Tried to garner support here for a 249d needing 5% to call a vote to remove the pair of them earlier this year after the Montney debacle & received abysmal shareholder support to do so (4.1%). I had only 2 shareholders reach out to me on "X" after making 3 public calls here for support. One of those has since relinquished their holding having enough of the ongoing BS from management. I don't get it, there's almost uniform condemnation & outrage at what Whiddon & Freeman are doing (or more to the point are not doing) yet despite watching their capital slowly get decimated & crying about it shareholders are unwilling to do anything to effect change. Whiddon & Freeman aren't going to do anything, they don't give a toss because their remuneration structure is weighted so heavily to cash/bonus share issues that delivers for them despite the equity value diminishing (they're pulling total remuneration of around $9K each per week irrespective of company performance). They'll keep this alive for as long as they can at the expense of selling assets and returning all the proceeds to shareholders. It's a case where shareholders and management have divergent/bifurcated interests & whenever that occurs, shareholders invariably lose.
There's almost no chance of seeing the pproposed return of funds early in 2024. With WTI now around $70, there's little to no surplus cash generated from Blackspur for shareholders....there's enough of course for the above Directors to keep sucking off the company though through base salaries and share issues simply because they're on the payroll. As recent history as shown, if necessary Whiddon & Freeman have no issue with selling off the company's silver at any price to ensure their own fiduciary needs are met. Shareholders will get crumbs if they're lucky- those with snouts in the trough guarantee themselves cake.
CE1 Price at posting:
7.4¢ Sentiment: None Disclosure: Held
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