Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
Okay my mistake that he was CEO but he was on the BOD. The bottom line is they are not getting the share price up, it is going down and they really need to pull a rabbit out of the hat because people are getting even more frustrated.
Well that was a waste of money and time. I am sure consultants were being paid like Jamie White at ££. The application would have been made in Jan last year so WH was in place as CEO. They certainly are deploying Europa's money in other projects, it is called project 'Let's make Management Rich'.
As much as no one who is invested here wants to hear negative posts, the share price speaks for itself. It is entrenched at sub 1p and I really believe the only way up is a farmout or merger. I have serious doubts Ireland will ever get farmed out so that really leaves EG. EG seems a relatively sensible place but there are several small companies in EG who will need to farm out, all vying for the few large players who can afford exploration risk. The sensible thing would be to merge several EG assets together to make a large portfolio.
IMO, I think if the BOD can't show an increase in share price by late Autumn, then the company needs to look for a company to merge with and that may mean kissing their nice, fat salaries goodbye for the sake of the shareholders.
Tony,
I fully agree, the digitation taskforce which outlines that all shares should be held by broker/nominee accounts will preclude any shareholder rights if it goes ahead without ensuring shareholders have the right to exercise their votes. It is a fundamental point. I am very interested to hear what HL says to you. Just for clarity, they will vote the way you ask but will not call an EGM on behalf of shareholders and that is the problem as they own the shares, not the shareholders. Our rights have been taken away. I have written to my MP about this and I would urge everyone else to as well. Look at Share Society for a template.
From Upstream:
Privately-owned Antler Global is set to fire-up a farm-out process this quarter to secure a partner to drill a key exploration well in Block E-08 offshore Equatorial Guinea that could host resources of about 1.4 trillion cubic feet of gas equivalent.
EOG own 42.9% interest in Antler.
The share price is once again 1p and less if you want to sell. I still think a merger is the best outcome but in any case, the BOD need to start generating some interest to get this share price up. If this level is maintained to next AGM, I don't think the BOD will survive
Tony,
You have made your point, i will just make a couple of points. The share price drop in 2008-9 was definitely because of the financial crash. The drop in share price after Paul quit could be seen as the markets not really liking that outcome.
Anyway, the share price at present is dire and it is a penny share. The BODs really need to show they are deserving of their pay which has trebled since Paul was in charge.
Tony,
Nominee accounts will normally vote the way you ask but if you ask your nominee account holder to requisition a meeting, they will most probably say no they are an execution only service, I know I have it in writing from Hargreaves Landsdowne. As for share certificates, these will be obsolete when the digitisation of all shares takes place in the near future and unless the law changes you can probably forget ever holding the directors to account unless you have a private client broker who is willing to request a meeting. Most wont.
I am not sure what you have against Paul Barrett (that is actually his name, it is not what's his face) but was the one who identified Wressle and brought it into the portfolio, he drilled the very successful Whisby well, and was the first CEO to go into Ireland (which everyone still thinks is great, except me because of the politics). So yes he probably would do a better job than all CEO's who have come after him, for one thing he has a large number of shares and wants to see the shareholders make some money, not just management. However, and I am not sure how many times this has to be said but he wasnt going to run the company but did want to see change, which he managed by getting rid of SO and Stephen.
Article in FT today on oil and gas interests in EG, it doesnt make great reading. Exxon has pulled out and despite a concerted effort to get a western major to buy there assets, there were no offers. The president is under investigation in US nd France and he is now turning towards the Chinese. It sounds like a difficult situation and may be more difficult to find a farminee then we had anticipated. I hope WH has contacted CNOOC.
BTW, WH and Paul are not the same. WH is drawing over £365,000 a year and would not want to give up that salary whereas Paul had no intention of running the company but did want to see a decrease in salaries, less option awarded at lower and lower prices and was willing to look at a merger which I doubt WH would entertain.
We all want to see the share price go up but because you think it might been seen as putting people off buying into the company, you ignore the obvious that the share price performance is terrible and that is down to management.
Serif the only reason we even had a revolt was the dire share price performance over the years and share holders were tired of seeing large sums of pay in bonuses/salaries/options going to the BOD when the share price was going in the other direction. You may say the WH and co have only been in the job for a year but he was on the BOD as FD before being made CEO. Alistair Stewart has been a consultant for EOG for over 10 years (+-) and I haven't seen the portfolio deliver in that time. BOC has been Chairman for over 5 years and awarded Simon Oddie ridiculous salary/bonus for ruining the company. Without Paul and his efforts we would still have SO and SW drawing salaries and being on the BOD, BOC and non executives awarding themselves share options at a lower a lower price, year after year. So I say well done that the shareholders stood up to the greed of the BOD. I would venture to guess they might again come the AGM if there is not an improvement in the share price.
Gerry is absolutely correct in that the BODS rejected the EGM requisition on a legal technicality. It was shameful. Serif, you say all is fair in love and war but I doubt there will be much love for the current BOD if they cannot get this share price up before the next AGM and war could break out.
I have already said this but patience is very thin amongst LHS.
The share goes 1 step forward and 1 step back; as soon as it goes up there are sells. We really need some news to move the share price. We are currently stuck, shareholders patience wont last if we dont see forward movement in share price.l