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The thing that stands out the most from the Drillordrop article is how much power Tidswell still 'Wealds' ...pardon the pun ;)
Tidswell with his Knowe Property connection is the King Maker at Angus and Lucan confirmed this.
While discussing Vonk, Lucan stated "......fell out with Jonathan Tidswell, which is never a good thing to do. Jonathan is not a majority shareholder but he is a significant one."
Lucan then confirms his own lack of experience by then saying "Initially, I was slated to come on to that board as non-executive director just to add some eyes and ears."
"At that point in time, Jonathan, the NOMAD and I had discussed what role I would come in as and it was suggested I come in as interim managing director"
I’m a relatively low-cost managing director.....It’s been a steep learning curve but I’m distinctly enjoying it."
So only Tidswell and the NOMAD brought Lucan in who doesn't have the experience by his own admission, but makes up for that by being cheap. There lies the problem with Angus.....looong sigh
They have a Financial Director in Carlos who isn't qualified.
A Technical Director who also happened to be or still is Chief Geologist at Angus who made the damaging decision to drill Lidsey and Brockham.
You had a Site Manager looking after production who was a Wellsite Geologist (Peter Eadsforth)
And then you have Tidswell who doesn't know his left from his right, alienated the OGA, EA, HSE, Local Authorities and is now tasked with Business Acquisitions for Angus .....when he has no experience.
The old expression "You get what you pay for" comes to mind.....long sigh.
Here is the link:
https://investigatingbalcombeandcuadrilla.files.wordpress.com/2019/10/transcript-of-interview-with-george-lucan-of-angus-energy.pdf
Alan2017, agreed...and don't forget this NOMAD was previously fired, and apparently according to LUCAN, plotting w JTP to retake the company. Lucan was on the requisition.
How can we trust the ANGS NOMAD?
... plotting w JTP to retake the company.
-----------------
curious choice of word, wealdpwr, to "retake" the company.
Because the company had been "taken" by the previous regime?
No. Again, you draw inferences I just don't see. For what reason, I do not know. Your unquesitoning and voluminous postings are indeed curious....
GLA
I'm relatively new to ANGS, so this may be old hat to most of the posters on this board.
weldpwr's use of the phrase "retake the company" suggests the following, that:
1/ PV used JTP's compliance shenanigans to "take" (more control of) the company;
2/ JTP regained control via the requisition and the subsequent resignation of PV.
This power struggle manifested itself, inter alia, in the replacement (RNS of 03/09/18) and subsequent re-appointment (RNS of 29/01/19) of Beaumont Cornish as the company's Nomad.
I'm sure we can all agree that the company is in a much healthier position today, now that this struggle has been resolved and is a matter of the past.
Ocelot: "I'm sure we can all agree that the company is in a much healthier position today"
LOL! Take a look at the SP then and now... and tell me you believe that!
YL,
Don't you think that some of this year's problems can be attributed to the delayed effect of the company's "power struggle" of the 2nd half of last year?
Imho, it is better for the company's future when all of the company's key players are pulling in the same direction.
Ocelot,
I think this year's problems can mostly be attributed to the spectacular failure at Brockham.
If management had succeeded there... Tidswell's coup would have been nothing but a sideshow as we would be at a much healthier company valuation and higher SP.
We are where we are... but - since we've got such a long wait ahead of us now and infinitely more risk attached as the can has been kicked way down the road - I hardly see us being in a better situation today.
This is AIM after all... and we all know what AIM does to companies that fail to deliver and Keep changing their own goal posts.
Brockham, yes, of course, but there's also been the need to lodge a new application for Balcombe testing when that testing was, apparently, already covered by the existing permission.
As I say, my impression is that "Tidswell's coup" was in response to "PV's coup".
The past is the past, time to turn towards the future.
GL.
We have no choice but to look forward here, it just remains for us to see if this "new" management are any different to the old. If Tideswell acknowledges his utter and complete past failure and does the honorable thing and resigns... then we will have our answer and can be optimistic for the future... if he continues to linger... then it will just be more jam tomorrow & a future of failed promises no different to before.
Time for ANGS to decide if they are serious about change!
The RNS of 29/01/19 announcing the resignation of PV, new appointments to the Board and re-appointment of the earlier Nomad, spoke of the intention "to develop the Company's business beyond its current core strategy".
Saltfleetby is the new management.
The new management is, therefore, different to the old.
Ocelot...
You, I, Investors old & new and the wider market all know that whilst Tidswell is still pulling strings... catastrophe is lurking just around the next corner... After so many costly failures surely even you cannot see a future here whilst Toxic Tidswell is still drawing a salary?
YL,
I wasn't following ANGS at the time, so lack any personal experience of what happened prior to this Spring.
But wealdpwr's post of 20:11 last night ("... and don't forget this NOMAD was previously fired, and apparently according to LUCAN, plotting w JTP to retake the company") did prompt me to take a look at some of last year's RNSs, the word "retake" being a curious choice.
As I say, it gives the impression of a power struggle between JTP and PV in the 2nd half of last year.
That power struggle was resolved at the beginning of this year, in JTP's favour.
Regardless of winners and losers between PV and JTP, If JTP continues to be involved here "ALL" investors will lose out! He has already cost LTH's dearly and - after repeated failure and double dealing - The Market no longer trust him.
ANGS will continue to viewed with the scepticism it deserves until there is "genuine" change. The SP will not recover unless and until he's gone IMHO... and as a shareholder... I would like him to take responsibility for his actions (at long last) and do the honorable thing. The sooner - the better for everyone!
Ocelot - there was no power struggle. Tidswell was forced to resign under AIM rules for meeting and loaning his shares to America 2030...which when America 2030 started selling his shares crashed the SP.
Vonk and the BOD were investigating Tidswell dodgy dealings and when Tidswell saw he his share of Angus ws about to drop below 5% ...he struck with a coup. As confirmed by Angus, Tidswell and his puppet Lucan.
"At that point in time, Jonathan, the NOMAD and I had discussed what role I would come in as and it was suggested I come in as interim managing director"
So the Saltfleetby Management as you put it.....Saltfleetby is a Field....the Management at Angus is:
Lucan who stated himself I’m a relatively low-cost managing director.....It’s been a steep learning curve but I’m distinctly enjoying it."
Paddy Clanwilliam, a mate of Lucan who took a listed company private. Seems he will have experience of investors suing the company they invested in....sigh
https://www.thetimes.co.uk/article/the-earl-of-clanwilliam-the-oligarch-and-a-buyout-of-eurasia-drilling-that-riled-investors-5vtt6smfm
They have a Financial Director in Carlos who isn't qualified for his position and worked with Tidswell / Vonk at Eclipse and is involved with the security companies at HH and Angus sites.
A Technical Director who also happened to be or still is Chief Geologist (Andrew Hollis) at Angus who made the damaging decision to drill Lidsey and Brockham.
You had a Site Manager looking after production who was a Wellsite Geologist (Peter Eadsforth)
And then you have Tidswell who doesn't know his left from his right, alienated the OGA, EA, HSE, Local Authorities and is now tasked with Business Acquisitions for Angus .....when he has no experience
Alan2017,
Not disputing the reason JTP resigned.
The "power struggle" came afterwards and was made manifest in the dismissal and subsequent re-appointment of Beaumont Cornish as the company's Nomad. This is an extract from the transcript of GL's interview with Ruth Hayhurst of Drill or Drop:
When he resigned, he (JTP) left his colleague, Paul Vonk, my predecessor, as lone executive member of a
board, which is an extraordinary thing for any company, and I think a very poor example of
corporate governance. He (PV) left it in that situation for many months and then fell out with Jonathan
Tidswell, which is never a good thing to do. Jonathan is not a majority shareholder but he is a
significant one. Generally speaking, a good CEO takes reasonable heed of what a significant
shareholder says and feels.
https://investigatingbalcombeandcuadrilla.files.wordpress.com/2019/10/transcript-of-interview-with-george-lucan-of-angus-energy.pdf
Ocelot - the power struggle was solely from Tidswell....he no longer had control of Angus so staged a shareholder coup aka....his own account to remove Vonk.....put in a puppet who doesn't have the experience to run Angus, yet someone that Tidswell can control. After all Lucan did say:
"....fell out with Jonathan Tidswell, which is never a good thing to do"
"At that point in time, Jonathan, the NOMAD and I had discussed what role I would come in as and it was suggested I come in as interim managing director"
"I’m a relatively low-cost managing director.....It’s been a steep learning curve but I’m distinctly enjoying it."
Lucan failed to mention in the Drillordrop article what he wrote back on 29th January 2019
"Even before my appointment, the Board was also on the point of hiring a new Non-Executive Chairman to replace the acting Chairman, Cameron Buchanan."
http://www.angusenergy.co.uk/wp-content/uploads/2019/01/Introduction-from-George-Lucan.pdf
The management you hold up as being competent is actually quite toothless apart from Mike Wells whose job is the production and delivery of the gas.
I also forgot to mention the Scottish Wool expert on the board as well......that will come in handy for the cold winter nights in Surrey.
Ocelot,
So in essence:
Tidswell threw his toys out of the pram when Vonk caught him blatantly dodgy dealing. He has damaged investor holdings, and shattered the company's reputation just to get even.
He appointed Lucan and the other muppets are still in place... same old... same old untrustworthy ANGS... going nowhere but further down, until we see some "genuine" change!
Alan2017,
There are always 2 sides to every argument.
We've both read the same transcript, we've each come away with our own interpretations of it.
Ocelot,
Are you certain you are not a paid mouthpiece for the BOD... you do seem to go out of your way to defend them considering (as you claim) you have only been invested here late in the day!
YL,
I am a small, private investor in ANGS.
That is my sole connection to the company.
But I do like to think for myself and not be told what to think by others.
Ocelote - its most disturbing when a shareholder (Tidswell) who was Chairman and then had to sign after breaking AIM rules by meeting and loaning his shares to America 2030 during a closed period still acts as King Maker....as confirmed by Lucan. Lucan was sold there to be the eyes for Tidswell.
"At that point in time, Jonathan, the NOMAD and I had discussed what role I would come in as and it was suggested I come in as interim managing director"
I look forward to see how you spin this to be positive lol
Alan2017,
It's the share price that interests me much more than personalities.
I believe the share price has had a long time to react since the Brockham RNS of 28/06/19 and that positive news concerning the progress of, above all, the Saltfleetby and Balcombe projects will see the price rise, if, indeed, it hasn't already begun to rise beforehand.
Ocelot - then some would say you haven't done your due diligence if you haven't looked at the team who will affect the SP of your investment.
They are very weak in almost every department....even Lucan admitted that himself "It’s been a steep learning curve but I’m distinctly enjoying it." Glad to hear he's using Angus as a training competency exercise....it makes sense now why the SP has crashed under his stewardship. Unless you can say its part of Lucan cunning plan....sigh.
So the Saltfleetby Management as you put it.....Saltfleetby is a Field....the Management at Angus is:
Lucan who stated himself I’m a relatively low-cost managing director.....It’s been a steep learning curve but I’m distinctly enjoying it."
Paddy Clanwilliam, a mate of Lucan who took a listed company private. Seems he will have experience of investors suing the company they invested in....sigh
https://www.thetimes.co.uk/article/the-earl-of-clanwilliam-the-oligarch-and-a-buyout-of-eurasia-drilling-that-riled-investors-5vtt6smfm
They have a Financial Director in Carlos who isn't qualified for his position and worked with Tidswell / Vonk at Eclipse and is involved with the security companies at HH and Angus sites.
A Technical Director who also happened to be or still is Chief Geologist (Andrew Hollis) at Angus who made the damaging decision to drill Lidsey and Brockham.
You had a Site Manager looking after production who was a Wellsite Geologist (Peter Eadsforth)
And then you have Tidswell who doesn't know his left from his right, alienated the OGA, EA, HSE, Local Authorities and is now tasked with Business Acquisitions for Angus .....when he has no experience
I also forgot to mention the Scottish Wool expert on the board as well......that will come in handy for the cold winter nights in Surrey.