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Well he is obviously doing something right otherwise you lot would not be so agitated. This is a BB not the FT.
As for "no takeover for the foreseeable" how do you know ? Thats your opinion.
Mine differs.
IMO
paul is a complete and utter lunatic, it cant really be articulated any other way, who in their right mid would pay any attention to what this nutter preaches?
when he is not stating TO by date X and then just changing it when it inevitably never arrives, he is just talking to, and agreeing with, himself about £40/share buy outs
like oilman, bigdog, broadfraud, etc, paul a.k.a Chinese takeaway, urals, 111notout is consumed by GKP, what ever happened to them here must have been rather traumatic or they wouldnt conduct themselves in the way they do.........from the outright fraudulent agendas to the bat **** crazy ramblings akin to a crazy homeless person shouting at the traffic, dont trust a word of anyone, especially not the aforementioned
there will be no takeover for the foreseeable, its going to be a long hard slog, but if all goes to plan, this will beat the return of your bank account over the next 3-5 years
‘He has info he wants to pass on’
Can you die of bated breath? Asking for a friend. :/
Straycat , all I am doing is passing on a request from Paul. He has info he wants to pass on.
How can I be "setting you up" when you can block anyone on twitter ?
Up to you
ss,
That’s really left field.
And if you wanted me to know why I should do it, you would have told me.
Okay. I’m on Twitter but I haven’t really used it because=
(a) I don’t like the 140 character format and I don’t know how to compress; and
(b) I have no friends!
So maybe you’re setting me up, but that’s a judgment call and I don’t think that’s your m.o.
You’ll need to tell me why I should start messaging Paul on Twitter.
If it’s because I engaged with chinese_takeaway on ADVFN last week thinking he/she might be Paul then that’s not enough.
I value my independence too much.
Why can’t he/she come on here and we can properly scrutinise his/her proposition in detail without being restricted by the 140 character format?
And scrutinise doesn’t mean crucify.
I’d just like to properly examine his/her ‘sold’ rationale to see if it really is fit for purpose.
Geez.
GKP told us Sami was leaving by the beginning of December, and that they would employ a leading personal company to search for a Replacement and update the Market when they had found a replacement.
And loads of unqualified peeps on this Forum attempted to make a mountain out of a molehill over how Sami's departure was announced
Now GKP has updated the Market they have a replacement and announced who he is.
And yet again loads of unqualified peeps on this Forum are once more trying to make another mountain out of what they perceive the quality of the replacement is.
You all belated Sami over the Refinancing and the need for it.
Sami is entitled to leave without answering a bunch of unqualifies peeps on a Forum
Get over it. . . This is life. . . There never was a Takeover conspiracy or any other conspiracy . . . GKP has a new CFO . . and . . as promised GKP updated the Market when they had News . . . End of
Straycat can you subscribe to Paul on Twitter and message him ?
Thanks
Oh, so avoiding the question on abuse you turn that 180 to make sideways slants of avatar names. Ingenious. Almost.
Whether you’re attempting to mislead people or just sailing close to the wind by offering some degree of validation to the likes of Tom and Bravedog who, for example, within the boundaries of your own recent synopsis, gave us all actual definitive dates to which we will be notified of TO, only you will know.
What you should know is that both of the above, with the aforementioned, Paul, have been doing this now for the guts of a decade. No honest, not to mention rational, poster can continue to do this and use a trope of doing so in good faith.
Still, at least time is on your side here even if, like the rest of us, very little else will be.
P.S. I love a challenge. I’ll make sure to dig out some of your ‘sailed close to’ posts tomorrow when I’m back at my desk, typo free. :)
C0ckeye,
‘CHANGE OF CONTROL
In the event of a change of control or a voluntary winding up of the Company (other than an internal reorganisation) there will be a Measurement Date on the change of control and the value of additional options will be calculated as at any other Measurement Date. The share price used to calculate the Measurement Total Shareholder Return will be the offer price for the Company.’
This from the document in 2016 launching the VCP.
The ‘acceptable premise’ I have referred to is embodied in the above extract.
That only on a change of control will the awarded options convert before time, using the offer price as the tool to enable this early vesting.
You keep referring to Bermudan Company law as if it and the VCP were somehow entwined.
They’re not.
The establishment of the VCP was a GKP construction to reward Directors and ‘key drivers’.
By signing up to it the participants are engaging in a reward for performance agreement.
It is a contract between employer and employee. And a part of it defines what happens to staff options if the business is sold before they vest naturally.
‘misleading less battle hardened investors’….
You really do yourself and our fellow bb investors a disservice if you think I’m attempting to mislead anyone.
Unless seeking out the truth using FACTS is misleading.
You should really back that statement up with ANY example.
But you won’t because you would be cruelly exposed by me and others for being one eyed, myopic and plain wrong.
Or are you simply seeking to discredit me because you don’t like what I’m posting?
You must have thought long and hard before you chose your avatar.
How apt.
Straycat, at what point did I, or anyone else here, abuse you? I trust you’re made of sterner stuff, especially if you are prepared to at least risk misleading less battle hardened investors here with your tones of imminent ‘change of control’ postings, which a number of yours over the last few months most definitely came close to or potentially crossed the line of.
Now, could you define ‘acceptable premise’ please, which your hole theorisation seems to hang upon. Because if you’re expecting GKP or the MNR to be beholding to a ‘premise’ rather than immovable detail of Bermudan Law, then you’re in for yet more disappointment.
The one thing I will guarantee you - and I don’t use that word lightly - is that the longer you remain here the more you’ll sound like me than the likes of Tom or Paul...So you at least have that to look forward to. ;)
SC,
So you’re not on your own here tom.
It’s just that, on the balance of probabilities, I think that the appointment of a CFO is a signal of a commitment to the organic growth of the business that cannot be easily ignored.
Yet again its GKPs behaviour and inability to conduct business in what i would say is normal manor! Totally agree with the share option fiasco and why they suddenly bought these shares when the options do not vest for some considerable time!... but just looking at all the other actions... JF stating fdp last year, MOL increase to reserves, watch the presentations... pipeline summer, production increases, drill results, .... nothing has happened!!!... dno get to 45kbopd in half the time... ferrier has failed every target set!!... then we av the fiasco with the divi, sudden share buy back.... and now this mess with an under qualified CFO... who doesnt even start until 6 weeks after our CFO leaves!!! In which Sami gives up 50% options... after blubbing how proud he was with the divi!!!! FFS.... how much more????? Nothing makes sense...totally dysfunctional as wv says!!!... i truely cant make any sense of our comp and its lack of progress?????
tom,
Last Friday I ventured onto the ADVFN board to quiz chinese_takeaway (possibly Paul in drag) about his continued assertions that GKP was sold.
I posited a number of scenarios that could equally well explain Company behaviour without the sole conclusion being that there must be a sale outcome.
I was just testing the strength of his position.
He had nothing in response, just the same old mantra.
So I started testing his assertions for myself, and however uncomfortable it may be, the simple truth is that we may not be even near to a sale conclusion here.
And yet you are right to question the IIs motives for their investments, in the same way as so much else is debatable about GKP’s behaviour.
After all, there was heavy duty II involvement way before the announcement of the dividend policy.....why?
The BIG issue for me right now is the rationale for buying back Common Shares into treasury for vesting of staff plan options so far ahead of the need.
And then attaching a dividend payment to them, thereby contravening Company law.
As far as I can tell, the only way that can legally happen is if they have allotted those shares as fully paid up bonus shares (which do attract a dividend) and hold them in Treasury in trust for the beneficiaries.
And the problem with that is that those shares would have had to have vested.
And the only acceptable premise for vesting under VCP rules is a ‘change of control’.
So you’re not on your own here tom.
It’s just that, on the balance of probabilities, I think that the appointment of a CFO is a signal of a commitment to the organic growth of the business that cannot be easily ignored.
And for you C0ckeye,
We have every right to explore these possibilities and their alternative outcomes without looking over our shoulders for the ritual abuse so easily thrown our way without any attempt at counter argument.
Apologies, I’m on a phone. It was meant to say PI.
I'm so gonna regret this, but what's a PU?
Good. I’m glad we’ve got a few things concluded there. It brings me no pleasure to see yet another PU here fall foul to a day when their happy pills are no longer in reach. With regards this...
‘Now I’m intrigued as to why a second rate no name with no negotiating skills whatsoever would attract Jaap’s attention in such a way.’
When did this ‘company’ recruit anything other than second raters? And if anyone might suggest some of those we have employed are a notch above this, I’m happy to hear when, and by what actions, this was proven.
Hey C0ckeye, missed you.
I don’t do melancholy or conspiracy.
I leave that to you LTH….you lot have forgotten more than I’ll ever learn on that score.
Has it ever crossed your mind that a lot of us might be pretty tired of your constant blubbing, drooling in your soup as you relive bad memories, shouting and screaming your pain into the darkness with no one to hear or care. Pitiful.
And for the record, the sale litmus test for me was always the appointment of a new CFO.
Weatherdon’s arrival satisfied me that GKP is NOT FOR SALE.
Now I’m intrigued as to why a second rate no name with no negotiating skills whatsoever would attract Jaap’s attention in such a way.
The Headhunters had a global field to comb…..and they came up with Ian?
Critiquing Board decisions and postures is every shareholders right. And this bb is for sharing those analyses for discussion.
I like calling people to account for their actions.
Okay?
Its normal for new owners to want to bring in their own people.
CFO is usually a favourite for changing.
Jaap may have been the first.
IMO
Yes he might get options in the new company if sold. However, if sale is imminent then would be odd for Sami to leave at this time. Wouldn’t he wait for the sale as well. Sami seems to have left on good terms. So perhaps sale is still some way off as needs O&G agreed and many other factors to align. In the meantime happy to wait for this to grow operationally. Market has valued company at 30kbopd. Getting to 55k should see a nice uploft
"someone(s) or something(s) just doesn’t want this staying beyond this price range,"
No matter which way, take, angle or conspiracy theorism you use to look at GKP, the facts are plainly obvious . . . with GKP's present Fundamental Set, mainly Production, Oil Price 58% Net Interest of Shaikan etc etc etc . . . the "Market" currently Values GKP between £470,000,000 and £503,000,000.
An increase in Production will increase the Share Price, and the Oil Price is the most frequent Share Price mover. . . .
If anyone can't except the facts as they stand, then . . . .
What’s his incentive? Job security within this endless Ponzi scheme if he so wishes, I would imagine, Straycat.
Which I guess is something he didn’t have at Sino as you have described for us.
You seem to be in an all too familiar phase for us LTH’s. You have laid out a succession of detailed, and seemingly convincing, posts on how certain factors such as Sami’s resignation and delayed replacement suggest TO, then when that analysis is dashed, spend a couple of days in melancholy realisation of what you’re invested in here, to then create a whole new thread of conspiracy upon the company’s action which you weren’t expecting in the first place.
Yet, here we are again anchored at the dreaded £2.20 levels where we seemed to have spent so much time around over the last two years and, if anyone really wanted to indulge in conspiracy, would suggest that no matter what progress the company makes operationally (yet to be confirmed) or revelationary porosity reports are leaked to the internet, someone(s) or something(s) just doesn’t want this staying beyond this price range, and if it does, something, like Sami’s departure, will come from left field to bring it back to where we are, £2.15 and counting...
He will be given shares / options in the "new" Company ?
IF it is actually sold that is.
IMO
Ask yourself this:-
If you were negotiating your entry package to GKP and you knew that your predecessor had made millions by being gifted 1.5m 55p options just for sticking around for two years, wouldn’t you demand the same?
Either he made this argument and they refused, or he didn’t and they didn’t offer them.
So whatever his inducements for joining, they patently weren’t influenced by long term considerations.
Otherwise they would have been reflected in the appointment RNS as they were for Sami.
I wonder what his employment brief is?
The 2017 accounts stipulate that Ian Weatherdon wasn’t on the BoD at SGEH. He was simply classified as a Senior Executive.
And a Senior Executive with expat’ status, attendant benefits including:-
‘housing and utilities, medical insurance, schooling, mandarin lessons, relocation expenses and annual flights to home base.’
His 2017 earnings package totalled $944k, 33% of which was performance related.
Within that, $405k was salary and a further $116k was a short term bonus.
He had also been awarded 5.8m option shares at strike prices ranging from $.024 to $.078 per share. None of these had vested as at 31/12/2017.
Not bad for a man whose more recent management experience had been associated with a small loss making business in China.
Lone Star acquired SGEH in September 2018 and paid A$.25 (approx. US$.17) per share at which point we lose sight of Mr Weatherdon. Presumably he stayed on with the new team to help develop their new dream, as his share options moved ever closer to redemption if they had not already vested on acquisition.
But such was the lure of GKP that Ian has joined without negotiating any option share incentives in his package. Even though his predecessor, Sami, had walked through the door and into 1.5m option shares priced at 55p, 500k of which vested immediately!!
As a trained accountant he will have done his dd and been only too well aware of this.
So if he doesn’t warrant long term option share incentives, why was he recruited, and why did he leave Sino?
ALL IMO. DYOR.
A few short months ago a middle aged man with wild ambition was hiding in a Beijing backwater waiting for The Call.
He looked around him and sighed. These offices weren’t even his. They were part of a tower block of managed meeting rooms and PO Boxes, all with lounge facilities of course.
He looked down at the papers in front of him. Sino Gas and Energy Holdings Ltd.
What a car crash. He put his head in his hands.
If that call didn’t come he was surely finished.
2017 Revenues @ $31.8m (prior year $12.1m).
2017 Losses @ $4.5m (prior year losses $7.8m).
New owners. New US private equity owners. Lone Star…that said it all.
He looked around him at the beige walls and the leatherette sofa across from his lonely desk. He considered his future.
They hadn’t spent $360m to buy this.
And they certainly weren’t going to keep paying him nearly $1m a year so he could keep on losing them money.
The heavy silence was broken by the sound of his mobile belting out Abba’s ‘Dancing Queen’.
He really needed to change that ring tone.
“ Ian. Hi, it’s Jaap. Congratulations, and welcome to Gulf Keystone!”
Question : What does Ian Leatherdon bring to GKP?
All in my vivid imagination.
Except for the offices.
And the numbers.
And the ‘phone call.
And the Question.
IMO. DYOR.