Coro Energy Share Discussion Threads

[digger2779] 25/4/2024 17:01

Cheers Toon. When I read the "worse is to follow" I thought TW was referring to CORO not Parsons. Mind you we need to get this GSA sorted pronto as I reckon the bondholders aren't going to wait forever i reckon.

[digger2779] 25/4/2024 16:52

Well this doesn't look good....worse to follow? According to TW. I'm not a subscriber just get his daily email.

Once upon a time James Parsons appeared to walk on water. Folk like Brokerman Dan waxed lyrical about how the Parsnip could create value from nothing. Zak Mir’s charts looked great. They always do. In reality it was all a great promote and the castle built on sand that was Sound Oil/Energy (SOU) crashed to earth. Today shareholders in Coro Energy (CORO) have voted Parsnips off its board and its shares have been suspended. I can reveal that worse is to follow…

[toolsmoker] 25/4/2024 14:43

I agree .I can't imagine he'd be selling them down here he knows what's coming .once the gsa done this will be at multiples for sure

[digger2779] 25/4/2024 13:52

Toolsmoker25 Apr '24 - 11:47 - 5362 of 5362

Carrington seems to be doing a decent job on the renewables side of things, maybe they will elevate his role in the parent company? As far as Parsons is concerned I'm glad he's been given the boot. Although he had no control over the GSA he came across as an arrogant sob and was quite happy raking it in through his multiple part time jobs here, AST and Echo energy. I notice from Companies house he still has a role at Coro clean Energy Vietnam Ltd.
I believe he's not too well liked in the city and let's hope he doesn't try and trash the share price with his millions of "freebies". Might be worth trying to find out how many he has, including options over cheap warrants.

[toolsmoker] 25/4/2024 11:47

AST.L about to do the same with Mr Parsons .it seems like his time is up .can only see this as a positive thing .he has no control over the gsa .get someone in who's renewables for when the cash does come in

[mebo2] 25/4/2024 11:32

Good riddance to bad rubbish as far as I'm concerned with Parson's.

[steelwatch] 25/4/2024 11:31

Presumably, this was the AGM presentation?

[mrzippo] 25/4/2024 11:09

Comment from Panmure Gordon:Coro Energy (CORO.L, 0.14p, £4m) shares were suspended after the AGM where Exec Chairman James Parson was booted out after his re-election was roundly rejected by shareholders. This move leaves the company with only one director so the shares are now suspended. This was a surprise and will be a setback for the company while it resets the management team. The question as to whether Mr Parsons ego can handle the rejection remains unanswered.

[steelwatch] 25/4/2024 11:03

The turnout was quite pitiful.

Shares in issue-------2,866,858,784 as at 1 February 2024

Top 2 major holders:

River Merchant Capital--271,043,991 9.45%
Novum Securities--------238,439,994 8.32%

Vote to oust Parsons:---393,994,930 13.743%

[currypasty] 25/4/2024 10:54

Didnt the bondholders get shed loads of shares as quarterly interest payments before shareholders stopped the company issuing shares?
At the time they never seemed to rns any changes in holdings notifications... who knows how many they have left, or who they sold them too if they did sell some/all

[steelwatch] 25/4/2024 10:48

Quite right. See footnote:

"2. Only holders of ordinary shares are entitled to attend and vote at this meeting."

[georgesorrow] 25/4/2024 10:36

Bondholders do not normally have voting rights.

[rafboy] 25/4/2024 09:43

Is there a link for the telegram group?

[currypasty] 25/4/2024 09:24

agree, stop any insider dealing... and while they are suspended i cant lose any more money on paper

[blueblood] 25/4/2024 09:22

Hopefully we get GSA news now before we recommence trading!

[showme01] 24/4/2024 23:25

Funny you should say that, Tom Kelly at EME is of the same mindset. Hopefully will endure the same fate soon.

[crankylad] 24/4/2024 23:04

It's obvious, the big investors had had enough of Parsons for some reason ,maybe they thought Parsons was turning Coro into his own personal fefdom ..

[helpfull] 24/4/2024 21:28

Oh! How rude?

The voting numbers would suggest that CFE, who took over CIP Merchant Partners a few years ago, and with it their 8%+ shareholding would be the only shareholder to have the 266 million shares that could cause the voting swing around between resolutions 2 and 3+4.

It would explain the loss of Marco Fumagalli a few weeks ago.

Lombard have sold all their large shareholding.

It would suggest a clear intention to sell the oil and gas assets and the wind/solar assets. And monetise their holdings.

Parsons received ~$400,000 remuneration in 2022.

Got to feel sorry for the guy, but I suspect he has nicely feathered his own nest.

Be careful.

[jason90] 24/4/2024 21:26

Thanks Pavey, I think there is still some hope left. We certainly cannot predict the future here, but if they plan it correctly, there is still a chance to turn this around, along with a bright renewables business.. All is not lost yet, but patience is certainly wearing very thin right now for a lot of people. Let's hope they make the right moves now the shareholders have spoken. We need Duyung now more than ever, and I feel we are about 95% there.

[pavey ark] 24/4/2024 21:10

jason90, well it was a bit of a shock.
I've spoken with James a few times and I've always thought him a fairly straight up sort of a guy but my main contact has always been Michael Carrington as we both "sang from the same sheet" when it came to Coro and renewables.....although James Parsons was becoming more and more involved and enthusiastic when it came to renewables.

I have been a bit concerned about the recent "thinning" of the board and this has now caused a problem but one positive may be the elevation of the very capable Michael Carrington !!??

The Duyung supporters have long made comments about James Parsons but I ignored these and it is rather bizarre that the parts of the business that James had control over , renewables, ion ventures (bought and sold a a tidy profit )and the Italian gas sale have all gone well but he gets the blame of the Duyung (albatross!!)delay .....over which he has no control.

I suspect that a chunk of the vote against Parsons came from our very own Duyung crowd......and I doubt if much balance/ rational thought went in to it.

My view is still the one I have held for a long time......sell Duyung to anyone who will buy and walk away....rebrand as "Coro Renewables SE Asia".

If the company consider the vote to remove Parsons a problem I suppose they could hire him in some capacity.....I'm meeting with a pal tomorrow who knows much more about this sort of thing ...I'll ask.

Coro is a very difficult company to hold.....they have changed tack and left the majority of shareholders behind....very large asset base....very large debt ....minuscule market cap !!!???

[showme01] 24/4/2024 20:19

Bondholders voted him out according to a Telegram poster.

[jason90] 24/4/2024 20:09

Pavey, interested to hear your thoughts around today's developments and what the future may hold?