I see your point Harken and well made. I assume that the executive services agreement wasn’t renewed because of the streamlining of the assets which didn’t justify such a large salary let alone the position of a managing director (I wish they made the reasons clearer when they made the announcement instead of us second guessing).
I don’t think any performance issues were at play as this is an industry wide phenomenon. What position would we be in now if the kina shares were not sold when they were; I don’t think people get removed for decisions such as that.
I do acknowledge your point regarding the estimate of expenditure dropping to 120K per quarter and then being revised up to 200K again, I don’t know what the deal is there? The AGM is just around the corner; I hope someone that has the chance could go there and get a clearer picture re: this issue. As for other dealings going on behind the scenes I don’t think they would be at liberty yet to divulge what is going on because that’s how business is done anyway.
I can imagine there would be many dissatisfied shareholders out there and this might in part explain why people’s calls are not being returned (notwithstanding the skeleton staff), although I have not tried to make contact with any of them via any medium, so I can’t speak from experience there (and at the end of the day you are right, as a shareholder you deserve a darn response). And this might be another good point to raise at the AGM for anyone attending, as well as where that extra $80K per quarter is exactly going.
And I hope someone does go and get’s back to all of us!
At the end of the day, I realise that there can only be two possibilities. Either they are just milking the cow and sleeping in the barn as long as it still stands, or they are genuinely try their utmost to get something substantial happening, I genuinely tend to believe the latter for various reasons I have mentioned in previous posts.
Anyway, further to making something substantial happening I refer to Sam’s previous Caribbean FLNG discussions, I think there is a lot a potential there. Here are some quotes and associated links from various sources which lend weight to this feeling;
http://www.marinelog.com/index.php?...rs-second-flng-from-wison-offshore&Itemid=231
“It is clear that lower oil and gas prices will continue to boost demand for cost-efficient and fast-track FLNG solutions over land-based liquefaction terminals,” says Nicolas Saverys, EXMAR CEO. “We continue to see strong growth in the FLNG market. Thanks to our first-mover advantage we are actively working on seven FLNG projects around the world. With this second FLNG contract we take another key step towards further strengthening our unique position in the FLNG market.”
Now just regarding the above quote, I make this comment. Where else in the world would this be likely when you consider that PNG is the most cost effective way place on earth to do this kind of business?
http://www.lngindustry.com/floating...bbean-FLNG-construction-nears-completion-488/
“Exmar confirmed that it is actively pursuing other liquefaction opportunities around the world for the second liquefaction barge on order at Wison Offshore and Marine, which is set to be delivered mid-2018.”
I have a feeling that there might be something to this.
Finally for those entertaining the Kina buyout proposition, though not myself, here is the crazy bit; all they would have to do is offer 0.6 of a KPL share for every CMT share (this would theoretically work out at about 12 cents per share for us as moving average). To kina this represents 15% of their total shares on issue and would fall within the limits of not having to seek shareholder approval; in effect they could take over cmt for approximately $6million with a cash back of just under $2million in cash (total cost for the complete suite- a handy $4 which I’m sure would be a drop in the ocean for ‘Phill M’, and without triggering commercialisation payouts.
But let me tell you uncategorically I personally wouldn’t ever approve of any wholesale giveaway like that. Which makes me think what the hell is ‘Phill M’, doing? It’s like the most interesting chess game in the pacific and he’s nowhere to be heard (for all his association with PNG, why would he pass up on such a play? It beggars belief (it makes me wish I was in this darn business because some of the guys appear to be sleeping at the wheel), maybe someone should send him a message and ask him who’s at the controls as a cornerstone shareholder of KPL when such once in a cycle opportunities are there for the taking...
And we’ll let our people (the board) put in their own words, for us, hopefully at the AGM...
Interesting times ahead...
(20min delay)