Dorothy's future15 Mar 2020 19:32
IMO Dorothy's future is untenable if she is not able to materialise a major asset sale very soon. She sacked the CEO and Exploration Director on the basis of not delivering. She has had from December to deliver in her capacity and balance sheet protection had to be the central focus of her role and that today means a major asset sale to raise cash. So she is not starting this process today, discussions must be at an advanced stage and I would not at all be surprised to see Samuel Dossou-Aworet being a party.
It was encouraging she couldn't discuss specifics regarding assets in the webinar (please watch if you haven't) on the basis of 'commercial sensitivity - all encouraging IMO.
You can't sack the CEO, step in as Exec Chair and not pull a rabbit out of the hat. Of course, if she doesn't, that's the end of her career - no questions about that. She will be one that fired the CEO and sank Tullow and will never be remembered for anything else.
I've been critical of the tone of RNS from TLW - lack vigour and optimism and I still maintain that. Compare our communication with ECO or PMO - worlds apart. However, don't forget Dorothy has been an experienced CEO (she was the CEO for Drax for a long time) and has a Treasury background so understands funding/balance sheets/financing.
Let's see what the coming weeks will bring. Dorothy has a lot to lose and actually seemed chirpy in the webinar and that presentation (with attendance from the CFO and COO too) was nowhere near the doom and gloom some of the shorters on this bb are proclaiming.
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