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BigBear2 - This may help explain the lack of updates / RNS
Thank you for your feedback. Yes, we have indeed had many similar discussions with private investors recently.
The Board and management of Tullow have been very active before and since our 9th December announcement. A number of actions have been taken, including the departure of the CEO and Exploration Director, the formation of a reduced sized interim management team and a material restructuring of the organisation, which has led to over 35% reduction in headcount. Other actions are also underway to progress portfolio management activities, such as the sales process to reduce our stake in Kenya, continued discussions regarding Uganda are underway, as well as considerations of other portfolio management activity. You will understand the sensitivity of these activities and why they can’t be discussed in detail yet. The recruitment of a new CEO is progressed well and remains a priority for Dorothy Thompson (Executive Chair).
We also continue to focus on running the material day-to-day operations of the business. We have started the year well, with production in line with expectations and a number of improvements made in Ghana.
I understand it feels like time passes with little news at the moment, but the actions mentioned above don’t happen over-night and I can assure you that the Board, management and staff are working hard to complete these actions and stabilise the company as quickly as possible, whilst ensuring that the actions are appropriate.
The next planned update to the market is 12th March, when we will report on the key outcomes of the Business Review and the 2019 Full Year Results. In the meantime, we continue to engage with small and large shareholders. What we cannot do though is put out RNS releases in reaction to share price moves which have no substance or news. I know this is frustrating or appears that we are not reacting, but please be assured that the Board is extremely aware of the need to repair trust and rebuild from the solid asset base the Company retains.
I hope that is helpful.
babusabu1992 - Good to see you use the word think it kind of demonstrates that you haven't got a clue what your writing about, your comments are all based on your personal feelings and assumptions (unless you can support your comments with data and facts which I very much doubt) - I look forward to seeing your apology to Dorothy after Thursday
Thank you for your feedback. Yes, we have indeed had many similar discussions with private investors recently.
The Board and management of Tullow have been very active before and since our 9th December announcement. A number of actions have been taken, including the departure of the CEO and Exploration Director, the formation of a reduced sized interim management team and a material restructuring of the organisation, which has led to over 35% reduction in headcount. Other actions are also underway to progress portfolio management activities, such as the sales process to reduce our stake in Kenya, continued discussions regarding Uganda are underway, as well as considerations of other portfolio management activity. You will understand the sensitivity of these activities and why they can’t be discussed in detail yet. The recruitment of a new CEO is progressed well and remains a priority for Dorothy Thompson (Executive Chair).
We also continue to focus on running the material day-to-day operations of the business. We have started the year well, with production in line with expectations and a number of improvements made in Ghana.
I understand it feels like time passes with little news at the moment, but the actions mentioned above don’t happen over-night and I can assure you that the Board, management and staff are working hard to complete these actions and stabilise the company as quickly as possible, whilst ensuring that the actions are appropriate.
The next planned update to the market is 12th March, when we will report on the key outcomes of the Business Review and the 2019 Full Year Results. In the meantime, we continue to engage with small and large shareholders. What we cannot do though is put out RNS releases in reaction to share price moves which have no substance or news. I know this is frustrating or appears that we are not reacting, but please be assured that the Board is extremely aware of the need to repair trust and rebuild from the solid asset base the Company retains.
Wull_1976
I received a note from Tullow Yesterday this did mention the following
"The recruitment of a new CEO is progressed well and remains a priority for Dorothy Thompson (Executive Chair)" They mention Progressed not progressing so hey may have actually found a candidate so I am hoping there will be an announcement soon.
In terms of a director purchasing shares - with it being close to announcing their year end results would they now be in a closed period which doesn't allow senior staff members to trade in their own company shares?
I recently wrote to Tullow and this was the response received
Thank you for your feedback. Yes, we have indeed had many similar discussions with private investors recently.
The Board and management of Tullow have been very active before and since our 9th December announcement. A number of actions have been taken, including the departure of the CEO and Exploration Director, the formation of a reduced sized interim management team and a material restructuring of the organisation, which has led to over 35% reduction in headcount. Other actions are also underway to progress portfolio management activities, such as the sales process to reduce our stake in Kenya, continued discussions regarding Uganda are underway, as well as considerations of other portfolio management activity. You will understand the sensitivity of these activities and why they can’t be discussed in detail yet. The recruitment of a new CEO is progressed well and remains a priority for Dorothy Thompson (Executive Chair).
We also continue to focus on running the material day-to-day operations of the business. We have started the year well, with production in line with expectations and a number of improvements made in Ghana.
I understand it feels like time passes with little news at the moment, but the actions mentioned above don’t happen over-night and I can assure you that the Board, management and staff are working hard to complete these actions and stabilise the company as quickly as possible, whilst ensuring that the actions are appropriate.
The next planned update to the market is 12th March, when we will report on the key outcomes of the Business Review and the 2019 Full Year Results. In the meantime, we continue to engage with small and large shareholders. What we cannot do though is put out RNS releases in reaction to share price moves which have no substance or news. I know this is frustrating or appears that we are not reacting, but please be assured that the Board is extremely aware of the need to repair trust and rebuild from the solid asset base the Company retains.
I have a significant amount of money tied up in Tullow and watching this fall so rapidly a number of weeks ago made me feel physically sick. My view is that the value has gone down but I will only lose my money if I sell which I simply cannot afford to do. At the moment I haven't got any further funds to invest and am therefore sitting tight waiting for some positive news from the BOD that may influence the share price. I could have increased my stock holding by selling at peak and purchasing as the share value dipped. My only fear here was getting it wrong and losing more money.
It does annoy me when certain idiots post comments about there wish for the share price to fall and that they have a secret signal that we should wait for, this behaviour is simply pathetic..............So Yes Leer75 I'm sick of Jaffoon and if I could block his / hers post then I would
Physically Sick at the moment, I've lost so much money investing in this business and continue to watch my position worsen by the day - I keep telling myself that tomorrow may be better but it never is. If I pulled out now I would be £70k worse off. I only hope that we do see a level of recovery in the short term but the BOD don't seem to be making any efforts in communicating any positive news that would help our situation, is it because they have none to share and that they at slowly watching their business go down the pan with the rest of us?.
I know that I'm not alone here and no doubt there are others that may have lost significantly more and my heartfelt sympathies got out to you all.
Perhaps I would have had a better chance had I purchasing £70k worth of lottery tickets