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Hey Much, as usual well worded and considered response.
My concern sits with the historic lack of sp investment and that gives me a very "un-warm" feeling when combined with the previously salary and bonus etc etc. Yes they may be even richer due to the bonuses they will receive, if it happens...but in my experience: You feed a dog to much, well he's not going chase the rabbit. These saying come from truth. They are too corporate in that: in the past others have had their wages paid for by big finance or OnG companies and expect the same.
VERY VERY different animals to fully invested owners. Hence big fan of Mr Austin. Put the money in, raise capital, deliver the job, get the returns.
Comming from OnG; I have seen it too many times, as I am sure you have seen over the years in the banking system. Very little accountability.
I take your point, on waiting but being prepared and not pulling the trigger, is imo the way to go.
Remember the resolutions have to be, once in, then voted on by all.
Cheers Much, keep well
Rgds Sft
Genteel discussions to be continued by all.
Hey Surfit and thank you
I wouldn't disagree with anything you have said. Like you I am gutted and shocked that we haven't seen Sealion FID but regardless we are where we are.
I too thought Harbour would seek to develop Sealion but instead they have gone crawling into the arms of the Mexicans. Only hope is they might have found someone to take the project on or we will end up with the thing back in our hands with a lot of the preparatory work completed so she is ready to go with the right partner at $80 Brent.
I guess where I am coming from is that whilst Sam and co have done very nicely, they will all become extraordinarily wealthy should Ombrina Mare come in and Sealion be developed. In other words I firmly believe that they want this as much as the rest of us and will be doing everything they can to get a new farm in.
To this end, attempting to drag them in front of the baying mob until we have seen the outcome of Ombrina Mare and heard a bit more about what is happening with Sealion feels premature.
I would happily seem them all taken to the gallows and watch Glenrothes swing his axe, but only when the full story has played out.
There is no silver bullet and it's important to think beyond taking our anger out on some individuals in order to achieve some form of retribution when things could be about to take a turn for the better.
Remember no BoD share Investment, high and continued salaries, allocation of bonuses, lost all the cash no further forward since 2012.
Compare this BoD to my director of choice Andrew Austin and the Rockrose BoD....its a truly shocking difference.
Rgds Sft
Thanks for the post Much, regarding Shell companies.
Always respected your input over the years. Your finance background has been helpful on the bb.
Although we have seen our hopes and aspirations toward the SL project continue to decline along with share price.
For me I was really hanging all my hope on HBR providing the management leadership required to get this done. I think we have all learned that RKH's have failed at every turn and every attempt to protect the companies finance's. True OM may delay our demise, but if Sam was worth his salt (and Salary) the plan B should have already been in place and therefore discussions with Navitas been continually developed and almost oven ready. Any manager / director would surely not sit back and just keep his fingers crossed?
It is impossible to remove or replace Moody from his position, especially now and especially if "friendly finance" companies have kept a significant enough stake in RKH to obviously agreed to salaries and bonuses???? Or is it the BoD only that votes on such?
I.e. does Stu and Sam need the rest of the BoD to vote or do they need ii to agree also. I mean if it's only the directors is that not a bit too "cosy"
Any musings on that would be respectfully appreciated Much.
Note: I may be being to nieve or a conspiracy theorist, but would this be the first time such a thing has happened? AND RKH is an AIM company after all.
Interesting comments from Plumstock, so if RKH ended up paying for FOGL Sam presumably have established communications and a relationship with RAB from then....and has maintained it?
Something to consider: Did RAB holdings come with FOGL, have they maintained their holdings or only now just increased it?
Remember Sam's background which is :
" He previously worked in several roles within the financial sector, including positions at AXA Equity & Law Investment Management and St Paul’s Investment Management"
Just trying to consider all angles.
Rgds Sft
Had to have a chuckle about the 'troublesome shareholders' in the summary.
It appears you're not the ground breaking revolutionary you thought you were ..... :)
https://www.growthbusiness.co.uk/what-is-a-cash-shell-1047072/
No Glenrothes, I wouldn't.
If you want to see how Hedge Funds operate and the kind of positions they like to take when they see opportunities you can spend the weekend googling it for yourself.
Here's something to get you started with around cash shells however, as we may just inadvertently become one if no-one shows any interest in Sealion.
Sorry I haven't seen fit to join your pointless revolution although I'm not in the least bit surprised to see you seeking out and looking to belittle anyone who doesn't share your views.
Looking through history I guess you are in good company when it comes to people who sought to quash the rights of others to voice their opinion.
We (some of) the shareholders ............
In face if my memory serves they were an original large shareholder in FOGL right from the start
RAB have been in and out several times since FOGL days. Came in again some time ago
Interesting ...... RAB and Aedos are hedge funds.
I would imagine they see an opportunity through Ombrina Mare and the potential for a cash shell or quick profit based upon a hefty pay out.
I see the list of shareholders over 3% has been updated on the Company website:
As at 20 October 2021, the Company had been notified of the following shareholdings amounting to 3% or more of the ordinary share capital of the Company, in accordance with the Disclosure and Transparency Rules.
Number of shares % of issued share capital
RAB Capital/William Philip Seymour Richards 19,000,220 4.14%
Aedos Advisers 17,545,290 3.83%