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Next thing that needs to happen imminently (this week or next) is that #hur accept a CA director in the board. And bondholders should do likewise supported by the fact that stakeholders are all stepping up. We''re all sitting outside a ring of incompetence that we need to be inside of. The chairman also needs to step up and kick his BOD into line, and trim where necessary. This is a major major energy resource being managed by a pool of dithering fools.
I was inclined to give some slack here but actually, I agree. The messaging has been **** here for 6-12 months and the CEO owns that for whatever period of his tenure overlaps that. A college student could have written recent RNS in a much better way irrespective of actual factual content.
I don't like the finance guy either. Seems smarmy and not aligned with shareholder objectives. Time for a clean sweep. I really don't think any of these guys have a good handle on corporate finance. Whoever owned the last in-house CPR needs to be the first head on the block. Whomever else sanctioned it needs to follow PDQ.
£60k among the directors, pretty bleak. And some of those buys were only after the new chair came on and told them they needed to be invested. And, instead of being invested, the bought peanuts.
I'd also expect the chairman to get on top of this bulls--t between #HUR and CA. Someone is dropping the ball on that. You cannot ignore 11% of equity that wants to engage. This could be another reason why #HUR CEO needs to go. Not only that, but #HUR seem to be lying about their level of engagement. That is not acceptable. Whoever is responsible for this lying, needs to go.
Stephen McTiernan will not stand over anything untoward. He is there to manage the board and governance (which had been severely lacking) and leverage contacts to manage finance, e.g. manage bonds or recapitalize. However, if the incumbent board don't respect their chair there will be a reckoning. In this case I don't expect it will be Stephen who is leaving. At this point, I think the chair needs to put some boots on and get some **** done. The BOD cannot keep bringing on new people and expect them to tow the dodgy line. Someone is about the break eggs to make an omelette. If you see Stephen resigning from the board, sell immediately.
I have a feeling that the bod and their ceo are preparing us for a low ball bid... They are trying to scare shareholders in all the latest RNSs... Why can they say anything about the continuing oil price rise and how much help this gives us with the balance sheet plus rapidly accumulating cash in the bank to sort out the CB from a stronger hand....and why not reassuring us about the production consistency and stable production..etc What about telling us about anything rather than to keep on repeating recapitalisation, bond holders, dilution,financial strain.....etc
Something fishy is going on in that boardroom to screw up the shareholders.....
For me nothing changed and I am holding strong here with significant numbers.... I agree with many here on this bod until they change their tunes.. GL
@Bucklerfern - I could agree more. They are showing no evidence of any work being conducted. The CPR I believe has been completed an still not released. I think we are giving the BOD too much credit thinking there is some clever agenda or strategy behind their lack of information. Shocking management, HUR has the possibility of being a great Company but not with this Management Team.
Problem here is that the CEO is O&G, where as the Chairman has extensive O&G and finance experience, especially with KMRs recapitalisation. He is well connected. I don't think the problem is necessarily the CEO, it is the other board members (Chairman excepted). So, #HUR needs a new board keeping the Chairman and maybe the CEO, and tossing out everyone else. Then they should openly engage with CA, amongst others. The board kitchen sinked the resources without an independent CPR. That looks like it falls somewhere between the stools of incompetent and fraud. And the previous estimates before the kitchen sink also look like falling between incompetence and fraud. A previous chair left because of the BODs apparent inability to clean house. Stephen McTiernan now needs to clean house and ensure directors are invested and the idiots in charge of the clown-show are let go. With £60,000 between them, they have clearly been treating it as an AIM lifestyle company, not something they are genuinely invested in. The CEO may also need to go, given the wide rift between what CA are saying about lack of engagement and #HUR claiming to be engaged. Things are not adding up.
i agree he hasnt stamped himself on the role - it is a role that maris hasnt done before - and so far not impressed with his step up.
it was a bad rns - full of flannel in my opinion. All they had to do was give an indication that hur will still be producing and profitable by the time drilling can start - unless it wont and then that should have been indicated, as it is we are left in no mans land yet again
Brought in as chief Executive with a remit we all thought to sort the company out, get it back discovering and producing, and with a cv that apparently was perfect for fractured basin plays like Hur. However the last 6 months have hardly inspired confidence.....and clearly CA feel the same as they gave the benefit of the doubt when he was appointed. It may be he was sold a false prospectus by the board too , though he needed a job, and that far from being brought in to kickstart the business he was brought in to read the last rites, and organise the funeral, that way the BoD could blame him for their ****-ups. Absolutely telling that none of them has a proper economic stake in the business, equally telling that Maris has been virtually invisible and that the RNS announcements have not had his imprint on them. Yesterday's announcement sums it up - if I had been on the Board putting that announcement out I would insist that the CEO take ownership with a quote etc...it was like something out of the Politburo. Either Maris doesnt want to take responsibility or as seems equally likely Useless McTiernan is allowing the Bondholders to run the company and has bypassed Maris completely.