Vero Board of DirectorsYes, our chairman is the same Paul Baay who oversaw the rise and fall of True Energy..
He had a propensity to overspend at True and the same financial imprudence has been occuring year after year at Vero, under his Chair.
The Board of Directors are responsible for approval of the company's capital budget, so they must be held accountable for excessive overspending relative to cash flow and for a policy which has been to stay mainly unhedged against commodity price fluctuations.
At this time of the year, the Company usually makes forecasts on exit production rates and capital budgets for the following year. Not Vero, they will be silent until after the end of the year.
Difficult times call for drastic measures by the Board of Directors. they need to step up and "explore stratigic alternatives" before we lose all of our investment.