I think you fundamentally don't understand my position so I will try and spell it out one more time.
1. If management does nothing, the CP will start to be paid out in 2025, this is a factor that FAR cannot control.
2. There is a possibility that management can monetise the CP early (without conceding a hefty discount and damaging shareholders), in mid 2024 closer to first oil. As this would allow a faster liquidation and less expenditure on corp costs, it is in the shareholders interest to pursue this. I'm supportive of this approach.
3. Some level of management involvement is required to negotiate the CP and potentially monetise the Gambia assets (low likelihood but possible).
4. I already noted in my previous message that payroll is probably too high, although I have not done sufficiently deep work to figure out what exact roles can be cut. Employee benefit expenses were US$500k and halved from the prior period so there is limited scope here, so I wouldn't classify the salaries as extreme. A listed company will unfortunately have unavoidable costs.
You seem to hold quite an entrenched viewpoint but hopefully you can appreciate the logic above. Management clearly made many many mistakes in the past but there current approach is reasonable in my view.
This will be my last message in response. All the best.
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