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4:03 am Tony - Could you not sleep? In your case you’ll be needing double F’s! Let’s hope we see a rise in the share price today.
Probably need a triple C in case of big tits !
If thats the case then it might be worth spending a few pennies on a bra!
Jezzoo - You are probably right - it’s just that some people think they own this board and it’s getting on people’s tits.
I’d give that a 3 out of 10 Tony!
Having just got back from the pub for dinner, it seems things have decended further into a $hit fight.
Whatever your opinion, what's done is done and we should move forward.
You've been called out before for not posting anything of substance and merely just trying to bate people - please try and add something of value.
I think what many on here do appreciate is quality research / discussion - What readers probably tire of is rantings of ill informed posters of either a positive or negative slant.
What is the point of your post to Ron Bruce on Majid's salary 2 years ago - the answer is you probably don't know. If you do, please tell us, including what his salary was, how it relates to the median in the Oil and Gas Space and if it is out of whack . If so have you tried to address it with i3e Management and if not why would you think people here are interested in hearing the views of someone that is just ill informed, not interested to find out and really is just out stir the pot?
My experience with i3e is that they do respond to genuine SH questions, don't dodge difficult questions and have at least in the past provided a rational response to all questions posed - they did on debt and I would be surprised if they were not able to do so on salaries. In fact I will probably ask this question at some point in the future if I feel it is an issue!
Tony - Please stop with the “you could have taken the time (like me) to have written” pious rubbish - it’s getting really boring now after the tenth time today. I wait in anticipation of your trolling response - “who’s that trip trapping across MY bridge” - try not to disappoint.
Well done Ron Bruce - Just for kicks what do you think Majid was earning 2 years ago before I3e hit £100m?
RonBruce (or is it JAdam - kindly confirm),
I agree with what you have posted - I saw someone post that the average CEO's salary was just over £140k on the AIM. My observation was that it was way low for a resource company though I have not studied in detail. My observation was also that Majids and Grahams Salaries were a tad on the high side but certainly not the double or more that some would have you believe.
However, my point was in the same time it has taken someone to post the query here (which serves very little purpose), you could have posed the question to I3E and got a more precise response for all to see. It seems some people are not really interested in fact but rather spreading misinformation and discrediting the management.
The median CEO salary for companies with a market capitalisation of over £100m were highest for natural resources (£642k),
financial services (£593k) and real estate & construction (£532k). For companies with market capitalisation of between £50m and £100m, retail (£507k), financial services (£363k) and technology & media (£330k)topped the billing.
The company now has 1,091,424,766 shares at a closing price of 10.7p we have a MKT CAP of just over £116 million.
From 2017 so imagine a little on the low side
Majid is in the upper quartile for sure and may be considered over paid but based on this report, it could (as galling as it seems) be justified.
Plenty holding RNS's after hours by the way if not spotted.
Your contradicting yourself - "Not correct, the reason ........Oil Price Collapse, Covid..........."
The net effect of all this is - reduced Cashflow , ability to service debt , ability to take on debt and reduced liquidity in the market i.e. those with access to Captital are able to pick up assets on the cheap those that don't are forced to sell assets on the cheap. I think you've not grasped the correct end of the stick here at all !
I think you have a point about salaries - you've mentioned it more than once and done your civic duty in alerting potential shareholder to the issue. What I don't get is your eagerness as a shareholder to talk down your shares - what is the purpose - how does it serve your interest or any other shareholders. IYou had a chance to takeup this issue with Management and have the question and answer posted on the i3e website along with your other issues – you’ve not don’t it why !
Not correct. The reason they were able to pick up cheap assets is because of the oil price collapse, caused by Covid and Saudi/Russia OP war. Businesses could not meet their fixed costs with wells shut as it was senseless to produce oil at a loss! Finance is/was available within Canada, as quite a few companies fracking Montney obtained term debt at just over 5%.
Justfencing, I have read your post and to be fair I thought it was a wind up. If I am honest I reckon I could do a better job than Majid, along with a few others. You suggest I should change my mindset. I’m afraid mindset as you call it, is based on what took place and still is, not opinion. When I invest, it is my money at risk, not others. This gives me the right as a shareholder to voice any concerns I have. You write “to have these people working on our behalf” These people are here for themselves. You may consider my reply rather satirical but is not abuse.
I posted the compensation payments because they involve the conduct of so called officers we should trust.
Key takeaways are:
Helps companies deliver long-term corporate success and economic growth;
Ensures that the management of a company considers the best interests of everyone;
Maintains the confidence of investors and as consequence companies raise capital efficiently and effectively;
Has a positive impact on the price of shares as it improves the trust in the market;
You can’t build trust when the CEO of i3 with a market cap of £79MM gets paid £702k, when the mean average, ‘total’ compensation is £281k. This is for a company up to a M/C £148MM; yes 250% more!
Why such a reward? They took the share price down from over a pound to under 4 pence. The only discovery they had on Liberator was the Dana discovery which they paid for; they gave that up after there exploration skills were showing to be wanting. No hydrocarbons were found on Liberator. Since there was nothing to develop there was no £100MM RBL. They had talked these drills up as tho’ they couldn’t miss, which is typical. They came on Proactive decrying they had ever said the cos was 90%, but they never sought to change what was being said in the media.
They had hit Serenity and blamed the previous seismic for their incompetence. They were full of confidence and were going to put the next drill down the middle of a cone structure; I believe that was the term. They missed! The SP continued its downward spiral. An analyst had their management ability as minus 98%.
Majid had said they had looked all over the world to expand, this is when they never had two pennies to rub together. It reminded me of when Labour had lost power and they were asked, “Had they locked the doors to the treasury, No! was the reply. Their was no point, we never left any thing”. Thats exactly the position Majid left i3 in.
I could go on about the way options are being used. Shell, BP, old PMO all use long dated options to reward their staff. The further out the bigger the reward and OTM.
i3 are using them like a credit card and ATM, which is a disgrace. They are drip feeding dilution.
We have a future because an opportunity arose to purchase Toscana which had producing assets. We have an excellent team fully experienced within the WCSB.
These are the people presently funding i3 and w
Tony, nailed on post addressed to mickey in terms of the debt finance.
Can't be more clearer. The debt thing is a chestnut being played on this BB.
Debt should be more easily attainable should it be required in 6-12mths time given the deal that I3E have struck. We've gone from a cashburning/needing explorer with debt and now heading toward a mid tier type, DIVIDEND PAYING PRODUCER WITH SERIOUS CASHFLOW in a very short time scale. Finance will be an option going forward I would imagine.
You've got me there - bills to pay - I don't have an answer - email i3e and see what they say !
The sp is down to 11p. Their are shareholders who may have wanted to go on holiday, pay bills etc by selling some stock. They now don't have this option. This is ok for lth where we can expect recovery. You have argued no dilution has taken place when the float has been increased by 360mln. You are wrong, plain and simple!
In answer to your question:
1) Obtaining debt in Canada is very difficult and is the reason I3e has been able to pick up assets in Canada at historically low metrics.
2) Not withstanding 1) above , to get an additional Senior Secured Lender would require inter creditor approvals. Even assuming that was possible - is it something I3E would want to do i.e. increase I3E’s exposure to senior creditors in the event of a down turn - I don’t think it was something they wanted to do - look what happened with the loan note renegotiations - strike price reduced from 40p average to 0.1p
3) Junior Lending facility - not withstanding 1) above, even had this been possible - it would have been very expensive.
Fresh air - to be frank - if I had to take constant criticism for the way I did deals within a company that I’d created and spent every waking hour trying to develop into an asset that will become world class- providing investors with potentially five times their initial investment within a very short space of time I would also want good money - if you work out the shares in issue and the amount it costs you personally to have these people working on our behalf to produce the potential returns we hope for - I’d say we are getting a good deal - it’s costing us personally a few quid each to effectively employ these people to make us all much better off - I suggest you try and change your mindset from look what their getting to look what they are doing for me - it will make you feel far less disgruntled and it’s actually quite a bang for your personal buck - just a thought ;@)
Tony would you mind clarifying what management said about not using debt. I suspect I know the likely answer but would be good to know for sure. I didn’t ask directly myself as the deal is done regardless. Many thanks
"As I've already stated the sp was repriced by the market because 360mln new shares meant the 'stated EPS was reduced accordingly" -
Not sure the basis of your comment – your right I don’t understand !! It does not tally with what i3e are stating. The deal is earnings accretive from day 1 and therefore is not the reason for the market marking down the SP – imo you’ve just got this plain wrong.
“Its whether this was the right way to fund the deal. Of course it was not!”
From this I’m assuming that you are saying that the correct way to finance was through debt. This is merely your opinion - had you contacted Management to find out why they structured the deal as they did – you would almost certainly not be saying this. I have emailed i3e on this point and having received a response – I’m satified that they took the best option available to them which happens to be pretty good for SH’s also.
On Salaries – I agree, it looks like they are paid well above the median and would be a perfectly valid question to raise at the Shareholder meeting tomorrow. I hope you have done this and not just resorted to complaining here !
tnorstrom @ I'm sure people such as you will find nothing wrong with what I've posted.
On comparing similar-sized companies in the industry with market capitalization below UK£148m, we found that the median total CEO compensation was UK£281k. Hence, we can conclude that Majid Shafic £702k. is remunerated higher than the industry median. Furthermore, a finance director average salary in the UK has a midpoint of £102,500 and ranges between £81,000 - £180,000, depending on the skills and experience of the professional, and the local salary benchmark for the region. We can see that Graham Andrew Heath £573k is also remunerated well above the expected.
I used to work on a drill cos being 1 in 7. Now they are rewarding themselves for raising money from Hedge funds and the expertise of the Canadians. Yes, it was Bybrook who funded the debt and asset acquisition of Toscana.
Now they are after more.
ESG strategy overseen by board committees, with separate Governance and Environment, Health, Social and Safety Committees
? Compensation review to establish ESG performance-linked incentives for senior executives . environmental, social and governance .
tnorstrom @ "Just to be clear - on your previous post on reductions of earning per share – are your are saying that Management are not providing correct numbers and WHI's report is incorrect. For your comments to be correct - that would be in effect what you are saying - Is this correct? "
Freshair@ > If you don't understand what I've posted, well I can't help you.
As I've already stated the sp was repriced by the market because 360mln new shares meant the 'stated EPS was reduced accordingly'. Dilution took place! We now need to wait for value to be returned to the earnings per share; this in turn will increase the sp. I'm pretty sure no one on this board have made claims, including GGG, that this deal will not be future earnings enhancing. Its whether this was the right way to fund the deal. Of course it was not!
We do not have a cash debt for L.N. / Interest. This will be paid with further options.
This is why i3 will be successful, " immediately evident and robust,"
The Canadians are fully aware of who, what, and where the opportunities are, and what's next.
Ryan Heath, President of i3 Energy Canada Ltd., commented:
“i3 Canada is extremely pleased to have entered into the Acquisition from a top-tier veteran participant of the Western Canadian Sedimentary Basin. The inherent synergies of the transaction, being immediately evident and robust, will most certainly expand with time to further enhance field efficiencies and cash flow throughout our central Alberta core area, to the benefit of the Company and its stakeholders.
This deal will have been on the advise of Ryan Heath and his Geoscientists ( Vice Presidents) whom he had previously worked with. John Festival should have been asked to join the group as Canada CEO; adding further expertise to the team.