Yesterday’s Extraordinary General Meeting was a bad day for retail investors. But a good day for private investor activism. The beleaguered failed Board held on to their overpaid director fees and expense accounts by the skin of their yellow teeth.
Now I’m all for share-holder activism and as a share-holder I will honour the result. But make no mistake this was a major warning shot across the bows of the Wessex “fire-ship” & all AIM listed “fire ships”. You can be brought into the light to be held accountable for your failures and corporate greed.
Wessex now have to bring in all the jam tomorrow so resolutely espoused by El Capitano Andy Yeo, who cannot back away from the quickly cobbled together Heads of Agreement for the acquisition of Hague and London Oil BV, which let’s remind everyone El Capitano Yeo told us ALL THAT this “is significant and potentially transformational for Wessex” sic “the transaction (acquisition) with the potential to add significant value to the Company” On completion, Wessex will hold a 15% interest in offshore Service Contract SC54A in the Philippines, which El Capitano Yeo yet again tells us, “contains a number of existing oil discoveries in moderate water depths, as well as further exploration potential.”
Here are the very words that will could come back to haunt those who voted against Milroy Capital or abstained. “In the opinion of the Directors, it would be possible to bring one or more of these discoveries into production in the near-term.” Really?
Will Milroy/Dekker sell up and move on? Further depressing the sp?
There’s a 25% dilution on the way. Failed management are still on board and be under no illusions, there’s going to be further major share dilution. Offshore drilling is expensive and Wessex/Halo simply does not have the money to fund their obligations should this acquisition go ahead.
Retail investors are going to be wiped-out!