Member Info for Whojamaflip

Kerching
You really think you will get the rest of SeaLion for 200M

Think again - ridiculous

Even a plan B such as another co buying RKH for 2.5 times that will give them a leverage against PMO as RKH currently stands as 150 + 600 on the books

so for 500M a co can make 650 just by waiting out PMO

In fact if they out wait PMO they can get back 100% of sealion for inactivity

wjmflp

Ralph 2010

You haven't a clue

First of all the results are in $
Secondly they show $9m for H2 in the Falklands against $6m in H1 - what do you think that shows?

I am not going to explain any more

I think you need to move seats to another share in the room you share with others

wjmflp

It is a simple matter for me as a LTH:
Is the remuneration fair or is the BoD about to load the future in their favour and hedge their position at the expense of pi's?

All I am trying to establish is whether the PRP is fair or not

wjmflp

"The Company shall give notice to the Participant of the number and date of issue of the Performance Rights within ten (10) business days" of application (date singular)

It has for DW amnesic, up to 32M and date is the AGM

lol
wjmflp

amnesic,
Something isn't right so I have read and re-read the doc.
My belief is now that the total you & I are calculating is an individual award. DW gets 3 goes at it so only needs to get approx. 11m in each go to cap out.
The calcs we are doing are under Vesting which is to do with calculating the anniversary award.
There are 3 anniversaries.

If DW hits 32M at the first go then he cannot get any more in the next 2.

Therefore I see the 32M now as a final cap with the salary calc. as a minimum each award if nothing happens. So DW gets that much if the other 4 tranches bail out to zero but the sp gets better on speculation or something else. Either way he will get an award 3 times.

That's how i now see it

wjmflp

DW

1. Base Salary X 3 (being years covered by tranches) x LTI % (being 50%
for Managing Director) x 60 day VWAP of the 88E share price on ASX at
approval date;
or
32,000,000
2. 32,000,000.

Now let's assume that the VWAP running up to the AGM is 2c (just for ease of calc)
and assume DW salary is $500k it is given in document that MD LTI% is set at 50%
so calc of PR awarded is
500,000 x 3 x 50% x 0.02 = 10000 x 150 = 1.5m (60% tranche) as of todays vwap

if the sp VWAP gets to 50c it rises 25 fold so will be capped at 32M

I am not 100% on this so invite other opinions.

Again it seems that DW will get his 32,000,000 quite readily (with the other tranches just as readily - see 100M reserves uplift gaining 100% of that tranche)

wjmflp

IF I am correct (and happy for anyone who has another viewpoint)
Then DW is cemented at the VWAP 60 days prior to the AGM for the entire time in the scheme ! IMO

All others invited into the scheme will have their VWAP set at time of invite (60 day VWAP prior to invite date)

So expect other BoD members who are going to be invited to be invited pretty quickly in my opinion after the AGM

They will not want to be on a much higher VWAP than DW lol
Let's see

wjmflp

amnesic
By virtue of passing Resolution 1 the scheme is set up
By virtue of passing of Resolution 2
“That, subject to and conditional on the passing of Resolution 1, for the
purpose of ASX Listing Rule 10.14 and for all other purposes, approval is given
for the Company to grant up to 32,000,000 Performance Rights under the
Company’s PRP to David Wall (or his nominee) on the terms and conditions
set out in the Explanatory Statement.”

The invite is cemented?

wjmflp

Ahh amnesic
Looks like you are the only one paying attention to the discussion.

Yes I agree that the anniversary dates can be other than the AGM for others

BUT

FOR DW I think it is the AGM !!

What do you think lol

Regards

wjmfl

sabbatical put off for the day

I hate posting by the way

Apologies amnesic
seems even I have become a little confused but I have just read through the doc again in full and:

1. The doc quite clearly states there are only 3 anniversary issues to anyone
2. The whole of any issue is made up of 5 parts (60% share price & see doc for other 4 parts in diminishing %)

so I partially agree that the maximum incentive is to have any award made up of all 5 parts (although the sp is the lions share and easiest to establish for the awardee's)

What is of more concern, it seems to imply that the starting point (the rights issue date) is a 1 off date - the date of the plan adoption ie the AGM

Quote page 13
....The Share Price Tranche will be tested on each 12-month anniversary of
the Performance Rights issue ....

If this is so then starting at 1.15p means that the 60% lion's share is going to be easiest to achieve in my opinion

so the lions share v sp improvements from 1.15p

poo sneezes upwards a bit and hey presto - without doing much if sp rises a bit with it performance

Not for me

wjmflp

M2

I just checked my history

150 posts since 2015

1. Unlike you I believe I have NEVER used words indicating someone is not a genuine holder at any time since I started posting
2. I have never indicated any other poster is stupid or less intelligent than I am

However, you are running pretty close

wjmflp

definitely on a sabbatical for a while now

In my simple maths world:
Hurdle 4
PRA3

4-3/3=1/3 or 33+%

Hurdle 4
PRA 1

4-1/1 = 3 or 300%

unless I am mistaken (and if I am I apologise) if the outlook for the hurdle is limited I would want the PRA to be as low as possible

over and sabbatical started again

wjmflp

You just don't get it do you. This is about the most important issue regarding our BoD currently.

An example:

a. BoD declare PR Issue date today (vwap on the floor for last 60 days)
b. 3 days from now BoD RNS to say we are going to drill on the moon in 65 days time (hopefully sp takes off and VWAP too)
c. 75 days from now we get a duster because they chose the wrong place to drill and price collapses and BoD do nothing for another year (but guess what hurdle VWAP is high as it is ANY 60 day period after PR Issue date)

BoD receive MAXIMUM Performance shares/cash for doing WHAT exactly and the sp is at an all time low

What do you think about the performance contract now??
wjmflp

Its quite simple_:
1. To get the best results the Hurdle price should be high and the PRAP should be low.

2. The hurdle price is calculated AFTER the PR ISSUE date and is the highest (peak) for any 60 day period (Therefore the very best it has been).

3. The PRA Price is calculated before the PR Issue date

So the questions to be asked to ensure clarity before the vote are:

a. A disingenuous cad could always time solid operations to issue good price affecting information after a PR Issue date to ensure hurdle price is high
b. A disingenuous cad could always time risky operations to issue bad price affecting information before a PR Issue date to ensure PRA price is LOW
c. A disingenuous cad could always run a programme to ensure greatest rewards to coincide with PR Issue dates

And before anyone gets uppity, I am not saying our BoD are that type of BoD. Just pointing out that it could be done.

Therefore the only question is:
Will the BoD pre-set all 5 PR Issue dates in advance at the outset and before the vote takes place.

This has the benefit of ensuring we know whether there is 1 PR Issue date (now) or 5 and when they will be.

If the BoD did this I will vote YES

because it targets/focuses value enhancing programme and dates which is a true test of performance and does not leave performance open to circumstantial abuse.

wjmflp

b. should read

A disingenuous cad could always time risky operations to issue bad price affecting information before a PR Issue date to ensure PRA price is LOW

Its quite simple_:
1. To get the best results the Hurdle price should be high and the PRAP should be low.

2. The hurdle price is calculated AFTER the PR ISSUE date and is the highest (peak) for any 60 day period (Therefore the very best it has been).

3. The PRA Price is calculated before the PR Issue date

So the questions to be asked to ensure clarity before the vote are:

a. A disingenuous cad could always time solid operations to issue good price affecting information after a PR Issue date to ensure hurdle price is high
b. A disingenuous cad could always time risky operations to issue bad price affecting information before a PR Issue date to ensure hurdle price is high
c. A disingenuous cad could always run a programme to ensure greatest rewards to coincide with PR Issue dates

And before anyone gets uppity, I am not saying our BoD are that type of BoD. Just pointing out that it could be done.

Therefore the only question is:
Will the BoD pre-set all 5 PR Issue dates in advance at the outset and before the vote takes place.

This has the benefit of ensuring we know whether there is 1 PR Issue date (now) or 5 and when they will be.

If the BoD did this I will vote YES

because it targets/focuses value enhancing programme and dates which is a true test of performance and does not leave performance open to circumstantial abuse.

wjmflp

I was going to have a sabbatical from this BB but after todays announcement I cannot believe the cheek:
1. The co goes belly up in 18 months to 2 years the BoD still get great salaries
2. The co strikes gold and the BoD make huge amounts on top of the salaries

no downsides at all

The options for long suffering PI's are:
So many that will cost its frightening from CR's to failure to the worst which is years of torment
The upside we get lucky

Do other PI's think like me that the risks looked skewered v who has/is funding this co


wjmflp

Just to put the record straight topof
I do not enjoy getting into minor spats on BB's.

With me it's a bit like a reaction to an itch, it will not go away most times unless you scratch it and you know it will only get worse but the immediate relief feels ggod only for the situation to get worse.

I sometimes log off and do not post for a while to stop myself doing it.

My problem at the moment is I still feel sore about the freeze in followed by the failure to complete the fracc fluid removal at IW2.

That is why I am sore and 'bite' when too much 'upside' is spouted on this BB.

Probably have to wean off for a couple of days/weeks.

Regards

wjmflp

Down about 5% on rising poo

topof & brom
Tell that to the countless pi's who invested in co's like XEL and what happened there.
Right you have only my word for my shareholding as we have only yours.
Not that I give any particular sh*te what you believe.

There were those on XEL who posted similar to how you do and lots of pi's (including myself) lost out in the end.

If all you can do is post irrelevant facts every day and tell us after the event that you traded that IMO makes you no different from anyone else here.

wjmflp