Results - so mad !!13 Mar 2019 03:59
I hope this vote fails and the BOD goes with it, they talk of maximizing shareholder value why don't they reject the offer and resign and let the Petrus recommended directors take over .....
They talk of 55p delivering upfront value in cash, the share price was above this level until June 2018 after which point the BoD gave little guidance on future plans except at the mid-year results when they said they would move to Asia and find a quality CEO. The uncertainty drove the price down, the assets under the right management would be hugely cash generative. Which would have driven the SP back to the analyst predictions 80-90p.
Note 5 in the results they have already incurred $8.0 million on the Medco transaction ! they incurred less on acquiring Santos $6.5 million.
The talk about reducing costs but unit per barrel increased $11.47 in 2017 to $11.67.
Production was above guidance due to Premier's work in Vietnam.
Per the CFO the company is unable to pay dividends or perform a share buy back due to a lack of distributed reserves, so there won't be any payout prior to a takeover.
So frustrated with this investment - high quality assets, low quality management