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I don't think CCC is the same one from ii .
CCC, with all due respect that was a legitimate question from Straycat, based upon the definitive manner in which you suggested Sami had left.
We understand from earlier correspondence here that you have been in touch with Oilman, so is it the case that information came from him? If you don’t want to reveal your sources that’s fair enough, but I would suggest you do have reveal that you have a source.
Again, with all due respect....
I think Straycat has had to much sun, mad dogs and Englishmen.
Wow, i go out for a evening stroll and a cool drink, only for some impatient fool demanding an answer with a rapidly twist of tone.
Nothing more from me is my reply, which fits a worthy answer to your posts.
I wish you good luck.
This board! Loooool. Or maybe ccc is enjoying his evening eh and not glued to a share chat board. Quite simply PI aren’t effecting the price no matter what is posted.
Whole afternoon from 3 onwards was share buyback but the price goes down. Ride it out. Enjoy your summer Either believe in your investment or....
CCC.,
You reply with deafening silence then.
In that case I am forced to the conclusion that your previous post was pure conjecture without any basis in fact whatsoever.
An opinion unsupported by any evidence, circumstantial or otherwise.
Maybe a rumour you overheard in a pub.
Perhaps Aunt Sally's nocturnal mumblings.
Or an epiphany.
Who cares?
If you have an opinion to express that's fine, unsupported or not. It's what the bb's for.
But if you pass yourself off as someone with greater, and in this case inside, knowledge, then you'd better be able to substantiate it, or you look stupid at best.
In My Opinion.
CCC.,
How do you know about sensitive Boardroom discussions concerning Sami's future at GKP?
Because if you don't know, then you shouldn't be putting out that you do.
You assert as fact that:
'Sami had different views to other members of the Board and as far as I'm aware a understanding was reached that he would continue in his position until an appropriate replacement was found,'
Where's your evidence for this assertion?
You continue to assert as fact that:
'there is no ill feeling between Sami and other board members, it's business as normal.'
Please enlighten us....how do you know this??
If you can't back up this claim then we will regard your post accordingly.
Hi CCC.,
Excellent. And how do you know this ?
Sami’s ‘Directorate Change’ RNS of 3/6/2019 makes it clear that he leaves with all his nil cost share options intact.
Under the now defunct VCP, SZ was granted c.a. 3.6m nil cost share options as follows:
307k on 12/12/2016 @ £1.19 per share, as note 22 of 2016 full year results;
1682k on 14/5/2018 @ £1.69 per share, as RNS dated 15/5/2018 ;
1566k on 30/4/2019 @ £2.56 per share as RNS dated 1/5/2019;
Unless I’ve completely misunderstood the VCP, SZ profit on full exercise of nil cost options will be:
Weighted average Share Price @ end of VCP period £3.00 £4.00 £5.00 £6.00
307k @ £1.19 £556k £863k £1170k £1477k
1682k @£1.69 £2203k £3885k £5567k £7249k
1566k @£2.56 £689k £2255k £3821k £5387k
TOTAL PROFIT ON EXERCISE OF ALL OPTIONS £3448K £7003K £10558K £14113K
Obviously the maths change depending on the chosen sp, and some may think even £6.00 is very conservative over a five year period to 2022, given the 110k bopd plan.
But any way you see the projected sp, Sami potentially walks with a multi million pay-out even though the reasons for his departure are, as yet, unexplained. (My views on this are a matter of record).
And the final grant of 1.6m nil cost options was made by the Remunerations Committee just one month before the announcement of his departure, thereby nearly doubling his total grant entitlement immediately before the end of his tenure.
These shares need finding (one stated reason for the share buyback resolution), and paying for.
So why was it so important to the Board to treat him in this way?
If he resigned why would they enrich him for leaving?
And if he was fired then why reward failure?
After all the VCP was originally conceived to
‘encourage the retention of Executive Directors and other key executives…….’
Please DYOR.
All of the above is IMHO.