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Thats certainly one interpretation and as a LTH myself I can certainly relate to your frustration.
I have not contacted GKP as often as you appear to have done , but when I have its been to one of the NEDs. Not IR . He has replied. I also put it in writing .
The KRG payment issue has been done to death . There were good reasons for it at the time. Yes some was because of KRG intransigence and the push for Independence ( can you blame them ? )
Its not unusual for new Directors to be offered incentives to take the position.
My understanding is the all development work on the 55kbbsd project was suspended by JF until regular payments from the KRG resumes ?
The "uncertainty" comes from the fact GKP is operating in basically a 3rd world country where normal rules of "engagement" are stretched now and then. Since I have worked in similiar situations in the past and seen most of them resolved - eventually. I am not too concerned.
I gave myself a ~ 10-12 yr window for GKP to be sold ( about the everage for resource new start ups like this )
Good luck with your questions.
Nobodyspecial
hear hear!
Well said.
SS - But they could if they were aligned with others
"Could" and "if"
The only certainty there is that it's uncertain. With my 11th AGM coming up, my experience is that my voting has not been aligned with the voting of the majority holders. Nevertheless, I continue to express my contrary wishes regardless and I "could" sell all my shares "if" GKP's major stakeholders ever colluded to deliver Shaikan's value before the PSC expires, rather than destroy it.
On the subject of IR responses, yes, "in principle" they are supposed to respond.
In principle, the KRG are supposed to pay us for the oil we produce and the expenses we have incurred.
In principle, CEOs who repeatedly miss their own deadlines, should not then be rewarded for missing those deadlines.
In principle, nobody can possibly have made such a contribution to the health of the company recently, that they deserved to be awarded 750k free shares after only 3 months on the job.
In principle, the point of buying back company shares is to cancel them.
The idealistic, principled governance you suggest is there to allow shareholders to raise concerns is blatantly not. I'm not alone in holding this view and I have seen numerous posters concur over the years, both here and on II when their emails were also flatly ignored by GKP IR. With respect, I am not talking in principle. I am talking in fact, as someone who has already, repeatedly used the governance mechanisms you talk of and as someone who knows, first hand, that they don't work. Or rather, that they work perfectly well, but only if you hold secured bonds, several million shares, or if you're the KRG or CEO of some other Kurdy oiler!
And yes, we are agreed the boards are for the discussion of differing views.
In principle.
But look how that turns out most of the time :-)
Excuse my cynicism, but after a 10 year GKP stretch, I've earned it. I've already posted the questions I've asked. I think I listed nearly a dozen of them in a previous post ranging from the absence of JF's own skin in the game, to the disposal of Sheik Adi, to the discrepancy between the Shaikan discount and the fact that sour, heavy Kurdish crude has reportedly been sold at a premium to Brent in the past due to high refinery demand. Let's see how many are answered.
Enjoy the sunshne and good luck all.
On wipeout day the PI ended up with what 14% ? If we are at 40% now you can see it's been steadily regaining ground and hopefully over the next few years gain enough shares to kick JF out the company.
"Wiped out, and for what?!!"
So the city could get hold of the Company thats why.
But it would never had happened had it not been for the Shareholder Action group Conspiring with them to get rid of TK .
JF isnt the only villain here.
Paid zero! What a joke.
We've been destroyed by conniving thieves. JF is their high priest of deception. PIs accounted for 90 percent of this share once. Now 40. Wiped out, and for what?!!
Now THEY get wages, interest on their debt that should be paid off.
And PI s are left with nothing.
Disgraceful
Good for you H1970 .
Hopefully you will be posting them on here ? and the replies ?
So we can all benefit from your undoubted insight.
Thanks in advance.
PI's make up a maximum of 15% of votes. Ferrier know the outcome of any voting structure before it is committed to paper and sent to PI's
GKP answering questions? Don't make me laugh, they have not since Anastasia "left", why would they now?
The AGM is a pony show for regulatory compliance only, the conclusions are foregone
As a shareholder, I will be sending my extensive list of questions and will be tuning in to see if any get asked. I severely doubt it.
I never said PI's voting would definitely make any difference. But they could if they were aligned with others.
As for GKP answering questions ? They are obliged to do so - in principle anyway.
But in any case surely both should be tried by any concerned shareholder ?
As for the rest ? I would wait and see what the AGM brings.
Differing opinions are what BBoards are all about ( or supposed to be)
IMO
SS - we'll have to agree to differ on your last paragraph. I would argue that "some" shareholders who wish to vote against JF can do so at the AGM. And they might have an effect on the outcome. But with my paltry hill of beans, I won't be in that club, so my votes count for nought, as has been the case for a good long while now.
As far as submiting questions is concerned, I daresay mine will go the same way as every other request for information I've ever put to GKP's IR department since AV left i.e. nowhere. They simply do not reply. Yes, I could take it up with the NEDS, but I see them as part of the problem (Angle on remuneration for example) and therefore they are unlikely to want to be part of the solution.
You appear confident that the board are aware of PI views. How so? And more pertinently do you know if they are prepared to do sweet FA about those views?
don't know if this will work on LSE or not but the following link is to the old investment case given out in TK days
The great race
https://ufile.io/g0i0t4tk
This particular investment case made at the time has since been removed from the GKP website
Just think if we had have been payed accurately and on time We would surely have been at 55k or 75k by now. I remember reading a report back in the day saying that we would be at 110k by 2018 I think and then on to 250k a few year after. The payment mechanism imo is the single most important Thing that should have happened here. The money should have been split at source.we get our cut.Everyone else gets there's. If it comes good then everyone will be happy. I'm still optimistic.Maybe Certain people have their hands tied. Maybe it's been geared this way. I'm not going to predict anything .There's 1000's of posters already doing that. Let's hope We all get a nice pay day.Good luck to anyone still holding :)
Nobodyspecial, if there were to be a significant AGM vote against JF, he would probably decide against seeking re-election. The board are aware of PI views BTW.
JF will have no say regarding the potential sale of GKP. My view is that an oil major with access to serious resources and political clout , can easily reach 110kbbls a day in 2-3 years ( assuming the Design is done and long lead items ordered) .
Any shareholders who wish to vote against JF re election as CEO - can vote accordingly at the AGM , and as I have already pointed out , they can also submit questions , as has already been explained by GKP.
Fair point. It's a bit like comparing Messi and Ronaldo.
With the now departed TK playing the Maradonna role (I considered Pele, but the similarities in nature between Hand of God and Gokana were too strong. Zidanne's red card at the end there also seemed fitting, but for outright brazen cheek, it had to be Maradonna ;-)
Good weekend all
Yes but other companies tend to get their agreements done and payments made whereas GKP are always at the back of the queue with the begging bowl.
Ferrier can't even get the PSC negotiations over the line where others had issues but managed to get it done.
Highlander, are you sure?
It's a close call between him and the KRG, the long term partner that never fails to provide JF with a convenient excuse. IMO they've had a consistatntly detrimental impact on GKP but for a longer period. I reckon they just about nick it from JF, but it's close.
I agree £10 is low however we are currently parked at 71p....0.71p of old money which once hit £4.56 or around that all time high figure.
To this day I rue Kozel not advising the market of his trust fund selling out circa £3.90 - £4,10 range as I would have followed them out the door at that time and never looked back here ...all done under the cloud of an £8 offer and then "forgetting" to inform the market , you couldn't make it up and folks should be in prison over what has gone here.
Ferrier always manages to surprise to the downside as far as adding value to the company goes.
He is singularly the biggest liability on GKP's books
FH1 - In case my contributions are considered part of the trolling, on the contrary, I'm attacking JF cos he's rubbish, so he can toughen up and start adding value, instead of pocketing it, whilst other Kurdy CEOs appear to be doing deals with the KRG that he knows nothing about, that are affecting the company he's supposed to be running.
I'm not trolling the company or the asset I have long been invested in, I am trolling JF for his ongoing failure to realise its value, for missing his own deadlines repeatedly and for having the nerve to claim millions of free shares as a reward for failing to meet his own targets (amongst plenty of other things).
My conern is that on past performance, he is a very real danger to the board accepting a low ball offer, as his interests clearly don't seem to be aligned with "normal" shareholders' interests. He's never bought any of his own shares, so why would he care if he sells others short? He'll still make millions. For me, it goes without saying, though perhaps I should have, if he has the nerve to add insult to injury by recommending a lowball bid, that will be, by far, the largest of all his crimes against shareholders, IMO.
All the best
That would be low..£22 and we can all move on?
As long as the low ball offer is at least 10 quid a share I'd be happy to close the door on this hapless company and hope never again to hear the name of Jon Ferrier.
Yes why all the trolls? Really putting in overtime. Majors time to strike may be coming very soon. This would be perfect time to buy. Markets in chaos and chance to buy on cheap. BoD being heavily attacked maybe to soften them up to accept a low offer.
I agree , its certainly a troll-athon on here currently.
Somethings up all right.
The current discount applied to Atrush crude (quality, pipeline fees, storage at Ceyhan, loading and presumably insurance too) is $15.43/bbl.
For Shaikan crude it is $21/bbl.
We are becoming a famous oil company of the end section. I am afraid this could attract shorters like flies are attracted by bullsh*t.