RE: Price drop18 Mar 2024 11:06
Cyril2, yes I do think it is rotten luck how things turned out re the CINOs/CADS since it was hardly forseeable that a "Tory" gvmt would behave in such a way; much more likely to be a disaster under LIEbour.
Why am I "so harsh" about the current CEO/BOD, well because the current CEO makes a ridiculous salary for someone who has presided over such shareholder value destruction, and has the nerve to claim he is underpaid whilst also taking large bonuses (for doing a job he has already been paid more than generously for doing.) He forced out the only real personnel asset that the company had at the time (RL) and tried to stack the BOD in a way which he thinks will be beneficial to him. He has unnecessarily announced hard deadlines which he then completely failed to keep without any advance notice to the market, and his only real experience in the O&G industry was when daddy appointed him at his company!
As for having current BOD members who have skills outside the NS - perhaps you could explain which particular members have suitable experience and where? (I assume you are not including Benitz in that, since his only experience at Longreach Oil was hardly a roaring success.) My research of Ithica indicates that really those chaps only have NS experience of any significance (and they ARE heavy hitters in that regard, no doubt.)
Those with any realistic understanding of how things are looking in the UK these days will accept that NS investment is simply dead for the forseeable future, and I would suggest that the cash received is either distributed to shareholders, or the board replaced, including the CEO, and the money used to diversify the company's focus as far away from the NS as it's possible to get.