Roundtable Discussion; The Future of Mineral Sands. Watch the video 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.
I would say the BOD definitely have doubts over Ireland and Cloughton, our great hopes to revive this company otherwise they wouldnt be saying that it will be difficult to find a farminee partner and drill on the Kings land. They look like they ate going back into Africa to pick up something the majors have overlooked and farm out. That didnt work with Morocco, despite listening to BOC saying it was fantastic acreage and we wrote down 1.7mm. You need deep pockets for licenses the majors want.
As for PB, I will say this, at least he was able to rally support to get rid of SO and SW and show the BOD that shareholders have had enough and put them on notice that if they dont perform they will be voted out. I doubt they would have got that message without him.
@tony. There is a hard-core element here who want WH head on a chopping block come what may. In the short term that is not going to happen as you have previously stated. I am no cheerleader of WH but i am prepared to wait and see what he delivers. It seems PB has accepted his plan for a EGM failed. Keep posting as it keeps this board in a more balanced place.
Owner Type Number of Shares Ownership
Percentage
Private Companies 160,694. 0.02%
Public Companies 3,716,774. 0.4%
Hedge Funds 55,500,000 5.8%
VC/PE Firms 56,666,667 5.9%
Individual Insiders 105,632,429 11.0%
General Public 287,420,467. 30.0%
Serif, perhaps the board have some doubts over Ireland and NS and are looking for an alternative.
West Africa is sought after by the majors, if the board can somehow land a percentage of a proven licence next to infrastructure, work it up and farm it out to a major for a free carry.
Better than money in the bank or paying a meaningless dividend.
Fairdealer20
“What are you talking about? What fact are you referring to. The fact is when Paul Barret left office in 2011, 12 years ago, the SP was 9.5p. The SP is now 1,1p.”
I’m a little fuzzy on when Paul Barrett started the Company – but he raised equity at 25p in 2004. So that is 25p to 9.5p in 7 to 8 years. These are the facts I am referring to. So not only the opportunity cost lost over 7-8 years but also the loss of purchasing power due to inflation. Which ever way you want to spin the numbers – it’s a terrible return. The fact that you seem prepared not to question past performance and now why Paul is suddenly the answer – what’s your agenda ?
As far your insinuation of my support for Will Holland – I think you are wide of the mark and equally I could ask why are you seemingly pushing for Paul based on the numbers above. The fact is (and you seem to not to be fully aware of the facts) – I posted on the LSE forum that I had emailed Will Holland a strongly worded email on the failed requisition a week or so ago and that he had failed to respond to it – I thought it only fair to post again that I had now received a detailed response – fairs fair !
As far as critcism of Paul Barrett is concerned – it was not a critcism – it was a statement of facts based on information that is publicly available on the internet and really I think a reasonable question on why he is the right man for the job based on past record. Its not your business at all to be telling anyone how they should direct questions or the proper way to do things. First of all – I think you need to acquaint yourself of the correct facts. “End Of” – get it straight and then tell someone end of !
And for the record – I do feel that if 5% of shareholders have indicated that they want to hold an EGM – EOG should support it - nominee holders or otherwise. I sent an email to Will Holland today on that subject and that he should support it to confirm his mandate if he is confident he has the ear of most shareholders.
My question on West Africa is whether it’s part of a carefully thought out strategy of growth or just a company with a pot of money desperately chasing the latest hotspot to get something going. I think I would like to know a bit more about the rationale and how it fits in with the rest of our portfolio development plans.
I agree - W.Africa is totally dubious for a small oil company - would be totally out of their depth - can just imagine the off the scale promises - many years of further wasted money and at the end nothing - that is unless they ally themselves with a much bigger company
I have backed Paul with my 10m shares but not sure whether he has another avenue of attack
There were some glimmers of hope on Claughton in the W.H presentation..anf looks like wressle pennistone will be q3 at earliest.so happy to hold for a while.If P.B can arrange a vote I would support that only if it aims to lower directors costs , restrict number of directors.and seriously looks again at the west africa question which without more information has a very very dubious feel to it.
Also the SP.
Let PB represent us and let us promote the company here.
End of 🤔
What are you talking about? What fact are you referring?
The fact is when Paul Barret left office in 2011, 12 years ago, the SP was 9.5p. The SP is now 1,1p. Understand Breznef has superior knowledge of the company history, however Is PB to be held responsible for the last 12 years.?
Any criticism of Paul Barrett should be directed straight to him and not through a Public Forum. If you are still a member of the group, that is the right and proper way to proceed, otherwise your support for Will Holland could be undermining PB and whatever he is doing..
End of
Dose anyone know how many shares our COO Alastair Stuart holds? Not sure what he is paid per year, just trying to relate salary v's share holding.
PB has never stated that he wants to come back in and run the Company, he has said he will oversea a strategic review, cut salaries and put shareholders first. He said he doesn't want to stay longer than 6 months. I think that is totally fair.
Sharedealer,
“I stated the obvious” - no you didn’t , you suggested that my figures were wrong - they were not as confirmed by fellow posters - you were wrong.
And then you stated it was a condescending post / remark and now an “attack”
- it was nothing of the sort. It was a statement of fact and a question that any interested shareholder I think would want to
Know the answer to but it appears you are trying to shut down any discussion.
What this says to me is that if 4 CEO's cannot make the Company share price rise (remember WH has been on the board for over 18 months and CEO for 9 months) and the only trajectory is down, then there needs to be drastic change. I think a larger company is better to make something for the shareholders. I do not think WH and BOD will vote themselves out of a job.
So during PB time the share price lost about 50% / During the time of HM / SO & WH it has lost about 90% a catastrophic decline for investors who have had their investments smashed due to the adding of some 800 million shares. We may have to wait 18 months for new wells at Wressle, a minimum of 2 years or more for Inishkea, Cloughton are x amount of years off, any new farm in for an African project could also be a few years off. What's not to like.
Here's something I posted on 30 Nov which might perhaps be of interest regarding the performance of Paul Barrett & Erika Syba, albeit some years ago:
"Shareholders with fairly short memories, who think that a return to the days when Paul Barrett & Erika Syba were running the company would be a great idea, might like to be reminded of the following. PB and ES floated Europa on AIM at 25p per share in November 2004. In the early days the shares traded between 25p and 35p but, by the time they left the company (ES in August 2010 and PB in Oct 2011), the SP was 12p in the case of ES and 13p for PB. So their performance was 't exactly stellar either."
Pardon, I stated the obvious, whereas the attack on Paul, who incidentally I do not known to me, seems unprovoked. The support for a CEO. who has scant regard for Shareholders is beyond belief, Maybe there is another agenda here
Kosmos looking at west Africa. WH mentioned close friends etc.
https://youtu.be/AzYWudj4a4s?si=xd_mChB50RT45Al0
Quite right Breznef - if fairdealer was referring to my post he should apologize.
Perhaps you or someone else can remember what the SP was originaly when Paul Barret set up the Company - I was not around then but I thought some one said he raised Capital at 30p a share. If 30p is correct then not only technically correct but absolutely correct.
Lower SP can be caused by influence outside the control of the company. Give them a chance.
Do we have anything on Kosmos? They might look at re-entering Ireland.
@fairdealer. When I first bought into Europa under PB it was 26p. It then rose to the mid 40s briefly(When I first sold) before steadily declining to 9.5p when PB left. So factually Tony is correct.
Let's get it right. Paul Barret left the company in October 2011 when the SP was 9.5p, Will Holland came in October 2022 when the SP was over 2p. It is not rocket science to get the message. Anyone who makes such condecending statements need to review the facts.
Anyone still in the Group should either put issues through the group leader or at least copy him in. That is the polite way, otherwise the group's effort to get some sanity into how the company is being managed and remuneration awards, will be in vain.
‘Im not a wealthy man’ - Will Holland
Says the man with a top 0.5% salary. Full of it
Just to left fellow investor here know - I did get a compreshensive response from Will Holland to some pretty tough questions on the attempted call for an EGM - so hats off to Will. I want to go back to him with some follow up questions and then maybe I will share a little more. Part of the response was that he has engaged with a big proportion of the larger shareholders who are supportive of the current strategy. It did not answer all of my concerns hence the intention for follow up questions but the overall response was reasonable.
I would also add that Paul Barret has not responded to all the questions I have asked him - I've sent him about 4 emails and I have a response to 2 I think. One of the early emails pointed out that the SP performance has been shocking really from the Inception of EOG - pull up a long term chart and with the exception of a few samll period of growth - the long term trajectory has been catestrophically lower including during his term. So the question to him was that you oversaw a significant decline in shareprice during your tenure - why should current shareholders support you now - seems a fair enough question?
Just checked - he’s got over 5% of the shares.