Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. 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.
No I'm not. The time to complain about the LTIP was in 2014. Shareholders of record back then approved it (not me). Now one needs to take it on the chin. Good luck b*tching about nail cost option awards at the AGM...
Does anyone know when the current plan expires? That's the next opportunity to voice concerns about a plan proposal.
You are deliberately missing my point.
In management terms, any option shares offered should have been a reward for performance, NOT for checking in every morning!!
Absolutely an irresponsible and cowardly way to recruit which could/would only attract the least able managers.
Just look at the results and how many have jumped ship.
Decisions we're still paying for.
And ongoing...irritated.
There is no force on earth that can stop the pigs from muncing at the trough, anyone who dares to do so will end up being the trough himself. They've got very sharp teeth! 📼🐗
If I'm not mistaken this is the grant that is now up for vesting:
https://polaris.brighterir.com/public/gulf_keystone_petroleum/news/rns/story/xlqod3w
2,751,974 share options were awarded under the LTIP in April 2021. Unfortunately, we are left to guess the number that have lapsed, versus those that have vested but aren't expected to be exercised immediately, versus those that will be (with the share delivery met from the EBT and this issuance of stock).
I wonder how many more nil cost options will be awarded in the next couple of weeks with the 2024 grant...
You should be far more concerned with how many, if any at all, of the 8.224 million o/s as of Dec 31 - from that portion that were granted circa 3 years ago - won't vest due to performance targets not being met and hence will vanish (allowing the FD shares o/s figure to fall).
"Still an unnecessary dilution though. "
What is? As of Dec 31 there were 8.224 million options o/s. That's the dilution. It was created quite some time ago. (And expect more LTIP/DBP issuance in the next few weeks.) Since they only have 200k in the EBT they need more shares and can either issue more shares (for no consideration) or use excess cash to buy those shares in the market (and not cancel them). Yes, I'd prefer the latter - and a buyback of a whole lot more than 255k shares. That excess cash isn't earning anywhere near close to its cost of capital...
PS: Deferment isn't a cut.
Still an unnecessary dilution though.
You recently argued that GKP could afford to engage in another buyback to reduce the stock available for purchase.
GKP didn't engage, choosing rather to conserve their cash at this difficult time.
But this is just bad previous management of assets.
Once the LTHs had suffered that 100/1 pain there was no need to recruit peeps who couldn't/didn't help the cause.
And then reward them for not helping!!
Absolute nightmare.
At least this Board are pitching up by cutting their rewards.
Get it?
We're all on the same ship and it's not sinking, despite previous mismanagement.
As for future share options, they will end now because GKP can't afford them, I hope so anyway!
And we are getting close to the next announcement of grants under the LTIP...
Once again, the dilution occurs from the option grants and not this issuance. Only an idiot uses 222,698,655 as the denominator rather than the FD number of circa 230 million which hasn't changed as a result of today's announcement.
Correction. Apologies.
Point still stands though.
It is a big deal because the previous management 'Restructured' the business with shareholder funds and then continued to build development by bribing employees to stick around, even though GKP was recapitalised and safe from harm.
Ridiculous.
Maybe that dilution is behind my loss so far on the shares that I purchased this morning @114. Never mind if they go down much more I’ll buy some more.
Here’s hoping that Erdogan will be smiling when they announce an agreement. If he turns up otherwise we’ll be down where Itzaponz will be rejoicing and telling us all how F****** clever he is
No big deal.
Actually 0.1%
'The new Common Shares will be used to satisfy the exercise of vested options under the Long Term Incentive Plan.'
So as I understand today's RNS, the Board have decided to dilute our shareholding by c.a. 1%.
All to pay for yesterday's mistakes and pay off upcoming options.
I understand Jon Harris's rationale given the current climate and GKP's 'little local (and continuing) difficulty'.
Cash is King right now. And GKP need to keep it safe for the moment.
So we'll just have to chin it.
However, Jaap Huijskes, the previous Chairman, has a lot to answer for
Unfortunately he's no longer around. He's left with whatever his bag of swag was worth.
Even though he was repeatedly rejected for re-election by the 80% vote of shareholders at sequential AGMs
Talk about a poor recruitment decision...