Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
G - can’t believe there is any lth here who isnt sitting on a loss. But either we think on balance the SP is going to go up - so we hold or we think it’s going to go down - so we sell to preserve what little is left. What other options are there?
Accept we’ve heard it all before and should remain questioning- but there were going to get criticised here whatever they did. Have a watch of the video - at least we can say their marketing has got a lot better than before.
@Bobbybee. Thanks for info. I know nothing about EG, so will need to read up to understand if it’s a good prospect or not. Can’t see a 30% spread on SP encouraging any buying even if people knew anything about the area!
So all going well at Wressle 1. 680 bopd achieved after only 4 days of incremental increases, because of EIA limitations until 14 Dec (why didn’t Egdon reveal that before?). Should presumably be able to go back into 700s as before, although some caution re best end flowrate figure for well - less so in UJO rns which reads more bullish. CPR now being finalised for early Jan - finally!
That’s clearly the most important factor for the business, trouble is that’s in Ryan’s control at present - and they are clearing lobbying hard but he holds the cards on progress…. They ARE in total control of reward and shareholder relations so can take action on that now.
I agree they should act now and coherently (see below), but I also think memories/behaviour on AIM is very short term, so one bit of excitement and suddenly people change their minds at the prospect of making some quick money.
If it was me I would:
1 - work with UJO to force Egdon to report back better or lose operatorship
2. Buy a big chunk on release of CPR
3. Appoint new Non-Exec commissioned with first task to report in 3 months having consulted with shareholders on ways to better structure reward to relate more clearly (in part at least) to SP performance.
Can’t see what they would have to lose from such an approach - and it would be a first step to winning back broader shareholder support.
Share price here is clearly heavily sentiment driven for all the reasons and more that people have been talking about. In my experience sentiment will change - may be not this week/month - but for one reason or another eventually it will - and then people will look at the SP/assets/cash and react accordingly.
@itsawrap. Interesting! Do you know when the RBD EGM is scheduled? Could be one to watch in terms of how it plays out as clearly similar dissatisfaction - it seems we are not alone in Directors taking reward without the risk experienced by shareholders.
Thanks Gerry - I’ll look up the ShareSoc petition - seems to be an area that needs improvement. That said if the requisition did not legally trigger the EGM I still think it would be bizarre for a CEO to call an EGM to vote on his own competence if not required to - didn’t John Major do something similar and got rightly ridiculed for it?