Member Info for ChimeyBleue

Agree there seemed to be a bit of semantics going on with their answers about whether they benefitted from the Corallian kick-backs. Their answer was very much (paraphrased) " as directors of Reabold, we received nothing".......Sachin is of course a director of Corallian, so may have benefited in that capacity, and should have declared it if so. Goes to the conflict-of-interest question some-one else raised.

Glass Lewis report stated

“CONCLUSION
Overall, we find that Pershing has made a compelling argument that change to the Reabold board is warranted and that doing so would likely lead to a more favorable outcome for all Reabold shareholders. The Company has performed poorly from a total shareholder return perspective, destroyed significant shareholder value and underperformed relative to benchmark indices over the three-year, five-year and 10-year periods prior to announcement of the Dissident’s requisition. These periods coincide with the tenures of the longest standing Reabold directors and with the tenures of the Company’s co-CEOs. While the incumbent leadership team appears to be making progress on its strategy to develop and monetize upstream assets, and recently secured the sale of Corallian for a net gain, these efforts have not translated to favorable shareholder returns, in our view. In addition to lackluster performance, we believe there are notable governance deficiencies at Reabold, including poor oversight of management, questionable compensation practices and a lack of sufficient industry operating experience on the board.”

The Heid/Novy Tag team working overtime to spam with endless cr@p to keep debate off the board:

Glass Lewis report stated

“CONCLUSION
Overall, we find that Pershing has made a compelling argument that change to the Reabold board is warranted and that doing so would likely lead to a more favorable outcome for all Reabold shareholders. The Company has performed poorly from a total shareholder return perspective, destroyed significant shareholder value and underperformed relative to benchmark indices over the three-year, five-year and 10-year periods prior to announcement of the Dissident’s requisition. These periods coincide with the tenures of the longest standing Reabold directors and with the tenures of the Company’s co-CEOs. While the incumbent leadership team appears to be making progress on its strategy to develop and monetize upstream assets, and recently secured the sale of Corallian for a net gain, these efforts have not translated to favorable shareholder returns, in our view. In addition to lackluster performance, we believe there are notable governance deficiencies at Reabold, including poor oversight of management, questionable compensation practices and a lack of sufficient industry operating experience on the board.”

Oza sounding like he's bored & can't understand why he's having to defend their record, probably sums up why we're where we're at.

Agree entirely Watts, cast my vote to remove this them morning.

Too much time, too many promises broken, too little progress.

Had great faith in them & their business model, very disappointed in how it turned out.

100% agree NVG.

Watched the BMR interview, you could see their horror at the prospect of the gravy train coming to an end, or best case actually having to be accountable for their performance.

Hmmmm CB......."No qualifications needed" hey???

Hmmmm Novy, I'm just quoting directly from the website, you can check it out yourself, clearly states "No qualifications needed". I'm not resentful, I find you fluffing yourself with a Blue Peter Badge qualification quite funny :-)

However, I am justifiably, annoyed by the behaviour of our Co CEO's

"In 2021, the co-CEOs were remunerated a combined £716k. In this year the share price dropped from 0.64p to 0.17p, a 70% decline....etc."

Been reading this with some interest. Very disappointed with S&S since investing about 4 years ago, like many I'm 60% down.

Luckily, for the dynamic duo, they have Novy to defend them, after all:

"No I'm not 6 a years old! I'm a professional Chartered Manager."

Just in case any of you plebs don't appreciate just how qualified he is, and how valuable his opinion is, then please check out their official website:

https://www.managers.org.uk/membership/chartered-manager/

"Gaining Chartered Manager status involves reflecting on your recent workplace achievements and how you effectively apply your management skills to deliver positive business results.

There is a fast-track and full assessment process dependent on your level of experience and qualifications. Even if you do not hold any formal management qualifications, don’t worry, CMI will support you to become a Chartered Manager though your experience alone.

Did you know that achieving Chartered Manager can take as little as a few weeks?"

No qualifications needed & the application takes a few weeks! Amazing skill set & business acumen there Novy!

Looks like our tremendous BoD is being defended by some-one as ill qualified for the task as they are to run the business.

I would have thought that if the BoD had anything that would boost the sp, it would have been announced to try and nip this in the bud and demonstrate they had a route to shareholder value.

It might be that they are choosing to do this nearer the EGM so that there is a sudden surge in the sp just prior to the vote & rely on that to convince shareholder's of their credibility.

If there is nothing, then they have nothing, so time for a change IMO.

Been here since 2018, looking back can see 4 raises since Sept that year (£4.8M, £2.65M, £24M & £7.5M) totaling £38.95M.

Current MC is £28M, a full £10M less than has been raised.

It's pathetic.

Christ, what a mess.

People voting en masse with their feet & heading for the door, can't say I blame them.

Pathetic from our highly paid leaders.

Jack, can only hope you are correct, hopefully we'll see an increase on the back of that & I might get out at break-even after 4 years.

Been nearly 4 1/2 months since the Conditional Offer was made for Victory, which just seems too long if the transaction is simply for the sale of that asset.

As has been mentioned here & ADVFN, while Reabold will influence the process, as a minority shareholder, they are not in control of it. If I was a Corallian shareholder, I might be a bit disappointed at giving up my other assets for just £250K given the huge increase in their value over the past few months. Might be that they are strong arming Reabold for something more that is taking time to thrash out?

Just get the feeling that world events and rapidly increasing prices have made this transaction far more complicated than it would seem.

More selling today but the shareprice still holding firm.

Any thoughts as to why?

Not so sure dee, just think some people know a delay will be announced tomorrow.

Big boardroom struggle at C as far as I hear.

Nearly all the directors want to take the £200M+ offer that's on the table from the deep pocketed major.

Stephen blocking it though & wants to take the bag of magic beans he's been offered by the old lady he met on the way to the market.

Great perspective & researched analysis as always Jack, much appreciated.

dkok,

Your calculations assume a linear increase in Victory value in line with gas price increases. It will increase far more rapidly than that given the updated NPV value of £193M includes a significant chunk of capex that will not increase. Having said that, we won't get 50% of the NPV value. The calculation below is just illustrative, but does demonstrate the value we would get if the price/therm goes up significantly:

Gross value of Victory @ 50p/therm £193M + £85M development costs = £278M
https://www.offshore-technology.com/projects/victory-gas-field-west-of-shetland-uk-continental-shelf/
Conservative estimate of £1.25p/therm gives a revised net value of ((£278M/0.5)*£1.25)-£85M=£610M
Purchaser pays 33% of value to acquire = £201M, RBD 50% share = £100.5M

In addition, there was a statement about maximum production that gave even more impressive figures:

https://www.energyvoice.com/oilandgas/north-sea/426661/corallian-reaches-key-milestone-on-road-to-victory/

Report states peak production rates of "148.6 million cubic feet per day", one therm is 96.7 cubic feet (say 100 cubic feet).

148,600,000/100 = 1,486,000*£1.25 = £1,857,500/day * 365 = £677,987,500/year?! This ignores 15.4 tonnes of condensates per day.

All looks very positive.

Morning all,

Barking, it's good stuff, I'll send some over!

Right,

This is the week it finally happens IMHO, guessing definitive sale RNS lands Thursday. SP over 3pps on unexpectedly high £/therm being agreed.

#RedDotIncoming

LOL,

Can only hope the Crusty Oil Exec quickly settles for £2.25/therm, deal agreed & announced 25.07 :-)