Member Info for Invstrat

I have that Fire Sale feeling ( but - they have cunningly got £1.5 Billion stashed away in their treasury waiting for such an eventuality - pension payoffs, termination bonuses, end of company/contract awards…… for The Boys and Girls who got us into this deolrable situation).

Bijoux farmhouse in Tuscany - with His Aston & Her Range Rover gleaming in the sun…..

As I recall - the deal was that Erbil would direct several hundred million bbls. via SUMO - in exchange for around 12% of the total Iraqi budget, which would then be received by the KRG for distribution to pay the salaries of the public employees.

Just how much of this sum the employees would ever receive (after deduction of the usual mandatory official’s fees ) was, ever disclosed).

The oil produced in Kurdistan was meanwhile said to be «sold locally» (which is rumoured to mean it was sold to 3rd parties (some of which were seemingly USA embargoed countries).

Wonder whom in Kurdistan profitted in that convenient situation ?. ……. at least we appear to have been paid more regularly for turning a blind ear to the going on.

Half a billion shares awaiting in treasury is some self-reward package for failing to perform.

It’s not that the shares are tucked away ‘in cold storage’ - but the oppurtunity lost in alternatives with the disposable capital to put them there !

A hostile bid would have to attract the majority of shareholder’s votes - and that is THE prime defence against silly bids (especially if our SP had risen - which it would have as a proactive response to a management strategy of clearing out debt.).

Bring on the predators - the SP will surge, and maybe even compensate for the erronious bb campaign.

Get it right next time BoD - and don’t reactivate or reward these treasures - or you’ll compound your error by diluting our active shares.

More meetings can only be Good News for Baghdad Biscuit Co.

Considering going pubic (sorry, public) .

Erbil business now a going concern (but had a visit from some local muscle with an offer I couldn’t refuse - same contract and conditions as foreign oilers seemingly ;)

“The number of ordinary shares held in treasury by BP p.l.c. is 552,981,191. These treasury shares are not taken into consideration in relation to the payment of dividends and voting at shareholder meetings.”

I suspect that a majority of private holders WANT a quiver of savvy, professionally managed competitors to throw some rescue bids our way and get us out of this apparently mis-managed situation we have been dug into.

To tie up £billions in non-cancelled, non-voting ‘treasures’ - which have done (Clarkson’s Farm) to promote our SP- when cancellation or paying down debt Would have helped.

The limbo shares can’t vote, can’t be resold.

They have only four functions -

- increase the voting power of existing major holders

- increase dividends (by a theoretical factor of 0.5/15 or a whopping 0.3 %)

- forgone is the opportunity to buy back a vast chunk of our crippling debt (which could have been reduced by 550million X the average of the buyback SP).

- emphasize the error of our BoD’s recent strategy in managing our Company to benefit it’s shareholders. (re our SP)

BUT - What do the BoD intend to do with this massive stockpile of inert treasures ?

…… Guess they could give them away to deserving recipients and reinstate their voting rights ;)

Not all.

OK - Putup’s agenda is consistently biased (almost predictably so) - but his numbers are rigorously correct and current …. so worth reading to judge how his employer wants us to react.

Hope he gets to use one of the B. family’s private jets to go visit Broadford and compare notes……

Could I add a 6th re-rate item Theaky ?

6th What exactly was the strategy in using our cash to buy back over 1/2 BILLION of our own shares (now roosting uselessly in Treasury) and how do you intend to dispose of them to benefit our company ?

Since their old man grabbed the palaces and whatever else off the dead Sadam’s dictatorship - this familly have cleaned up on everthing in Kurdistan …..from t-comms, banking, property, energy, oil, gas, security……. think a whole family of savvy Donalds - working in concert - educated, and in complete control of the media, the army, the country.

The power over life & death, starvation & plenty, prosperity & poverty, fame & obscurity …. and obscene wealth naturally follows.

The diplomates charged with running the new American embassy would be well advised not to mess with them.

Well did the Erbillionaires hand over the agreed daily amount of oil to be marketed via SOMO as their part of the deal?

….or (as suspected - like our missing payments - have they been trousering it among themselves - and now expect Baghdad to pay the Kurdistan workers out of their side of a the unfulfilled bargain) ? ?

The truth needs to come out and the USA now have the power to demand historical honesty.

Greed can destroy democracy , trust and decency.

Hard to find sympathy for MA - he takes home in a month what senior surgeons earn here in a year, and picked up a cool $million only yesterday - out of the bulging Treasury our BoD have created for themselves.

His first of many no doubt……

Having syphoned off over 1/2 a billion shares into obscurity - our wise BoD are now faced with the mammoth task of apportioning just how much to award to whom among themselves.

A bit like the turkeys voting on cancelling XMAS.

A fleet of Private family jets are quite expensive to run (although they are surely being charged to the National Budget), and the destination of current oil sales is really of no business of the general population.

When the goings-on and lifestyles of the Erbil Elite are fully leaked to the general population - there could be a day of reckoning hereabouts.

Not well known - but the Barzani boys each invested some of their hard earned billions in lavish villas around Washington (OK primarily as safe escape routes incase things got too heated in Erbil, but also to ensure their children had protective USA passports and top educations) ….but maybe the principal strategy was to allow more direct local access to Trumpian political influence - which appears to be in the process of paying dividends soon. Hope the Kurdish population back home reap some minor benefits this time.

Just rewards for job well done .

Many many many more spectacular handouts to come - thanks to the awards and remunerations committee ……. (you didn’t think they were accumulating them for cancelling to boost our SP surely )!

Like taking candy from a baby - unless the baby awakens.

My apologies there - predicated text got me there.

Even lesser, amateurly managed little compnies like SHELL and RR have stupidly bought back millions of their own shares- and promptly cancelled them (to boost the SP of the remaining shares - giving an immediate benefit to us loyal shareholders !

Our lot sit on half a billion cancelled shares .

WHY dya think ?.

Much better to take a punt on wildcats (which may come up somekinda trumps and maybe benefit us all)…. than pumping our discretionary spare funds into buybacks - then tucked uncancelled into treasury- to be unearthed later for the huge benefit of a very few departing ‘would be, could have been, should have been superstars’ !

Putup: recovery of c. $9mill should maybe pay the compound interest we are due on the unpaid/late/underpaid/part paid invoices we have suffered at the grasping claws of the skallywags 🥷🏾

Why you have headlong heaped our spare cash into buying back millions of our own shares (only another 1.64 million today) hidden under the dubious auspices of your «programme» ?

You are employed to effectively run an energy company for the benefits of it’s stakeholders - not accumulate a «Treasury» filled with uncancelled shares - of dubious use to man nor beast - when the company is floundering in debt and is exhibiting a ruinous share price.

Explain please - before you switch off our lights as you depart.

Beg clarification: Baghdad agrees to pay IOCs ‘in kind’!

A) Why should they ? - if it is widely held that our missing payments evaporated into Erbil ?

B) ‘in kind’ - does that mean in oil or gas ? Whom would they source it from, and how would we export it to sell it to whom to turn it back into cash?

C) Don’t forget the (well overdue) compounding interest on missed/absconded and late payments.

D) Maybe the external accountants will ensure all is above board and these are clarified (come St. Leger’s day - as putup anticipates ;).

Confused as usual - and fully expect that any promises will be resoundly broken/delayed/diluted.

All means more meaningless meetings afoot (pass the biscuits Mohamed…..).