RE:PROPOSAL TO SHRHLDRS: LETTER TO BG TO TAKE OVER. Feedback?AndyPap wrote: Fellow Shareholders:
The press release is disappointing to put it mildly.
When Sean says he "resumes" the search for partner, what was he doing the last two years?
They have been in discussions with other parties for two years. Clearly this Management Team does not command the respect from their peers to close a deal.
Another Management Team needs to take over.
I think BG is best positioned to go through this process. BG has the knowledge and the people to do it. I recommend that we ask BG to take over the Management of VLE and initiate the process of examining strategic options for the company.
I propose as a first step to send a letter (email or mail) to BG to ask them to take over the company. We would support such a move.
Comments?
Feedback?
Thank you.
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Here is the rational for working to push this Management Team out.
If your peers do not respect you enough to do a merger with your entity when the price is $5 are they going to respect you enough to do a merger with your entity when the price of oil is over $80?
I don't think so.
If you have not been looking for a partner for your prospect when the price of gas in Europe was at unheard of levels, why are you initiating this process now?
I don't think Sean or any of the Majors think there is value in that prospect. Even their consultants refer to it as an "option". The initiation of the search for partner is to prolong idle speculation among shareolders.
Oil and Gas had its day. Now it is considered an undesirable commodity. My point is that what happened in the past is not guarantee for what will happen in the future.
We had a complete cycle in oil and gas from low to high. And two years of time for the Management Team to perform.
Their salaries were passable when the entity was valued at close to one billion dollars. At $50 million value their salaries are unjustifiable and unconsionable.
This Management Team and this Board must be let go. They are destroying whatever value remains in our company.
Perhaps there are good grounds to be let go with cause.
Lets continue with aggressive steps to push them out. The longer they remain in place they use up the only asset the company has: cash.
Ideas on the next step?
Comments?
Thank you.
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PS. Who was the __________ (add the adjective you think is appropriate) commenter a few months back that tried to spread rumors re: "maybe the boys..." are drilling.... when the pictures of the wells showed up. Maybe CanadaTurk or TraderLong2 remember. Is the same commenter posting now, I wonder, and what is he saying? and should anyone question the commenters motives?
PPS. Remember the consultants of the company are gettig paid to post here. They are getting paid to advocate for the Management Team.