Member Info for Novykluk

Uggy100, re: "Heid, a poster who lambasts people for posting on the UJO BB for not holding any shares yet feels it is ok for her to do exactly that."
Ok, I've got that if it's true. One's got to be consistent! Though it's so long since I visited the UJO BB, I have no idea what's said there.

Also re: "As for Ahris being a Pershing plant that may be so. However are you not merely the other side of the same coin?"

Obviously there's no dispute that I strongly support Sachin and Stephen. That's because I want the best outcome from my investment in Reabold and I believe they are the best team to deliver that IN DUE COURSE! But it's NOT because I'm a "Plant for Reabold"!! If I were, I would bloomin well hope I would not be so far underwater!!

But as I keep saying, IMO the "race" i.e. the investment journey, hasn't finished yet! And I'm not calling time on it until at least the next 12 months!

Regarding your other point, that you hope S&S have learnt something from this process! I agree with you on that. And in that respect it was good to hear them articulate at least 2 points where they say they will try to do better! That's improving the wording of RNS' (mind to be fair, almost every stock I've ever held, SH's have criticised the CEO's wording of their RNS'). And also they say they will work to improve communications with us P.I's. So both of those are positives, if indeed they can deliver! But no doubt SH's like us will now "be on the case" to try to see they do :-))!

Uggy100, re: "Ahris is not as out of order as you are for posting your drivel on a BB where you hold no shares. Buzz off you troll."
Uggy, I thought we established a few days ago, "You have a brain"!!

Are those really the type of people you want managing your investment??

Is it your frustration and pique boiling over again??? Ahris IS completely out of order.......you denigrate yourself by supporting such a pathetic and childish Post!

But being a little more serious again! You have a brain......we think! So given that Ahris is being fed with every dredged-up comment other "interested parties can find", what does that child like statement about the cars driven, tell you about those who fed him the information??

Ahris, I totally agree with Hied!, re; "You are coming across as extremely desperate and bang out of order"!

It does seem very evident you are a Pershing Rep [only joined LSE about 4 weeks ago :-)).........amazing!]

But common man........you and your Paymasters must be getting really very desperate to be mentioning the type of cars individuals use! I wonder how your many of your like minded anti-company associates on here, support your child like attempt to discredit.

But to the discerning, given you're obviously being "fed" with every scrap that other "interested parties" can dredge up, what does that tell any normal investor, about the motivation and intent of those Paymasters of yours???

Are those the sort of people we really want to be managing our investments???

Watts, by saying "MW is repeating and towing the Bod's line.", you imply he's doing that inappropriately. I would have thought he's supporting the current BOD in his own best interests. i.e. surely he wants his original recommendation to buy Reabold, to become a winner to both enhance his success rate and his reputation as a successful Tipster. So logically it's in his own self interest to recommend those Directors he thinks will be most successful in the coming months.

Then also you mention, "He should close his RBD chapter as he, like the Bod has cost his investors dearly."

I shall not debate it further. But by making that statement it implies you believe the investment process in Reabold, has finished at this point in time when the SP is so low. That seems a common view on here. But the race isn't over yet, even though we (Reabold) may be well down the field at the moment.

In the webinar just finished, Sachin and Stephen did a very professional and excellent job and highlighted a number of catalysts which logically (no guarantees of course) should help improve the SP. They included;

* The result of Shell's Pensacola well drill (in the next few weeks), which if successful will de-risk and likely cause Shell to drill our joint prospect P2332!

* The possible/likely announcement of Farm-in partners for our North Sea prospects of Laxford and Oulton - each potentially another Victory!

* "Returning value to SH's" by either a dividend of preferably a share buy-back! Timing possibly early next year upon receipt of the 2nd traunch of the Victory payment!

* Drilling the next well at WN with an 86% COS (per the CPR) near to mid-year 2003.

You will I hope respect why I can't understand why you or any other investor would suggest Mike Walters, "should close his RBD chapter (now) as he, like the Bod has cost his investors dearly".

What investment strategy are you suggesting then? Buy high, sell low? Don't wait for the investment to mature? Hmmm. Why would anyone sell RBD at this point in time?

Oh, and by the way, how coincidental that the Pershing group just want to take control of the company at this point in time when Reabold is on the cusp of significant actions.

* MIKE WALTERS (Who I expect most participants here know is an ex-Financial Journalist and now a prominent Share Tipster. True he is not independent as he both recommended RBD originally at 0.66p [I think] and is also a SH). However he states (And these are extracts only);

"BACK THE REABOLD BOARD
With a nod of acknowledgement to the group of five who want to supplant the board of Reabold Resources (RBD), investors ought to back the current directors and hope they can settle down to demonstrate the true value of the company.

Although they will cost Reabold time and money, their efforts are not totally pointless. It has been a long and frustrating wait for real progress, and the collapse in the share price has been dispiriting. The assault has arrived, however, close to the point at which these efforts ought to start paying off. There is no reason to replace the pair who have developed the business with a team which is simply asking investors to let them take over without paying a penny for the privilege.

Best-known among the would-be board is Cathal Friel, a likeable chap who has managed to impress investors here and there for a while, but ultimately has little to suggest he is capable of transforming Reabold. The document attacking Reabold cites his most recent public company ventures as the £80m market capitalisation Open Orphan and £40m Poolbeg Pharma. Open Orphan arrived at 35p in December 2014, hit 45p in 2021, and is now back to 10p. Poolbeg has gone from just under 11p on debut last year to under 7p now.

There is little reason to suggest that the proposed new directors are better equipped than the current board to advance the company. There is some mileage in the attack on the remuneration of Sachin Oza and Stephen Williams. The basic salary of £231,000 each is full, but not outrageous. The bonus of £50,000 each relates to the 2017-20 period when the share performance was less disappointing, and is not being repeated for 2021 or 2022. The share based payment of £66,000 each is not cash they actually receive at this point, but relates to earlier options which are now deeply out of the money.

The talk of other directorships is irrelevant and misleading, and simply creates confusion. Williams is on the board of Europa Oil, but otherwise the pair are simply unpaid directors of companies linked to Reabold.

Seeing Victory sold for just £32m was disappointing, but there is no evidence that ultimately there was more than one seriously interested buyer. (As I postulated in an earlier Post on here). It appears that £6.6m of costs was incurred in total. That relates to ongoing charges which have been deferred at Corallian and to transaction costs, and also reflects that Corallian management has taken low salaries over about six years, opting instead for success based fees on a sale. Oza is taking nothing from the deal. [ALL critics please take note!]

Others far more knowledgeable than I have reached the same conclusion to BACK T

I am now respectful of the very strong views both for and against retaining or ousting Reabold's current BOD's.

However having read the proposals published by the Pershing group and the debate on here, it has reaffirmed my strong support for Sachin & Stephen, as IMHO they are the ones who I trust to work in MY INTERESTS and EVENTUALLY will enable me to profit well from my long term investment in Reabold!

Holding this strong view as I do, I have been encouraged and reassured by other credible parties also reaching this same conclusion and coming out in support of retaining the current BOD! I refer to:

* The INSTITUTIONAL SHAREHOLDER SERVICES Organisation.
I note their comments "ISS Proxy Analysis & Benchmark Policy Voting Recommendations concluded that the requisitioners' allegations directed at the Board, lack any detail". Also
" The report also found that, the Board's response (Reabold's that is) appears to address those concerns raised by the requisitioners with detail.
Overall, in the view of ISS, the requisitioners failed to make a compelling case for changes to the Board of Reabold." Also........continued in the next Post..

Reply continued.

Next re; "conflict of interest".
Another allegation from your backers' playbook! PROVED TO BE A TOTALLY FALSE ALLEGATION by the RBD Directors in their RNS of 31/10/2022.

So because that allegation has been previously confirmed in public to be false, why are you (on behalf of the Pershing group it seems), repeating a proven false allegation?

I can only conclude you and your backers are seeking to mislead!
But I will leave Reabold SH's to reach their own conclusions too!

Next re; "do you forget this is the same board who also drilled the last well at west Newton and put too much completion fluid down and then Acid which glued the reservoir and killed the company’s share price?"

Ahris, PLEASE!!! I am trying to respond with courtesy! But what intelligent person would make that ludicrous statement! Come on please, get real.

Anyone with intelligence knows that the BOD of an Investment Company (i.e. such as Reabold) are NOT the people making technical well drilling decisions!

Another Poster on here made some reference (completely correctly) to the fact that if the Pershing group did become Directors of RBD, nothing would change as regards Raithlin because they are the "Operators".

How can any intelligent person attribute Rathlin's screw-up, to which you referred, to the BOD of one of their Investee companies?

I realise you are not doing very well with any of your assertions, as I have shown! But please.......this one is really "off the wall"!

Given the foregoing attempt by Ahris on behalf of his backers, to slant and mis-lead, I strongly recomment all Reabold SH's TO BEWARE WHAT YOU WISH FOR!!

GLTA genuine LTH's NK.

Ahris re. your post;
"Novy, You always personally attack Mr Sattar do you miss the point that if Mr Sattar had brought those assets for £250,000 then Reabold would get an extra £250,000 ?

Well Ahris, I don't know which of the Pershing group wrote that Post for you. But you are clearly a "Pershing mouth piece" to have the benefit of all that "inside" information!

But you/they have presented with both courtesy, so I respect that and will respond likewise.

First re; "You always personally attack Mr Sattar". By stating I "attack" Mr. Sattar, that implies what I am saying is incorrect or false or misleading! Well all I've done is copy the FACT document presented by Reabold and questioned why I and others would wish to have Mr. Sattar as a Director when the FACTS show how he behaves! By stating FACTS pertaining to his way of doing business, is that an attack?

Next re; "Reabold would get an extra £250,000" Really? No! Corallian would have got an extra £250,000, So theoretically RBD would have had only 50% of that.

But the real point your backers make no mention of, is the fact that by Mr. Sattar completing that "behind the back" transaction for his benefit, in the words used by the company (NOT ME ATTACKING Mr. Sattar!) "This would have deprived Reabold shareholders of the value we expect to create from these assets."
So I will leave Reabold SH's to judge in who's interest Mr. Sattar was acting!

Next re; "then again he (Mr. Sattar) ensured that daybreak was funded".

Yes he did indeed! And was that event a benefit to Reabold??? Or was it a benefit to Mr. Sattar???
We have since learned that Daybreak is a "Basket case" (as described by another Poster on this BB.......not by me!) and that Portillion Capital & Mr. Sattar have a combined 40% holding in Daybreak! So who was Mr. Sattar seeking to benefit, Reabold or his own interests??? I will leave that for Reabold SH's to judge!

Next re; "Look at the current board they overpaid themselves". I agree that most AIM CEO's are paid too much.....absolutely!
But S&S HAVE NOT OVERPAID THEMSELVES and the FACTS SHOW THAT! I have presented the FACTS on the BB at least twice before, that S&S are paid only in line with the Market norm. We may not like it, but those are the facts! In case you missed the facts, they are these:

In his "pitch", Mr. Friel quoted their remuneration package including pension con's to be £358,000 each ( I don't know if his numbers are accurate!). But I have since researched what median salaries for CEO's for AIM listed companies are.

My source is the "AIM Directors' Remuneration Report" published 2nd March 2022.

Here's the link https://www.bdo.co.uk/en-gb/insights/industries/aim/aim-directors-remuneration-report

You will see that the median base salary of AIM CEO's in 2021 (one year ago) was £348,000 and their total ave. remuneration was £968,000! If Mr. Friel's figures are correct, it's very clear S&S are NOT OVER PAID!

My response - t

BillSuffolk, re your post, in which you refer to the those aspiring to become the new BOD;

"By the way, they haven't appeared from nowhere, Heid. They are the people who Reabold referred to as the "strategic investors" who enabled previous deals to be done with Corallian and Daybreak. It seems THEY are the deal makers, the financiers who get things done.

Really???

Have you read of and are you aware of the type of deal making Mr. Sattar tries to achieve??

"In the Board's experience, the Proposed Directors, Kamran Sattar and Cathal Friel, have conflicts of interest that are incompatible with being a director of your company. Specifically, Kamran Sattar previously approached Corallian attempting to acquire Corallian's non-Victory licences for £500,000 after Corallian had agreed to sell these assets to Reabold for £250,000. This would have deprived Reabold shareholders of the value we expect to create from these assets".

The above statement about Mr. Sattar, indicates very clearly, two things about his business ethics, WHICH ALL REABOLD SH's SHOULD BE AWARE OF:-

1) By making the approach stated above, he has demonstrated he has absolutely no scrouples about going behind the backs of those he has been doing business with for many months! And

2) He has absolutely no concern for Reabold SH's if he can benefit personally at their/our expense!

Is this the type of Director you want to be in control of your in investment?

I certainly do not!

I strongly recommend all genuine SH's of Reabold, to BE CAREFUL WHAT YOU WISH FOR!!

CB Re your; "I'm not resentful, I find you fluffing yourself with a Blue Peter Badge qualification quite funny :-)"

You lose intellectual credibility, when you ignor the context of Posts you reply to on here!

I explianed to Rodster in a Post yesterday why I made reference to personal circumstances!

My comments were in response to NOVEKINGOOD seeking to give his opinions more validity becuase he "fluffed himself with a Blue Peter Badge" as a very clever entreprenuer, with the statement:

"I understand money and the commercial side of things having set up 2 very successful businesses from scratch (sold one to a FTSE350 company) the other will be sold next year". Oh well then, that's OK becuase he's espousing the same sort of ant-company views as you???

By seeking to denigrate me, you actually undermine your own credibility by making criticism completely out of context!
I gave you credit for being smarter than that.

ChimeyBleue, re:
"Did you know that achieving Chartered Manager can take as little as a few weeks?" "No qualifications needed".

It's very sad that Posts being made in support the current BOD's, are making you and others so very resentful!

You can take the (p) hiss all you like. But when you do, you need to present the correct information or you just make yourself look a fool!

However, I will try to retain some courtesy and honesty in my reply to you.

Here I also apologise to all other participants on the BB for descending in to personal info. which I TOTALLY AGREE WITH "Rodster", other people are not the least bit interested in, and (out of the context where yesterday I was replying to NOVECKINGOOD), I agree it is pathetic! But I persist here, due to the completely false information stated by CB.

CB stated "No qualifications needed".......to become a Chartered Manager. TOTALLY UNTRUE.......that perhaps was the case in the 1960's when one just had to pay a membership fee. But that ceased many years ago!

To become a Chartered Manager one needs to obtain both a Certificate in Works Management, typically gained through 2 years part-time study, followed by 1 year's partime attendance at a University to obtain a Diploma in Industrial Management. That latter course I would describe as a "abridged MBA", and at Leicester De Monfort, it is one of the best in the country!
Aside: Niel Herbert studied at Leicester De Monfort University!

Hmmmm CB......."No qualifications needed" hey???

As I've said before, I apologise to other participants for getting in to "personals"! But if Posters on here seek to discredit me, I will "repeatedly come back"!

And as a final polite thought for you CB. Please don't come over as being so resentful and angry. I recommend you read Rudyard Kipling's excellent poem "IF", from which I quote one line;

"If you can keep your head when all about you are losing theirs and blaming it on you" :-)) :-))

GLTA genuine LTH's NK.

Rodster, re your Post: "Novykluk , it’s seems to love yourself and how well you’ve done work wise. Who cares but you. Your pathetic

Of course you are correct that no one's interested of cares about my background. I wouldn't expect them to!!!

But in your aggressive discourtesy, you've completely missed the point!

My comments were made specifically to NOVECKINGOOD in the context of his statement to me on Sunday about his own work achievements. In his Sunday Post he quoted his entrepreneurial background (which if correct, I respect is very creditable), but as though that justified some higher validity in the point he was trying to make! Which of course was anti-company!

His comments about his own work achievements were;

"I'm not in O&G but I understand money and the commercial side of things having set up 2 very successful businesses from scratch (sold one to a FTSE350 company) the other will be sold next year. I wouldn't employ these guys under any circumstances, not with their track record, not a chance. It's only places like AIM where this type of nonsense could prevail".

NOVECKINGOOD, An extremely pompous reply e.g. "If you don't understand the basics, then you really shouldn't be investing..."
And quite a rude one too. e.g. "Are you 6?"

No I'm not 6 a years old! I'm a professional Chartered Manager. Employed as I was by a very demanding American NYSE multi-national, I was put in to number of their failing Engineering Plants (typically 500 - 600 employees) to turn them around and return them to proftability. That I did very successfully (with the benefit of the excellent teams I assembled around me!) in four European countries and Plants. So Mr. Pompous, my views are as equally as valid as yours!

And if indeed you are the successful Entrepreneur you claim to be, developing and selling on successful businesses, what are you doing Trolling on here?

I realise I'm now being impolite (for which I apologise in advance) but your own pomposity has touched a nerve!

I use the term Troll becuase you have consistently ignored intellectual logic and continually reverted to your own point of view. And as in my opinion that is done contrary to sound logic, than I lose respect and it has shown me that indeed you "do have an agenda"! And it's clearly very anti-company!

A good example of how you abandon intelect (when it suite you) and demonstrated emtional discourtesy, is the following Post you made earlier today......all in response to a very inoccuous and polite Post by "Heid" thus;

"RE: Best of luck to Stephen an Sachin for the upcoming vote -Today 08:18

"Of course heid, they have a lot in common with the other clown that has done equally well with shareholder funds at your gaff..

Birds of a feather..!!"

Yes, another very intelligent comment NVG :-))!

Clearly a bitter man with an agenda!

Green box for you too :-))!

S.McN re: "I see moniman the ORPH troll has returned. Another non-shareholder adding nothing but personal bile to a serious debate."

Waw waw waw! I think you're loosing it!! Are you so anti-company (which is very clear now!) that you are resorting tocompletely off the wall emtional statements?
I won't ask, "Where is moniman 'adding nothing but personal bile' "! Becase he ISN'T. He just made two quite objective well worded polite Posts. If you're staing they're "bile" then that demonstrates very clearly that you too "have an agenda" and are resorting again to emotional frustration and are not presenting with intellect!

You Reabold trolls seem to be getting quite vociferous now! Are you beginning to feel uncomfortable becuase the intellectual case for retaining the current BOD is being respected by the wider SH base? The Reabold BOD's today published AN EXCELLENT summary calmly setting out the facts! And once another participant asks quite reasonably , "Where's the Would be Directors' plan" seems you and your cohorts get all upset because there ISN'T ONE!!
What's their/your tactic? Leave it until 1-2 days before the EGM to publish, so that REABOLD then have no time to reply??
Very probably!
Green box for you S.McN!

I recommend all genuine RBD SH's "BEWARE WHAT YOU WISH FOR"!

S McN, re you criticism: "I think you have deliberately missed the point" Also, "And why do you have to be 'desperate' if you want to sell? You are ridiculing private investors."

I clearly take a different view to you about the time scale for success. But I have not and will not intentionally ridicule private investors!! And I have not deliberately been obtuse and deliberately missed your point! Becuase my view is different and I don't agree with you and NEVCKINGOOD that doesn't mean I'm either ridiculing others or deliberately missing a point.

Of course I can agree with you that the Reabold SP has been below it's highest point for a long time! But everyone knows SP's don't appreciate in an ascending straight line. Particularly in times of such turbulent economic and political events! I suppose the biggest differnece in our views is that becuase the RBD S.Price is very low (grossly undervalued) and has been for a some time now, you judge that to be "value destruction", and I see that as running in a race and being at the back of the field, but there are still many laps to run before the finishing line is reached!

And in my view our current BOD (if retained) will achieve a value return in due course! By stating, "If an investor needs to sell now, of course they will be very disappointed and may have to take a loss", that doesn't mean I'm ridiculing investors in any way. To be honest, I've credited you with more knowledge and understanding than someone who would make that incorrect conlusion. All my comments are meant with respect however!

S.McN. Well I care about it because I'm am not planning to sell my holding now!
Yes of course you're right if you are desperate to sell NOW!
My belief is that I'm communicating with SH's who are not needing to sell with the market in such turmoil right now.
As I mentioned recently, Reabold like all other stocks, don't operate in an Economic vaccuum.
I don't know what the statistics are (it shouldn't be necessary to quote them to prove my point) but many companies are down and below what most objective holders would recognise as "fair value" right now! Doesn't mean the Diretors of all those Companies have "destroyed their value"!

I'm now just waiting for NOVEKINGGOOD to argue that same falcious view.

I will just re-itterate, we should be very careful what we wish for!!

NOVECKINGOOD having stated you're a successful entreprenure, I greatly respect that fact and would normally hold you in high regard. I know it's not easy to devlop and sell on successful businesses!!.....So congratulations and well done!!!

But respectfully you're now putting your credibility and integrity at stake when you repeatedly refer to S&S's salaries as "outrageous salaries"!
With my Post yesterday I demonstrated that (whilst we can probably all agree they're too high), they are paid about the market norm for base sallaries and below the market median for total remuneration.
I showed the source of my data, thus:
https://www.bdo.co.uk/en-gb/insights/industries/aim/aim-directors-remuneration-report

I do NOT AGREE with you that they have destroyed SH value! Only if you are a distressed seller and need your cash out now, could I understand someone making that claim! They have in fact increased the value of the portfolio.

If you are this intelligent successful entreprenure, then I give you credit for actually understanding the fluctuations in the economic cycle and that the value of almost all stocks is down now and likely below true value. YOU KNOW THAT!

I make no secret obviously of supporting the current RBD BOD. So I do not want a group of self seeking Charlatan's with very dubious backgrounds and motives and no forward plan, other than "We will do a better job" yeah, yeah, yeah, to be taking control of my investment!

Surely even you can't champion this appalling self interest, can you??!!

"In the Board's experience, the Proposed Directors, Kamran Sattar and Cathal Friel, have conflicts of interest that are incompatible with being a director of your company. Specifically, Kamran Sattar previously approached Corallian attempting to acquire Corallian's non-Victory licences for £500,000 after Corallian had agreed to sell these assets to Reabold for £250,000. This would have deprived Reabold shareholders of the value we expect to create from these assets. Furthermore, Kamran Sattar, and Cathal Friel (through Raglan Road Capital Limited), have used their ownership of convertible loan notes in Corallian to attempt to enforce legal claims that the Board believes jeopardised the sale of Corallian to Shell and, in doing so, potentially also damaging Reabold's reputation as a credible counterparty."

Given you apparent disregard for reasonably presented views and logic, an example of which was where I explained why we all were diappointed with the value obtained for Victory, but given no real interest in that asset the best deal available was taken, confirmed by the BOD today!

So I hope you will excuse me now for beginning to conclude that you a party with an "agenda"! I'm disappointed in you!

missthepenny62, re: Your statement, "And if they lose the vote at least costs will be slashed."

It seems as though (1) You haven't done any research in to the Reabold Business costs, and (2) Haen't read RBD's statement this morning....or you think the comapny are lieing when they state correctly that,

"The Board believes that the Company's general and administrative expenses, which are expected to be approximately £1.5 million for the current financial year are amongst the lowest of its London listed peers ". As a result you are making an incorrect assessment.
Yesterday in one of my Posts I stated;

"I haven't finished (Posting) on this topic yet!! I want to share my evaluation/assessment of Reabold's TOTAL HEAD OFFICE OPERATING COSTS. Something Mr. Friel very conveniently didn't even address! In fact the model he outlined as his way forward, I very much suspect will incur far higher Total Head Office Operating Costs than Reabold enjoys today!!!"

Well the company has beatme to it with their statement this morning. But I will still expand on this point to explain why it's correct that their Total Head Office Operating Costs are SO LOW and that you are INCORRECT that if the BOD is replaced costs will be reduced. They will NOT! Here's why:

Until the new FD was appointed an early 2022 (I think it was?), Reabold was staffed by ONLY 2.5 people. S&S, plus a part-time PA. They all work from home and there are no expensive head office or any other "premisis" costs. They run on a shoe string!!
I also learned during a conversation after an AGM, that both S&S make NO CLAIMS FOR PERSONAL EXPENSES! Those they pay from their own (market norm) salaries! How many other AIM CEO can say that???

So those on here who are critial of S&S having so called "outrageous slaries" (which in fact are only at the market norm), (too high I agree, but that's the market!), need to understand and respect that in concideration for those norm slariaes, REABOLD INCURRS NO HEAD OFFICE COSTS or Directors' personal expenses!

That is why everyone here should be objective and acknowldege that it's a fact that Reabold's general and administrative expensesareare amongst the lowest of its London listed peers! FACT!

Eazy, thank for very much for that link!!

Together with increased gas flaring, which I presume has started now, I note that the volume of injected miscible gas was MORE THAN TWIC as much in August vs July. i.e. 97,444 mcf vs 47,107 mcf! That really is a dramatic increase! One would think that will very soon show in the Oil output numbers.

NOVECKINGOOD - my reply.
You questioned, "Are S&S still investable having destroyed 10's of millions in shareholder value, having not bought anywhere near enough shares in their own company and having taken huge salary's whilst burning through the value of all of this capital?"

Well first. As I've said respectfully before, I consider you're a pretty smart and articulate investor. So it doesn't matter to me whether you agree or not, but I suggest most impartial readers would aknowledge your question and wording above is very emotional and not fact based!

i.e. You state they've "destroyed £10's of millions of capital". Yes, and our SP is awful......like numerous other stocks at this time.....Post Covid, the War in Ukraine, the World likely headed for a major recession etc. So please make your statements with reference to the context and economic environement the company is operating in today. They're not operating in an economic vaccuum! Your "politician (emotional) waffle won't wash here anymore" :-))!

Further more, your assertion the capital employed has been "destroyed"! Because you are intelligent, you know very well that whilst the Company's SP and M.Cap are far down and "awful", the value has NOT BEEN DESTROYED because the remaining assets with high potential (I have denoted those in other Posts), have NOT YET been brought to monetisation!

Now to your other assertion, "having taken huge salaries". Again I am trying to be honest and respectful! I agree, when I read Mt. Friel's pitch where he quoted their remuneration package including pension contibutions to be £358,000 each (those are his figures. I don't if they are accurate!), but I and my close contacts were very surprised and quite critical. So I've since researched what are median salaries for CEO's for AIM listed companies.

My source is the "AIM Directors' Remuneration Report" published 2nd March 2022 by "BDO United Kingdom" . Here's the link https://www.bdo.co.uk/en-gb/insights/industries/aim/aim-directors-remuneration-report

You will see that the median base salary of AIM CEO's in 2021 (one year ago) was £348,000 and their TOTAL AVE. REMUNERATION was £968,000!

I, like most SH's I suspect, am appalled by those levels of salaries being paid, even for more successful performances!! BUT I think any objective reader must now accept that S&S are by no mean overpaid by the "norms of the day"!

And I haven't finished on this topic yet!! I want to share my evaluation/assessment of Reabold's TOTAL HEAD OFFICE OPERATING COSTS. Something Mr. Friel very conveniently didn't even address! In fact the model he outlined as his way forward, I very much suspect will incur far higher Total Head Office Operating Costs than Reabold enjoys today!!!

SH's, please try to be objective, non-emotional and "BEWARE WHAT YOU WISH FOR"!!

GLTA genuine SH's NK.