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"You may have forgotten the CEO took 90% of his salary in share options for 16 months when cash was tight and wrote off $2 m of pension entitlements."
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You may also remember when he was drawing a £1m pa salary (if I recall correctly) which was extreme to say the least...don't worry about Potter, he's done well for himself unlike most LTH's here (unless they managed to trade decent sums) and now coupled with further potential dilution it doesn't look great (even if they announce a farm-in post merger).
Spirite, I'm aware of the sacrifices that were made with respect to salary.
As for the football analogy, football managers are often given the boot when it looks like relegation threatens and there is still hope of survival. In that context it usually gives the club that short sharp shock and more often than not that produces successful outcomes for the threatened club.
I think Leo Koots could fit that bill.
The first CLN may possibly go but then we still have the Family Office investor who doubled his fund availability of late.
The share options are eye watering to be honest - the more we increase the number of shares in issue makes me believe (IMO) that there has to be some sort of consolidation coming before too long.
They cannot keep increasing the shares in issue the way they are/have been. If they do, we will remain a penny share and of course less of an attractive purchase - there again WTFDIK ;@)
Stay safe all
Jim, obviously you have your views that I respect. Imo, the Board have overcome various obstacles to get us where we are, I.e. on the verge of spudding first well. You may have forgotten the CEO took 90% of his salary in share options for 16 months when cash was tight and wrote off $2 m of pension entitlements. To drop him at this stage would be a very poor response. Even football managers are shown more loyalty!
Do you guys think that BPC survives without an oil find at P1? Genuine question and how do they move forward? Surely it could only be through massive dilution and I think at 2p they will struggle to find buyers.
I'm surprised Resolution 3 hasn't had much discussion on here this morning.
I have talked on here at length about potential dilution and some of the answers that come back to me are how the BoD are aligned to us. How do people defend Resolution 3 then? As us PI's get diluted out of history the BoD ensure the effect on them is mitigated by the allocation of more options available to them so they will suffer little from this confetti of shares. And you must remember, these options to purchase shares are at an agreed excise price at a future point in time, they don't have to risk any of their own capital now, they don't have skin in the game now. If the company slides into becoming nothing they can walk away with their wallets intact where you will be left with something more diluted and watery than red-top milk - if there is such a thing?
I think it's about time the people spoke up and started to get some resolutions in that were meaningful and focused the BoD mind. How about this:
Resolution Ten: Due to the current effectiveness of the Board in delivering tangible progress at a rate expected within this industry sector the CEO's contract shall be terminated in good faith, allowing him to keep all entitlements and he shall be replaced by Mr L. Koots with immediate effect. Mr Potter shall remain with BPC in a non-Executive (honorary) role to assist Mr Koot's with in country handover until such a time Mr Koots no longer requires his services or P#1 results are returned, whichever is sooner.