firing up the base” to use American speak - a smart move imo and alls fair in love, war and company takeovers! The key issue is that without the support of the likes of WA, it probably wasn’t going anywhere, which is presumably why it’s not now a live issue. Hopefully though the whole episode will have shaken any complacency out of the Board and they will now get on with delivering what looks like a high potential portfolio.
Sorry Tony but you are not correct in what you have said. Paul did have the correct paperwork from the Nominees in the form of supporting letters and did have sufficient numbers to exceed the required 5%.
WH ignored the request for an EGM on the grounds that the shares, being held by the Nominees meant that only the Nominees could legally call for the EGM and HL etc were not willing to do that. Reabold obviously accepted the request on face value and did the right thing, treating their shareholders request on face value rather than hiding behind the rules/law in the way that WH did.
We did exactly that and had over 5% but their lawyers advised not valid. You can vote out directors but as I say I hope those days are in the past with hopefully a positive future on the way after a decade so losses