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pablo2, A little research does not show Andrew Dennan working for them before. http://www.checkdirector.co.uk/director/andrew-dennan/
Not sure about them but Andrew Dennan worked for them before SRON. Interesting layout of holding's structure given post Coro admission. PVE going down to only 13% and Masterman (and Bailey) with over half of those have agreed to lock-in post PVE distribution to shareholders, so shouldn't be much big selling there
That looks to be a good appointment. This also bodes well with our presidential level links in Indonesia! Can see some decent assets / projects developing. I have some of these tucked away in the SIPP and have faith that the management team will provide multiples over the next couple of years. IMO DYOR
Does anyone understand this statement of holdings ? I was a bit taken aback seeing Lombard involved.(milked AST).
Seems a smart move to bring in the experienced James Menzies - to concentrate on Indonesia and Sara Edmondson on Italy. Seems to be both their forte. I have some optimism now over the long and winding road.
...........willl buy additional assets in Europe.."..
No mention of upcoming deals etc, which is normally the case. There is usually some statement dangling a carrot. No such dangling indicates to me that Sara hasn�t bagged any deals and so the new guy has been brought in....
It makes sense. You can have a pan European Indonesian company, but not a pan Europe Indonesian person. Sara�s forte is Italy. Someone has to run Italy. Indo certainly has the potential. Let�s see if they can tap it. They need to get some news out before May, if they want the OO to proceed as planned.
Quite a surprise and unusual......I can�t see Sara staying in any great capacity going forward..... Also feel that if the new appointment isn�t until May that we won�t see any major action before then....I could well be wrong, but just the feeling I get.
Courtier, we have met each other a few times. Glad we share the same opinion of Mr Masterman. He would not leave SRON in hands he did not trust.
Courtier, The reason Masterman gets scritised is becuase of his track record with SRON. I accept he may be doing wonders elsewhere, but with SRON hes been a disaster. He raised cash by asking a load of chaps to part with a great deal of cash to build an Italian centered full cycle oil and gas business, he then raises cash at below the initial fund raising, as he seemingly got his numbers wrong. He then backtracks on the development strategy, commissions a CPR that was never RNS'ed which downgrades the reserves. He then resigns, as if none of this had anything to do with him. He should have stayed and finished what he started, but we are led to believe he had personal family commitment in Australia as being a motivation (as well as the car crash that is SRON). Now, the issue is that these guys need to be accountable for what they say and do. I'm not going to go on moaning, as that benefits no one, but I feel like I have been mis-sold and want to return the product, but the problem is, they won't issue a full refund! GL chaps.
I have been trading shares for fun in an ISA since I had a lucky incident with a forgotten insurance taken out by my mum in about 1945. I am retired and thanks to the London Oldies card travel for free most of the time. I don't have to worry whether my ISA achieves but it has averaged just over 15% increase for twelve years, only partly through dividends. I keep six shares in my account with the aim of each reaching �20,000. When they all score I will share the money amongst our five children. I was interested by your final comment about discretely leaving the AIM world, as that too has been a long term aim of mine, though now I am not so sure. I have a rule that I am allowed to invest in two AIM shares. These are currently SRON and WRES. I have met Michael Masterman at shareholder meetings some 5 or 6 times, and he has always found time to talk to me in a grown up and honest manner, hence the slight umbrage at the way he continues to be gently slated on this site when it was he built the company. When I left teaching I was given a moving send off that more than reflected the work I had put in. I think Michael deserves the same. I really think your 10 bag double will pay off by Christmas. I had not thought of WRES and SRON as a ten bag double but... As regards M.M. being Australian: my daughter and two of our grandchildren have lived in Australia for the last ten years and our son and two more grandchildren live in New Zealand... We have been welcomed in both countries.
Courtier, i have plenty of horror stories i can share with you!! I have had mucho sticko from, ooh, loads of posters, because i believe that Mr Masterman is very good at what he does. He makes money by building very good companies, with very good people, from the ground up. I tried to get in as low and hard as i could. He makes money, I make money. You have to have at least some trust in management. Gemstar is perfectly within is rights to mistrust a CEO because he is Australian. I would question the logic of that, but then there is a lot in the world that i question. I happen to have a lot of trust in him, which is why i have invested heavily in WRES and CORO. Time will prove me right, wrong, or somewhere in between. If my tenbag double comes off, i will discretely vacate the world of AIM, permanently.
So I actually got the date right. I'm just off to celebrate in The Lord Southampton. I knew one of the regular posters would put me right. Hope the AGM is not too mournful...
courtier, Good spot. It seems CORO will come into existence at the Maundy AGM.
I really thought I had bought quite sensibly until I read K3 saying he was 10% down on SRON. I am 23% down. Interestingly I also hold WRES. Once again K3 has beaten me as I am only 62% up. The reason I am actually writing here is that I think Michael Masterman has received rather too much impatient criticism. It remains to be seen whether the new people at the top will do better than MM. I selfishly hope so as SRON/CORRO is now by far the largest investment in my shares ISA. I am (competely), (very), (slightly), (not), happy here, but will have to return to cross out the non applicable words later. Please can anyone tell me what exactly is happening to my SRON shares when they finally become CORRO. I have even managed to get the date wrong, I am sure it cant be Maundy Thursday as my diary suggests...
Thanks eric K3VMC makes some good points ,but I think I'll sit this one out until the murk becomes clearer Such as how are any new Indonesian assets to be paid for. Debt. Share issue. Mixture? Atm, looks ,at best, just another long term AIM hold
inherit
Does anyone know whether JP was responsible for the acquisition of the Sound Italian assets, or did he inherit them?
I am 10.8% down on SRON. I am sure it will go well above that in the next year. Continental did not invest in another JP business with the intention of losing money. They will be looking for a similar return from SRON as they got from SOU. SE says over a 10-bagger and it can easily do that, with the funding, political and business backing and the amount of gas estimated to be in the region. As gemstar now appreciates, Indonesia is heading UP the league table of GDP and needs the gas to fuel the expansion. As for Mr Masterman being Australian, too bad if that really has put you off, and is not something else you parroted from Tom. I am more than happy with the 71% profit so far in WRES. Add in the likelyhood of a 8-10 bagger and I am becoming positively enthusiastic about natives of the former colony.
Yes K3, That is sound advice. Otherwise I think I may pop a coronry, and that would not be good for my family! I agree with Gemstar below. BTW Gem - You only have to listen to Masterman speak to realise he's an Aussie. Too busy cooking shrimps and gloating about cricket that lot. Did you do ANY research!
Had I realised Masterman was Australian, I would not have put a penny into this outfit. Lack of basic research K3, for me, this has been too much of a leap in the dark, already, based just on trust. To add Indonesia to the mix is a step way too far . 'Faith based ' investment is the quickest way to the poorhouse Incidentally, does anyone know whether JP was responsible for the acquisition of the Sound Italian assets, or did he inherit them?
Legache, i had to re-read the gemstar post, just to make sure i had missed nothing. I hadn�t. As you posted, you invested in a company which changed. No-one can criticise you for not liking the change. No-one can criticise you for being angry, or selling up. I am in the same situation as you. I invested in one thing and ended up with another thing. As it is, I am reasonably happy with what I have now. I would have like Podere Maial and the rest of the PVE assets to be added, as they are stellar. Sadly, them blokes in charge decided they were TOO stellar to go into CORO on the existing terms. Sad, but true. I will be buying. I think you should pop back in twelve months to check on progress here. ATB
Stefania looks quite fit from her latest twitter photo anyway im still down here, hope soemthing good comes out of Indonesia.
Well gemstar, speaking as a Sound holder.......hold and add....hope that helps. Cheers, Joe.