Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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He was rude and condescending to a potential investor. Inexcusable.
"If all people can find to complain about is the reply to one question during a 2 hour CMD presentation then there is sweet eff all to be concerned about."
"the question was answered perfectly reasonably in my view. Clearly he's a geologist first and a marketeer second. He did, in my view, answer the question perfectly reasonably once he'd overcome whatever was the initial cause of irritation. "
Agree entirely. While the body language might have been more controlled (and that's a darn sight easier said than done), it was near the end of a very long and otherwise faultless presentation. In the same situation, I would not have bored the pants off of the audience in repeating what I would have expected most to know and understand, but referring the questioner to the source for the answer and additional information that they might learn from was entirely appropriate.
If all people can find to complain about is the reply to one question during a 2 hour CMD presentation then there is sweet eff all to be concerned about.
There are and have been one or two pi's that no matter what HUR do , or DrT does, they always try to find fault and **** on the barbique. It's in their nature, and one particular peep obviously holds a grudge against Dr T.
If I could find another company that has achieved so much, on budget, and on time without hype or bull sheet I would look to invest in that also.
There are companies, let's take Sound for example, that have hyped and hyped, and have achieved almost zilch that peeps have trusted with their hard earned. What I would call a mugs share.
Plenty of them on aim. Dilution, dilution, dilution to keep fat cat salaries on going.
Give me Hurricane and Dr. T any day of the week and it's more than likely his belligerent attitude on occasions have been needed to get this company up and running, and producing thousands upon thousands of oil every day.
So if you pi's that look for problems can only find this one reply to moan about I would suggest you buy into a company that has a Director with a golden tongue .(or is that ticket?)
GLA
Having watched the presentation and the Q&A I noted that Dr Trice replied in kind in generally the same way to everyone. He was clearly particularly appreciate of those who posed questions with a more technical bent which evidenced some understanding of the prospect before them, such as the broker from Artemis. It was interesting reading body language towards the Peel Hunt broker. There was a degree of irritation and shortness, however the question was answered perfectly reasonably in my view. Clearly he's a geologist first and a marketeer second. He did, in my view, answer the question perfectly reasonably once he'd overcome whatever was the initial cause of irritation. I don't think he merits the criticism some on here have been throwing at him. It was an immensely positive result and overall he did well to patiently go over what to him was standard technical stuff that we've all read and are familiar with for some years now.
More interestingly, I found the way 'Hurricane' worked as a team and supported each other Stobie/Trice/McTiernan was more of a positive overall. Could Dr Trice work on patient listening? Yes. Then again, so could most Doctors in the UK.
Green machine- RT didn't answer the question and the chairman told.an untruth (I'm being very charitable) to prevent RT from needing to speak further.
Mushroom approach.
I have stated clearly that there is a strong story related to the company and the assets. I'm just not going to gloss over basics done badly and the potential impact by deifying the board.
I'll say no more for now on the subject.
Having read this board over the last few days post CMD I must admit I'm at a bit of a loss to explain why the board has descended down the Q&A CPR referral route. Of all the things that could have been on the list that to me is at the very bottom in order of discussion. PI anyone? Deeper OWC in Lancaster? Flow rates? Etc etc etc...
This leads me to my question
IJWT
I was thinking today about the 2018 AGM which you attended. I remember it distinctly because I sat right next to you. During the Q&A session you asked RT a question, got your answer and you then proceeded to ask the same question twice more. At this point RT was a little bit miffed and rolled his eyes.
Looks to me that RT ruffled your feathers and from then on in it became personal.
Well said,I am sure that's what the vast majority of shareholders believe
...as such.
IJWT
Firstly, I am not stupid and do not disagree with the general gist of your post of 18.45 in as far as it applies to corporate situations generally. I do not live in some 'rosy world' where no-one questions anything.
My point is that I do not consider changes at Board level to be appropriate or indeed necessary within HUR, and certainly not at the moment. The current Board, and DrT in particular, are in my opinion the correct people to take this forward to it's conclusion. This is now a race to the finish in terms of proving up the assets as quickly and competently as possible in order to maximise value, and it is my opinion that they are doing that, and doing it well.
DrT is one of the worlds most eminent geologists on the subject of fractured basement oil production, if not the worlds most qualified authority on the subject. And so I'm very happy with him remaining at the helm here. To throw everything up in the air just now at such a critical point in the proceedings would be absolute folly in my opinion. And for what? Just because the guy doesn't have the most professional and polished presenting style like certain other CEOs. For what it's worth, I like his style. He's credible, believable, hugely well qualified and experienced, and has proved time and again that he and his team can get the job done. So why keep shouting for change? Even Richard Bernstein, activist investor extraordinaire, gave up shouting for Board changes and now just quietly contents himself with raping and pillaging the share price from time to time.
My view is that I have chosen to invest in this company as is, on the basis of the current leadership. DrT is the correct man to drive this forward in my opinion, and I am invested to see him do just that. I really don't see the point in fighting against it. Nobody is going to listen to me, or you for that mater, if we are unhappy with the Board for any reason. And so to keep shouting about it on a public forum just produces bad blood. If I was unhappy with the fundamentals of the leadership I would simply not invest here. Perhaps you should consider the same.
On your point about DrT taking on the Majors in negotiations, it won't just be him on his own in a room you know. There's the rest of the Board, HURs own advisors and, critically, Kerogen. And in any case, I think you underestimate him. Polished presentor he may not be, but he isn't stupid. He's an exceedingly bright guy. I wouldn't bet against him.
And finally, on the subject of my world. In my world I'm afraid investors in the company would not openly state on a public forum that the Board of Directors are responsible for a significant delay to the project, and also a 'duster' on their latest drill. Because we both know that there is absolutely no evidence for one (and it therefore cannot be substantiated), and the other is quite simply untrue. Neither of those things are fact, and it is disengenuous to present them
Mudstud
If we're reverting to the meaning of.peoples handles is yours anything to do with activities performed in the muddy environs of farmers fields per chance?
Otherwise, what a sleuth if Sherlock Holmes hadn't already been written and its author dead the famous detective based canon would surely reference your good self.
10/10
Oil and Gas Research Analyst v director of Oil and Gas Research???
C'mon....
That's all from me on this subject as it's annoying for others when these things go on and on.
Perhaps if Peel Hunt had seen fit to send a more senior person than their Oil and Gas Research Analyst the quality of the question would have been better and hence the initial response less terse, Panmore Gordon so fit to send their director of Oil and Gas Research and hence may well be looking at HE as a more serious investment proposition
Thanks Daltry, appreciate the response... what you outline was all very new to me (having previously only invested in blue chip etc.) but I’m rather quickly beginning to understand! I absolutely have faith in Hur. and what trying to achieve and have only bought and held over last 3 years. A tactic I’m sure will attract scorn from some quarters but by my own admission fairly inexperienced and would find it difficult to assess timing for a constant “in out” approach. On that basis I’m slowly growing my holding and hoping for overall growth.
OK, I got it wrong.
It was Peel Hunt so my comment stands.
ash, suggest you check your facts, the Panmure Gordon rep Colin Smith had his question which concerned future ownership position addressed quite politely and adequately by the Chairman Alistair Stobie
DickyH
So in your world nobody would criticise or question the board and all would be rosy in the world? Try reading Ch.1 of Dear Chairman by Jeff Gramm to see what that world looks like.
There comes a natural time when RT should be stepping aside and it is getting close. He likes his train set and is probably reluctant to give up his position.
Let me put it a different way, would I have any confidence in him taking on the Majors in a bidding situation. Given his desire to maintain control do I think bids will be disclosed if not to the boards liking. Will a Major and their investment bank advisors run rings around AS. Yes we have Morgan Stanley but they rely on what AS and team give them.
It is not heresy to question how much further he can realistically take it. We are a long way from his garden shed now and he has done well to get it to here despite the mistakes along the way.
But you don't p. off a company as big as Panmure Gordon.
Thank god he's no Barack Obama,all talk and no trousers
For a head hunted CEO presentation skills, public speaking and the ability to absorb data are some of the reasons they get so much money, they are not off the shelf attributes. But our CEO is not one of those, this is his baby and he and his team have brought it to market. A time may come when they want to recruit mr or Mrs charisma but it's not now. This is all about delivery end of and the team have delivered. In a past life I was in awe of those who could hold a floor and humour an audience as I could not do so but I knew at the end of the day delivering was what really mattered and thankfully retired successfully at a young age. It's why you need a team. I have seen peeps do great presentations only to field ALL the questions to the support guys. It's the way it is, try asking an IT whiz to present something in plain English. In my experience few can but they will do a double shift in the blink to resolve any issues. As far as Trek is concerned the team have delivered and going forward there may be an opportunity for a Mr /Mrs Charisma while Mr T fields the questions from the engine room. Trek, get over it.
Ghengis15
Post of the day! You summed up perfectly what I have been thinking all day but if I'm honest just couldn't be bothered to post in the current Board bashing climate. Thank you for saving me the bother. You are absolutely spot on.
Those who do not believe in this company and continually criticise the BoD for what they are not, rather than what they have acheived, should sell up and move on. Hopefully they already have!
good enough for me too Genghis. Why anyone would NOT invest in a company with fantastic stats because the CEO is a nervous public speaker is beyond me . If anything I get nervous when thinking of investing in companies who's CEOs have the " talk " !
GreenLoch-
The problem is the 'Wild West of UK Brokerage' that is called AIM. Aim stocks are just not going to attract the really serious long term big money.
The quicker HUR moves to the main market, the better. At the moment the SP is just a laugh a minute to the MMs
..... And they make serious money whilst laughing. If you don't believe me , ask one.
GreenLoch-
The problem is the 'Wild West of UK Brokerage' that is called AIM. Aim stocks are just not going to attract the really serious long term big money.
The quicker HUR moves to the main market, the better. At the moment the SP is just a laugh a minute to the MMs
..... And they make serious money whilst laughing. If you don't believe me , ask one.
FFS, some of the criticism here is getting embarrassing.
He's the founder and CEO of an oil company, not running for office. He's presenting to an audience of professionals who are capable of DYOR, not an audience of challenged, flag waving dimwits. I don't expect a CEO to have oratorical skills fit for the stage and screen, nor an inspirational rabble rouse who promises the Earth. I expect presentations that address the facts and put them out there for us to see.
And that, mostly, is what they did. There was a moment or 2 of abruptness in the Q&A, which is regrettable, but anyone who has been in the spotlight for almost 2 hours would probably get a bit ragged by then.
If you want a barnstormer to get you on your feet, go to the theatre ; this was a factual presentation with a misstep or 2 at the end.
Good enuff, at least for me.