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Anyone know reason for resignation?
Am going to presume, this may have been part of the deal to pass the new auditor.
This is 19/12/2022 - when the resolution for auditor failed:
https://www.lse.co.uk/rns/STA/update-on-gm-accounts-and-suspension-of-shares-iaoiy8hx25ru0yz.html
Inbetween these two dates, am going to presume that some/or all of the 4 major shareholders, voted down the above resolution (due to share performance - lack of action...etc)
1 Beijing Sibo Investment Management LP 24,476,210 16.22%
2 Preceding Max Ltd 23,561,326 15.62%
3 LandOcean Energy Services Co Ltd 17,390,770 11.53%
4 Sramek Biodynamics Holdings Limited 15,365,998 10.18%
31/01/2023 - when the resolution for new auditor passed
https://www.lse.co.uk/rns/STA/results-of-general-meeting-jwbcp9spvnn51pp.html
The four 4 major shareholders, must have been giving reassurances (resignation of board members), change of direction, or whatever, before passing the resolution on the 31/01/2023.
Been a power struggle between some of major shareholders and the board for a few years now. Remember. also we were taking LandOcean to court, who presently hold over 11% of the company.
Present board have been useless (like obviously the ones beforehand), so might aswell give the major shareholders a go.
Nowt to lose for us well under.
Any thoughts on how pursuing one of our major shareholders through court will play out?
Odd how they have retained their % stake, whilst we are seeking £6 Million (don't quote me on this) from them.
Settlement?
"Any thoughts on how pursuing one of our major shareholders through court will play out? "
Complicated isn't the work. STA won the case against LandOcean, and from what I can gather, didn't pay, then did pay some back in chunks (not all). STA were using Dentons to persue the rest through arbiation, but the relationship between Dentons and STA broke down, as below
05/12/2023
https://www.lse.co.uk/rns/STA/termination-of-conditional-fee-agreement-w1q9vjle5gl6cki.html
This is when the c*** really hit the fans, and must have been the tipping point for the 4 major shareholders, resulting in voting down new auditor, before passing it in Feb 2023.
Been a right S show. Enjoy the RNS reading LOL
l expect emptying his draws is the most he's ever done
Gu is no loss, he's done nothing for STA in his time. The only thing he has achieved imho is lining his own pockets. It would be interesting to know if he's offloaded all his free shares on the spikes?
np :-)
"Gu is no loss, he's done nothing for STA in his time."
Hopefully the other numpties on the board, who have done likewise, will get the boot
Totally agree with your sentiment CFQ. Not one of them has added an ounce of value while taking nice fat salaries at the expense of people who don't do their homework.
Never forget in the days of RRL this was valued at over £18 a share in today's money, now where has all that value ended up?
It beggars belief they still claim to be in O&G, they do nothing.
A lot in Landau's pocket I would suggest?
Nice to see a little honesty on this board again rather than the blatant hot air of 5p tomorrow.