The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Yet another awesome update to justify the over inflated BOD's salaries for another couple of months!!! Could we for at least once, have an update on some genuine, tangible progress in any part of the business??? The share price is a true reflection of the BOD's lack of progress anywhere.
Parsons earning £600k per annum for several part time roles...you see my point!!!
We'll all be dead by old age by the time this BOD come up with anything. James Parsons and his mates! Don't just look here look at every company he is associated with!!!
I'm sure if we receive positive news then any gains will be hoovered up by the Executives - I should never have come anywhere near this sham!!!
All well and good but I do not trust this BOD at all...
The share price would increase overnight if the BOD announced that they were departing and the wage bill/expenses would make the balance sheet look better.
Let AST get some real industry experts in who genuinely want to take the business forward!!!
Yes it's just all words and endlessly kicking the can down the road. Since they have been appointed, they have achieved nothing tangible. RNS in December suggested material progress with arbitration early in New Year but once again just words.
The new Metals strategy has consisted of implementing a bonus structure.
The company email should be bombarded with messages from investors! This crew should be shown up for what they are! The only updates we ever receive are confirmation of BOD bonus structure or a new addition to the Board.
It is appalling!!
Strange how Mr Parsons/Mr Dennan despite their alledged expertise have chosen to focus on the AIM sector where there is less regulation and loopholes which create opportunities to earn vast sums of money without making any progress!
Slovenia apparently delays are due to the legal process??? Cuba??? Yes what exactly are the delays with this??? Who on the BOD actually cares about making progress if you're getting paid handsomely in the meantime!!!
AIM is full of these characters. AIMHO
I agree it is a disgrace and everyone can see it for what it is!!
I have appealed previously for investors to file their complaint to Ascent directly via email and also to write to financial journals demanding action as in my opinion this is nothing but misleading investors!!
In those 2 years look at what Parsons and Dennan have personally drawn in salary. Also look at the shares that they have personally purchased and calculate that as a percentage of what they have earned.
Look at how the share price has performed in that time as a direct result of their activity.
Next look at how long it has taken to arrange legal action against the Slovenian authorities.
Finally look at how much progress has been made to Ascent's project in Cuba and what tangible results have been generated.
A BOD overpaid and in part time roles. That speaks volumes for their regard for personal investors and really demonstrates where their loyalties lie!!!
I know how I would be reducing debt... by tow punting this whole Board of Schmoozers down the road!!! Why can't AST employ somebody full time on a third of the salary. Yet another Director, I understand with previous experience at Sound Energy!!! For any doubters, look at the performance of Sound Energy under James Parsons - furthermore go on Youtube and watch his interviews while at Sound, giving the impression that something was actually been achieved. Oh and bye the way...the interviewer was often Malcolm Graham Woode!!! What a sham this is! The only drain on this business is the Directors. The only progress in Cuba has been an RNS informing investors of the BOD's bonus structure!!!
Only in this sector, could people turn a blind eye to events! Look at what these Directors are being paid in their various roles at several companies. Since being at AST, they have achieved absolutely nothing - just like the previous BOD.
Dennan, Parsons please go - if you were football managers or in any FTSE business then you would have been turfed out long ago!!!
Unfortunately the AIM industry as a whole tends to operate like this. These characters just make the right noises to keep raising funds, but they're not actually producing anything. The longer it goes on then the more salary they can extract.
This BOD should be out on their ears as they have offered nothing. The BOD before them were the same. All they are doing is hoodwinking investors while the regulators/journalists everyone turn a blind eye.
Nothing has been achieved by this company for years and with this BOD in charge. nothing will change. My earlier post contained an email address and I suggest investors should make their feelings known!!
Goza172,
You can contact either James Parsons or Andrew Dennan via email at info3@ascentresources.co.uk.
If you are polite then you will get a response. I did and both offered a telephone discussion - however, I replied saying that I saw little point in doing this and instead challenged them to make some progress.
I know James Parsons has been overseas conducting business for one of his other businesses. I have virtually given up on this share. It is fairly obvious that the oversized Management team is made up mainly of Accountants so that should tell you something. Across Coro Energy/Corcel Energy and Ascent, there are the same individuals, on massive salaries, who are the main expense. Very little material progress is being made anywhere and the latest Ascent Resources RNS speaks volumes in announcing further rewards for Management.
Unfortunately, AIM seems to attract these individuals, who seem to have no accountability whatsoever. Given the pay packages they are all on, there really doesn't need to be incentives to get things moving. In my opinion, Align Research are just a marketing tool also, one glance at what they suggest and what the share price is doing should also tell you something.
Andrew Dennan has stated via RNS that the BOD are very confident in an upturn before year end - however, it is now mid November and no doubt there will be further excuses down the line!
Regarding James Parsons - just take a look at his recent track record, specifically on the share performance of businesses he is involved in. Sound Energy/Coro Energy/Corcel Energy - very little tangible success. Since Parsons and Dennan have been with Ascent, they have merely signed up legal representation and watched worldwide gas prices increase. Their income from salary during this time at both Ascent and other companies has quite frankly been staggering! There is little wonder that they are keen to stay in this little bubble for as long as possible. Despite what they claim, it is more than obvious that they have very little regard for the humble investor, so it puzzles me why they try to put so much spin into each RNS? Judge them on share price performance alone as that is linked specifically to their actions and success.
This appears to be AIM in general and the authorities continue to turn a blind eye to what in my opinion is going on behind the scenes. After all, the authorities have a vested interest themselves - despite what Align Research claim is realistic performance, this company is light years away from achieving a share price in the region of 20p with this BOD in charge.
All the best.
The only RNS that this shameful BOD are capable of issuing!!! In the extreme off chance that luck strikes again then they will be handsomely rewarded!!! I personally wish that they would head off to new ventures permanently!!!
Align Research suggesting share price approaching 20P!!! These guys have achieved nothing since they arrived!
How about issuing an RNS on some actual progress - anywhere!!!!!
Now into November & I pass on my sincere congratulations to Andrew Dennan, James Parsons & Co for another week of nothing (obviously working on their other roles at Coro, Corcel et al)!! Their contribution in 2 years has been to sign up a firm of Solicitors and to congratulate themselves on world wide gas prices increasing!!
C'mon gentleman, please move on to the next step of the gravy train and be replaced by someone full time on a third of the salary, who is keen to make progress on any front!!!
I'm sure it has been posted here before the observation that Andrew Dennan and James Parsons earn in excess of £500k between them!!! As share holders, what actual 'value' due they offer??
This is madness and surely a BOD on half of this wage would be capable in their position.
Meanwhile the AIM gravy train continues...funny how it attracts these individuals!!
Despite the optimism that the Board issue on an RNS regarding investors being rewarded before the end of the year...now running into late October...then it will be the Xmas holidays...then slow start to new year.
Despite all the piffle that they have spouted, noting concrete has materialised! The share price performance is a reflection of the Board's impact on the business. Meanwhile ridiculous salaries continue to be paid for part time roles!!