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I agree, but if CA has the support of Kerogen and are serious about changing the BOD, the next step will be a letter from CA to all shareholders looking for supporting the removal of all or part of the BOD and replaced and replaced by named others.
The named others will probably come from the Kerogen camp or close associates.
That will be followed by a letter from the present BOD looking for the support of shareholders or raise the white flag and leave quietly.
The elephant in the room then is what do we get from the NEW BOD.
Well put - having sat on a board or two, it is the job of the NEDs to lead on strategy (failed here) ; listen to shareholders and other stakeholders and reflect their concerns in board discussions (failed here) , provide strategic direction (failed here) ; communicate strategy and assist the management in day to day operations (failed here), and to hold the excutive to account (spectacular failure here), not the mention their collective craven lack of financial support for teh company even when Trice was at his zenith.
Considering that my investment outweighs that of the Board of Directors (BOD) I cannot see that they have demonstrated any financial confidence in their ability to act correctly as stewards of the company, and protect my investment. I now have the same level of confidence in them, as they have demonstrated in their stewardship of Hurricane Energy plc.
The BOD is led by the non- executive Chairman Steve McTiernan and has 6 directors under his chairmanship.
Two directors form the executive component of the BOD and they are, Antony Maris CEO, and Richard Chaffe CFO.
The four non-executive directors, who are charged with independent oversight and constructive challenge to the two executive directors are, John van der Welle, Sandy Shaw, Beverly Smith and David Jenkins - taking the senior independent director role.
Hurricane has stated formally, to the market, on multiple occasions, that it has been engaging with stake-holders. The second largest majority shareholder, Crystal Amber, claims that is not the case! The question is, what have the NED done to hold the executive to account in this alleged dissemination of mis-leading investment information? I cannot for a moment envisage that they were totally under the influence of the executives, nor did they have the voting power in BOD consultations to block dubious executive action.
In view of what Crystal Amber has revealed, I would now expect them to call an EGM to allow shareholders to consider the current BOD strategy and actions and, if thought appropriate, demonstrate their confidence in the current BOD by re-electing them.
I am sure many PI’s would support such a move by Crystal Amber – particularly as, like me, they will have a larger investment in HUR then the BOD.
Its not a change of attitude to PIs; believe they don't give a monkey's cuss. They have painted themselves into a corner since announcing that they might have to shut up shop back in December. McTiernan has to go as do the other directors
I think we will now see a change of attitude from the BOD towards the PIs, they know they are going to need their support for survival, further down the line.
I don't think that is true at all. They agitated for change at De La Rue and now that business is on a much firmer footing. Companies like Cameial and Sutton Harbour were not being run for the benefit of shareholders etc....quite right that they shake things up. my experience is that the last thing a lot of companies are run for is for the benefit of the owners ie the shareholders.
Absolutely right - no doubt CA monitors shareholder chat rooms because quite frankly I think we have all had enough of the Board's utter incompetence, dithering and disastrous stewardship of the company. I think for CA yesterday's announcement is the final straw for them. Read the comments about the Board and they are a carbon copy of many on here:
1. Confusing and misleading messaging
2. A complete failure of strategic leadership
3. Total misalignment of Board's interests with its shareholders. As CA states - total commitment of teh entire Board a paltry £60k . Utter disgrace.
4. Absolutely deaf to any criticism and a refusal to take responsibility for their actions/inactions
5. The sense that they have waved white flag over the business -why on earth would you exclude your major shareholders from discussions. Business being allowed to drift
So I never thought that CA was in cahoots and now we have the evidence. meantime the Board has spent big on additional financial advisers, and perhaps now we know why. I think we would all be happy to back CA
Don't agree. I think CA are pure traders and speculators. I think they bought back in with nothing(they took their profits cost in previous trades) with a viewto the SP bouncing back up and thus clipping another trade opportunity. They don't want to be in 'the oil bidness'. They are just market traders - and good at it too !
Having sold 2/3rds of my holding Tuesday, I am still long. GLA.
This is an opportunity in my view that is unexpected . My take for the last 12 months has been CA working hand in glove with Kerogen and the BOD to destroy shareholder value .
Today is the first day i have seen CA put in writing aligned thinking , this gives Hope .
I will be contacting CA and requesting they produce a mechanism allowing like minded investors to support their Strategy on the Basis of Transparency of intent .
I will let this Board know and thereafter each can decide on a position in this matter .
I was thinking the same thing golden it wouldn’t be that difficult to gain support from private investors and then have a controlling stake and pushing the board out or controlling the decision making..I had it before on a small company
Surely a grouping of like minded Shareholders supporting and working with Crystal Amber is the way forward . As CA hold 11% and are largest holder , then there are many PI's invested here and possibly Trice is still sitting on his 1.5% .
Gather the Clan's strength in numbers .