Amerisur Resources Share Discussion Threads

[al101uk] 06/6/2019 11:14

AceUK,

So "track record" trumps corporate governance... and Giles Clarkes track record of serial failure along with some unrealized (see the share price) success should entitle him to do whatever he likes.

You don't have to look for problems, they are staring you in the face every time you see the chart on this board... every time you see the remuneration report in the results... every time there is an AGM... every time they release another half baked RNS.... every time they don't meet targets they set for themselves.

But it's hard... and we couldn't do any better... so that's OK then, right?

I can't fit a central heating system, but if some guy blew up my house after claiming he was qualified, I wouldn't let him off because "I couldn't do any better" or "it's hard".

There are a multitude of things I can't do, but I let more experienced people do them because they are supposed to deliver results. They get paid a commensurate salary for doing so. At the very least I expect them to deliver on THEIR OWN promises or explain why they haven't. If I find the explanation reasonable, then fair enough.

But to say that I should just accept failure and accept being overcharged and accept that I only get one hour a day, while the person does other jobs on the side... and to say that I should accept getting no explanation for any of that behavior is just ridiculous!

Particularly coming from someone who runs a business.

[al101uk] 06/6/2019 10:52

Construct whatever narrative you like, I'm not saying there can be no justifiable reason for things to be as they are.

What I'm saying is that it's quite easy to construct a narrative of corruption when the following happens:

Alex Snows family get a good price for their Restaurant business from a Giles Clarke business.... Giles Clarke hires Alex Snow... Alex Snow (remuneration committee) rewards John Wardle... John Wardle buys Giles Clarke companies exclusively with the money he's awarded by Alex Snow.

For Alex Snow to give Giles the nod would suggest a closer relationship than is obvious by the timeline. When did he do this, at interview?

Given Giles isn't independent, I'd suggest bringing people on board when you have a previous relationship AND are involved in a reverse takeover of a business they are closely tied too could cause a conflict of interest for both parties.

Again, I'm not accusing anyone of wrong doing, I'm pointing out that they spout nonsense about having good corporate governance and transparency while quite blatantly doing things that, to say the least, give a poor impression.

I shouldn't be able to write a post here that causes Lauders to stop and think about topping up.

Giles Clarke not being independent should be reason enough for him to step down.

People who have close ties to Giles Clarke should also step down. In my view that would include people who are also non-execs or directors in his other businesses.

Tracarta should not be allowed to buy stock in other Giles Clarke businesses.

Remuneration committee members should not be involved in takeovers that also involve Giles Clarke.

Good Corporate Governance should be about creating a business where I can't question these things because they don't happen.

[aceuk] 06/6/2019 10:47

It's what people do when things aren't exactly going to plan, isn't it - look for problems and create blame to apportion. Got loads of that in our family business, all because somebody doesn't want to roll his sleeves up and do some work.

I've asked many times of protagonists here - would they be able to run an oil exploration company in the jungle and negotiate at high level with other companies who are clearly much bigger?

al101uk I would ask the same question regards Ironveld - we don't know who walked away or what the negotiating position is. Whatever we think of Clarke and his cabal (I thought about that word before using it) they have a track record none of us have.

[tyler durden1] 06/6/2019 09:49

Look at the timescales. Alex Snow bought his shares in Turf to Table 9 months before there was even a reverse takeover?

In any event there were locks ins and takeover of Turf to Table was dependent on financial targets being met?

Snow was a banker, but joined board of Turf to Table on 1st March 2017. Resigned 12 September 2018.

More likely is Alex Snow gave Giles the nod about potential of Turf to Table, as SMA were going to be suspended, and after an Indian Optics deal fell through that he could go for Turf to Table to keep trading?

you can certainly ask about Tracarta, Michinoko etc. etc., but nothing to see over Snow.

Correction: Snow is a director of Summerfields School Trust ltd., and Exscentia Limited. I suppose some will suggest Summerfields School Trust is a hotbed of financial trading....dark

[vermilion1966] 06/6/2019 09:38

I remember the restaurant Snow on the Green from many years ago in London. I hadn't realised he was related to our 'independent' Director

[tyler durden1] 06/6/2019 09:34

Don't see the relevance with Alex Snow? He does not appear to be a director of any other company? He bought shares in Turf to Table. he would wouldn't he. his brother Sebastian was the founder? Nowt unusual there?

Rupert Fraser: What relevance to Amerisur?
Duncan Harvey: What relevance to Amerisur?

hxxpS://barkbygroup.com

[al101uk] 06/6/2019 09:29

Not sure if the link request for aimed at me, but here they are:

Management:









Alex Snow joins Amerisur



Takeover RNS's



Ironveld declaration



SMA Decleration



Kazera declearion



Turf To Table Incorpration



Alexander Snow joins Turf to Table



Directors Turf to Table

[al101uk] 06/6/2019 09:13

A little snippet of additional info:

Turf To Table was incorporated in 2008 by Sebastian Snow who appointed Iliriana Snow in October 2008 and Alexander Snow took a holding and joined the company in March 2017, he joined Amerisur on 9th May 2017.

15th Jan 2018 SMA declared that they were completing a reverse takeover of Turf to Table, delisting from AIM and relisting as Barkby Group on NEX.

"Nothing unusual about directors having multiple positions."

That's not really the point, the problem here is the common denominator of Giles Clarke, the questionable Alex Snow links with his interest in what was obviously a family business and the serial purchases by John Wardle of failing Giles Clarke businesses. Not only that, but Tracarta (as far as I can see) has made no other declarable holding statements in ANY other listed company.

At the very least that's pretty poor optics, at worst there is a very cosy relationship between someone on the Remuneration panel, the Chairman and the CEO that could amount to illegality.

[bigwavedave] 06/6/2019 09:05

PUG - Not when he then put his money into PANR! He is now sitting on a significant loss.
(Although, it has to be said that the Pantheon story is looking better now).

[paradores] 06/6/2019 09:03

If the acreage is good, the targets expertly selected, drill ops professionally managed and drill bit successful- then value will win out. What the BOD now have to do with the above esp in CPO5 is up for debate. (Moving on swiftly...)

Make your bed and sleep in it. Or buy another mattress!!

[pugugly] 06/6/2019 08:59

20195 - Most interesting - With hindsight I wonder if this could have been one of the reasons for RH selling down?
Whatever his reason he seems to have called it right at the moment.

[tyler durden1] 06/6/2019 08:51

Nothing unusual about directors having multiple positions.

Barkby Group is I believe trading profitably, they bought out a prestige motor company Centurian, and are also increasing their gastro pubs.

With Giles reputation slipping from the heady Majestic Wine days, all the more reason he will be pulling out all the stops at the flagship....Amerisur.

[rollthedice] 06/6/2019 08:38

Sub 12p again and after reading post #20195 another day regretting I ever bothered with AMER. Even if we see a success at Sol I don't see market significantly upping sp, not sure what will at this point :(

[tsmith2] 06/6/2019 08:13

Have you a link?

[lauders] 06/6/2019 02:05

Thanks for that research al101uk. Pretty worrying in many ways. I certainly don't think I will be topping up anymore even though I was thinking of it at these levels. The last time I topped up in the 12p area AMER nearly made it to 20p and I thought I was very clever. Now it has gone all the way down again and I think the opposite for not selling out, but I am not a trader by nature.

[al101uk] 06/6/2019 00:13

SMA - Delisted from AIM, renamed the Barkby Group and listed listed on NEX due to not being able to complete a deal.

IRON - No offtake agreement in sight after serial failure to get anything close to production off the ground, a couple of months cash left in the bank.

KZG - Originally Kennedy Ventures, still negotiating an offtake agreement and last seen raising money for working capital.

Then we have Amerisur, the one "success".

All chaired by GC, all bought by Tracarta, it really doesn't feel like John Wardle plays with his own money.

Alex Snow is on Amerisurs Remuneration Committee while also being a shareholder in what has become known as Barkby Group, he purchased the shares a full year before it was reversed in to by SMA. At the time SMA were still chasing other deals. Amazing how that turned out for him. John Wardle held over 3% of SMA in 2017 (quick google, he may have bought more).

Rupert Fraser who is CEO at Barkby Group (SMA) is also a non-exec at Ironveld, where Tracarta has made numerous share purchases, holding over 11% of the company.

Nick Harrison is Amerisurs CFO, a non-exec at Ironveld and a director at Kazera. Tracarta hold over 10% of Kazera.

Duncan Harvey is a non-exec at both Ironveld and Barkby.

Who's heading up our Corporate Governance improvements... Alex Snow of course... who's dealing with remuneration... Alex Snow.... who's the senior non-exec... yes, him again.

All the companies that have actually traded have shareholders complaining about the lack of communication, the complete disregard of shareholders and corporate governance in general.

Of course all of our non-execs are independent:

"The Board has carefully considered the independence of the current Non-executive Directors and has concluded that the current three Directors, Chris Jenkins, Alex Snow and Elodie Grant Goodey are independent and the Chairman was independent upon appointment. This means that half of the Board is independent."

So we have a Chairman who, by his own admission, is not independent, ooooookkaaaay!

Wardle, Clark and Snow are all members of the nomination committee (so half of that committee is not independent and the other half is 50% Alex Snow), so at least we can be assured that any future non-execs will be completely independent as they obviously take corporate governance seriously as they say on their web page:

"The Directors are committed to maintaining high standards of corporate governance to ensure accountability and transparency and to protect the interests of all of our shareholders"

That's a relief then... happy to be reassured.

[loftyman147] 05/6/2019 21:32

Perhaps GC and JW may need the cash after the performance of IRON since they've been heavily involved?

[lucyp00p] 05/6/2019 19:15

I hope somebody starts a takeover bid. There will be 4 or 5 interested parties and we will get close to fair value. At least Giles Clarke will no longer be someone for me to think about, which will be a glorious release.

[charlieeee] 05/6/2019 17:41

The last placing was at 25p and that might have some bearing (where those IIs still hold).

Michinoko's last 3% were at much more than today's SP: 20p would be a loss for them.

To a large extent, those joining the party are PIs and that can be seen by the increasing nominee holdings, II and JIM now appearing.Their holdings may be at these "too good to be true" prices, but mostly, PIs are greedy risk takers and will hold out for top dollar: look at who does all the whinging, when other oilers have gone on the cheap.

A lot riding on SOL

Shallower depth and probably not directional, so less than 30 days to drill (and a further 10 to test)?

So, day 26 today: they may already know and so any director buys would be highly suspect.

Unlike Calao, this is straightforward up dip from Mariposa and Indico, so fingers xed for a decent result.

[lucyp00p] 05/6/2019 17:37

No, I just said GC didn't have enough clout. I am open to any offers over 40p per share, nothing less.

[avsome1968] 05/6/2019 17:20

Ghhghh

Be disappointed with 19p far too cheap, 30p plus then they can have mine, can't bear to look at this share price no more depressing actually down here now penny under my average, also with no news on drills I suspect news won't be good, everything here just so slow, people in old folks home could turn things round quicker yawn yawn.

[foiledagain] 05/6/2019 17:09

I don't believe majority of shareholders would entertain 20p bid let alone GC

If there was not enough support to vote against reelection of Board members after the awful decline in the share price then it suggests they still have favourable majority support.

Giles DID say he was open to a bid in an interview?

Lucy. Your assuming that every percentage share not in the above would vote against a BoD recommendation to reject what I consider a derisory sum?

Of course if some have only just joined the Amerisur party at 12/13 they might be keen on a 20p bid, but I doubt many others would especially when things are lined up so nicely now.

[moneylender] 05/6/2019 17:08

With Michinoku and Directors they control over 15%. With a few more PI's and and II or two you would soon get to 25% against any bid. That alone would probably be sufficient to deter any hostile bid. Most predators want to get 100% of ownership.

My shares are not for sale at any derisory offer.

[lucyp00p] 05/6/2019 16:21

GC couldn't stop a takeover. At the end of the day, he has no more rights or influence than any other shareholder. Even with the combined positions of Tracarta, Michinoko and the directors, there are insufficient numbers to block anything.