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In these troubled times - a savvy BoD would be deflecting all spare company cash (and any capacity for borrowing more) into buying back shares and lodging them safely into company treasury.

If things go belly-up and sackings are on the cards…..these shares could then be re-assgned to self in the form of end of contract or dimissal bonuses.

Isn’t that a brilliant strategy ?

Maybe naive to bet the farm on the crystal balling of Miss Chierchia…… (but she does have a nice smile, and surely gave a convincing presentation) - but maybe it should have taken more to change the vector of an established energy business (when None of our contemporaries went contrarian at that time ) ?

Trust she predicts that she will collect an impressive basket of goodbye shares.

No - and when you cotton-on to what’s going on …… neither will you mate 😉

Any on here vote to authorise this new «programme» ?

‘’The maximum amount allocated to the Programme is around $750 million for a period up to and including 1 August 2025.’’

….. no, thought not !

Hmmm- sounds like they have resolved a way to allow pilfering to resume at a high level on all 3 fronts

;)

WHO on earth approved this 2025 “Programme” we now realise that these shares Will go to treasury, for future distribution to Whom one wonders ?

Error: stop this game …..use our spare cash to pay off our crippling debt (or even give it back to us in dividends)) - we all know you will just deflect the bought backs into your treasury……. and then where ?.

Kate Thomson’s statement “Share buybacks are a mechanism to return excess cash” is not quite true when you are stashing them away in treasury - rather than cancelling them.

I think we know the game plan with buybacks being conducted here Kate ;)

Thanks Jim800; a valid point.

Only a few points of contention remain before the pipe can be flowed:

Who will pay Turkey’s fine for them, who will pay the IOCs historical debts, where did the monies earmarked to pay these pesky IOC’s evaporate to, who needs to export via pipeline when “local sales” are making the rulers hideously wealthier, religeous contentions, Erbil prefers to keep control of their oil - rather than suffering under the tight control which SOMO would apply, limited facility for local pilfering and abuse of the IOCs if Baghdad/SOMO audit every drop/pay IOCs directly and on time ……. Have I forgotten anything ?

Wonder how the BoD will dispose of the mounting, stagnant funds they are tying up ‘In treasury’?

I suspect takeover by a competently managed, successful competitor - would be welcomed by most of us?

More trouble ahead then - best strategy our BoD should adopt - is continuing to plough our discretionary cash into their treasury nest eggs….(best for themselves that is).

Think of the disasterous consequencies of deflecting that wasted cash into debt reduction !

Maybe she dazzles at presentations ?…… but is that enough (or even necessary) in this informed and fractual World ?

How many of our treasury shares does she forsee that she is due for ??

Can somebody kindly explain this subtle difference and consequencies:

BP buybacks state:

«The Company intends to transfer these shares into Treasury in accordance with the authority granted by its shareholders at the Company's 2024 Annual General Meeting»

Shell buybacks state:

«shares are for cancellation»

What’s the difference and how will that affect me as a shareholder ??

Question remains - did our missing payments go to feed the starving public employees (in the abscence of the promised monthly contributions from Baghdad)…..or we’re they re-routed to top up the already bulging offshore accounts of the rich and powerfull in Erbil ??

Best to deal via SOMO to avoid such easy temptations in future ?

Anyone participating herein who hasn’t rumbled the ‘buybacks to treasury’ trick - are either a pending recipient of the treasures, or are seriously naiave and/or mentally challenged.

The latter have my genuine and profound sympathy.

Actions needed now to set in motion reparation of this ruse by the honourable BoD must be:

a) cancell all treasury shares forthwith

b) never, never try this on us shareholders ever again

A fair and just system of awarding individuals would be built around - relevant KPIs established and shareholder condoned awards to individuals performing duties above and beyond the norms which they were hired to perform within - should be identified as exceptional and deservedly applauded for their outstanding contributions to the Company via spot bonuses, promotions or salary and authority increments. BP has legions of personell Experts and remuneration committee meetings to perform this award system

This is in direct contrast to the current developing situation - a jamboree to divi- up the treasury shares among those in power, by those in power.

Any forced salary cuts to reflect the disasterously poor performance of management - will be more than compensated for when their massive stock of ‘treasury shares’ which they have accumulated on ‘our’ behalf - will forthwith be divided up among themselves (presumably in proportion to incompetence) to soften any losses in their conspicuously massive direct salaries.

Watch and learn.

Correct Clued - they are not to blame…. Point is that even paying off the remaining fines would be a more acceptable alternative to spending our working capital on building up their own slush fund ‘in treasury’ - to soon award each other for their patent mis-management of our Company.

None of us would objekt to awarding bonuses for measurable achievements.

Petition ‘The Bored’ to cancell all treasury shares forthwith….

Competetence questionable indeed - but they have managed to hoodwink us by syphoning off a massive chunk of our precious working capital into their private «treasury» scam - from right under our noses.

And here we are left with huge borrowings and still outstanding fines to meet from the GoA debacle.

Anyone know how much of our working capital currently lies in their treasury pot ?

We must not fall for this dodge again……

How can we stop this travesty, and abuse of power ?

Another 11.25 mill golden handouts bought back by themselves, for themselves. - not to be cancelled to reduce our no. of shares out on issue.

Which major shareholders approved this, and why ?