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A CEO that cannot be bothered to face the music and tell PI's the honest truth because he himself is too interested in getting his salary paid until the company goes under!!!!
Try finding me a worse type!
SS probably done another dodgy deal to pay out silly money to a "partner" that doesn't do anything to justify the spend.
i.e. remember "Apex Solutions", run by the former Chairman of the board, paid them over £500k for services, a year later Apex were wound up. Clearly only ever setup to milk cash from the company, there were no services, no paperwork and no value. SS should be facing criminal charges just for that alone!
You ain't gonna stop the fall in the SP by doing SFA. The CEO has gone AWOL, completely ignoring shareholders calls for action and for updates. This is the last round of financing that UKOG will get and they have nothing that they can invest in to make a difference. It's game over and really just a matter of time until the inevitable delisting .
Let Adrian throw his money into this dog, only a muppet would buy shares in this scam. He'll lose cash and then have the usual rant after he's been on the pop.
Ibug, I don't think you need 50.1% of the total share ownership to vote through a motion at an EGM. I understand that you only need 50.1% of those that actively vote, to support the motion to have the CEO and Chairman removed from their positions. I think there is an expectation that you need the support of 10% of the overall ownership to raise that motion and hold an EGM, then it's curtains.
Personally I would like to see 3 motions as follows:
1) SS to be removed from his position and the current operations manager (Kris Bone?) appointed as interim CEO until a replacement is found.
2) The Chairman to be removed from his position and replaced by Matt Cartwright on an interim basis until a replacement is found.
3) All records, including all files and email correspondence relating to Turkey, HH, Loxley, IoW and BB to be made available for access on secure web portal, with access granted to shareholders.
The 3rd one would unnerve the CEO and the BoD as we all know that they have been deliberately misleading and withholding updates and information that should have already been shared with shareholders and the market.
Simple option from a business perspective.
Kick out the BoD with their ridiculous unwarranted salaries.
Reduce the staff overheads to the bare minimum.
De-list from AIM
End all operational interests in Loxley
End all operational interests in Turkey
Pay the P&A costs at BB
Convert HH2z into the water injector that should have been done 2+ years ago.
Run HH as a simple operation. If it's just 30-50 bopd for the next 10 years then there is profit there to be had from a small business perspective.
But there is 100% no way that UKOG can or will survive, so it's really now a case of what happens next.
Do they de-list and then do the above, but with SS retained in some over-paid role until the administrators step in?
What actually happens when a company de-lists with 22 billion shares floating around, how does the ownership model work? (I know, but do you?)
It's game over for the company as a listed entity, that much is nailed on. Question is, what are shareholders willing to do to prevent the chief trough snout porker from milking the company completely dry and then it's last half-decent asset being bought for £1?
He should be actively managing the CEO and given the failures, he should be working to have SS replaced.
But hey ho, what goes on in the well run businesses on FTSE simply does not apply on AIM.
So there is a Chairman who has his snout in the same trough as his CEO mate and has zero interest in doing anything to create issues at the top. After all, get a decent CEO in and next thing you'll see is the rest of the BoD and the Chairman being marched out.
As I have called it time and time again, and will do again now.
Fair price for UJO is 14p, go do your own accounting to determine what you see as fair value.
Wressle is now starting to decline, with water cut, so the production drops pretty much as expected.
UJO need the cash to pay for huge costs of assets, it's an expensive industry with a history of on-shore failures.
Shareholders need to get an EGM sorted with a motion to have the entire board removed from their position. A second motion should be put forward to require that UKOG provide access to all records, documents and email correspondence relating to Turkey, HH, BB and Loxley. There will be evidence there for all to see that shows that the BoD have been withholding market sensitive data and deceiving shareholders with updates in RNS's.
SS should be taken to court for his lies and deception. Where is the HH2z work-over for example, how many times have they promised that and not delivered it while milking the PI's for cash to pay the BOD salaries?