Red rag to a bull here.
A tragic truth for the genuine investors here. I have been saying for some time that his $2m package is not the reason alone for concern. The key concern is that it is not measurably tied to productive outcomes to do with png gas. The kpis are too open ended. How long can shareholders suffer while he languishes in png on $2m pa without measurable targets on the outcomes he is meant to deliver us? Are we just paying this guy to sit and wait for osh to do something?
1) is this his hobby horse and ego we are paying for? At what point should shareholders be briefed on alternate strategies which will restore value?
2) why is the board allowing this to perpetuate without measurable kpis which will lead shareholders to promised Osaka farm in? What are they doing to propose real means to fund and activate the png gas projects themselves in alignment with their baseline case? Another roc oil type merger should be considered.
3) when should we be briefed on attempts to partner or divest as necessary towards realising these outcomes?
I would love to see Brent with his experience and skill lead us towards these ourcomes. But 2% of our market cap and 4% of available capex is too high a price to pay without answers to the questions above.
I recently looked at the top 20 shareholders. It is feasible for shareholders to act by way of voting.
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Mkt cap ! $316.4M |
Open | High | Low | Value | Volume |
20.0¢ | 20.5¢ | 19.5¢ | $155.0K | 773.0K |
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No. | Vol. | Price($) |
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11 | 1497307 | 19.5¢ |
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Price($) | Vol. | No. |
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11 | 1497307 | 0.195 |
15 | 1680921 | 0.190 |
13 | 960559 | 0.185 |
18 | 882163 | 0.180 |
31 | 1948885 | 0.175 |
Price($) | Vol. | No. |
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0.200 | 24457 | 1 |
0.205 | 786368 | 12 |
0.210 | 1540162 | 11 |
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