Whiddon should be bloody ashamed of himself for screwing...

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Lilow

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29/03/24

22:33

Post #: 73121216
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Originally posted by TonyVincent ↑

$10M is a handy buffer to continue generously remunerating an stagnant executive for many years doing sweet nothing. Whiddon’s come back because his other gig at Calima ASX:CE1, where he was a major shareholder & chairman, has pretty much gone into hiatus.

He oversaw the fire sale of Calima’s two Canadian O&G assets Montney (purportedly worth $200M, sold for $12M in Aug’23) & Black Spur (offers for up to $140M rejected in June’23, then sold in Jan’24 for $80M). Montney was a development play sold at the bottom of O&G cycle, & Black Spur a producing asset that never generated FCF,
The only remaining asset is a solitary oil well in Canada generating $350k FCF.

He plans to retain approx $17M from these sales to seek out “future opportunities”, lol. Sound familiar? Meanwhile Calima’s idle executive now has renumeration well in excess of the annual revenue its only oil well.

Whiddon’s had/still has his snout in the Calima trough, come up for air & has just found himself another trough to gorge on.
And ignore the debacle he’s orchestrated as chairman at Calima?

Here’s just a snapshot of Whiddon’s self serving brazenness & contempt for shareholders.

In Nov’23 he proposed performance bonus’s for 4 directors ( including himself) totaling $500k if Calima’s only remaining asset Black Spur, was sold at some unspecified time in the future for at least $80M. At this point there were no announcements that BS was up for sale.

Lo&behold BS sells for $83M in Jan’24, its a miracle!

Clearly BS was in play when the PR ‘s were proposed with the board fully knowing what the indicative price was to get the deal done.

However it doesn’t end there. Warned off going ahead with that cash grab, as it required shareholder approval, Calima’s board has just awarded themselves $370k in cash bonuses as a success fee for the sale, as it doesn’t require approval.

And here’s the cherry on top.

One of the Calima directors , Lonny Tetly one of the recipients of the “success” fee paid by Calima, is the chairman of the Canadian company Astara, that bought Black Spur!

All this overseen by Calima’s chairman, Glenn Whiddon.

And by the way, its widely understood that Glenn enjoys following deliberations here on HC.

Enjoy spending your bonus Glenn, or perhaps MRR could do with another $150k investment, but just remember DYOR

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Whiddon should be bloody ashamed of himself for screwing shareholders in many companies where he holds a position. He is happy to incentivise himself and board all at the shareholders expense. Disgraceful behaviour!

MRR Price at posting: 1.4¢ Sentiment: None Disclosure: Not Held
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Whiddon should be bloody ashamed of himself for screwing...

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