RE: shareholder value18 Feb 2022 03:41
As a long-term holder who has invested over a hundred grand (now worth about 3 grand) into this company I would like to think I am qualified to provide a balanced opinion, albeit only my own:
PROS:
- Martin is well connected, experienced professional able to possibly run this company with his eyes closed.
- We have a known resource base.
- Commodity prices are the highest since 2014 and given supply and demand constraints, industry underinvestment then this looks set to be a long-term trend.
- I am hopeful that this will eventually realize value through the share price
- Company debt has been restructured
CONS:
1) James Parsons is still connected to the company, and this is hindering investment due to his reputation which is rightly so, it tatters.
2) The delay in the CL test is shameful, not sure what the issue is and should have been explained to us. Covid cannot be used as a reason anymore. I work on an overseas oilfield, lots of drilling testing, rotation of men and materials etc.
2) PR from the company is dreadful. However, I personally think this is because of what happened to James Parsons, maybe MH is wary of the fallout over at Sound.
3) I said in Dec 2021 that MH has 6 months to return what he keeps on saying, 'value for investors' as we have not seen any yet. I appreciate that he has steered us though troubled waters, that's what he is paid to do but given commodity prices, we should be multiples of our share price now.
4) If the signing of new gas/oil contracts in April. /March do not propel this company then it will then be evident for all to see that this is in fact a lifestyle company, although I hope I am wrong.
5) This ‘ESG’ mantra, getting into renewables is ‘the right thing to do’ is b00locks. It’s a distraction and in my opinion used as a vehicle to bring in a guy who was a director in a company that MH is also a director in. Will the return be enough to pay his wages!!
6) We should be establishing our oil & gas business before we start to dilute our share register for a 3MW plant.
7) Something does not sit right with me with regards to Fiona Macaulay, Geoff Probert, Will Holland (remember him?) and Martin who were all directors at the now dissolved independent resources. It appears that they all tend to follow each other around, Geoff Probert didn’t last a few months before he resigned at Independent, and I think the same happened at Echo, why?
Personally, if I have to take time of work this year and fly home early, I will not be missing this year’s AGM. If by this time we are still at these levels I am personally going to be giving both MH & JP, the Japanese flag treatment. It is about time this company started to return investors with real value and its high time that investors should be airing our frustration at the board, the AGM is essentially our one and only chance.
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