Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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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.
My point being more that he must have been confident on the company moving forward and those running it.He certainly had a lot more information than us to base his purchase on.
Hope he didn't buy them through HSBC in a nominee account?
I’m still curious as to why William Ahlefeldt purchased an extra 15 million shares only 6months ago at prices up to 1.4p to 1.5p.
No EGM then??
The key question for me here is the extention to the Inishkea licence. IF Mr Ryan grants this and we will know by end of January then it's very much game on for a farm in partner. Wressle is all very good but its not going to light a spark under our SP. Who knows Will may even pull a West African rabbit out of the hat.
The billion shares in issue is a huge problem. There is probably a significant number of shares bought at 1 p and despite the margin between buy and sell a 20% uplift is a pretty good return and will no doubt temp many people to sell at 1.5p. It will be a continual battle to get the share price up from.such a low.base with this many shares. I would say a complete change is the only way out and a merger may do it. Problem is I dont think the BOD will vote to lose their pay packet.I
You can say Ireland extension but unless that is followed by an immediate farm out that will take years to see any benefit. If they dont get taken to court at every stage.
Apart from the fact that the company clearly hasn’t “been destroyed” I agree with your last two sentences - so let’s see if the shareholder rebellion finally leads to any improvement in performance/reward ratio or no doubt we will be back here again next year.
The only thing I would say is that if you are so convinced WH would win an election, clearly he doesn't because he won't allow a vote which has been reasonably asked for by over 5% of the shareholders and only denied because of a disregard for corporate governance.
In my opinion, unless something miraculous happens we wont see anything change and the share price will continue to hover around 1p. I am happen to be proven wrong and have the share price double but even 2p is tragic. WH may be being targeted because Simon Oddie and his board including the Chairman BOC destroyed the company and raised salaries to a salary which is an afront to shareholders. At least the rebellion put them on notice that the shareholders are willing to act on poor delivery.
Well thank goodness the operator is not on AIM then!
I hope its different, but no news on aim usually means bad news, we'll see. GLA
Serif hope they are Monday
Must surely be flow rates and CPR coming Monday - that’s 5 weeks since production started. I am expecting both to be good results - 750+ flow rates and chunky upgrades to the 2016 figures with perhaps a little bit extra reservoir interest thrown in! The gap between Wressle value to us and our SP is simply incredible - and one day the SP will react accordingly 🤞
Chas, I’m with you and think we need to give Will a bit of time to make his mark and if that’s in Africa then I'm all for it. It’s the hottest place to be at the minute and plenty of majors in the area. He’s said he’s using his network to secure a deal so let’s give him time to see what that looks like in the mean time it would be nice to get some positive news on other fronts.
Gas Networks Ireland said the increase in gas demand during November was mainly due to the need for gas to generate the country's electricity when there was little or no wind energy available. During those record-breaking November days, it noted that gas produced up to 81% of the electricity generated across the country.
https://www.rte.ie/news/business/2023/1207/1420648-gas-networks-ireland-november-update/
Just out of curiosity, who might farm in? I recall in a presentation that Will was saying the farm in co wanted more data, hence the requirements for an extension. So someone is interested.
I favour moving on. Let Will prove himself. Let's focus on the positive and what might happen.
Wressle extension
Serenity well with i3
Work on finding a partner for Inishkea and extension in January?
Who wants an EGM if it’s not going to change things? Just looking at the data on the AS vote I don’t see that the numbers are there to remove the Execs - as opposed to non-execs (who did get held to account rightly imv.. And the numbers look like they are getting worse with people selling off.
Probably an unpopular view here but I’m not outraged that the CEO didn’t call a vote of confidence in himself when the numbers as above show he was likely to win - that imv would be a waste of time and money. If there was sufficient momentum behind the removal vote it would have to gather some of the bigger shareholders and so would reach the legallthreshold. I don’t favour Will or Paul - neither of them has proved yet that they are clearly better in current environment, I just want this to move on for the sake of my investment — as prolonged uncertainty is no good for the company whoever is going to run it.
Serif
"Upon the submission of a valid request, the board of directors of the company must call for an extraordinary general meeting within three weeks. In case the board fails to do so, the members can themselves call the EGM within three months of depositing the request."
So I don't think now is a sensible time to call an EGM as WH would probably call it Christmas week hoping no-one turns up and whilst being diverted preparing for Christmas, would not be voting in large numbers.
Perhaps a new application will be made in the New Year. Fingers crossed.
If the terms were right WH could persuaded otherwise he may just be left in charge of the "Titanic"
Do you, Serif, have confidence in WH? I certainly do not after his disdainful attitude towards PI's There is no excuse, in my book to openly state trustees own shares and not those who payed good money. Disgraceful attitude.
So would you appoint someone whose stated goal is to kick you out?
More to the point is the EGM idea still in play or have all the recent sell offs by SHAG supporters left any potential vote dead in the water? We need to move on one way or another rather than just keep repeating ourselves.
Hopefully we will get results soon on Wressle.