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Posted on Fri Nov 26, 2004 5:32 pm, at AussieOilers.

Subject: Weekend stuff - SSN directors' incentives and showing good faith .....

 

Hi folks,

 

Here's a typical example of why shareholders

have little respect for the directors of many

public companies ....

 

Today's mail, brought notice from SSN of a

general shareholders meeting to approve

5 resolutions ....

 

..... 4 resolutions being operational matters

of issuing more shares for an increased holding

in KEST and a further issue for operating capital

..... and all that, is fair enough.

 

However, the remaining resolution is a vote to

issue some 500,000 options each, to 3 directors

and a further 4,000,000 options to a PROPOSED

director.

 

Of course they justify having their snout in

the trough, at this very convenient time, by

saying it is their rewards for performance,

both past and future .....

 

..... but, according to their speil, NONE of

these directors have an interest in ANY Samson

shares.

 

Puhleeze guys, the ASX Principles of Good

Corporate Governance recommends against the

issue of options to non-exec directors .....

 

-----

 

Surely there must come a time, when directors

show shareholders, that they have faith in

their own management ability by investing the

company's shares ... instead of this continual

snubbing of REAL shareholders' interests.

 

In addition, directors should be issued such options,

PROVIDED they have met certain performance hurdles,

set down by an aggreement of other shareholders.

 

-----

 

As for the fourth, proposed director, what do

we know about him ..... ???

 

He is to be paid a consultancy fee of $230,000

plus the options and it states that he MAY be

appointed as a director, in the future.

 

What has this guy done for us so far, that he

deserves 4 million options and why should he

be issued with options, BEFORE becoming a

director (and a shareholder)..... ?

 

-----

 

By granting these options, shareholders give

these guys a free ride, until 2009, when they

will be exercised at .25 cents ..... current

SSN price, about .23 cents.

 

Get real you guys ... if you want some respect,

show us some good faith, by investing some of

your own money in the company and lift that

exercise price for the options to .30 cents,

in 2009.

 

-----

 

Nobody gets more respect, than a director that

has-his-money-where-his-mouth-is .....

 

One such director is Eric Streitberg from ARQ ...

..... there's a guy that really knew his ground

and had enough guts to invest in his company,

staying with that position, through thick and

thin ..... now he has been rewarded ..... and

good luck to him, he EARNED it.

 

He is a shining example of how it should be

done and how directors earn respect from

shareholders.

 

-----

 

Instead, we get the blood-suckers from the

Rakich clan, with their hand in the till, even

BEFORE they make a contribution to advancing

the company, in any way.

 

Samson is only one of many companies, that need

to take a good look, at the real motivation of

their directors ..... it sure looks like greed

from here, SSN.

=====

 

Of course, some will say, as traders such issues

are of little concern ... but, eventually good

management is rewarded. Companies like TAP, ROC,

ARQ, PSA have good directors and their work is

reflected in the share price, for the benefit

of ALL shareholders.

 

Conversely, the poor managers are forever dogged with

ongoing failures and are continuously dipping into

company funds to sustain their personal positions,

without having achieved any real ongoing benefits

for the shareholders ..... VPE is a prime example

of a poorly managed company.

 

=====

 

Operational stuff:

 

With the issue of another 53 million SSN shares,

dilution for shareholders will be around 54%,

but on the bright side the company should have

some interesting projects ahead, in USA and

liquidity for traders should also improve.

 

Any downside, would be the REAL prospect of

SSN having to raise more funds to continue

work on Kestrel's leases in USA .....

 

have a great weekend all

 

===========================================

 

Be warned, SSN is a very thinly traded stock, with 80% of shares

on issue being held by the top 20 shareholders ..... http://www.ShareScene.com/html/emoticons/smile.gif

 

 

yogi

 

P.S. ..... holding SSN.

 

http://www.ShareScene.com/html/emoticons/smile.gif

 

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In reply to: yogi-in-oz on Thursday 02/12/04 10:26am

Thanks yogi-in-oz,a great post.

Usually thinly traded indeed with about 80% of shareholders holding less than a marketable parcel when the last Annual Report was issued.It will be interesting to see what the shareprice is at the date of the GM on December 24 and at what price ,the "up to 15 million" new shares are issued at.

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  • 2 months later...
  • 1 month later...

In reply to: yogi-in-oz on Wednesday 06/04/05 02:11am

Breakout may come today. ASX announcement gives them with their KESTREL holding total cash and proved reserves of A47.6 million which = 62 cents a share. Current price 39 cents a share! http://www.sharescene.com/html/emoticons/biggrin.gif Based on the 75% holding in Kestrel and assuming an issued capital of 76.6 million shares.

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Using my SHG proceeds just bought into this one at 39 cents. 12 drills to end of 2005 plus the current valuation of 62 cents, worth a go IMO. As always please do your own research before buying or selling. http://www.sharescene.com/html/emoticons/biggrin.gif
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  • 1 month later...

http://www.sharescene.com/html/emoticons/smile.gif

 

Hi folks,

 

SSN bringing in a workover rig to clean debris out

of GREENS CANYON #2 ..... a 15,300' well, which

has already shown high levels of gas at 10,000 units,

during previous operations.

 

..... has the potential to be a low risk/high return

well for SSN.

 

Even if this attempt fails, they have a couple of other

options, including sidetracking the current well around

the obstacle ..... watch this space.

 

Some key dates ahead for SSN:

 

26 May 2005

 

31 May 2005

 

06 June 2005 ..... positive action here ..... ???

 

09 June 2005

 

17 June 2005

 

24-27 June 2005 ..... significant news here ... finance-related ???

 

18-20 Jully 2005 ..... 3 short time cycles due here .....

 

-----

 

Upside price targets at around 45 and 62 cents,

whilst SSN should find downside support,

around 30 and 22.5 ..... http://www.sharescene.com/html/emoticons/smile.gif

 

happy days

 

yogi

 

http://www.sharescene.com/html/emoticons/smile.gif

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