RE:Help TRADERLONGBelow is my post from Dec 21, 2021. S. Guest's annual comp for 2020 was salary and bonus plus about $98K of option value. He received a $261K bonus in Q1 2021 for the prior year in which they took credit for the 2020 shallow gas sale which did not close until Q2 2021.
You can find this on SEDAR.com on page 28 of the 2020 Information Circular filed on April 7, 2021. They should be filing their Info Circ for 2021 within the next few weeks and you will see what he was paid in 2021 soon. Watching closely.
Dr. W. Sean Guest
CEO and President
Salary Bonus Paid
2020 $370,000 $261,905 (Pd in 2021 Q1)
2019 $355,000 $222,000
2018 $297,500 $225,000
To pay $370K annual salary is off-scale. VLE pays their President an annual salary which is $118K more than Randy Neely of TransGlobe, a Company with real assets. Dr. Marchant is on the TransGlobe Board. Board fees paid in 2020 totaled $310K. Good gig for them.
2021 Corporate Performance Scorecard from Info Circular
"The Corporation went through significant changes in 2020 which are highlighted by the focus for the 2021 objectives that will be used for evaluating 2021 corporate performance. The Board has defined the following key criteria and weightings: 1) execute merger and/or acquisition deal(s) - 50%; 2) Valeura’s share price performance compared to a peer group of international-focused companies – 25% (the “2021 Performance Peer Group” which remains largely the same as the 2020 Performance Peer Group as shown in the table above, except for: (i) the removal of BNK Petroleum, which renamed and changed their focus; (ii) Condor Petroleum has replaced TransAtlantic Petroleum, which went private in 2020; and (iii) reflecting the name change of Oryx Petroleum to Forza Petroleum); 3) progress the evaluation of the deep gas play in the Thrace Basin, Turkey – 15%; and 4) maintain the shallow conventional gas production in good standing (production and HSSEC) until the close of the expected sale of these assets – 10%."
Unless they do an accretive deal before YE 2021 (9 days), based on the above, their bonus for 2021 should be zero. I am still amazed that the Board has not suggested strategic alternatives. Trading at 70% of cash value is a true reflection on management.