The last few months has been a bit like watching rats jumping off a sinking ship. Of those that have left, Kinga Doris is someone I would like to sit down and chat with most over a coffee. She was the legal advisor and one of the first to leave.
As far as other positions GV has his golden parachute, John Baguley has a lot to answer, I clearly remember at least two occasions he provided misleading information, of course that’s only in my opinion! Did I mention having a recording of a now inaccessible Conference Call on my phone where JB can be heard advising Vesey to say that the Company never mentioned ‘Finalizing’.
Recently I’ve been looking at when ‘Office Bearers’ topped up their holdings around misleading market forecasts (once gain in my opinion), and it might be worth shareholders making a record of the dates they topped up following (or based on) those same forecasts.
On another subject, similar to when ‘Office Bearers’ topped up, lets look at another ‘possible’ reason statements (such as ‘finalizing, confident, expected, not if, when etc) may have made to bump up the share price.
Long Term Incentive Rights (LTI’s) - Are linked to the share price performance
During Vesey’s tenure were a number of increases in share price following statements as well as the resulting vesting of options. Once gain ‘in my opinion only’ and backed up in the Annual Reports.
Remember these statements Vesey made about other projects:
“Public statements relating to the timing of FID by unpermitted LNG export projects are purely speculative and unreliable”
You “would encourage people to read each of those statements carefully”
“Many are headline grabs” and “they contain elements we would never incorporate”
Remember these excuses by Vesey:
Global political developments
US administration inaction
Speculative proposals clouding the commercial landscape for buyers
Low global oil prices
A global supply glut
Qatar
The trade war
General malaise
Low spot prices
Warm winters in Asia and Europe
Continuing soft Spot Market
Japan focusing on nuclear
Remember this:
"LNGL’s ability to extend available liquidity beyond existing capacity is dependent upon the future successful raising of incremental FUNDING through anyone or a combination of: the successful marketing of offtake capacity and the resulting financing of one or more of its projects; marketing of the OSMR® technology and services; the sale of equity and/or debt; or the sale of assets. Management believes it has options for raising incremental capital and that execution of its plans will enable extension of existing liquidity as and when required. "
Wouldn’t a CEO who said this have raised cash sooner?!
Since Vesey took over this Company, followed soon after by a takeover rumour, and then followed by two ASX Media Releases stating ‘Finalizing’ offtake agreements, I encouraged other shareholders to be proactive in holding the office bearers responsible for running ‘Our’ Company accountable. Often this came with pushback from other shareholders, but it has always been about openness and accountability for me. For those who sat (and are still sitting) on the fence, I'm sure the anxiety hasn't eased as you continue to hold out for any poultry offer to come.
The recent pause in trading due to the change in Office Bearers could be related to any number of things including the following:
The Company wanting to separate itself from those office bearers
Those office bearers wanting to separate themselves from the Company
The realisation that nobody’s actually running the Company
Mortons Steakhouse closing
And now we are in ‘Suspension’!!!!
For my part, I support jkerr’s efforts and might keep the ‘Cupboard’ open for a while yet to share a few jokes and perhaps my special brew of coffee for those that pop in (we had rain overnight and the old Martinsville paddocks have come good with my special coffee ingredient).
Anyway ‘Cupboard’ dwellers, the days of being kept in the dark and fed BS one way or another are nearly over!
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