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I think if all motions are supported by the big Shareholders then they are all in agreement that the easiest and least risky way to get maximum payback is just ride 6 until its down and out. Everyday that there is no movement on a new producer it becomes more and more uneconomical. If there is no major problems then we will see IMHO 14p per share ..
The last few RNS’s and Report have confirmed in my mind that if we have any intention of seeing the HUR sp exceeding 12p, Maris has to go.
He needs to be replaced with someone far more positive, and proactive - especially in relation to rapidly changing external & political factors. The complete absence of a forward plan is inexcusable. It’s unlikely there will be a better time to expand HUR WoS, especially with Government and public sentiment right behind us.
Kooba's ADVFN post below likely precis's current situation accurately, given BoD advice is vote for all resolutions. Last year it was clear that at CA's discretion and with PI's support, CEO & CFO necessarily stayed as sole BoD remaining incumbents. This year is clear most PI's zero confidence in both remains. How then to vote, and when?
Re-electing Maris with noses held requires leap of faith that (i) it is CA's pragmatic wish (ii) underlying reasons are sound. CA being unable to communicate it's unequivocal view is an unavoidable complication. That said, at face value it is difficult to envisage full BoD support for Maris re-election being against CA pragmatic wishes. If it is CA wishes; given it is driving the train to raise SP, PI's owe support, however distastefully given.
The caveat being BoD disagreement due to CA BoD member being outvoted, but voting policy being that the majority vote is supported by all in BoD AGM voting advice to SHs. Black luck would then have PIs voting to re-elect Maris, to find CA (& other institutional SHs) having voted against the re-election. Historically, bigger surprises have occurred at AGMs. Also, even if all major SHs vote re-election, there (i) may be merit in PI protest vote against, so that BoD are kept alert (ii) PIs small voting % would not change result & CA would unlikely be offended.
Since AGM is 29 June & votes need be in 5 working days beforehand, I don't see anything gained by voting before we see June's monthly update due around 17 June. Much can happen in 3 weeks, June update & other RNSs may throw surprises, & today's windfall tax news may alter BoD & indeed CA metrics,. I intend to refrain from voting till circa 22 June.
The panicked & immediate reversal of Tory policy re windfall tax, designed to save Fat Boris's skin & Tories at imminent by-elections & next general election have likely thrown a curveball into both HUR's and CA's immediate plans, & given forums enough to chew over next few days in any event.
"25/5/2022
13:47 Yep agree on both points. On Maris,In terms of voting against Maris yes he was in position during the attempt to pillage shareholders but don't really get the feeling he was leading from the front. Maybe wrong , but he had duty to follow board agreed strategy certainly.He has , to be fair overseen a good operational performance by the company since appointment and i believe a safe pair of hands for current operations.He is not however well versed in the world of M&A..But in any transaction i figure the presence of CA and Kerogen will be protecting shareholder interests and can just about get something voted through themselves if they wanted as between them they have just under 50%.I imagine they are happy for Maris to continue in his role but imagine they are looking at ways of capitalising on the improved position of the company and maximising shareholder value and leave Maris to man the pumps. So doubt there will be a meaningful vote against imho.
koob