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You are deliberately missing my point.
In management terms, any option shares offered should have been a reward for performance, NOT for checking in every morning!!
Absolutely an irresponsible and cowardly way to recruit which could/would only attract the least able managers.
Just look at the results and how many have jumped ship.
Decisions we're still paying for.
And ongoing...irritated.
Still an unnecessary dilution though.
You recently argued that GKP could afford to engage in another buyback to reduce the stock available for purchase.
GKP didn't engage, choosing rather to conserve their cash at this difficult time.
But this is just bad previous management of assets.
Once the LTHs had suffered that 100/1 pain there was no need to recruit peeps who couldn't/didn't help the cause.
And then reward them for not helping!!
Absolute nightmare.
At least this Board are pitching up by cutting their rewards.
Get it?
We're all on the same ship and it's not sinking, despite previous mismanagement.
As for future share options, they will end now because GKP can't afford them, I hope so anyway!
Correction. Apologies.
Point still stands though.
It is a big deal because the previous management 'Restructured' the business with shareholder funds and then continued to build development by bribing employees to stick around, even though GKP was recapitalised and safe from harm.
Ridiculous.
'The new Common Shares will be used to satisfy the exercise of vested options under the Long Term Incentive Plan.'
So as I understand today's RNS, the Board have decided to dilute our shareholding by c.a. 1%.
All to pay for yesterday's mistakes and pay off upcoming options.
I understand Jon Harris's rationale given the current climate and GKP's 'little local (and continuing) difficulty'.
Cash is King right now. And GKP need to keep it safe for the moment.
So we'll just have to chin it.
However, Jaap Huijskes, the previous Chairman, has a lot to answer for
Unfortunately he's no longer around. He's left with whatever his bag of swag was worth.
Even though he was repeatedly rejected for re-election by the 80% vote of shareholders at sequential AGMs
Talk about a poor recruitment decision...
This is just a negotiation.
Like any other.
The ITP. will re-open.
The rest is about the price GKP will have to pay in any re-negotiated PSC.
It's called 'leverage'.
And the ICG have it.
Relax.
GKP will negotiate its new position and decide on its response accordingly.
And then we'll make our minds up.
Pretty sure APIKUR will be an irrelevance...that committee of disparate companies have very different agendas depending on their own very different financial agendas.
This is a risk share.
And if you don't know that then you really shouldn't be in it.
TF is whoever he/she is.
But it's right that the whole GKP investment proposition depends on continued self-funding, albeit likely under a different guise.
He/she is also right that pricing guidance is critical, and the best start point is Brent crude.
Otherwise, let's just trade and go.
I'm trading this stock on the periphery of my investment right now...you guys can talk geopolitics all you want but we're here to make money and right now there's easy pickings...
I need to re-state my commitment to GKP as a future business model which I believe in.
However, we're all here to make money.
Sooner and later.
Don't you just love this share?
And that's it.
TF,
Note your interest in Lloyds.
As I am.
But what the hell are doing over here in crazy world?
As I am.
Should we post a mutual suicide note?....though it's got to be said Lloyds has been kind to me.
And so has GKP.
SC.
'The current market cap is $323m...'
Current market cap is in fact c.a.$247m.
Not $323m.
What's happening to you Man? Depressed? Unhappy? Wishing you'd sold more @ £3.20?
Aren't we all.
Cheer up pal.
We're on the right path, even though it's rocky and we're only wearing flip flops!!
Absolute tosh.
Bond debt of $248m due in 16 months.
Covenants require more than a 40% equity ratio (Total assets to Total debt) AND a$30m minimum liquidity.
Net cash down $108m in the last twelve months from $228m to $120m. Suppose Genel's forecast cash flows are wrong which we both know can happen when you're 'making an argument' at Board level. $100m can easily disappear on a spreadsheet.
Repeated references to recovery of delinquent debt @ $107m as a critical part of the recovery plan, like the recovery plan might not be feasible without it.
Future investment plans obviously and hugely dependent on law suits and the re-opening of the ITP.
Please don't make me go on.
Would you invest in Genel right now?
Whereas GKP sits in the becalmed waters without the storm of debt...
DYOR.
Get out of bed the wrong side this morning P?
Itsaaponzi,
Love that you have appropriated that profile.
No idea what your motives are, but Genel are not predicting gloom and doom...why would they?
Particularly with their debt profile.
Anyone who understands accounts will realise that Genel and GKP are entirely different enterprises with entirely different objectives based on entirely different financial structures.
The rest is b*llocks.
Well done.
Unless Weir is a special manager (which I doubt) then Genel are in a lot of trouble.
Aah yes.
And the hits just keep on coming!
Truth is though, GKP can afford it and much more if the self-funding model still has legs.
And I believe it does.
If I'm wrong then I'm going to lose a lot of money...oh well. I can afford it.
Have a good weekend.
That equates to deranged management of what is a fragile asset under threat.
GKP needs to preserve its equity right now, not give it away on a whim.
There's plenty of time for the Board to recognise shareholder support when they're through this trauma.
But not now.
Surely.
The whole self-funding proposition depends on the pipeline re-opening...it's a given.
Otherwise GKP is just another traded stock with no intrinsic value.
What makes me laugh is that some investors don't get that.
Some of them even describe a scenario where with limited financial resources GKP would even consider dividends and/or buybacks as a serious option...idiots.