Bill fair call, you will know all in good time ok. We have al year BUT the quicker this happens the better, wouldn't you agree. This is a massive undertaking, not my first rodeo and one none of us wanted to do to be honest, BUT after this monumental stuff up imo, we are now forced to act, as our investment has been severely affected. Most of 88 don't hold shares, so no loss to them, but 20 Billion shares it matters. It matters to the brokers who advise clients. It really matters Bill to so many holders.
I have suggested to our group, due to this massive register and listed on multiple indices that we only replace one director, so we keep the oil experience, so as to not disrupt our business. This is a smarter decision, even if I do say so myself. let new MD make the future calls. My focus is using my experience in assisting this spill, NOT leading it, as got better things to do in life, as made that clear today in my discussions.
Only the best candidate will do as a replacement. SH's will not be disappointed of the caliber of candidate ok. We have a list and have had discussions in the past, since the last well.
So, we are focused on getting the initial 5% of shares (1,010,000,000 shares), so a 249D is presented to 88, trying for this AGM, possibly a chance of commonsense happening with the director nomination, then we see a voluntary resignation, as this will save a lot of time, costs and having to do an EGM. Win-win for everyone, simplest way to do.
If board don't except our nomination and no resignation, then we go the long way and call EGM in 3-4 months times and vote for 50.1% to spill by holders. From experience most will not bother to vote, board have no blocking votes personally (don't hold shares) but obvious to me will have some large backing from benefiting 3rd parties and some UK/US brokers imo. So, it's important to get the brokers and biggest holders supporting asap. Quicker we do this the better. Next Investors don't hold many so not a big support for 88 imo.
Then it's business as usual and company focuses on drilling, flow testing etc, with a new highly experience Oil/Gas - MD/CEO. Importantly to note that all SH's will finally have a greater independent voice and SH representation on the board going forward, which imo has been majorly lacking since DW left. Plus, he/she will respond to holders calls and emails as all MD's do, sadly again this was also lacking as had a few holders say had no response, just not good enough imo. Importantly, can potentially finally end the company "lifestyle cycle" imo with directors finally having skin in the game by owning shares. This has to happen not matter what, imo.
I will also shortly attach a signatory email on HC posts, so serious supporters wanting change can email support and ensures that their confidentiality is paramount.
Brombade, if you know of any large LSE holders/brokers wanting change, please let them know to contact me, as we urgently need a UK voice, as well as a US voice if anyone from there is on here. If not then it's contact via the old share registry, which is so time consuming.
Just wished that RNS wasn't made, as we would all be happy and waiting for wire logging and SP wouldn't be collapsing below 1c imo and we could possibly make a profit from this well. BUT 88 refused to urgently amend that terrible SP destroying RNS imo and SP collapsed. 88 knew imo, very quickly that holders, brokers and the market were concerned and not happy by that poorly worded released, BUT still did nothing imo to rectify. Should have seen my texts and calls Bill, I was ropeable after I read the full RNS once I had time and you highlighted "subsequent"!
Totally unacceptable to me and many other holders, so now time has come for a change imo. Some won't agree that's fine. This is the best for 88 long term imo. 88 have to take responsibility, accept the consequences and be held to account. I am not the only holder, broker, market analysist upset by 88's handling of that RNS, which consequently killed any chance of holders making decent profits from this well. Hence why we want to replace the director. It's a reasonable ask, one would have thought. I can think of better things to do in life Bill, but now has to happen imo..
Bill surely you of all people, wasn't impressed of what that dreaded announcement said, which immediately caused the SP to fall by 30% and now probably more once LSE/OTC finish tonight. Or do we all say "oh well 88 will learn next time". 88 won't learn imo, as have no interest of buying any shares, how many years have they held - NIL. We are all in the business to make money, simple as that! That objective has been ruined during this drill imo. I am not taking this lightly Bill. I hope this explains why and how ok. All the best to all.
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