RE: Ja5111 Sep 2019 13:31
O, Dear alan2017
When you say "The devils is in the detail ....and have never admitted to owning a single share in Angus. "
Can you explain why you posted this earlier in the week then? It would be very odd for a non shareholder would it not?
Squeaky bum time Alan??
Good Morning Mr. Lucan,
I wish to raise 3 issues that are not doing Angus Energy any good what so ever.
Firstly it’s been over 7 months since you wrote your introduction letter stating you would create regular forums between the board and shareholders. This hasn't happened and the share price lies in the gutter regardless of the Saltfleetby acquisition / upcoming work at Balcombe.
“I also intend to establish, within the boundaries of what is permissible under the AIM Rules and MAR, regular forums in which company executives can answer questions from shareholders and create a climate of increased openness about both our operational activities and our expansion plans for the future.”
http://www.angusenergy.co.uk/wp-content/uploads/2019/01/Introduction-from-George-Lucan.pdf
Secondly the Jonathan Tidswell Director loan deal rankles share holders especially as the “….Company’s share dealing code was not complied with and accordingly for clarification not be reinstated to the Board”.
Jonathan broke the companies rules yet still has the Directors loan which originally should have been repaid after 12 months. Why when he is no longer on the board has he not paid back the loan? He has enough shares to pay it back and how many salaries can be paid out of the £211,000 plus amount?
And lastly what qualifications does Jonathan Tidswell have to focus on Business expansion? After all he did give up Horse Hill for Brockham? That isn't a glowing report is it? Could you please state how much Jonathan is being paid a year for doing basically nothing.
“Further, the recruitment of Mike will allow Jonathan to step back from his existing operational role to focus on business development as Angus continues to look to expand its asset portfolio.”
http://www.angusenergy.co.uk/wp-content/uploads/2019/07/Management-Changes-and-Receipt-under-Saltfleetby-Agreement.pdf
I appreciate you have had a tough beginning with Angus Energy, but to continue to have a major share holder who has broken company / AIM rules by trading his shares in a closed period, crashed the share price on multiple times, managed to alienate the OGA, EA and local authorities and being paid a salary for doing absolutely nothing is damming. You need to cut the rot out which should have been done a long time ago and severe all ties with Jonathan Tidswell for a clean break.
Regards,
Alan
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