Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
I found this sentence positive, in the sense CEG are doing a FULL testing job....' the drilling rig has been fully demobilised, to be replaced at site by a Challenger Energy workover rig along with production tanks and major production equipment'. It does not necessarily mean there have been problems. Especially as the rig use was planned and pre-approved by the authorities when the project plan was issued several months ago.
To save opex, not all companies bother to use a workover rig (which is an expensive capital asset per day, whether owned by the company or not ). See https://www.testwells.com/test-not-test-exploration-appraisal/
It is good CEG is going the whole hog, as S2 can, to a degree, help to de-risk S3-S9
GLA
Starchild
RNS: over one third perforated from lower levels and being tested. In parallel, remaining +/- 200 feet being perforated then tested. We may get another update +/- monday, and/ or the full results during course of next week.
GLA
Starchild
LLL: Thanks. Interesting article about Petrotrin which was taken over by Heritage after its failure in 2018. Heritage is indirectly a State owned company and it too is not particularly cash rich. Also see https://tt.loopnews.com/content/colm-slams-erroneous-guardian-editorial-heritage-petroleum . Unless Heritage has taken over Petrotrin’s liabilities, I doubt it will be legally liable should the legal case with Petrotrin ultimately stand. However, it can potentially be advantageous to smaller Trinidad operators such as CEG, TRIN, PRD, TXP in the medium/long-term, should Heritage dispose of assets in a fire-sale, or mini farm-outs. Nevertheless, there is nothing stopping the Trinidad Gov from subsidizing any debt, which to do so directly or indirectly, would be illegal under EU law. However, Trinidad is clearly not in the EU. I doubt the Gov wishes to pay unbudgeted cash, as it has Covid related fiscal problems.
We are awaiting news.
1. The key question on every real shareholder (and shorter’s) mind, is the result of the Saffron 2 testing. I expect an RNS between now and Monday morning. This assumes testing began our evening (Trinidad afternoon) on Friday, or last weekend. Such onshore well tests can take 3 – 7 days.
2. Connected to the above update, is info re the Arena Investor’s exclusivity deal which theoretically expires at the weekend. It will not surprise me if it is extended by mutual consent. I prefer CEG goes elsewhere at better rates (5p+) with less asset security. I have prepared a detailed post to justify this opinion, but will await S2 spud autopsy.
3. I also want to know CEG’s position on the Bahamas licenses. At least whether they are de facto suspended (pending agreement to license fees due) or terminated (pending CEG litigation).
Bottom line quatrain: After a full moon, when Mars is aligned with Uranus, 227 years after the French King loses is head, Trinidadian Prince CEGGY will speak of much wealth of saffron and black gold, to go to the land of the great queen. Stayeth silent he will not, but if he doeseth the prince will speaketh before another full moon.
DYOR. GLA
Starchild (aka Nostradamus)
https://www.lse.co.uk/profiles/starchild/
PS: I note I was sarcastically called Nostradamus yesterday. The difference between him and me, is I give researched based unambiguous opinion, rather than coded messages which can be interpreted 10 different ways.
FTR, I find it totally uncouth that anti-CEG commentators have upped their mind games to influence public sentiment negatively. If attacking and insulting pro CEG commentators isn’t bad enough, they have now resorted to personal attacks against those that give polite feedback or appreciation to other pro-CEG folks. This passive aggressive school playground behaviour and intimidation should stop. Karma.
Fatalcharm: PS.....feel free to PM me
JohnBriggs: I looked at your previous posts across LSE and you appear to take short brief pot shots, mostly negative. A recent comment on IAG was criticizing someone alleging they are a disgruntled ex-employee. So I feel honoured by your lengthy post today. Be assured I'm not as important as you make me out to be. Do you hold any shares in CEG?
GLA
Starchild
Fatalcharm: I agree with you on many points you have stated over the months.
1. The company is not doomed as it is producing approx $8m gross. The current SP and MCap are absurdly low considering a spud has been done and test results imminent. It makes no logical sense using various metrics I know of: turnover, revenue, asset value, potential, +/- $25m tax credits…. All underpinned by $70 PoO. It is the sort of value attributable to a Saffron 2 result which has been proven to be a total failure, with no hope of S3 or Suriname being successful. Let alone the possibility of monetizing Bahamas IP or getting a farm-in. I’d go further that there appears little interest in speculative short-term flutters by traders in the event S2 is a success, which is very unusual for small AIM oil/gas companies. Over the last few weeks large buys have been offset by a combo of large and small sells during low trading volume resulting in CEG losing 40% of its value since the OO/placing. Some sells could be stop/losses. The current price correction downwards is very unusual and gives the impression of manipulation to artificially reduce the SP. Either selling at a loss, to make money from shorting using CFDs/derivatives or the possibility of other factors I do not want to spell out in public. Hint: (a) who would benefit financially in 2021, with a lower SP? or (b) what wealthy entities may want to lower the SP (or even destroy CEG) for non-financial ideological reasons and don’t care having a 6 figures loss in the process? However, if S2 is a success, (and/or other positive news) manipulators will have a problem.
2. Since my 25/7 03:25 ‘CEG’s certified oil reserves,’ post, there’s been a lot of debate with some anti-CEG commentators and shorters nickel and diming how many 10s of millions of bucks CEG has in proven, probable, and contingent reserves. I gave some figures based on gross revenue @ $60 PoO, even though it’s currently $70+. Gross means before deductions of anything including G&A, royalties, taxes, opex, capex, labour, extraction costs. The ultimate source of my opinion was https://www.cegplc.com/operations/results-from-the-cpr/ and maximums based on success cases over several years of decent extraction production. I wish anti-CEG commentators wouldn’t read my posts as if they are an RNS and pick up on points as an excuse to enter discussions to create even more negative commentary for their agendas. Or worse, to allege I wilfully mislead which I do NOT. If S2 is a success, a subsequent CPR will change all the goal posts, so it’s not worth those folks beating on this point anymore.
3. The BoD/senior exec incentive scheme: I gave my thoughts diplomatically, as point 3 in my 24/7 06:42 post.
We await news
IMHO. DYOR. GLA.
Starchild
https://www.lse.co.uk/profiles/starchild/
Bohemia: about to do family stuff.
Please don't misquote me. I used the term $60 GROSS even though PoO is over $70/b today. As for the maths, it shows totals GROSS based on if the CPR estimates are 100% reality. Gross means pre capex, G&A, labour, extraction costs, opex, loan interest, office cat food etc.
As for shareholder value, I would say the potential is obvious. However until the oil is extracted no money is collected unless the asset is sold.
Are you still shorting?
GL
Starchild
Parpaing: re your comment to my morning post…. ‘We have had more than one CPR in the Bahamas which resulted in nothing’.
You are correct. From recollection there were 2 Bahamas CPRs done. Assessing the potential of wildcat frontier offshore including CoS etc is different to decades’ established onshore regions such as Trinidad. Many wildcat CPRs often use the terms 1U, 2U, 3U in reference to undiscovered hydrocarbons; 2U is roughly the equivalent of 2P proved + probable reserves, although it is important to remember it refers to undiscovered hydrocarbons.
The proof is in the pudding. 2P reserves can be borrowed against (subject to other factors such as a decent balance sheet) with reserved based lending at $1m-2m per 1mboe, But 2U reserves (….not to be confused with U2 the rock band…..) cannot.
GL
Starchild
Refer to CPR summary https://www.cegplc.com/operations/results-from-the-cpr/ with my updates below based on $60/b PoO.
• Certified 1P reserves means more than 90% chance CEG has 690,000 boe, worth $60 x 690k = $41.4m gross. This excludes SWP + Suriname.
• Certified 2P means proven and probable. CEG has 1.29m boe, worth $60 x 1.29m = $77.4m gross. This excludes SWP + Suriname.
2P definition…’known oil that is capable of being produced economically, and thus the 2P reserves as certified by ERCE relate solely to production capable of being generated from CEG’s existing wells 2P reserves do not assume any contribution from infield drilling and enhanced oil recovery projects. Moreover, apart from routine Opex required to keep wells online, accessing this production potential does not require material amounts of capex….’
• Certified 1C contingent resources means subject to Capex, a more than 90% chance CEG has another 710,000 boe, potentially worth $60 x 710k = $42.6m gross including Suriname, but EXCLUDING Saffron and SWP
• Certified 2C: subject to Capex, CEG has 7.46m boe potentially $60 x 7.46m = $447m gross including Suriname, but EXCLUDING Saffron and SWP
• Certified 3C: (less than 10% chance of exceeding) Subject to a lot of Capex, potentially 24.7m boe, worth $1.7 Billion, EXCLUDING Saffron and SWP
2C definition….’ oil that ERCE considers can be producible from the existing discovered fields, albeit contingent on Capex for infill wells and successful waterflood and CO2 injection projects. As future capital is deployed it would typically be expected that the 2C resource base would migrate into the 2P reserves category upon demonstration of commercial viability. As such, the certified 2C resources position provides validation of Challenger Energy’s capacity / strategy to achieve near-term incremental production growth, as well as providing clear direction as to capital prioritisation during 2021...’
Where we are today
Saffron 2 has 300-370 feet of net oil bearing reservoir sands. It is being tested over the next few days. If successful it will help de-risk Saffron 3 – 9. And the whole South West Peninsula potentially holds 220mboe, worth $13 Billion gross @$60 PoO which is the equivalent of a North Sea field. None of this is reflected in the above CPR summary.
Why I invested heavily since the Percy-1 result was the risk/reward spread, based on Ex-CERP asset potential. It was no longer a case of having to fund offshore exploration and appraisal wells @$50m a pop nor a win or lose binary result.
If everything goes wrong, I will lose more money. At the current ridiculous £15.3 MCap, the market seems to think CEG already has, despite $8m/yr gross revenue. If everything goes right, shareholders will do extremely well. I believe LTHs will be delighted for somewhere in between.
DYOR. GLA.
Starchild
https://www.lse.co.uk/profiles/starchild/
Patoir: well noted. I agree with you.
Edgein: Your 15:55 post was very informative. Please remain in a holding pattern for the S2 result RNS and give us your tech insights.
All: my frank opinions of the RNS https://www.londonstockexchange.com/news-article/CEG/incentive-arrangements-update/15071983 .....
1. Background and logistics
When BPC merged with CERP in Aug 2020, the BoD incentive scheme was the only resolution rejected at the EGM. At the 17/5/21 EGM it was passed and implemented by the BoD yesterday, hence the RNS.
Options when exercised must be paid in cash by recipients. They are not freebies. If sold, those in senior positions must publicly disclose the fact. In BPC’s history to the best of my recollection only once has this occurred. Many years ago, a BoD member who sold a chunk publicly disclosed he had severe health issues and needed cash for medical bills.
Refer to the sentiment on PRD since 21/7 when a director sold a large chunk https://www.lse.co.uk/ShareChat.asp?ShareTicker=PRD&share=Predator-Oil . When an exec sells shares, it does not go down well!
The CEG BoD are not traders. They will never pay money and buy CEG shares at 4-5p for a quick 10%-30% flip. It is for the long-term and will rarely get exercised unless the recipient believes the SP will substantially increase and never get below the price. Otherwise capital is locked, potentially for years.
If the SP never reaches those levels, the options will not be triggered and therefore the RNS irrelevant.
Only one third have been made available, the balance for future use. A biproduct, is it gives leverage to lower salaries as part of the 20-30% G&A reductions, with incentives in return. This conserves cash now.
It has positive inference that the BoD believes the SP has the scope to go a lot higher than 4-5p and 1000boed.
2. Market Sentiment
The timing of the RNS is interesting. Assumptions: The BoD like what they see so far on Saffron 2, believe production can more than double to 1000boed, which implies funding will be available, which further implies the Stena issue can be resolved. If most of these assumptions are wrong, frankly there was no point wasting time discussing incentive schemes and issuing the RNS.
New holders who bought in the OO/Placing and new ones as of Monday will see a positive inference and this potentially includes Arena. Many LTHs who are sitting on 90%+ losses are currently clearly unhappy.
3. My take
If I was advising the BoD which I am not, the timing would not be an issue, but I would have suggested a new mega incentive for Bahamas asset monetization and the production goal to be 2000-2500boed, not 1000boed. This out of sensitivity to LTHs sitting on mega paper losses.
IMHO, I expect the market to react positively next week, however some investors may wait for the S2 test result. It is interesting the RNS was issued after close rather than Monday morning.
DYOR. GLA
Starchild
https://www.lse.co.uk/profiles/starc
Something for the weekend to the HC tech experts amongst us…….
1. CEG RNS 14/7/21 https://polaris.brighterir.com/public/challenger_energy_group/news/rns/story/x2gozlw
'...Initial results of the log interpretation [of Saffron 2] have identified over 1,400ft of gross reservoir sands, with in excess of 300ft of net oil-bearing reservoir sands (net pay), as follows:
· Upper Cruse - 131ft of reservoir sand and 27ft of net pay (20% NTG)
· Middle Cruse - 1,066ft of reservoir sand and 217ft of net pay (20% NTG)
· Lower Cruse - 223ft of reservoir sand and minimum 63ft net pay (28% NTG), with a potential further 70ft net pay (60% NTG) indicated.....'
My Summary: between 300-370 feet of net oil bearing reservoir sands, is IMO great potential.
2. Now compare with 3 TXP RNSs from 2019/2020 relating to Trinidad
16/12/19 https://www.touchstoneexploration.com/wp-content/uploads/2019/12/December-16-2019-Cascadura-Discovery-TSX-.pdf ‘significant oil discovery’ in a very deep exploration well.
20/01/20 https://www.touchstoneexploration.com/wp-content/uploads/2020/01/January-20-2020-Cascadura-Initial-Well-Test-TSX-FINAL.pdf
11/03/20 https://www.touchstoneexploration.com/wp-content/uploads/2020/03/March-11-2020-Cascadura-1ST1-Stage-Two-Well-Test-TSX-FINAL.pdf they then talk about gas which confused me
Summary: 1037 feet of net sands. The March 2020 RNS above stated, …. ‘Well tests deliver combined average of 10,600 BOE/D.‘ This tripled TXP’s SP in a few weeks, which then got hit by Covid PoO collapse. It then rose to over 10x the Dec 2020 SP 12 months later.
Observations
I am NOT implying or inferring whatsoever, if CEG has one third the net sands compared to TXP, it means one third of 10,600boed! You can’t compare apples to oranges. And anyway, the matter is somewhat mute if S2 doesn’t pass the flow tests etc. However, I’d love to get a similar CEG RNS one day.
The whole SWP peninsula is potentially holding 220mboe and S2 is the first step. Frankly, as I’m not greedy, I’d be content with more than 100boed for S2, pleased @200 and ecstatic @300.
Have a nice weekend and let's be nice to each other
Starchild
https://www.lse.co.uk/profiles/starchild/
What is flow testing?
How long does it take? [usually a few days to a week]
See https://www.ukogplc.com/page.php?pID=100 for various Q+As such as above. I hold no position in UKOG, but its page is helpful and written in baby language.
GLA
Starchild
Yakee: I have mentioned the P1 result several times and the LOL deal. I have no idea what your other corporate ‘failure’ points are.
If you owned an investment asset such as holiday home, and put it up for auction, would you stand outside on the street shouting how bad it was and how much money you lost?
If you owned an investment asset such as a vintage car, and wanted to sell it, would you use public vintage car bulletin boards to advertise what a heap of carp it was?
If a group of people own an investment asset such as shares in a public company, it doesn’t help if they constantly complain in public forums. Privately in closed Facebook groups, PMs, phone calls/emails or directly to the company…….fine. To air a disappointment such as a failed spud or share-price collapse, fine. But not to BOMBARD negativity. Anti-CEG folks and shorters love such toxicity.
All IMO, as I can’t stop anyone acting in this way.
Where I draw the line is being falsely and libellously accused of things such as wilfully misleading others, and more recently being a pump and dump manipulator. I have no issue with disagreements and alternative viewpoints, when undertaken respectfully both sides.
GL
Starchild
Wotitsworth: I agree with your 08:06 post. We need news on various fronts.
Offerman: Nice to see you again. You made some very good observations in your 16:38 post.
Yakee:
I’m sorry you feel that my recent posts have nothing new to report. If I charged a subscription, you would be in your rights to cancel, but my opinions are free. If you don’t like them, please block me rather than insult me.
You further stated….. ‘Your continuous posts trying to make out you are in the know, or your positive spin on things is nonsense, we all have been had. It worthless and encouraging people to buy this is criminal….’
My response: Respectfully, I’ve held BPC/CEG shares since 2014 and AM in the know. I know CEG very well and provide research and opinion for medium/long-term holders to help in their DYOR, but rarely give short term trading opinions. What I am NOT nor profess to be is a clairvoyant. However, had CEG been a one trick pony, with a binary win or lose Percy-1 drill, the company would be in dire straits.
CEG is not doomed yet because there are various potential positives based on ex-CERP assets on various fronts. Nevertheless, the market seems to have somewhat absurdly priced in worst case scenarios already and ignored the fact CEG is earning $8m/yr gross revenues. (projected based on the June trading statement using $60-$65 PoO and +/- 450boed https://polaris.brighterir.com/public/challenger_energy_group/news/rns/story/rng62px ). With reductions to G&A, opex, staff, and higher PoO, this can generate good cash.
Anonymity:
You made some excellent points about Arena in your 15:53 post. I agree they must have done some DD as part of the decision to execute a term sheet. The only legally binding provisions in term sheets are normally confidentiality and exclusivity. Unless extended, CEG cannot solicit an alternative deal until its expiration on 31/7. I believe it will (or should) be extended.
As part of the initial DD, CEG would have provided a list of liabilities and cashflow forecasts, resulting in a KEY question, ‘how much is owed to Stena etc and how will it be paid?’ Arena must have been satisfied with the answer as opposed to falling about laughing.
IMO, CEG has provided solid legal opinion (probably blessed by a Barrister) on the disputed amounts ever having to be paid. Alternatively, CEG may have shown evidence it is close to a Stena deal at a heavily reduced rate which it will pay out of the +/- $10m cash held on 31/5….and/or…. it will issue shares to Stena and conserve cash. But I very much doubt Arena will allow shares to be issued at silly SP rates.
News awaited on all fronts.
DYOR and GLA
Starchild
https://www.lse.co.uk/profiles/starchild/
PS: IMO, it is pointless for real shareholders to bombard daily negativity or personally attack other holders. It feeds the anti-CEG trolls and certainly doesn’t help our CEG investment to increase in value.
Wowtitsworth: I too will lose faith if ex-CERP assets have no hope of producing substantially more than 450boe/day and the Bahamas license was formally permanently terminated with no hope of re-instatement by a court. Things are not that bad yet.
Many sophisticated investors took part in the OO/Placing which was priced quite fairly and perceived to be at a discount. Had it not, it would not have been almost fully subscribed. I think if the SP hovered at the OO/Placing price of around 3.5p over the last few weeks pending news, shareholders would have been OK about it (or at least less angry). But it hasn’t, which has caused many to lose patience.
Things could change on dime. Or at least I hope they will.
ATB
Starchild
My take on CEG world today:
Bahamas
I have come to the conclusion entering into any sort of commercial or financial contract with the current Bahamas administration is extremely risky.
They have freely admitted attempting to get out of the BPC/CEG deal for purported environmental reasons and allegations previous administrations should have sought higher royalties. The company and its shareholders were patient for over a decade waiting for legislation to allow drilling. The exploration well was completed safely as promised in the middle of a pandemic, despite unfounded attempts by enviros to injunct the drill. The latter was timed to badly hurt BPC/CEG financially. It did, as evidenced by having to borrow money from a hedge fund at punitive rates. A WPS was found and CEG believes a future drill with a farmee at Jurassic depths may yield commercial results. And importantly for shareholders, CEG believes its Bahamas asset/IP can be monetised.
The gov should always deal with administrative differences of opinion behind closed doors and not air them in the media. CEG is a public company and for a gov minister to state the license has not been renewed because of an alleged underpayment is IMO unacceptable, unprofessional, and possibly a breach of confidentiality. There are also legal consequences. If it is proven CEG is right, the gov could be liable for damages based on CEG having to borrow at higher more dilutive rates, to invest in Trinidad. Furthermore, the gov runs the risk of severe reputational damage, not only for future commercial partnerships, but also for borrowing. How BPC/CEG has been treated should set a major warning flag.
I take the default view the license is suspended for technical admin reasons, rather than terminated. I can live with a temporary suspension. All said and done, CEG should only pay what is due and not be intimidated by bullying or be used as a political pawn due to the May election. I hope the matter is resolved soon as it will have a positive effect on the SP; or at least an RNS issued ASAP, so we know where we stand.
Trinidad/Suriname
We await Saffron 2 updates and a date for the Suriname spud. Although severely impacted by covid, Suriname allows vaccinated travellers subject to other directives. A recent tweet stated Trinidad oil engineers are considered essential for the economy and qualify for early vaccinations.
Share price
A trickle of more sells than buys over the last 7 weeks and daily low trading volumes has lowered the SP by 35%. It has not been a case of share dumping on masse, since the Monecor disposal on or before 4 June. (Sources https://www.londonstockexchange.com/news-article/CEG/holding-s-in-company/15008742 and https://finance.yahoo.com/quote/CEG.L/history?p=CEG.L )
IMHO, subject to a decent RNS or two, confidence will be restored, and the market will react.
DYOR. GLA
Starchild
https://www.lse.co.uk/profiles/starchild/
Three very unlikely scenarios
1. CEG will declare a dividend next week
2. By invitation, CEG will join OPEC+ in 2022 as the only company ever to do so in OPEC’s history The new entity to be renamed 'CEG OPEC+' in CEG’s honour.
3. The disgruntled few EX-shareholders that regularly bombard negativity on here, will stop writing deeply offensive posts against others, and just go away to pastures new.
For the record, I have no personal issue with existing holders currently sitting on massive losses sometimes airing their frustrations against the company, if they believe it helps. However there is no excuse for rudeness, trolling and insults. Informed debate, sometimes assertive disagreements are fine. IMO, it would make a better forum and a better world.
GLA
Starchild
BurrenBoy: I agree everyone selling now is making a loss on physical CEG shares, however refer to para 4 http://www.cfdsurvivalguide.com/cfds/trading-aim-shares
You will note junior oil/gas companies are a favourite for CFDs and derivative trading. CEG has had very low trading volume for several weeks. Less than 3m shares a day on average, total 86m traded since early June has lowered the SP by one third! Source https://finance.yahoo.com/quote/CEG.L/history?p=CEG.L
It is very easy for traders to buy and sell at a loss to nudge the SP lower during low trading, and make a substantial profit from shorting CFD using tax efficient derivatives and leveraging. Refer to my 3 Monecor posts on 17/7. Without alleging Monecor or its clients have broken the law, I have reported the matter so it can be investigated.
However, the opposite can apply with a decent RNS.
ATB
Starchild
https://www.lse.co.uk/profiles/starchild/
Thought experiment
If you were the CEG BoD since the Percy-1 result in February, what would you have done differently then and now? My commentary in [ ] below
1. How will you pay LOL $4m? [although it was a deal of last resort because of covid/court case, BPC/CEG got $1m surplus from the deal]
2. How will you handle the Stena cost over-run? [I would do a deal using shares to conserve cash. Refer to my hard sell post 22/6 04:22]
3. How will you fund $3-4m Saffron-2 and Suriname?
4. When would you invest in in-fill drilling and workovers to increase production?
5. Would you have done an OO/Placing? If so, at what price? If not, what?
6. How will you fund Saffron 3-9 if S2 was a success? [options: dilute at the share level, or asset level by doing a 75-25 revenue split which Leo contemplated for S2, or ‘other’]
7. What if S2 is a failure? How do you define ‘failure’? [I define failure as ‘Arena or other institutions will not do a hybrid CLN @4.2p or more for future Saffrons’]
8. How would you deal with the Bahamas Gov license? Would you pay $3m if you were legally advised it should be half that?
9. How would you deal with the Enviros and Fred Smith QC, then and now? [I’d sue them after the next hearing is concluded]
10. How would you structure a deal for a Bahamas farm in? [assume the autopsy meets expectations. Refer to my post 11/7 06:32 for the hard sell]
11. How will you monetise the intangible Bahamas IP assets which cost $150m over 10+ years to develop? How much are these assets worth without a farm-in? [IMO, worth lots to any major wishing to drill Bahamas or North Cuba]
12. If you had access to unlimited cash at a decent rate for M&A, would you buy existing Trinidad wells to get an ROI in 4 years? [I would. Then outsource production for a percentage, at minimum risk and capex. If ROI 8 years, fine. Multiplied by 10,000 AUTOMATED wells is a license to print cash if it’s hedged.]
And
13. At what point would you consider the nuclear option? [ie, fire most of the CEG staff, outsource everything and just collect cash]
Or
14. At what CEG MCap would you consider a merger and justify it to your shareholders? Why? [CEG today is not CERP June 2020, so care needed to answer this one]
Real CEG shareholders will benefit by doing the above ‘board game’ thought experiment. It helps answer a key question on whether you are aligned with recent CEG BoD decisions. Although welcome to join in, it doesn’t apply to traders as their agendas are more short-term.
Constructive feedback welcome. Sarcasm from disgruntled ex-holders or trolling is not.
GLA
Starchild
https://www.lse.co.uk/profiles/starchild/
PS: NO. I’m not Simon Potter either. Nor, Leo, Leo’s wife, Eytan, on the CEG BoD or management team, a CEG employee or supplier, related to the above, sleeping with the above, a retired headmaster, a paid ramper or a journalist. How totally absurd to state these allegations!