Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
"I said earlier imo, short for "In My Opinion " RKH has lost the case. This is e democratic country and l'm allowed to have an option" Michael121 posted literally as the successful result was being posted.
Move over nostradamus this guy is an uncanny contra-indicator
In the unlikely event that anyone is even slightly interested in Michael2021's postings then the smallest bit of research through his postings will show that his opinion is worth nothing.
242 posts adding up to 100% rubbish
How much does RKH need to keep the lights on for the next 12 months (time in which results of arbitration known)
Is it feasible to raise this by rights issue rather than via place to protect shareholders?
Can we insist on a rights issue?
Shld board not delay any substantial fundraising till result of OM arbitration known?
Should we not seek further explanation on these points from our 'esteemed' board?
Has Mr Lough provided any specification regarding in what particular respects he considers that the requisition fails to meet the requirements of the Companies Acts?
He states: "I remain confident that your proposed resolutions are not supported by our remaining institutions and other shareholders, and that the role of the board is to enact the will of shareholders generally. " This is an irrelevant consideration. No-one is suggesting that these shareholders be denied the right to vote any way they wish. If he is so confident of support from these 'other shareholders' then what is the problem?
Dear Sir or Madam
I have written to you before and provided a copy of my shareholding, amounting to over 500,000 shares.
Shareholders such as myself are aggrieved that the directors whilst maintaining very high levels of remuneration have presided over massive destruction of value to shareholders. How can that be right?
Following today's trading and operations update from Harbour Energy, it appears that Sea Lion is still being "reviewed". Given that the strength of Rockhopper's negotiating position with HE will depend upon our financial strength it is clearly vital that the management demonstrate extreme prudence with what little resources the company has left. Even if a good sum is awarded from the Ombrina Mare arbitration, that money should be used to ensure the future stability of the company and not on further management bonuses.
Question: will the management team make a clear statement regarding the practical steps it will take to reduce our costs base, (including director remuneration) to ensure that the company is in the strongest possible position to ensure sanction of Sea Lion on the best terms for the benefit of the company and its shareholders.
Shareholders need to hear how directors wish to put clear water between their own financial gain and the long term interests of the company and AGM is the moment and opportunity to do so.
Regards,
Oilfred
We are all vexed by the time and the very specific challenges of getting Sea Lion to FID and I very much hope that our shareholders will continue to provide support to our team through the next few critical months in which Harbour’s intentions and the outcome of the Ombrina Mare tribunal will hopefully become clearer.
I hope this email is helpful, and as Chairman, I remain available to answer your questions.
Yours sincerely,
Keith
Turning to your specific points:
• In relation to the publication of AGM results, results of the 2020 AGM are available on the investor section of the Company’s website and all future AGM results will be made publicly available.
• In relation to executive remuneration, the Board took decisive action in Q2 2020 to implement a series of cost reduction measures in response to the impact of external events. The aims of the review were to reduce ongoing G&A costs and rebalance the remuneration packages of the Executive Directors from cash to equity whilst seeking to ensure the retention of key staff, skills and knowledge within the business. As a result of this review, the Executive Directors agreed a permanent reduction of 20% to their salaries with effect from 1 June 2020. In addition, a reduction in employee headcount was implemented and senior staff roles transitioned from full-time to part-time.
• In relation to the Option plans, the Committee agreed that the existing Long-Term Incentive Plan should be discontinued for a five-year period, on the basis that as constructed the LTIP would have provided what the Board considered to be an overly generous incentive. As part of the remuneration review, the Board approved the implementation of a one-off equity option package in the form of a new share option plan which recognised the need to retain the necessary skill sets to support progression of the Company’s asset base whilst also recognising the foregoing of future LTIP awards.
• In relation to both the changes in Executive Director remuneration and the Option plans, the Board sought external advice from a specialist remuneration consultant and consulted with major shareholders whose views were taken into account in finalising the revised remuneration structure. The Committee considers that the revised Remuneration Policy, which is weighted more heavily towards equity, ensures greater alignment with shareholders and will help preserve the Company’s cash resources.
• Finally, in relation to institutional investor representation on the Board, the Company has very active and regular dialogue with its institutional shareholders none of which has expressed any desire to appoint a representative.
It is the view of the independent directors that both Sam and Stewart have done very well to retain a material shareholder interest in the Sea Lion Development in situations where we might well have been negotiated down or, frankly, out, and we are also clear that to navigate through any further negotiations with our partners or FIG to get to FID, our current executive team, with the relationships they have built, are best placed to serve the Company and its shareholders. We believe that view is consistent across our remaining institutional shareholders.
We are all vexed by the time and the very specific challenges of getting Sea Lion to FID and I very much hope that our shareholders will continue to provide support to our team through t
response from lough part 1
Thank you for your email of April 26th.
I don’t believe that we have corresponded before but I always welcome and encourage dialogue with shareholders, particularly if they have specific issues or concerns. I must confess that I am somewhat surprised to receive an intention to propose additional resolutions at our forthcoming AGM, ahead of any dialogue.
On the basis that we have not had that dialogue, it is difficult for me to provide information or assurances other than to address the very specific issues outlined in your proposed resolutions. Nonetheless, I think it is helpful to provide some context as to where Rockhopper is as a business and how we as a board make decisions in that context.
Sea Lion is a world-class oil field which was discovered and appraised on a 100% basis by Rockhopper. Despite the highly attractive nature of the field, its physical location and the politics of Argentina introduce significant impediments to its commercial development. Such impediments include: severely restricting the universe of oil industry participants willing to invest, restricting the universe of supply chain contractors willing to support the development and severely restricting the universe of capital providers willing to lend to the project. It is in spite of such impediments that Rockhopper has drilled 11 wells on Sea Lion and discovered in excess of 500 million barrels of recoverable oil. Your company has introduced two oil industry partners into the development, namely Premier Oil and recently Navitas Petroleum. Since the Sea Lion discovery in 2010, the industry has seen two very significant oil price crashes (2014 and 2020), which profoundly affected our industry and effectively stymied Premier’s timely pursuit of a Sea Lion development, and yet your Company has raised no new equity from shareholders in over a decade and retains a material economic interest in the field. The recent pandemic, and increasing societal focus on climate change with a resultant impact on investor sentiment for the oil & gas sector more generally creates further challenges.
Despite all these issues, the Board and Executive team remain focused, wholeheartedly, on achieving a successful outcome for the Company and its shareholders. Much work remains to be done to: persuade Harbour of the merits of, and then commit to, developing the project; close the Navitas farm-out; and secure the requisite financing to allow FID to occur. The Falklands oil industry has a number of unique challenges and there is much history. As a board we value highly the consistency and corporate knowledge which the Executive Directors bring and the strong relationships they have built with FIG and other key stakeholders. Notwithstanding the challenges referred to above, we remain confident of a positive outcome for Sea Lion but ultimately can make no guarantee.
Status (done?)
Notified RKH (Yes/No). Broker statement attached. (Yes/No). Approx size.
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(your nickname here)
Glenrothes1969 Yes. Yes. 3.5millions
LSEtown Yes. Yes. 0.75 million
Oilfred Yes/No (on order) 500k
Just to confirm that I have written to Rockhopper in the terms suggested by Glenrothes with respect to my holding (504059)
Does this commit me to attending the AGM or can the vote for the resolution be done remotely? Any advice..
Many thanks to Glenrothes
Oilfred
Orient: 2million
Spacehoppa: 500k
Surfit: 500k
Bootledoger: 125k
Steve0 500k
Pre2rcd: 2.6million
Flipper: 135k
hewaits: 1.1m
markednmbr1: 455k
Daikihaku2: 200k
LaticsRule : 75k
LSEtown 750,000 ish
Godders 3 million
Ovets 800k
Glen 3.5MM (MM=millions)
LTT 350K
mike33 180k
kr2009 250k
Blinker 240k
Ephemeral 100K
CroftOriginal 167,005
Neilius 354k
Oilfred 500k