Agree
IMO in no way should this so called Long term Incentive Program be approved in its current form. (Nice little sneak out job at 7PM EST on the eve of the Anzac Holiday, IMO says it all)
- Once approved at the 30th of May Meeting, shareholders will have no future say. At this meeting they are asking you, the shareholder, to waver this. "shares issued under LTIP are at the discretion of the board." The answer should be clearly - NO!
-"No more than than a total of 200,000,000 shares may be issued under this program" They are asking you the shareholder to approve the granting of up to approximately 10% of current shares and options. Does anyone doubt that over the next few years 200,000,000 will be reached? The answer should be clearly - NO!
Last week i emailed the chairman MR Victor Rudenno expressing my concern about recent performance of SSN. I suggested one way the Board and Management could show support for SSN was to buy shares on market. Something that has not occurred in over 2.5 years. I was advised SEC restrictions prevented directors buying in the market. For those outside the USA (ie Aust Board Members) I was advised internal restrictions prevented them while there was drilling activity. (When dont they have drilling activity with wells like Defender?) It seems there was another answer - No need, we will be given them.
They have been given a bonus for CHK sale - see December. Any more incentive must simply come from an increase in production. One week after talking about lawyers and $1 plus value per share in New York they are seeking to grant 15c options expiring in 2016? Come on!
HC has been a great MB for SSN, with lots of diverse people and views. We have covered this company from many angles and I grateful to be a part of it. BUT IMHO, this needs to be voted DOWN.
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- Ann: Notice of General Meeting 30 May 2012
Ann: Notice of General Meeting 30 May 2012 , page-18
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