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Personally I would say that his salary is much more justified now with their recent achievements. But he received £700k when I3 didn't own any of the canadian assets, only the UK assets which were about the bankrupt the company. His personal loss would have been £0 if the company went under, that's one of the problems with investing companies with very little insider ownership and no founder mentality. The big question now is what will his salary be going forward? Well over a million I reckon.
Was it not the current board that was responsible for the Liberator disaster that nearly collapsed the company? Why can’t Majid buy shares for himself out of his £700k salary - that would really align his interests with those of regular shareholders.
Yes, so overpaid that if it wasn't for the board you have today, most will not be in great profit and those that are not yet, certainly would never be, as without your current board the company would probably have been bust by now, however with your board they have just turned you into a profitable mid tier producer, and about to give you a divi twice a year, oh yes they are so bad......!
The simple answer to that Tony is that it would have been a pointless exercise in that it was already a “done deal”. I did however instruct my brokers to vote against all resolutions other than the ability to buy back shares - that was me stamping my feet in protest! If one accepts the notion that the PB offer was oversubscribed think how many more PI’s could have invested on the same terms as the Institutions if the PB allocation had been larger and the offer period had been longer. It is the unfairness of the process that particularly irks me.
Tony - Just to revert on the final para of your last post - I did in fact take part in the Primary Bid offer applying for £10,000 of shares. I was successful in being allocated £8,649.96 worth being 78,636 shares) with £1,350.04 being returned to me. Would this not indicate that the PB Offer was oversubscribed ?
It’s a pity it looks like no one sent in questions apart from me. GGG could have asked the question on funding and cleared up the issue of the best options available - instead it looks like he prefers to speculate without any informed insight.
Other could have asked about dilution and the primary bid process but instead prefer not to find out the facts and instead post their grumblings here!
Real Pity PI’s didn’t take the time - I3E probably made the right decision to close the primary bid when they did - seems most here would not have bothered to sign up and rather spend their time on here complaining!!
1. Does i3e intend to re-purchase its shares this year and if so, why is this money not being put into drilling?
i3 has no near-term plans to conduct share buybacks.
2. Are there any other repercussions of eliminating the Share Premium Account other than eliminating the retained losses?
3. Does this resolution impact tax liabilities on future profits?
4. Will the dividend paid quarterly or bi-annually?
A bi-annual dividend distribution is expected.
5. Can the value of the Q1 dividend be inferred as 20-30% of a quarters FCF?
FCF expectations will change across a given year resulting from fluctuations in productivity and realized commodity prices. Annual dividends will be trued to these actual figures once they have become historical.
6. How much free cash flow does the company have to generate before you increase the dividend payout ratio to 40%?
Above i3’s minimum commitment to distribute 20% of FCF to its shareholders, all capital decisions will be made in consideration of maximizing shareholder return.
7. Considering the large share-float and low trading multiples, why haven’t the company shown more interest in buying back shares?
i3 is acquiring assets and deploying operational capital at a return level that is below the Company’s trading multiple in the market. Buybacks would typically occur when that dynamic is reversed.
Sorry can't do the link but bot copied and pasted here. 1. What is the purpose of resolution 1 – what is the difference between allotting the shares and issuing them i.e. why is resolution 1 needed – why not just the authority to issue?
Allotment creates an unconditional right for a person to be registered as a shareholder of a company. The shares are issued after the name of the person to whom those shares have been allotted are entered into the shareholder register. That person is then able to exercise his or her rights as a shareholder. Resolution 1 is an ordinary resolution and has a 50% approval threshold.
2. Could you kindly explain the purposes of resolutions 3 & 4 particularly #3?
The Companies Act 2006 gives shareholders a pre-emption right, pro-rata to their existing shareholdings over any proposed share allotments. The purpose of Resolutions 3 and 4 is to allow the Company to allot and issue the share amounts stated in Resolutions 1 and 2 respectively on a non-pre-emptive basis. This is done when the Company believes the issuance of the shares on a non-pre-emptive basis is in the best interests of the company and its shareholders. Factors taken into consideration when deciding on a non-pre-emptive equity issuance versus an alternative rights issue included the time available and capital requirement to conclude the associated asset acquisition. Resolutions 3 and 4 are special resolutions and have a 75% approval threshold.
Surely the sparse responses of the Q's asked could of been released yesterday, with simple Yes/No answers I see that has more of an half a55ed effort with little concern to responding verbosely to the Shareholders.