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I think both are fair comments except the timing is off. At the time of all but one of those announcements the share price had already dropped by around 50% or more, and the business operating environment had change considerably. The exec can't drop hints either, they have to either say something outright or not, no clues.
Where I think they could be held with feet to fire a bit is the US market listing hokey cokey, where we are, no we're not, yes we are confused a few.
Options are an interesting reward as they always come with an exercise price above the current one. They only become valuable if the share price far exceeds the option price. I know its weird but options are pretty universal as part of exec pay packages these days because they are a tax efficient way of incentivising company leaders. I've been given options in the last three companies I have worked for, only a small fraction of them ever landed cash in my pocket because of claw backs on leaving, rules on M&A etc despite solid performance. Options are seen by many as magic money beans that may never turn into anything at all so I don't go too hard on them in that regard.
Also as Joe Public exec pay exists in a different world, especially in the US. The payouts in share incentives seem large, but in terms of exec pay they are pretty small.
For example Ben Sullivan getting 9,600 shares, or about £100,000 seems ridiculous, but he will have had hard performance criteria written into his contract to get that. Also we should bear in mind graduates in US O&G companies start on over $100,000p.a. , a corporate lawyer earns probably a lot more than ten times that. No matter what you think about it as a shareholder it is what it is, that's the pay for that kind of character. I know I have hired some.
Pickledpeck: I'm not arguing about the award of option to execs - I accept it's pretty universal. However, what I am saying is that at a time of massive negative sentiment, an SP in the gutter and investors baying for blood - it was most definitely not the time to indulge themselves in the award of options which would have to be made public knowledge via RNS. That was just asking for gross negative sentiment to go even more negative - it wasn't rocket science to see that coming - their timing was crap and the utter lack of awareness beyond bewildering!! On that basis alone they deserve to be treated like pariahs. That's notwithstanding the multiple issues of lack of credibility caused by saying X and doing Y - or mostly doing bugger all (see Jim's post below).
Bod have read this all wrong!! Plus buybacks should be at 50,000 shares a day instead of a woeful 3,750 regular day drip!! If Rusty and his team don’t buck up then even US investors will pullout big style!! When will we know if the dividend is 30 US cents and when paid or if?? Come on Rusty boost the buybacks, get rid of the shorters and then take this share back to £15!!!!!
Hi pickedpeck ,
The CEO got the company in between a rock & a hard place. It was all of his own making.
Who demanded a USA listing him.
That same USA listing that meant he got the company trapped between what you can do on the LSE & what you can do in the USA.
He's the one who turned the buy-back on & off at his own whim.
If he had thought it through he could have solved the dividend/share buy-back issue when the yield on the stock got silly. Sadly he only got part of the answer at the very last minute.
What they could & should have done, was not listed in the USA, stopped the normal dividend payment & turned it into a special dividend & share consolidation each quarter. The dividend would either be frozen at that set amount (per share) for the rest of the year & would then increase by say 5% for year 2. All the saved dividend's would be used to fund a share buy-back program which activates if the share price is below X price. So the total cost of all this was exactly the same as the total cost of the dividend previously.
Anyone daft enough to be shorting the shares would soon feel the squeeze & leave the scene.
If anyone doesn't get it, then lets start of with the share price at 70p back then & 1 billion shares in issue & the dividend 3.5p for Q1. After the payout there are 950M shares in issue (3.5x20 =70p hence the 1/20 of the shares removed (50M).
Those who want to have the same amount of cash invested in the company need to buy additional shares on the market to return there holding to its previous level. They are also competing with the buyback program if the shares are below say 70p in Q2, 72.5p in Q3 & 75p in Q4. Market made aware of the trigger levels in advance for transparency.
Q2 dividend is 3.5p & share price is still 70p, This takes @ another 47.5M shares out of circulation + any buy-back ones.
Q3 divi 3.5p per share & share price 73.5p This takes out @43M shares + any BB & now just 859M max remain.
Q4 divi 3.5p per share & share price 73.5p thus another 41M + any BB ones are taken out. leaving 815M shares max.
The NAV per share has now increased considerably if it was £1.2 before its now £1.466 or plus 22%
If the share price is driven down at the ex-div date even more shares get taken out making it even worse for the shorters.
That's what they could & should have done but couldn't due to the CEO's USA vanity.
LOTM
Notrex, you're correct I've already Bought enough within my portfolio, now I'm Holding.
I give the Strong Buy for those who haven't yet bought and for the AI !!
Ah greygeorge, I expected you to post a nasty reply to my post, too tempting wasn't it !! I've been trying to profile you, but all I have are your repetitive nasty anti-social comments which indicate to me that you are a very bitter sad individual lashing out at the world. You are intelligent, but there's a lack of depth to your analyses. Hard to put an age on you, but I'd guess you're well over 40, thus your frustration at the way your life has gone so far and your feeling that you can't improve it. Your greygeorge user name backs up my view that you perceive your life to be 'grey' / overcast / depressing. Whatever you are, just remember 2 things: there's always someone else worse off than you AND you know very little about those you constantly criticise and abuse on these boards. Fundamentally greygeorge, you're a coward as you hide behind anonymity on here and constantly abuse people. Would you say what you say on here to someone's face, I very much doubt it ?!!
'...Fundamentally greygeorge, you're a coward as you hide behind anonymity on here and constantly abuse people. Would you say what you say on here to someone's face, I very much doubt it ?!!...'
Lmao, I consider myself suitably admonished by someone who...calls themself 'clued', 🤣 and hangs out on a board full of anonymous posters who frequently posts conspiracy theories as and when the mood takes him. You're funny, 'clued' 🤣