RE: Says it all28 Jan 2020 23:03
In fact, here is the actual paragraph taken from said RNS:
"At the Board's request, and to enable the Company to conserve cash balances, Mr. Mitchener has agreed to accept new ordinary shares in the Company ("Ordinary Shares") in settlement of termination of his employment contract. As a result, the Company expects to issue new Ordinary Shares, at the then prevailing price per Ordinary Share, with an aggregate market value of £107,983 on or around 25 January 2020 (the "Settlement Shares") and a further announcement will be made in this regard, as appropriate, in due course. "
It was at the request of the SOU Board and definitely wouldn't have come from Brian himself. So don't think he is being all heroic by agreeing to accept his pay-off in the form of shares, of which a vast chunk of them will be sold into the market for tax saving reasons.
May I also take this opportunity to remind you that Mitchener is leaving SOU on 31st March. If the future at SOU was going to be so great with plenty of drilling and exploration, then why oh why is the Exploration Director leaving? The simple answer to that question is surely because there will be no further requirement for his services and potentially no further exploration or drilling. Maybe he was asked by the Board to leave due to his very poor results? Sent on his way with a pay-off in shares that right now, the market doesn't really want to own, unless of course your name is ps200306. Mug punters around the land will be raising a glass to him on February 14th, 'National Impotence Day'. Pack the blue pills, chaps. At least Trellis has an excuse for his floppy member. Blame it on the Rioja, I suppose.