Open Letter to JAW8 Jun 2015 15:59
The following is from stewy_18 on ADVFN. If you agree then please support this.
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All,
Below is an open letter I have written to JAW expressing my concerns about the way SeaEnergy is being run. If you agree with the content, I would really appreciate if you could send me an endorsement mail also noting your holding in number of shares to stuart.hugh.stafford@gmail.com . Depending on whether I get a satisfactory response from JAW or not I may have to set up a conference call to impose upon him the seriousness of the situation we find ourselves. If I do not get any endorsements however....
Please be kind enough to have a read. I will ask David Stredder and Chris Boxall if they can retweet and I will be asking David the best way to continue here.
Open letter to John Aldersey-Williams CEO of SeaEnergy 08th June 2015
John,
Having presided over massive shareholder value destruction over the past 2 years, I am becoming very concerned you are not taking this grave situation we, as shareholders of SeaEnergy, find ourselves at this moment in time, seriously.
I’m afraid the feedback received from the AGM was less than satisfactory. I would like clarification on certain points to ensure we, as shareholders, and the board of SeaEnergy are aligned going through this difficult time.
One cannot help the low price of oil environment we find ourselves in. This is unfortunate, but the low price of oil means you have to react accordingly. To start with, you have to lower your central costs.
Saying you are going to lower your central costs is one thing. You have been saying you are aware central costs are too high for at least two years now. There was no clear plan given at the AGM on how you are going to do this. You need to provide an action plan and make this visible to shareholders so we can monitor your success. It is clear to all shareholders that you have a layer of management that is not necessary and needs slimming down drastically. You need to spell out how you are going to reduce costs and how much you are going to reduce them by. This is the most crucial point and I expect a bit more detail in the coming weeks on what exactly you are going to do to reduce these costs.
Can you also assure shareholders there will be no placing this year?
The asset sale of SeaEnergy’s stake in Lansdowne Oil and Gas is another important topic. We have seen the value of this asset diminish from £18 million at the height of its value to circa £1 million presently. The wisdom of not selling that asset in full or in part remains a very dubious decision. Can you provide assurances that you will do what’s best for SEA energy shareholders, not what is best for you (as a Lansdowne Oil and Gas shareholder) or Lansdowne Oil and Gas where you are a non-executive director?
Could you also advise us how you are exiting the ship management business? Have you put this part of the business up for sale? If so what do you expec