Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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What I find interesting is that EIG the main share holder of HBR as not been shy on make further and significant investments into the OnG sector.
Just looking around at just 2021
1) "Aramco agrees $12.4 bln deal to sell stake in pipelines..."
https://www.reuters.com/business/energy/aramco-signs-124-bln-pipeline-deal-with-eig-led-consortium-2021-04-09/
2) "EIG Clears Pathway to Buying Petrobras Assets...."
https://www.google.co.uk/amp/s/www.hartenergy.com/news/eig-clears-pathway-buying-petrobras-assets-191713%3famp
3) " Milbank Advises Carlyle and EIG on GasLog’s Note Purchase Financing..."
https://www.milbank.com/en/news/milbank-advises-carlyle-and-eig-on-gaslogs-note-purchase-financing.html
BUT what is the factor that is stopping them allowing HBR going ahead with SL??????
1. Argintinia
2. Limit the exposure for HBR and therefore keep it focused on European assets (not sure if Tuna and Zama fit so are they future sales??)
3. EIG fund SL via a different vehicle I.e via Navitas )
4. Let RKH finances run out and use 3 or another
An indicator will be what HBR do with their share of SL
EiG have proved they have the ability to make big moves from above AND the recent PMO reverse merger, so why not take out RKH?
Something is not quite adding up..
I keeping coming back to could EIG be up to something or it's too much grief because of the Argies/ no support from HM Gov????
Rgds Sft
I agree with you that things don't seem to add up and I think it will be very interesting when we find out Harbour's exit strategy.
$1+ billion has been spent so far to get here. With recent oil prices there must be a stage when the political issues are outweighed by the amount of prospective cash from Sea Lion.
No wonder Navitas are still interested.
It would be nice to see an RNS from HBR saying
''Only kidding, POO is too high to let SL slip, we have changed our minds and are 100% going for it !!''
Yeah I know, unlikely but a nice dream :-)
Hello Falky, trying to get a grip on the directors salary has been a hope of mine for about +3 years now (along with others).
Glen has pushed it ALOT further along by putting more effort in and galvanised a reasonable amount of the same thinking LTH's. So not sure how long you have been invested in RKH or monitoring the long term discussions on this bb, you sound surprised ? Or are you in for the OM only?
For me it was essential when HBR were looking like (as I firmly believed) the ones to move to FID then sanction and then project development, which was going still take 3 years, so fiscal prudence and rewarding the directors on first oil looked to me to be VERY appropriate. So not sure
I was though very surprised they (HBR) did not go for it as my thinking was the SL reserves, with the potential for further drilling and further expansion a extremely good fit to secure their future away from older assets with heavier decom costs that will catch up with them.
So I am at loss to see why they have discarded such an essential long term revenues, hence trying to understand.
By them leaving though I agree, as some have detailed it's possible not the right time NOW ( just after HBR left) but as Glen has found out ( and enlightened us) it's extremely difficult to get a group of investors such as those that think along "similar" lines into a coherent force and even more difficult as many use investment platforms rather than the old paper share ownership and therefore are now at Nominee status.
I do not belive the BoD should be changed out as the history is in place but taking aside PoO collapse, covid PoO collapse mrk2 they are still responsible for some VERY significant errors and continued to, not invest but extract high salaries and bonuses, or shares in lieu of it seems like a financial high jack.
If it walks like a duck, feels like a duck and sounds like a duck...its definitely a duck.
I am against pulling any trigger until we see what the OM pay out and HBR exit strategy is.
Kind Regards Sft
Something RKH are going to have to do, very fast, is improve their negotiating skills.
I don't believe the current bunch are capable and those they're going to be negotiating with must know that.
So who to bring in to make the difference?
Good morning Ovets
you wrote ; "So who to bring in to make the difference?"
We might have about $6m left at this moment in time. I have tried to assess dispassionately IF a change of management now will significantly effect the 'end' result.
If you want a new top management it will take time and money to sort; we are in very short supply of both. Its too LATE.
By the time you've interviewed and attracted with a stunning remuneration package ( you get what you pay for), our fate will have been sealed by decisions entirely out of our hands.
Rkh has a weak hand now. To negotiate something great requires you to have an asset that people are queuing up to buy into.
Matters not who you have leading if what your trying to sell is not wanted.
We are left with just Navitas who MOODY stated remains ' very interested'. Without others interest to play off we are in a tricky position.
I agree with Surfit who wrote "I am against pulling any trigger until we see what the OM pay out and HBR exit strategy is."
If we do not win an OM award I think the game is up.
So why are you still invested Godders? Surely if you know we are finished and you have a chance to recover a small amount of your investment you would? Or do you have other motives...? Oh and saying you couldn't sell just in case isn't a valid reason because you keep telling everyone its 100% finished
Cyan, when I posted "So who to bring in to make the difference?", I wasn't suggesting replacing the BoD, although that might have been, and one day might still be a great idea. I agree that now isn't the moment.
What I was asking was who could one recruit as a negotiator to do a better job than this bunch of amateurs?
Sam & Co. would probably have been OK, if everything had gone just fine with a very wealthy, experienced and dynamic partner just walking in, taking the lead in developing SL. But as we know, that didn't happen and Sam & Co. have shown themselves to be very poor at anticipating bumps in the road. Instead of planning for the unforeseen bumps in the road, they've spent their time and the company's money on pampering their sore bottoms.
So to return to my question "So who to bring in to make the difference?", who can lead the negotiating team?
There's a lot to do, with FIG, HBR/PMO, Navitas and hopefully a new partner.
"So who to bring in to make the difference?"
How about Don Corleoni
Make them an offer they can`t refuse?
How about Amanda Stavely?