Shareholder Call...26 Jul 2021 14:35
My take... Dont read on if you dont like what I have to say so please no complaints. This is just an opinion.
1. Jamaica
It is not happening. There may be a surprise, but nothing they said on that call suggests to me someone is going to come through with 50 million for an exploration well to get to FOIL in 2027. Just an opinion but personally I think Jamaica is a "dud". And TTL - no They will no raise 50m and drill it themselves.
2. Egypt
Clearly all the focus is here, ploughing the cash back in, looking to ramp this as much as possible and get as much as they can out of the license. The cost recovery pool is larger than it was and is expected to last the life of the asset (good news for shareholders). Sounds like a long term drilling schedule will be cascaded down at some point this year.
3. Dividends / Buybacks
Simple answer - not happening
4. Board remuneration
I think a lot of you have missed the big points here.. I will try and lay them out.
Most here probably agree that the big "problem" I and most others had with the warrant fiasco (shares we over 5p at this time) was that Brian (and others) spent zero of their own cash on the warrants - they sold enough to make them free for themselves. For me this creates the view that well if they wont spend 1p a share on these (at least buy some at an 80% discount at the time), then why should Mr General Public buy at 5p a share. The messaging was toxic. He seems to just basically say "the company was young, we placed the shares" blah blah blah.. For me 100% not good enough.
Second, did you all notice when asked about exec remuneration his reply was to say that actually post the rise himself and the board are STILL UNDERPAID. The logical conclusion from this is that more rises are coming... Just my opinion again, but his defence seemed to be, we were very underpaid, now we are just underpaid. I was surprised nobody picked up on this and asked a question as to whether further board remuneration packages are being lined up for the next financial year that will further ramp this cost? The answer was certainly not - this was a right sizing exercise and we are happy that its "job done".
So watch that space..
5. Call tactics
I am sure everyone noticed the repeated reference to not wanting to deal with topics that had previously been mentioned. So shock horror, read out a few messages about exec pay and warrant issue, address them to nobody in the room then move on.. Issue "dealt with". Very surprised these issues were not pressed harder but that is just my opinion.
6. Other assets (other than Egypt and Jamaica)
Looks like their might be a sell off based on what they say and either buy another asset they see as more fitting with their strategy..
I didn't pick up on a great deal of enthusiasm for anything really other than EGYPT. Which is understandable TBH.
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