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SOTB
mrc, could it be mr Chuckle?
Someone who had their client’s best interests at heart , perhaps ?
MRC
Share price holding up extremely well. If that's the best you can do the. It's time to move on to another share !
PS are you and Bobert brothers ?
Paul - they have been seeking partners for years. It’s going to be the same parties that could potentially be interested. Either these guys won’t answer TCs calls or they are not interested.
Putting Gneiss to one side, you would think there has never been a better time than now to be seeking a farm out. I suspect the process will take a few months though - could be 2023 before we get an outcome.
I see it as hopeful and you’d think Parkmead have a good chance of finding a suitable partner (or partners) in the current environment.
If not now then it will never happen.
Aupec has been with PMG from the beginning as far as I can remember.
It has always been a mystery to me why with such an impressive list of international & multi-national clients their expertise has never to my knowledge been used or benefitted PMG.
Times article states: "It has brought in Gneiss Energy, an Edinburgh boutique which works internationally and specialises in corporate advice to the sector.".
And what are Aupec doing these days I wonder...according to their website: "Delivering UNMATCHED skills, experience and expertise in fiscal regime design and analysis, project economics, MERGERS AND ACQUISITIONS, portfolio optimisation and beyond." (MY CAPS)
In 2020 they had turnover of £800K and 5 employees. In 2021 accounts, both revenue and empoyee figures are missing, and the cash in the banks has reduced from £3.5m to £2.9m. Hmm...
(Aupec are a PMG subsidiary company in case anyone is unaware).
BJoe
Who would you appoint as investment cnsultants ?
SotB - 'Tom just doesn't have the time to trawl through all there figures.'
What does he do then? Spend all his time counting his £500k pa salary?
A bit of due diligence would not have been amiss!
I am all for involving investment consultants when you have not been successful in attracting any investment yourself but the Gneiss appointment is very questionable.
GLA
Mrc
The companies that you mention did not have much to offer production or asset wise hence they are valued at at fractions of a penny.
Come on get realistic Parkmeads GPA are surrounded by oil fields........oh and infrastructure
Candles burning in the EU.......Oh Dear !
They also arranged Wonga finance for SCIR which has obviously not helped.
As I say, if it’s just some body’s to put deal paperwork together then I don’t see a problem using them. Just watch out for Creepage, and don’t expect a good retained percentage.
SoTB - I urge you to look at SCIR. They are in the process of trying to remove Gneiss friendly BOD.
Gneiss director Jon Fitzpatrick bought his way onto the BOD, installed another consultant from Gneiss as an ops director, and handed his own company millions in other consultancy fees.
Essentially SCIR have been stripped of assets to pay for all of this - just my opinion.
You could argue they did the best they could with a crap company, but really if they are any good they should have been running it as a bare bones business and returning cash to shareholders. Or properly recapitalising the business to take forward a new Strategy.
BJoe
Surely Gneiss wouldn't be in existance if they couldn't do there job. The market is good and there's plenty of companies looking to use there tax allowance farming into Parkmead. Tom just doesn't have the time to trawl through all there figures.
£1 + by Christmas
MRC - If Gneiss have been advisors to bottom-of-the-barrel companies such as BLOE, SCIR or CEG then it really shows how low PMG/TC have gone to also be using them.
TC certainly lost the Dana shine some time ago unfortunately for LT holders.
GLA
Hi spurs1975
Your opinion is welcome it's easy to spot the doubters you may need to hold on to your hat.
I think it will be well above £1 by CHrsitmas because the true rise in energy prices hasnt hit home
It's a pity your not going to buy anymore Mrc...
PMG will be £1 + by Christmas .
Enjoy the upward projectory.
Good luck all
SOTB- it’s clear that the CNOOC route is dead in the water.
This looks like a last roll of the dice to me for GPA. Not an easy project.
Suggest you arm yourself with facts about Gneiss history on AIM. They leave a trail of value destruction wherever they go. I would hope they don’t have any further involvement beyond the farm out process.
Nothing strange about getting an agency to assist work scope. The North seas pretty much run by them now as companies canna get the manpower due to the
down turn over the last few years .
Now it's booming and that's why Tom's put GPA out for tender !
I find it strange he has waited 5+ years to decide the task is beyond him.
As I say, these Gneiss guys are sharks. Big red flag for me and I won’t be investing here again.
My view is really about the judgement of TC rather than any real concern that they could cause material damage to PMG.
I would urge anyone to DYOR - go over to BLOE, SCIR or CEG boards and ask what they think of Gneiss.
There's nothing wrong with a Farm out it's the way of the North sea.....Parkmead have a lot more than just GPA to offer in the farm out. Obviously that's why they have brought in professional consultants who are involved with asset partnerships in the oil and gas industry !
What is wrong with a farm-out?If it facilitates the development of the field.Consultants dont work for free, and much of their potential earnings will be performance related
I would just be very wary of that particular company. These guys in my opinion are vultures, not dispassionate consultants. I follow a company SCIR, where these guys bought there way onto the board and brought themselves in as consultants. Current MC is £2m (it was about £15m when they started) and Gneiss alone have taken more than that out of the company over the 3 years. They have just pushed through a sale of the main asset for almost zero up front - $3m…I suspect this will cover their fees alone.
Worse still it looks like they screwed up the deal and SCIR May now lose their asset. Gneiss negotiated a separate loan package with the buyer, but the sale has now been pre empted. It looks like the field partners will not be obliged to provide a loan!
Shareholders are now getting the FRC involved and trying to oust the stooges on the BOD.
You talking nonsense.plenty cash coming into Parkmead to pay for outside services.
If it costs £1 million to return millions what's the problem.
With Gneiss involved I would not expect a good deal.
This has lowered my opinion of TC. Supposedly he is a dealmaker but now letting the suits handle it? Can he really justify his salary if he is paying these guys (it will be a significant amount) to do the work.