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"I had a look at the AGM resolutions earlier and the one regarding the VCP seemed to be requesting the right to move the strike price for options up or down. and knowing how this board works that will only be much way. If I understood it correctly it looked very ominous. Anybody else seen this or would like to clarify it?"
Which specific language bothers you?
"The resolution allows them to buyback 10%, ie 22.9 mio shares. They have bought back around 19 mio. They can only buy around 3 mio shares and when it is done, they have to cancel them, or part.
If they don’t cancel them, they aren’t allowed to buy more."
Did you read the resolution? The resolution authorizes the repurchase of a FURTHER 10% of share capital excluding the treasury shares i.e. 22.9m shares. They don't HAVE to cancel anything. They'd do well to deploy cash in the buyback as soon as possible.
Voting ends today
If you haven't voted, the deadline is close
Ill be very interested to see how the instis vote as the boards performance has for want of a better word been completely ****e in recent times. I will contact my broker tomorrow and lodge some protest votes.
we'll see
They are asking permission to buy more but have not cancelled the ones they already have
they want to move the strike price down
To what is yet to be clarified but you can bet it will be VERY low
The resolution allows them to buyback 10%, ie 22.9 mio shares. They have bought back around 19 mio. They can only buy around 3 mio shares and when it is done, they have to cancel them, or part.
If they don’t cancel them, they aren’t allowed to buy more.
When Genel reached 10%, they called an EGM. Why shouldn’t GKP ?
I had a look at the AGM resolutions earlier and the one regarding the VCP seemed to be requesting the right to move the strike price for options up or down. and knowing how this board works that will only be much way. If I understood it correctly it looked very ominous. Anybody else seen this or would like to clarify it?
"As at the date of this document, the Company’s total issued share capital is 229,429,566 Common Shares of which 19,059,064 are held in treasury.
The Company intends to cancel those shares in treasury which are not required for the satisfaction of Company share option plans. "
https://s3-eu-west-2.amazonaws.com/wp-gulfkeystone-2020/media/2020/05/22081147/NOM_GKP_AR19.pdf
the very fact they have not cancelled any of these shares means that they fully intend to award them to themselves.
Shares that have been bought with company monies which could have put the company in a better standing operationally and with no debt burden. Instead, operations are years behind schedule, multiples of the original cost and these thieves think they are due more bonuses!!
Bantercity,
I don’t think they will be cancelled but could be awarded later.
Invstrat,
About the treasury shares not cancelled: if they have the opportunity to buyback more shares, they will be limited by the 10% rule and they will need to call another EGM to cancel the existing treasury shares. Why didn’t they insert such a resolution ? They could have asked shareholders permission to automatically cancel 10% or x% of the treasury shares when the total shares bought back reaches 10%.
700k shares allowed to the new CFO.
I think he has been alloted as bonus an amount of cash that the board decided to give him in shares. As the price was very low, he was only lucky to Get a big amount of shares. And the day after having received the shares, he bought more.
Correct H1970 - I have always thought that the treasury shares fiasko (which where bought using our working capital) were destined for the BoD as part of their latest rewards package.
We may get a small dividend announced at the AGM to shut us up.
Using that working capital to pay off our 100 M loan would have been a crazy option for the BoD to take had this been a real company.
We need to observe carefully over the next days as to how they will secure their personal rewards for achieving such consistently steller performance to the benefit of us shareholders.
How about strong rumours of a buy-out or a farm-in to swing the SP (a temporary non-event as per usual of course)?
The board are ignoring normal shareholders in the LTIP changes where one of the changes ONLY includes instructions from institutional holders
"any reference in this Rule 3 to the issue of Shares shall include the transfer of treasury
shares, but only until such time as the guidelines issued by institutional investor bodies
cease to provide that they should be so included; "
they are going after the treasury shares as predicted, hence they have not been cancelled. They are circumventing standard shareholders.
Once the terms and conditions of this LTIP are passed, open market shareholders will not get ANY say in any awards. We wont even get notified
This is a money grab!!
If these shares dont vest would they be cancelled or could they vest next year or in the future? Could this mean that the shares in treasury are more likely to be cancelled?
Interesting Bravedog , well observed.
it doesn't matter what is written
These lying, thieving scumbag BoD will line their pockets anyway
Watch
In order to have VCP shares vested this year to JF ens SZ, « the minimum hurdle market cap (8% p.a. compounded) » is 476 mio $.
« The share price used for calculating total shareholder returns in plan year 2 and subsequent plan years shall be the average of the closing prices for the 30 days following the announcement of the Company's results for the relevant financial year. »
The year end results were announced on May 22nd, so 30 days following this day should be on June 22nd, one trading day after the AGM. The starting day could perhaps be later if it is the first trading day after May 22nd.
To get the « total shareholders return » or « market cap achieved », during that 30 days window, the average price of the 20 trading days period must be above 2.26$ (assuming 210 mio shares). With today’s close, the average price for 16 days is 1.0398$ rounded to 1.04$.
I now assume the average price stays the same until the 19/6. If JF and SZ want part of their shares vested, the average share price of the last 2 days must be above (2.26x20- 18x1.04)/4= 6.62$.
I don’t know if good news will come out at the AGM or from Baghdad, but they seem to have taken into account the vesting of the VCP shares when they choose the date of the AGM.
Anyone an idea which should be the average price of GKP between the 25/5 and 26 or 29/6 in order to have the management’s shares vested? In fact only 50% would vest.