How do we pursue Fiduciary Responsibility issues?
$600k salary per year CEO salary for a junior oil and gas with a market capitalization of $40 million is ludicrous. $350K Fees per year for the Board of Director of a junior oil and gas with a market capitalization of $40 million unconscionable. And CEO and the Board of Directors achieved no material results,
For 2 years.
What can we do about it?
As a public company Valeura is supervised by the TMX.
The Compliance department of TMX is charged with the responsibility to investigate problem areas with the publicly listed companies on TMX.
We can turn to the Compliance department and ask them to investigate both the sale of assets at deep discounts to third parties associated with Board members, as well as investigate the exorbitant salaries and fees.
I propose we sent a letter to the Compliance Department of TMX asking them to investigate.
If we have a few people emailing the request to investigate, we will emphasize the concern we have as investors.
Below is a proposed letter that you can use to email to TMX Compliance.
Below that I have attached the issues I have about the current Management Team and Board of Directors, FYI.
It is our company and our money and we can do something about it. Here is the proposed letter for your consideration and follow up. It will take a few minutes to email. Thank you.
-----------
Valerie Douville
TSE compliance
Phone: +1 514 788-2426
Email:
disclosure@tmx.com Dear Ms Douville,
As a shareholder of Valeura Energy Corporation I am deeply concerned over two issues pertaining to the affairs of the Valeura:
- The sale of corporate assets in 2021 to a party with close ties to the Board of Directors of Valeura Energy Corporation at a price that is deeply discounted, even under the circumstances prevailing at the time.
- The compensation of the Executive Team and the Board of Directors’ Fees is exorbitant by any measure for a junior Oil and Gas company greatly diminished by the failure of its major project.
We ask TMX Compliance to investigate the legality of the above noted issues.
Respectfully,
____________
Why push Sean Guest and Tim Marchant out of Valeura? Fellow Shareholders,
Why do I feel strongly that this Management Team and Board of Directors needs to be pushed out of Valeura?
Here are my reasons:
- Failure to meet Management’s Fiduciary responsibilities
- Irresponsible Management and Board behavior
- Management has no credibility to close a deal
- Corrupting the capitalist system
- Failure to meet Management’s Fiduciary responsibilities
Management has a responsibility to manage corporate funds and affairs in a prudent and responsible manner.
Salaries were high but could have been justified with a $500million to $1 billion market valuation and expecting to move higher from there.
Once the Thracian project failed and the partner departed and
did not even keep the earned interest,
after spending $100 million, the Board had the fiduciary responsibility to cut salaries and fees dramatically. They failed to do that. If Management did not go along, they should have been fired.
Valeura is now a junior oil and gas company with a $40 million market capitalization.
- Irresponsible Management and Board behavior
There are no material results for two years.
The Board does not have the decency to provide regular updates and shown no intention to cut salaries dramatically.
When speaking personally to Sean Guest he stated that he wants to be the surviving Management Team in a merger.
After a storm of complaints by Shareholders Management released a Trading Update that without shame states that they will look for a partner. What were they doing over the last 12 months with soaring gas prices in Europe?
- Management has no credibility to close a deal
The key factor in consummating a merger is management competence and responsibility.
Sean Guest wants to be the surviving Management Team in a merger.
Has he shown competence? The results from a $100 million failed drilling project do not show any competence.
The fact that he is not taking a pay cut when the company is greatly diminished to a mere $40 million market capitalization shows no responsible behavior.
In the past, Sean Guest has not had any notable successes.
Why would any candidate for a Merger hand over their assets to Sean Guest?
If Sean Guest had any sense of decency he would have resigned.
Sean Guest is waiting to be fired to collect his separation pay.
There are competent Management Teams in Calgary that can take over this company and run it in a responsible way. I personally know of two of those top tier Management Teams. And there are many others that would love to run Valeura.
- Corrupting the capitalist system
Worst of all, in my opinion, if we do not push out of Valeura these irresponsible Management and Board, their unconscionable behavior gives the capitalist system a bad name.
This is not capitalism.
The only name that comes to mind is “piracy” in the worst sense of the word.
These ladies and gentlemen of the Management Team and the Board of Directors are destroying the very system that allowed them to set up this company and run it.
Their irresponsible behavior gives a black eye to the system that allows us as investors to take our risks and support various ventures.
This behavior cannot be tolerated.
Pushing these people out of our company, Valeura, is a lesson to them and a clear signal to Management Teams everywhere that Shareholders will push back when Management is not acting responsibly.
I will pursue with all my energy and resources the goal of making Sean Guest and Tim Marchant famous.
Fellow Shareholders, the above is my rational why I plan to pursue this matter. The irresponsible behavior of the current Management Team and Board cannot be tolerated. The costs on all fronts are too high.
I urge you to help fire these irresponsible Management and Board.
Thank you for the support.
STARTING FRIDAY I WILL BE POSTING EVERYTHING ON LINKEDIN THAT ANDYP POSTED HERE.. IM GOING TO SHARE ALL THESE COMMENTS AND WHAT WE ARE PAYING THESE PEOPLE EVERYDAY AS LONG AS LINKEDIN ALLOWS ME.. IM GOING TO GET MY HANDS DIRTY A LIL