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'4) The Board are acting direct contravention of Jaap Huijskes’ statement in his Chairman’s letter of 23/5/2019 that GKP would cancel any surplus treasury shares.
Furthermore they’re not buying back for cancellation despite announcing in their Further Buyback Programme of 10/12/2019 that the ambition was:-
‘to focus on capital allocation and will be an accretive use of funds whilst not impacting the Company’s ability to continue the execution of its existing investment programme.’
Well somebody had better tell JF that buying back to treasury isn’t working.'
Straycat, Have you taken some of these very legitimate points to Celicourt Comms at all? If, like most, you have had an unsatisfactory outcome from speaking to Celicourt, what other lines of communication do you feel may be appropriate in getting to Jaap and holding him accountable on them?
Head of Finance jobs are remunerated at about 50 to 100 K , Accountants should not be getting so many free shares for paying bills and balancing the books imo. This is very small beer compared to SZs bonuses in the event of a sale of GKP however.
Nadzeya Kernoha
Head of Finance
Nadzeya joined Gulf Keystone in January 2012.
She has more than ten years’ experience in audit and finance within the oil and gas sector and qualified as a Chartered Accountant at Deloitte London where she worked within the Energy and Resource Audit Practice. Nadzeya held several roles with Gulf Keystone’s finance team before assuming her current role as Head of Finance in January 2019.
Nadzeya graduated with a bachelor’s degree in Business Administration and Economics from the American University in Bulgaria.
IF the maximum number of shares required to ‘satisfy staff share option plans’ is 11.6m, then surely that’s been done?
At close of play last night there were 11,517,350 common shares held in treasury. Add to that the 582,000 vested shares that have recently been released to employees exercising their option share rights and the total buy back of common shares to treasury since inception on 8/7/2019 is 12,099,350.
And yet the programme goes on, every day, buying back into treasury when:-
1) My calculations suggest GKP have now covered their exposure to all staff share option awards granted;
2) Anyway most of those shares won’t be required for year(s) to come;
3) We’ve been warned of payment delays in January and the MNR are still delinquent on October payments (November payments haven’t yet been mentioned).
4) The Board are acting direct contravention of Jaap Huijskes’ statement in his Chairman’s letter of 23/5/2019 that GKP would cancel any surplus treasury shares.
Furthermore they’re not buying back for cancellation despite announcing in their Further Buyback Programme of 10/12/2019 that the ambition was:-
‘to focus on capital allocation and will be an accretive use of funds whilst not impacting the Company’s ability to continue the execution of its existing investment programme.’
Well somebody had better tell JF that buying back to treasury isn’t working. In fact buying back for treasury has not worked as ‘an accretive use of funds’ at all.
Witness the stubborn resistance to change that’s shown in the share price since 8/7/2019, the initial commencement date.
The way to concentrate value in the sp was/is to buy back for cancellation.
Okay, so let’s say that they really needed to buy back all those shares to cover staff options. Well they’ve done that now so why are they still pouring hundreds of thousands of shares into treasury every day where they do nothing for the sp at all?
Why aren’t they now buying back for cancellation?
Special Resolution 13 was specifically designed for this purpose and provides for both cancellation and treasury options.
One option is that maybe they’re preparing to launch another staff incentive scheme, rewarding valour and achievement in equal measure. Just like the SRP which had a three year vesting period with zero priced options and required no performance AT ALL, just the ability to turn up regularly for work every day.
After all, they must have some purpose for this share acquisition policy, otherwise what are they doing? Because we’ve already seen what happens to the sp when you take the shares off the market without cancelling them…..nothing.
Incidentally, I wonder what everhopeful’s view of another unconditional staff share option programme would be?
IMO. DYOR.
I reckon that 'vesting of all staff share options' = staff option shares ever granted.
My figures suggest that this = 11.6m.
Anyone got a different, justifiable figure?
Doh spoke too soon.... 170k bought 2day.... thank god 4 that... otherwise it was a clear takeover!!! ; )
Well doesnt appear to sv been any buy backs 2day?... strange... so they began a 25m buyback beginning with 15m to start which as i understand it runs till april.. then the further 10m..... so funnily enough they av fulfilled the vested options... which do not vest till next year at the earliest..... so in theory anything they buy additionally should b cancelled and not held in treasury.....so why av they stopped???... yet more questions than answers once again!!!