RE: Did anyone mind the gap?2 Aug 2024 13:05
Had some communication with JOG this week.
Don't want to copy exactly what was said - not that there was anything secret therein, just that it was a couple of personal emails and I didn't/ haven't said I would publish on a message board.
However, AB responded very quickly and was as courteous and professional I could hope.
My concern was as to why the RNS was issued earlier this week, as it didn't really tell us anything we didn't know and was bound to drop the share price (now self evident as witnessed by the last few days trading).
To this end, the RNS was apparently issued after many queries regarding the EPL issue and draft proposed paper, and after discussion with the NOMAD it was concluded that the right and fair thing to do was to ensure that all shareholders had the same information regarding the important announcement on EPL, which had previously been advised as a key element in influencing sanction of Buchan.
My understanding is that there was frustration at this on the part of the Board as they were aware that it would not be received favourably by the market.
My sympathy is with the Board.
What more can/ could they do?
They achieved all they could corporately with great farm outs to great partners and set the company on a path for success.
The Buchan project is valuable for the UK as it stands to create 1,200 jobs, inject c.£1bn investment into the economy and ultimately be a significant tax generator and facilitate the energy transition with the opportunity to be a consumer of power from cutting edge floating offshore wind, which is exactly the economic growth that this country needs.
In business, you may expect business partners to perhaps let you down, have a change of corporate direction etc etc, but to have this destruction caused by the UK Government whilst dishing out billions to foreign countries to adopt the same form of suicide is mind blowing (we won't mention potential Swiss Bank accounts where the gifts/ grants etc may pass through, because, well, that just wouldn't happen)
Many may also talk of the Salaries for the BOD. Fair enough. They are also significant shareholders and whilst my investment has taken a tanking, so have theirs, potentially millions of pounds, and there is no way they will be sitting looking at their portfolios without a sense of horror.
Finally, the main/ most relevant/ obvious point from the overall exchange was that getting an adequate way forward on capital allowance treatment is the absolute priority - unfortunately, in the hands of Westminster.
Hope I haven't betrayed any confidences or the like in posting (if Andrew reads the Boards).
So frustrating for these guys (as well as us) based on the fantastic job they have done to date.
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