Share
1,668 Posts.
lightbulb Created with Sketch. 304
clock Created with Sketch. 12/12/23
17:26
Share
Originally posted by BerserkWarrior:
↑
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.
Expand
I'm surprised Monark didn't join in. He said he was a T20 holder. I think he thought this was going well north of where it is currently. Cloudy claimed to once have a substantial value invested as well. It's worth considerably less now.
(20min delay)