We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
We have a strong force when it comes to the voting…..once they lose they’ll come at us another way…..at least we investors are sticking together……dyor
But surely Dimmock would have gone at the AGM? Why didn't the concert party deal with him then?
Just another quick thought :
Why on earth did they invite Valeschini to take up a position in the Company in the first place ?
Did they ever do ANY due diligence on his background and history ?
Was he the ONLY person they could have hired ?
What value did he ever bring to the Company ?
Have they stumbled on the fact that he may be (probably is) a 5th Columnist !
Is this yet another example of PH incompetence / stupidity ?
Perhaps they could fire him before the Vote !!!
What an absolute `Dogs Dinner` .
SAVE PHILIP DIMMOCK !
GLA.
I have to say that against the sp collapse , the persistence with this shares for salary scheme , all the delays over the past 18months , the lack of clarity direction and information , a CEO with a poor reputation for integrity and competence , the increasing secrecy and lack of transparency , the involvement of this `Concert Party` , the reputation of the F`s , their clear determination to take control , and NOW two NED`s jumping ship ~~~ I probably missed many other worrying issues for shareholders ~~~ But , we are most certainly sailing in perilous seas .
It`s hardly surprising that this shower are making their move now , just before the drill results , just before latest production details , just when the share price is on the floor . The whole thing stinks , but , I also think management have to some extent invited this crisis , I hope they are going to prove better at averting it .
At what stage of any takeover could the Schlumberger options be converted , and what indeed would Schlumberger vote for is another issue altogether . I don`t know .
Perhaps PH is very confident that he can win the vote for PD , but as far as I can see , I don`t share that confidence . They will need EVERY private investors vote in favour of PD to keep control . The potential here is significant and so are the risks should these Glaswegian cowboys get Valeschini into the driving seat . I am a little surprised that there hasn`t been more of a defensive strategy apparent from the BoD , because the first person on the hit list should the Robbing Hoods take control will surely be PH .
All VERY worrying , no time to be complacent , PI`s must make the effort to make EVERY vote count .
SAVE PHILIP DIMMOCK !
GLA .
HR thanks for that very eye opening
My error, ii have completely changed their mobile app interface which threw me.
I can sell 1.8m million for 2.222p though.
MP
Somebody may be fishing for stock, i can sell 4m in one go.
MP
HR - Thanks for your reply.
Hepseal –
1) I have no idea how Valeschini got onto the board in the first place. I guess that at the time of his appointment then relationships between the current board and the Scottish contingent were not so bad and they didn’t mind the connection. It was a dumb move though, as somebody said on here before – never invite the vampires into your house!
The connection between Valeschini and the Scottish contingent is pretty transparent. Not only are they pushing Valeschini for Chairman but he has a long history with Alistair Ferguson going back to when both were at TNK-BP over 10 years ago. Just check their CVs https://www.jkx.co.uk/investor-centre/our-board-of-directors#charles-valceschini and https://www.linkedin.com/in/alastair-ferguson-839b4b140/
2) In my opinion the explanation for the other board members to leave the company now is to do with the battle that they know is coming up. I guess that they just don’t want to get their reputations caught in the crossfire. From what I can see in the annual report they get paid about £25k each a year for being a NED. They probably consider that it is just not worth being involved in a corporate ****storm for that little money. If you ask me it is certainly no coincidence that they have both quite just a few days before the EGM has to be announced (which is Monday I believe). That way, whatever happens now they can both say that it was nothing to do with them when they go for another appointment elsewhere. Logical move really.
Anyone at this point buying a large bundle of stock on the open market would raise the share price by quite a bit.
I suspect there's quite a few large Pi's including myself that will be supporting Phillip. Unless i see any evidence not to support the board they have my substantial vote.
MP
I don't see that this fight can only be about the opportunity to milk fees; surely the FFGP crew stand to make a lot more on their shareholding if the company is well managed and successful than by charging 'outrageous fees' for various 'services'? Another curiosity is the share price - given that Gneiss placed shares (presumably to funds that are likely to vote with them) at 3p, and FFGP have an avaerage well above that, why are the 'interested parties' not hoovering up every share under 3p in order to increase the likelihood of a vote in their favour?
I think the issue for us shareholders are that other than the obvious failings already kicked around this BB such as the GSA communication and flow rates, investors simply do not have enough of the background to make an informed decision. I am very concerned by the independent NED resignations as it hints to me that there are Governance issues maybe beyond those already highlighted. GP Jersey need to add some meat to the bones and fast.
The sooner this is put to bed and the focus on operations the better, we have an exciting drill underway which could help transform the fortunes of the company and the SP, not that you would know it judging from todays price.
I will make my final decision once I know more.
GL
Holyroller - if what you say is true a couple of questions for you:
1) How do you reckon Valeschini got onto the board in the first place?
2) Why did the two other NED's not stick around and support the current board?
I am voting against the notion
The Block board is looking like the gunfight at the end of a western now with all of the NEDs having scuttled off into hiding and just leaving Haywood, McAvock and Dimmock to shoot it out with the Valeschini, GP Jersey, Jon Fitzpatrick and Alistair Ferguson.
With the departures of Chris Brown and David Sandroshvili all pretence that the EGM is about Philip Dimmock’s performance as chairman is clearly abandoned. The announcements make it public to the to the wider world what most of us here have known for some time - the EGM called by GP Jersey has never just been about Philip Dimmock and his performance but is rather about who runs the company going forwards.
All the non-affiliated NEDs have now left the building and like I said above, the showdown is coming.
We all have to choose whether we want the company to be run by GP Jersey, Gneiss Energy, Fitzpatrick and Ferguson or by the existing board and vote accordingly. Whoever wins this vote will control the chairmanship and now has a clean slate to appoint whoever they want to the board afterwards. The winners will simply appoint their own people to the board and then they will control the direction of the company.
It Haywood and the existing executives win then you can bet that Valeschini will be kicked straight out the door. If the Scottish contingent win then Haywood will get the boot equally quickly – and Gneiss Energy will almost certainly be appointed to help fill the void…
You know what I think – the Scottish contingent have shown exactly how they want to run a company with their stewardship of Solo/Scirocco. I am invested there are have first hand experience of how costly that has been to private investors. I believe that they and their outrageous fees must be kept out of Block at all costs or all potential shareholder value will simply disappear. I will vote against the GP Jersey motion and urge you all to do the same.