AGM 14th December4 Dec 2017 19:43
In my opinion, another year of poor SP progress following the previous 5 years of poor SP progress under Hugh McKay�s tenure.
SP performance over the last 6 years has been dreadful. Back in August 2011 �On appointment, Mr Mackay will be granted options, expiring after ten years from the date of grant, over 5,000,000 ordinary shares with an exercise price of 13p. The share options will vest in five equal tranches when the share price of the Company has been at or above 25 pence, 35 pence, 45 pence, 50 pence and 60 pence respectively for a period of 30 consecutive trading days�.
Hasn�t got anywhere near achieving that performance level or even the exercise price, so recently lowered the bar and granted options at 6p vesting at 10p! Outrageous.
What have we to look forward to in 2018?
- Wressle goes into production: I believe this will happen and should lift the SP
- Holmwood exploration drill Q1 2018: Not a hope in hell in my opinion, neither will it happen in Q2, Q3, Q4, if at all. LHAG will continue to run rings around Hugh and his team.
- Ireland: not sure what events will lead to a �meaningful� farm out so not expecting much there either.
- SP remains range bound 5p-9p: highly likely
I am firmly of the belief that management changes are required to have any chance of realising our fantastic asset base in a timely fashion and my vote is placed. I believe Proxy votes need to be in by 8th December. Hopefully the large investors see it the same way.