Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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" It is intended that a proportion of the New Ordinary Shares will be sold by Mr. Mitchener to cover tax and national insurance liabilities arising from their issue and a further announcement will be made in this regard as appropriate".
The share sale will tell all. The big day is 14th February 2020. The tax year ends 5th April 2020. Brian has been chomping on biscuits for the last eight months. He will know nothing about the possible suitor for Sound Energy or their likelihood to go through with the deal or whether management think it will be beneficial in the long term for shareholders. When he decides to sell shares, before D-day or after, will tell all. Though he is in no way privy to inside information or would ever act upon it. Like all the Sound management he is trustworthy to the last sausage. I wonder why he has been given his shares well before his leaving date?
>>> "I wonder why he has been given his shares well before his leaving date?"
Seems pretty clear it's because of the potential to make an absolute packet. No use after the deal is done. The fact that he is prepared to take them is telling, and no, I don't believe it was because it was an ultimatum to take shares or nothing. Sound own a billion dollars worth of gas in the ground. I refuse to believe they couldn't find a buyer for 10c per share if the absolute worst came to the worst. If I was Brian I'd bite their hands off for that number of shares.
The RNS stated that it was to conserve company cash. Are you telling me that you, or anybody for that matter, wouldn't prefer to receive a cash pay-off rather than some cruddy shares? Cash is king.
Cash is king when you are in a rut. (Let's not forget SOU paid off a creditor with shares for a measly $15k a year or two back when they were much less needy than now). But if you can afford to speculate, there are certain times when you would be mad not to. That's the view I've taken myself but, unlike Brian, I have to pay to accumulate. As I said, if I was him I'd bite their hands off for such a good deal. Heck, I'd bite my OWN hands off for 6m free shares.
In fact, here is the actual paragraph taken from said RNS:
"At the Board's request, and to enable the Company to conserve cash balances, Mr. Mitchener has agreed to accept new ordinary shares in the Company ("Ordinary Shares") in settlement of termination of his employment contract. As a result, the Company expects to issue new Ordinary Shares, at the then prevailing price per Ordinary Share, with an aggregate market value of £107,983 on or around 25 January 2020 (the "Settlement Shares") and a further announcement will be made in this regard, as appropriate, in due course. "
It was at the request of the SOU Board and definitely wouldn't have come from Brian himself. So don't think he is being all heroic by agreeing to accept his pay-off in the form of shares, of which a vast chunk of them will be sold into the market for tax saving reasons.
May I also take this opportunity to remind you that Mitchener is leaving SOU on 31st March. If the future at SOU was going to be so great with plenty of drilling and exploration, then why oh why is the Exploration Director leaving? The simple answer to that question is surely because there will be no further requirement for his services and potentially no further exploration or drilling. Maybe he was asked by the Board to leave due to his very poor results? Sent on his way with a pay-off in shares that right now, the market doesn't really want to own, unless of course your name is ps200306. Mug punters around the land will be raising a glass to him on February 14th, 'National Impotence Day'. Pack the blue pills, chaps. At least Trellis has an excuse for his floppy member. Blame it on the Rioja, I suppose.
Mr PS, when do you expect Brian to sell his shares for tax purposes? Before or after 14th February.
Maybe BM saw/ knows the potential of a future divi, @ circa 5p (if possible) and assuming 3m shares left after sell off to pay dues he would be bringing I. Circa £150k per year... Not a bad pay off if you ask me... Subject to blah blah..
Ps200306,
Much that I admire your loyalty and ambition, I think you should keep your share buying plans to yourself. It's fairly distasteful given that the vast majority of investors have lost a lot of money. They don't need to hear about how many shares you plan to buy. Sore subject. I look forward to checking-in on how you are feeling come February 14th. Let's just hope for your sake that you have a good sense of humour before hitting the 'filter' button for the umpteenth time.
Jizzy
Depends on his circumstances. There's always an outside chance everything goes **** up and he is left out of pocket for his tax bill as well as his remuneration. Let's face it, if he has to sell half of them to pay his tax and he doesn't do it, it implies he thinks buying 3m shares out of his pocket is a good idea. Akaik, he hasn't done it so far, so wouldn't necessarily expect him to start now. If I was him I'd take the punt (in fact, I HAVE), but I'm not him.
Jez, I will say three things to you. First, I am down WAY more money on this dog than the overwhelming majority of people here. Second, the day I start taking lessons from you about distasteful behaviour will be a cold day in hell -- you're the twat who crowed about getting all his money back on another share and then came back here for no good reason other than to berate people for not being as clever as himself. And third ... well the third thing would definitely get me banned, and you're definitely not worth it.
Ps200306 - with the greatest of respect to you, I think Brian knows more about what is happening generally at SOU than you do and if he intends to sell-off some of his shares (for tax purposes) prior to the end of this particular financial year, then this probably means that he doesn't think the extra tax he would have to pay by not selling the shares is more financially beneficial than selling them. Capeesh?!
Well, then he should sell ALL of them , n'est-ce pas?