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Panman are you saying you don’t understand the difference between Executive and non executives… and you referenced page 32 not page 34 .. all in all you are blinded by the big numbers quoted in the potential award.. look at the history or Parson's and Denman and ask yourself one question have they actually ever achieved any success for their shareholders or just monetary success for themselves …. They are a jam tomorrow types ..but tomorrow never comes
Not exactly a Sherlock Holmes are you Winni?
When you spouted your nonsense about the exec's being overpaid for their part time role I naturally assumed you meant the non execs and quoted you their wages from the same pg's you have quoted back?
Did you really not twig that even after I told you I was impressed they attended all meetings and they were heading up the committees?
Do you think maybe your hate is clouding your judgement here which is a shame and if you don't mind me saying a waste of your energy.
As to Parsons and Dennon I agree that £250K wages + pension payment on top is high for Dennon (but not excessive for aim) but don't see Parson's £150K as too high. Also am very impressed that they've both refused their bonus's of £60K between them until the co' is flush with cash. That won't happen until they're either paid the full 8M euro's they've estimated they'll be awarded from their partners....
https://www.lse.co.uk/rns/AST/upgrade-in-estimate-of-revenue-recognition-1fg0s83j82pnd6h.html
or failing that the €656.5 m from their main and rather compelling ECT claim so they're fully aligned with shareholder interests there imo.
So all in all I've no complaints about managements salaries. Think they're fair enough on holders esp as they're advertised plainly so we can all see what they are before investing.
Recognize you're going to vehemently disagree but then again would expect you to do see even if they win every court case they've entered into and make a massive payout to shareholders too so best just wish you Happy Christmas and be done with it.
Will production return ?
If that’s the level of your research skills panman .. it’s no wonder you spout such BS .. remember these are part time role … what F have they been doing in the 14 board meetings or more likely group chat’s… because nothing much has happened in 3 years … apart from a bit of paper shuffling
Page 34
Parsons. £189k
Dennam £312k
"Really do think the Slovakians should settle though, they keep losing AST keep winning that's great for shareholders not so good down the line for slovenian taxpayers."
Just a minor point Panman.
Slovakia and Slovenia are different countries!
Are you sure you have the right co. Winni?
I'm showing £34.5K each for the two exec's who attended all board meeting throughout the year and head up the various committees too.
Hardly seems excessive for AIM in fact looks fairly cheap for what they get.
Maybe you need a new and better paid job?
https://wp-ascentresources-2021.s3.eu-west-2.amazonaws.com/media/2023/06/266262-Ascent-Resources-AR-WEB.pdf
pg32 for wages
As far i can remember they have only ever produced from two wells with others not seen as viable.......unless there are new techniques ..then i don't see this changing..... I still ask the question what are the two excessively paid part time executives and the other rather large board doing and have been doing for the past 3 years? other than draw their salaries and fees.. I wish i have a job that gave so much for so little in return.. ONLY ONE THE AIM COULD YOU GET AWAY WITH SUCH NONSENSE
Agree re the averaging down, that was a ridiculous thing to do and to then sit on the co's BB knocking every bit of positive news that comes out as the situation turns to the good for them well that's just sad imo.
Disagree however that the large court case win is their only play. Its a major reason to buy but not all they have to offer pi's Todays news that they're looking at 8M euro's from their crooked partner not 3.5M euro's is a big result not just for the initial cash but also for what they may be due from on-going monthly revenues from incumbent wells Pg-3, Pg-5, PG-6, Pg-7, Pg-9 (if it produces again) and the Dolina and Pt wells.
If they were owed more than twice what they estimated with the initial payment then what are they due going forwards from all this extra production? Likely more than they thought.
Just a case of being prepared to hold as the news comes out imho as its all turning positive nowadays as the co' appears to have moved to a winning formula.
Really do think the Slovakians should settle though, they keep losing AST keep winning that's great for shareholders not so good down the line for slovenian taxpayers.
No one in there right mind would averaged down on a dog share like this ...it has already decimated by a 100/1 claw back... nothing that this shower has done would make this good investment for LTH....... And a business that's only strategy is wait and see about a potential court award is no business at all ..........like most if not all of Parson's failing efforts >>>>IMHO
Well if your thoughts are "great guy he's obviously got my number" then you're welcome ping.
If not then happy Christmas anyway and may you have a very prosperous New Year.
Panman,
Thanks for confirming my thoughts about you....
Don't really care anymore how much you're down ping. Its your own silly fault for holding/averaging down on bad news.
Would also suggest you couldn't care less about any shareholder except yourself so not impressed with your "I worry about shareholders mantra." Its just dribble to make a troll feel better about his postings.
re their metals strategy how come you can't work out that they won't have one til they know what level of funds Slovenian court cases are going to raise. Rest of the market has worked it out why can't you? Is it a case of you don't want to or are you really believing they can work out a plan for S America without knowing what their future cash position will be?
Only asking as confused by your apparent inability to comprehend such simple stuff.
Panman,
I've held here for 6 years & despite averaging down I'm still 80% down!
While I welcome any good news, I continually worry about shareholders receiving any benefit. After all, I've witnessed the achievements of Clive Carver, Colin Hutchinson & now James Parsons! A look into their records particularly the latter should tell you all that you need to know!
What really is happening with AST'S Metals strategy??
The share price will respond accordingly I'm sure!!
News so good even the trolls got out of bed early just to knock it! lol
Truly excellent news for holders and the beginning of vindication for AST for hanging on in there and suing the butts off these crooks.
8 Million euro's likely coming down the line with final assessment end of Q1 or a mere 12-13 weeks away.
Happy days for all but our trolls.
Once again, we'll all have to wait a few more months and then who knows when a settlement will be achieved.
Alas no update on the Metals progress which we are led to believe is a key strategic focus of the business!!
It is the only share that keeps on promising us goodies.
Let's hope that we recover some of the drastic losses we have suffered here due to misguided belief and faith.
Best wishes for a festive Christmas and some long overdue prosperity in 2024!
Would appear someone is offloading. Wonder if they didn't like the payment vehicle company being set up. Easy way to get some director bonuses I guess.
The part time BOD are currently busy with their other part time roles at Corcel Energy & Echo Energy. Despite investors being led to believe that AST's metals strategy is core to the business, after 2 years absolutely nothing has materialised. As they're in part time roles that should indicate how much focus there actually is.
I suggest that they're replaced with a smaller, full time team who actually have the ability to move things forward instead of this lot who in my opinion are just operating to suit themselves!!
So what is company up to whilst it waits to find out the result of their claim.. And what are the highly paid part time so called Executives doing. Certainly not a lot.
Courtesy of Toolsmoker on ADVFN. Looks like the payment vehicle company has been registered.
https://find-and-update.company-information.service.gov.uk/company/15331521
Disbursements /dĭs-bûrs′mənt/
Plural form of disbursement
noun
The act or process of disbursing.
Money paid out; expenditure.
The act of paying out or expending, as money.
Did you notice this bit...
"and will only be paid out of a portion of the proceeds of the arbitration in the event of a successful damages award or execution of a binding settlement agreement (if achieved sooner)."
I feel another long, windy and boring post coming from Pet.
Make as many long posts as you like Pettrader, makes no difference. Holders need to know that...
"Enyo - the specialist arbitration and litigation legal firm who filed both of the Notice of Disputes on behalf of the Company and represented it in last year's pre-arbitration negotiations with the Republic of Slovenia - will be advancing the disbursements which are expected to be incurred in the pursuit of the claim and will only be paid out of a portion of the proceeds of the arbitration in the event of a successful damages award or execution of a binding settlement agreement (if achieved sooner)."
@Panman, actually I am not 100% wrong. I maybe did a lot more due diligence (on behalf of various third party litigation funds) for the claim of AST vs Slovenia than a lot of others did. Hence aware of which litigation funds provided non-binding offers to finance the costs of the claim before subsequently pulling the non-binding offer. And which third party litigation funds then possibly stepped in. As I suggested, maybe it would be worthwhile to ask the BoD of AST to clarify if a third party is financing the costs of the claim, or maybe not. Logically, what law firm would take a case that is 3-5 years from start of the arbitration process to any recovery & only work on 'no win, no fee'? Who pays the ICSID fees (which are not the same as the costs of the arbitrators)? Who pays for the costs of the independent expert witnesses? Who pays for the asset tracing reports? Ball park, an ICSID claim will cost the claimant anywhere between USD $3 million if using a small law firm + independent experts + asset tracing (Enyo are not magic circle) up to $9 million if using a 'blue chip' law firm + relevant independent experts, asset tracing etc. If you think Enyo are taking at least $3 million+ of 'work in progress' onto their balance sheet for a case that will take several years to reach an outcome, then you may have more of an insight into the balance sheet of Enyo than many others do. Alternatively, the costs for Enyo plus all the other costs for an ICSID arbitration claim are met by a third party funder. Typically, a funder asks for the greater of (i) Return of Committed Capital (X) + 3X (notice committed capital rather than capital drawn down) or (ii) Return of Committed Capital + a percentage of any successful award. And the financing departments at law firms don't typically allow law firms to run cases for 3-5 years which are 'no win, no fee'. The arbitrator appointed by Slovenia is the same arbitrator that ruled in favour of Russia or the Yukos expropriation case, which has run for years & years with no payments made. Perhaps I am naive, but with friends & relatives who work in arbitration, I would be surprised if Enyo lawyers were comfortable with taking the 'no win no fee' risk based upon the profile of a very well respected arbitrator who was nominated by Clifford Chance representing Slovenia. Following the logic, it possibly makes sense that AST + Enyo decided to involve third parties so that Enyo is working on a Contingency Fee Agreement which is not the same as a Damage Based Agreement. Maybe ask the BoD of AST to provide clarification.