Member Info for Hepseal

Mal - Update - Definitive answer hot off the press from the statement now on the website.

“Shareholder Group” GP Jersey, Jon Fitzpatrick, Alastair Ferguson, Peter Young, Lindsay Strachan,
Rathbone Investment Management, Cathal Friel, Raglan Road Capital Limited
and Martin Lang;

Having read both Block's and GP Jersey's respective statements I will most definitely be ringing HL on Monday morning and voting in favour of P Dimmock.

Block are not mincing their words and rightly so, GP/FF/FF come across as a bunch of bully boys!! I think PD, PH, etc, have done well to withstand the pressure.

Have a good weekend everyone (well, not everyone!!)

It is on the website now.

Mal, I misread your question first time around, I will try again:

There is a letter from Jon Fitzpatrick dated 21st August, 2020 that refers to 20% of shareholders concerns, and the letter copies in the following shareholders:

Jon Fitzpatrick (obviously)
Alastair Ferguson
Peter Young
Lindsay Strachen
Frazer Lang
Martin Lang
Cathal Friel

Mal - Not sure it does, perhaps they did a bit of "rounding up" !!

GP Jersey / Alistair Ferguson / Jon Fitzpatrick have 13.16% at the last count but there are a few other names on one of the
e mails which I think may be holders.

Block's own statement states the following:

We believe this shareholder group (the “Shareholder Group”) holds a combined minority interest of approximately 17% of the Company’s shares (as at 16 July 2021).

Mal - I agree with the first part of your post but they are not a secretive group anymore - much of the correspondence and emails between all parties was posted openly on this chat board this morning presumably with their permission (but has subsequently been taken down) but it all remains on their Shareholder Group website for all to see.

Top follower:
Ritchie Wayland - appointed by Block Energy as a Technical Manager last summer, may not be there now as I note he has since become a Director of a consultancy, he used to work for JKX Oil and Gas when Alistair Ferguson was there - I am not suggesting anything of course, just pointing it out.

Todays Tweet Score:
Block Energy : 3 x 10 = 30
G P Jersey: 0 x 0 = 0

MP - quote - "I do not appreciate my "fellow" shareholders distracting the company mid drill."
I agree totally with your above sentence but it also seems pretty clear now that the management have actually been distracted by the "Shareholder Group" for some considerable time. To date the BOD have weathered this storm and are now on site regardless implementing their chosen and well thought out strategy. Yes, all this is an unwelcome distraction for the BOD, but hopefully this should not interfere to much with the numerous operations that are well underway on site and now in full swing.

All looking very good - well done Block.

G.P. Jersey may be 5% but the "Shareholder Group" is 17%, see below:

"The resolutions have been proposed by G.P. (Jersey) Limited, one of a group of Shareholders who have
been in regular contact with the Board over an extended period of time.. We believe this shareholder group
(the “Shareholder Group”) holds a combined minority interest of approximately 17% of the Company’s
shares (as at 16 July 2021)."

Has not been announced yet. The last RNS said an announcement had to be made within 21 days of requisition (2nd July) so I reckon we could have an RNS on Monday morning.

HR - Thanks for your reply.

Holyroller - if what you say is true a couple of questions for you:
1) How do you reckon Valeschini got onto the board in the first place?
2) Why did the two other NED's not stick around and support the current board?

CP - I am definitely no expert, however I am invested in another AIM company where the BOD comprises of a CEO and 2 No NED's, one of which also happens to be the Chairman.

PD is the Non Executive Chairman - So surely that makes 2 NED's

You will still have 2 NED's on the Board, PD and CV.

OK Mal, I take your point about the BOD being top heavy, and don't forget they also have numerous other Technical Managers etc on the payroll. so perhaps they are surplus to requirements and just perhaps this was one of the complaints of the GPJersey consortium that perhaps Block are now rectifying.

MP - Yes, that is the way I read it - perhaps they are getting the resignations out the way first and will announce later today??

I would suggest that the two NED's who have resigned do not agree with the strategy of the others, whatever that might be.

So, CB originally gave 3 months notice and was leaving his Director role on the 2nd October, he is now leaving his Director role with immediate effect. I would not like to guess what is going on but something is and I would guess we are going to have another RNS shortly.