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P,
Unfortunately I believe that you are correct which is why calling for dividends is admittedly fairly pointless. However King Midas buying his wife's farm, taking over her debts, having a management contract with the company and receiving a loan hardly encourages confidence in corporate governence and independence. His self-enriching actions have helped reduce the share price from 60p to 40p and he needs to rectify the results of his actions. When confidence returns the share price will rise substantially. However, as ever, he decides to stay silent about the issues or, at best, issue bland meaningless statements.
As said, shareholders should be asking about the economic reasoning beside this farm deal in particular, because the BOD obviously have has nothing to say or add. General articles about sustainability etc. are fine, but why this farm in particular over other farms? I still don't know.
MP, I may be wrong but I think under company law Parkmead wouldn't be permitted to pay a dividend due to the £39m retained deficit on the balance sheet. Why do you suppose the company doesn't spell this out? Instead their reason is..
"Due to Parkmead's ongoing growth opportunities and associated investment programme, the Board is not recommending the payment of a dividend"!
Sonofthebull, in my recent post I mentioned that operational updates given to the press were far more comprehensive than those given to us pi's. other than when finals and interims are announced. Would it be possible for the company to communicate more frequently and more comprehensively with us than is the case now. A perfectly reasonable question to ask I believe.
Also to state that more pi's would attend the A.G.M. if the time and location were more " customer friendly"
Many thanks
BtB
Sonofthebull. Thankyou for the offer. I will wait until after the results before I decide on any questions.
BtB
BTB: I hope to be there any questions I can offer for you or any one ?
We are all agreed that investor communications are dreadful. As share holders we are legally part owners of the company so it would be interesting if it was a requirement for companies to issue minutes of directors meetings?
I know it will never happen owing to the price sensitive nature of some of the discussions that take place but it should be mandatory to issue trading updates say at least every quarter.
By the way is anyone planning to attend the AG.M. ?
I have been somewhat scathing of Tom And Linda's vegan sheep farm purchase but, irrespective of assets held, PMG needs 3 improvements to restore market confidence:
1. Cross to stop treating PMG like his own private company and to stop lording over his lackeys (aka BOD);
2. PMG needs to do something that FAVOURS its investors - special dividend, buy backs or even regular dividends. Might not be the best use of capital for a growth (...) company, but Cross has reduced the SP from the 60s to the 30s with his related party games - now he needs to make up to SHs for his faux pas;
3. Company needs to increase and improve investor communication. Terrible PR ATM - simply not interested in giving out news on progress?
The company has some interesting potential but appalling management that treats PIs with contempt. I watch to see if a leopard can change his spots.
My sentiments exactly Mary.
I am confident that in time things will come good. It just seems that the words " accelerated Dana " have become totally meaningless and irrelevant.
Peak demand for oil is predicted to be well into the next decade and then tapering away slowly but steadily. If production has peaked as some commentators have said then we may find that as the move for companies to focus on renewals increases then at some point demand for oil may exceed supply with the resultant effect on prices. A company which covers all energy supply options will in my opinion be the successful and profitable ones in the longer term and maybe PMG, hopefully, will be one of them.
AIMHO
GLA
BtB
Well said MM and hopefully Cross will take the opportunity to counter some of the wilder allegations made on here and elsewhere. Not saying he's squeaky clean but if the Pitreadie story overall is shown to be good for the company then I for one don't much care if it also helped the missus out. And if the cash is still coming in and the project outlook good, sentiment will change soon enough. Lucre has a way of doing that.
SotB, Not certain but historically it has always been the third Friday in the month so this Friday?
The results should be O.K. but progress on one or more of the assets is the key. Whatever our view of the Pitreadie purchase it has done damaged to the reputation of Cross (fairly or unfairly) and a copy and paste " the team continue to look at further opportunities" statement will not be sufficient this time. I hope the NOMAD and PR company realise this or they should collectively hang their heads in shame at their involvement In the manner which the Pitreadie was handled. No pleasure in saying the above as I have been in this one a long time, but an honest opinion.
GLA
Hi Thomas13
Historically it’s been on a Friday in November I’m leaning to the 22nd rather than the 15th
GLA
Can anyone please advise the date of the results announcement next week
Thanks
Collaboration news must not be far away.......What are we waiting for Jersey Oil and Gas to give the nod ?
Why would Tom say it’s a one way bet ! May find out next week in the results.
GLA