formal letter to io ioc management with our criticism

[longIOCPNG250]

On this forum there has been expressed much criticism on ioc management. I guess that on an indivudual basis letters have been sent by some active members of this forum to ioc about this but i am in favour of the idea to send a formal letter to ioc management with our collected criticism and demanding response. Ofcourse ioc management might be well aware of our criticism and up to now have chosen to ignore this but it is different if they get a letter on behalf of a great number of retail shareholders which are active on this forum. If they ignore such a letter at least ioc management has been given the chance to respond and they never can state anymore that they didn't know about criticism of retail shareholders. Such a letter can also brougt to the attention of the yukon court when ioc request approval for the takeover so they are aware of the details expressed in this letter. Is there support on the forum for such a letter ?

[Relker]

IOC management decided to sell the company in 2015 and handed over operatorship of PRL15 to Total. It will not be easy to stop them. Moreover, they get penalized if they obstruct the amended deal with XOM . Our chance will come if a new shareholdervote is needed. 80% of the shareholders backed the deal in September thanks to the large funds. They were happy with the deal as the shareprice collapsed in last spring. It is interesting to know if these people have changed mindset since the oil and gasprice recovered.

[Li'loilady]

Hi, long.  I see by your profile page that you became a member around the time I started "guesting."  You've spent about 1/2 the time that I have viewing the board which still means you've spent a good bit of time here.

Thanks for your first post and for sharing your idea.  If it comes to fruition, I will sign!

[admin]

Excellent idea, and welcome aboard longIOC

[Palm]

This mgmt team could care less what retail shareholders think/want. The fact that they spit on the ruling by the Yukon court, somehow coerced GLJ to reduce their resource estmate to push throughbasically the same deal is very telling. Shareholders have called, emailed etc, etc and today we have this deal. Any such letter will instantly hit the shred pile. Short of a shareholder lawsuit, they won't even blink. Will use a letter to light their Cuban cigars IMHO.

[longIOCPNG250]

This mgmt team could care less what retail shareholders think/want. The fact that they spit on the ruling by the Yukon court, somehow coerced GLJ to reduce their resource estmate to push throughbasically the same deal is very telling. Shareholders have called, emailed etc, etc and today we have this deal. Any such letter will instantly hit the shred pile. Short of a shareholder lawsuit, they won't even blink. Will use a letter to light their Cuban cigars IMHO.

the idea behind such a letter is to present our criticism on paper to the yukon court so that they can judge for themselves the presented facts (i also have zero confidence in ioc management). Without such a letter yukon court might have no formal information from retail shareholders and is it only Phil M. who is doing something. What i don't know if it is possible for shareholders to give input in the form of a letter to the yukon court but i guess so. this morning i have asked ioc about the reasons why the GLJ P50 estimate has been decreased substantially. I don' expect an answer but doing nothing is no option. Concerning your suggestion that they will light their Cuban sigars with the letter, well we can put some stuff in the paper which will give a extremely nasty smell if lighted. There must be a chemical engineer on the forum who can deliver such paper (.....).

[Martinistocks]

The letter should go to the largest shareholders. That is the only way to influence the final outcome.

[2126]

The letter should go to the largest shareholders. That is the only way to influence the final outcome.

I totally agree with this observation. While we on SHU follow IOC closely, the largest shareholders do not have the in-depth knowledge that we possess of the entire situation, and a clearly-stated letter of the continuing problems [including the observations and 'red flags' of the Canadian Appellate Court] and the real lack of shareholder value might bring enough attention to this that some large shareholders would investigate more themselves.

[Kaliboo]

The letter should go to the largest shareholders. That is the only way to influence the final outcome.

I totally agree with this observation. While we on SHU follow IOC closely, the largest shareholders do not have the in-depth knowledge that we possess of the entire situation, and a clearly-stated letter of the continuing problems [including the observations and 'red flags' of the Canadian Appellate Court] and the real lack of shareholder value might bring enough attention to this that some large shareholders would investigate more themselves.

Sounds like a plan.  I nominate PET and 2126 to be the chief authors!.  Where/when do I sign?  I know a doctor that owns 16,000 shares and is clueless as to what is going on.  I'd like to copy him with the letter.

[ebster123]

Sign me up!!