Global Marine Energy Share Discussion Threads

[pomp circumstance] 07/12/2007 13:17

According to someone on iii

" Buy rec in Shares mag yesterday "


dont know if its true, but noone seems to have taken notice if it is!!!

[chestnuts] 07/12/2007 12:32

Morning all
Been on Holiday
I see the share price as slipped back, and PF as gone which i am a bit confused about maybe he thinks he will get more compensation by going now.
COmpany Founder
Why do you think Bob Will is acting in such away he must releasie he only as a temporary position.
Are you still in line for a return to GME?

[companyfounder] 07/12/2007 12:20

Interesting comments, Pomp.

The Emer guys are honourable men and I would suggest there is no cynical intent. What they see is a means of globalising Emer (which is seen in the market as a supplier of Chinese goods) and access to 17 years of Intellectual Property.

My guess is that they'll want their own people in there pretty soon.

Teflon Nigel Fitzpatrick..well say no more.

Andrew Gibson..he has a good resume, correction he HAD a good resume.

Bob Will. I can only tell you of my conversation with Bob Will. My impression is that of an agressive bully; I doubt whether those virtues will work when re-negotiating contracts. His strategy will be to apologise for the terms taken by the outgoing CEO, claiming them to be unrealistic. DANGEROUS, the industry is a small village, this will get back to PF and legals (US legals) will follow. I hear that Mr Will has already fired the Aberdeen representative so I suspect theres another constructive dismissal coming soon.

I suggest the new board should have a lawyer; they're gonna need one. CF

[pomp circumstance] 07/12/2007 10:43

they prog know GME will default and then claim a huge amount of shares as payment and take control for nothing, and get their money back!

[steves2] 07/12/2007 10:11

There has to be something good in GME as why would anyone lend them $14m????? I wonder what we haven't been told or what they are unwilling to tell????? How embarrasing it would be for the GME management if they have to annouce a profit in the intrims after trying to sell the company on the cheap to there buddies......

[pomp circumstance] 06/12/2007 21:00

if i was offering a loan of the amount that that mob are , I would have had the whole lot out!

[steves2] 06/12/2007 20:41

Why would the board want to do anything at this time they must be very happy just taking there very overpaid salaries and expense accounts just waiting for the push when EMER take over and the 100k+ good buys.....Fitzpatrick is a complete waste of space just look at the state of the other companies he's involved in....and who the hell is this Bob Will chap why haven't we heard from him yet..come on Bob lets hear what you have to say for yourself.

CF - Do you think EMER would replace all the top management at GME/PAT with there own people I can't imagine i would want to keep this bunch of $^$^& wits running one of my companies after so much failure...

[companyfounder] 06/12/2007 18:40

Excellent posting Owl. Teflon Fitzpatrick (by the way his real name is Nigel, not Brent) is a 'yes man'. He has never done anything on his own and survives by taking minutes and trying to be a friend of everybody. Lets not forget he chairs the remuneration committee who handed out salary increases and bonuses. Still 'ol teflon Nigel' survives. Frightening.

I wrote to the board asking whether PF walked out, was pushed, or simply on gargening leave. They didnt answer, but word from within GME is that he was pushed AND is on gardening leave??? Evidentally there was open discussion about how to get rid of Findlay, and if so this could be constructive dismissal. £300k to PF? (buy a bigger ranch, thank you shareholders)

I wrote to the board asking Bob Will, the mystery CEO, for an apology for the personal threats he made. Surprisingly no response.

The board are now complaining to Nomads me about my mails. It seems in the City protocol is more important than facts.

Gentlemen we need the board to communicate but I guess you need to know what you're doing before you can. CF

[steves2] 06/12/2007 09:05

Owl - re your header didn't Wood go in July?

[murtceps7] 05/12/2007 17:09

OWL
I got the impression Volvo was being sarcastic actually :-))

[the_owl] 05/12/2007 14:10

I agree with you Volvo.

Where was the thanks from BF as Chairman for Paul Findlay's efforts? BF's been with the company for ages so the decisions PF has taken have been his as well as he's been a Board member. Its not as though Brent is new to the company, and he has been temporary chairman before.

Where credit is due, PF is the only one who seems to have earned it - scapegoat if ever I saw it (even if buck eventually stops with the CEO). Mr Wood gets 4 years to sort things out and goes with unvoted payoff (again no thanks from BF), while PF gets just a year.

With this sort of non-communication from the old timers, its no wonder the company does not seem in any more happy form than it was when run under the Mos umbrella. No communication, poor staff morale, no foresight, no financial planning, no strategy, no website - I could go on - leading to no confidence, and at the extremes a fall from a £1.40 price to Schroders 5p exit.

The Chairman is supposed to be the ambassador for the company and for shareholders. What is BF doing to instill any confidence? Absolutely nothing (so it would appear from the RNS's, or lack of them).

We could have had a BF statement saying PF had unfortunately decided to step down, thank him, wish him well, then talk about the orders, the fact the Spring Loan is a positive step forward (if it is as it should be because it came with Board rec did it not?), some indication of when a profit might be turned etc etc (Note: all these are now known knowns following a 1 year review)- but no. The usual deadly silence continues.

EMER is not a foregone conclusion - they could make all sorts of decisions and as CF says still need to get the co. approved through the HK listing authorities, yet it seems GME management have given up.

Have we heard from the stand-in(?) CEO Bob Will - saying how he intends to develop the company going forward, the gaps he needs to close, how things will improve, positives about the order book, the debt situation? again no.

As AIM shareholders we get one shot once a year at questioning management (The AGM) - even at this they don't communicate properly. It beggars belief how the company and its advisers can have the arrogance to ask for investment or place any shares in the hope of them being taken up while this attitude prevails as it has for 4 years+.

While this state of affairs (i.e. absence of info for an investment decision) continues little output from thge review, IMO a false market has developed in GME shares. Happy to have the debate if anyone disagrees though.

ps have we been told about Bob Will? his other current directorships etc?? why he's the right man for the job for now? - I don't think so.


CF - sorry to hear about the hassle GME/BW seems to be trying to cause you. If Directors only have 285,000 shares, they have no right to complain when shareholders themselves try to assist the company when the Directors are clearly unable - what a cheek.

[companyfounder] 03/12/2007 21:26

I cant pass on Emer details, sorry Pomp. Morgan Zhang promised to keep me updated and he is doing. Right now they have to get shareholder approval in Hong Kong for this acquisition. He reckons January and remains positive. He still talks about 16p. Gartmore are locked in for as long as takes. The loan has been drawndown and they are currently considering putting in a board member (I have recommended they do).

Steve,I think Gartmore will have mentioned CEO removal but I also think Fitzpatrick screwed it up (evidentally there was open discussion within Patriot) and will leave the door open for constructive dismissal.

[volvo] 03/12/2007 20:07

I am sad with Paul Findlay leaving after all his good work and he didn't even say goodbye.

[steves2] 03/12/2007 17:57

CF - Any info on waht you hear on EMER will be appreciated.... was PF pushed by Gartmore? how long will it be until Gibson goes surely cant be to long now.

[pomp circumstance] 03/12/2007 16:46

What are EMER doing?

What are the poeple who have put up the loan doing?

CF, post contact details for these people, i want to have word!

[companyfounder] 03/12/2007 16:26

Mr Bob Will phoned me 4 weeks ago threatening me with police action regarding the letters I sent to shareholders. He said he had seen the letter and I was posing as a Director of GME. This is a man who is willing to threaten his shareholder, without facts, and the man this incompetent board have put in charge of $200m of orders. For the first time in a while I despair

I doubt whether PF stepped down. He will have been pushed, but this group of people are so incompetent they will leave themselves open for constructive dismissal, herby costing the shareholders £250,000. I despair again.

CF

[tonystringy] 30/11/2007 23:49

murtceps7 - 30 Nov'07 - 13:58 - 5333 of 5336

'Didnt Woods resign with a nice backhander ?'


Indeed he did........payed for (as was his salary) with kind donations from PI's (seems to be the way he makes his living). I'm sure he's very greatful to you all.

Ooops.....did I say anything litigious?

[mikey34] 30/11/2007 16:12

And now folks, the highlight of our prestigious award ceremony.....the annual award for the CEO WITH THE MOST BARE FACED CHEEK,....the award for the CEO who managed to help bring a company in a favourable sector to its knees without a hint of embarrassment.......and the winner is.........PAAAUUUULL FINNNLLEEEY from GLOBAL MARINE ENERGY!!!!!!!

[steves2] 30/11/2007 15:09

murtceps - yep true forgot about that one.....

[murtceps7] 30/11/2007 13:58

Didnt Woods resign with a nice backhander ?

[steves2] 30/11/2007 13:17

Maybe nothing as he resigned....McClaren didn't resign after the disaster at Wembly because he new if it got the sack he would get a nice pay off.....easy money for some failure...

[murtceps7] 30/11/2007 12:53

I wonder how mutch he got for going ? ;-0

[steves2] 30/11/2007 12:05

lol - yep about sums it up