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To whom it may concern,
I hope this message finds you well. I am writing to express my sincere appreciation for the ongoing efforts at Simec Atlantis Energy (SAE) and to address a matter of concern that has recently come to my attention.
As a long-term investor in SAE, I have been closely following the company's performance and the recent decisions related to share grants to management. I understand the importance of incentivizing and retaining key talent, and I want to give the benefit of the doubt that such decisions are made with careful consideration.
However, I cannot ignore the significant impact these share grants have on existing shareholders, particularly given the fact that many of us have experienced a substantial decrease in the value of our investments. Since SAE's initial offering, shareholders have faced a decline of almost 99%, which raises questions about the appropriateness of diluting our ownership further.
I am reaching out with the hope of gaining a better understanding of the rationale behind these large share grants and how the company perceives them as appropriate in the current context. While I appreciate the need to reward and retain valuable team members, it is essential for shareholders to comprehend the decision-making process behind such actions.
I kindly request an explanation that outlines the company's perspective on this matter, taking into consideration the concerns of existing shareholders who have witnessed a significant erosion of value.
I firmly believe in open communication and transparency, and I trust that you share these values. However, if my concerns are not adequately addressed, I feel compelled to bring this matter forward to the Financial Conduct Authority (FCA) for further review.
I appreciate your attention to this matter and look forward to your response, which I hope will provide clarity on the company's perspective and decisions.
Thank you for your time and understanding.
Best regards,
a concerned investor.
Fortunately you wrote them, for I thought of it too. But I would have been the last to be polite. I´d rather dropped the bomb and shout them to death. What a pathetic, immoral bunch of Nachtkappen, morons. Each time a shady, dobious "company" fails those criminals are taking their assets and rats are deserting the ship. FO! Criminals! What a measly politic maneuver to credit those who should have been prosecuted and beat themselves up. FO! Bunch of lurdans.
Let's just see where this SP goes and hold out on judgement. I'm giving them until the 3rd quarter to show big moves within the company before I rage. I think we all know the SP is way underrated by now, and with all the good news and moves since the big drop out, it seems that this share is being held back in some shape it form. It's financing issues are less, it's USK prospects since the call in, have improved and it is now a more diversified business exploring opportunities at home and abroad. I feel like the business has turned a corner and not without hard work. Maybe the staff do deserve their rewards when looking at the business just 3yrs ago to what it is now. I'm holding back on judgement. I will be interested in their response to the very well written letter though.
Keltickilla may I point out to you that they did a switcheroo here?
Basically, they decided that the company is now worth so little, it's better to give away their old options and switch them for better once. Let's say... a strike-price of 1.15p?
Wouldn't it be nice if we all could just grant ourselves a much lower average? I am at 4.5p and I have to pay for this with hard earned money.
Seeing management making such a move TWICE within 12 months is too much.
How did they earn this? How does this match with the stocks performance? How is this in our interest?
I was able to accept the first grant which was already over 7% of the company.
Management is already in the green. They already see +20% in return as their strike price sits at 1.15p. Should management achieve a share price of 11.5p, then the'll receive a nice bonus of £300,000 to £500,000 already.
That's pretty neat and should be enough incentive imo to work towards this and hopefully even more some day.
However, all I see and fear now is them taking 15% of the company, waiting for some proper valuation in their perspective, only to sell their stock right back to us.
Yes, I want them to have an incentive to increase the value of the company, but with a strike price at 1.15p and now another at 1.5p, still down 99% since their IPO, how is this justifiable in front of existing investors?
Imo the simple solution here would have been to set a higher strike price. Their grants are not even tied to any other performance metrics whatsoever..
I messed up.
I created a separate email-address for this email in order to remain anonymous.
However, now after checking if I got an answer from Simec, the site is now asking me to confirm my identity using a code they sent me via SMS.
The problem: I didn't give a valid number. That means I am now effectively locked out of said email-account. Unable to check whether or not and what SAE writes back..
What email did you send it to?
I am sure there are enough people on here to resend it to gather some momentum.
I sent it via the contact form on their website.
Did you send the same content with an explanation? Would love to know what they answer.
I'm quite sure they can provide one and that they'll repeat the fact that they want to incentivise management..
I'm not sure if any answer can make me happy at this point...
Will update when or if I get a reply.
Thank you 🙂👍
If no response is forthcoming, you could forward it on to Sean Parsons, Director of External Communications at the following email address:
sean.parsons@saerenewables.com
Hope this helps.
Why don't you and others on here copy MTs letter and all send to sae and Sean Parsons?
Power by numbers.
Has there been a reply yet?
@deutscher.
Have you sent a message or email?
I have not had a reply but I am sure that if enough of us do then they must respond.
Otherwise the only other course of any action would be to involve a major investor with over 5% shareholding to call a Special General Meeting
@strangy I meant tidal_lover (I guess it was him who wrote sae a letter) Wondered if he got a reply
It was me and I have just received a reply that I will be posting on this BB in the next hour.
PLEASE SEE SAER REPLY FROM SEAN PARSONS.
I HAVE REPLIED AS IMO I STILL THINK IT WAS UNJUSTIFIED AFTER GOING THROUGH ALL THE RNSs AND HISTORICAL DATA.
-----------------------------------------------------
Hi xxxxxxxxxxxxxx,
Thank you for your email, for taking the time to write, and for your appreciation of the work we are doing. The continued support of our shareholders has been critical in delivering our world-leading projects. We have been working hard to ensure that we are able to continue delivering these projects and build on our recent successes.
The new management team have had to navigate considerable challenges and make some difficult decisions. The team are focused on a strategy to deliver an exciting future for stakeholders, by maximising the opportunities at our sites in Scotland and Wales. The team's dedication and hard work, alongside their expertise and experience, are critical to our future success, and it is important that we retain the right people over the long-term.
The LTIP/CSOP schemes in place are designed to ensure that management, and indeed all employees, are incentivised to increase shareholders’ value over the mid and longer term, and to be rewarded accordingly. The schemes are designed to reward if the share value increases, to align with the interests of shareholders. If options do vest and are exercised, dilution would be expected to be substantially offset through the share value accretion.
We would note that, as we recently announced, the total option pool is limited to a maximum of 10% of the company’s issued share capital, with just under 9% currently granted.
We believe these schemes will allow us to reward and benefit all stakeholders who are on the journey with us.
Thank you again for your ongoing support.
Sean Parsons”
Thank you for posting their response.
What I don't get.. according to my math they are now somewhere near 15% in total. So what does 10% mean? Last year it has been ~7% and this year around ~8% or were my calculations just wrong?
Idk how I feel about this.
Yes, I certainly want management to get a share.. 10% would certainly suffice.. and what about the other employees? I sure hope that they allocated some options for the small guy as well and not just upper management.
Anyways.. I'd have felt much more of okay about this with a higher strike price or e.g. making conditions such as "build x% of MeyGen, get x% of your shares vested"...or better.. a higher strike price in order to consider us bag holders who are down -70, -90 or maybe even up to -99% ..