Over recent months we have noticed a worrying trend:
Undertaking major share issuances without shareholder authority, without a prospectus, and without any apparent value to the company
Consistent delay of the AGM, well into breach of the Companies Act, whereby Mr Stephen Lunn and Mr Olof Rapp are required to stand for election, so that they can be appropriately ratified by the company shareholders
An apparent lack of focus on operational progress with the Globalvision joint venture and the ESGY joint venture
A lack of resolution of accounts, including both the 23/24 annual accounts and the subsequent, unaudited interim accounts for H1 24/25, preventing the company from returning to the open market and risking the continuation of the company, with no explanation of the issues as required under FCA notifiable information requirements
Ignorance of clear and specific shareholder requests and queries (such as conflicts of interest, shareholder ownership, or member resolutions)
Numerous claims of issues with the company published, including improper and/or illegal behaviour by previous and current members of the Board, not backed up with specifics, intervening actions, or resolution
A 'buy one get one free' share offering
Discounting of readily apparent conflicts of interest from the Chairman, which prevents the Board from addressing their largest creditor.
Examples of our interactions with Mr Lunn and the company's legal agent, Mr Simmons, can be found here.
Concerns with
the Current Direction
As shareholders, we believe in transparency and accountability. Our resolutions aim to address critical issues and shape a brighter future for Pennpetro Energy.
★★★★★
We are unable to accept:
Poor communication to shareholders, in regards to its frequency, completeness and quality
Actions, efforts and expenditure that do not progress the company, and/or hinders it without good reason
Ignorance and avoidance of risks and issues that means the company cannot operate or will not adhere to its own articles and the Companies Act.
Stephen Lunn made a very strong statement after the resignation of Tom Evans that he believed the company had been poorly run and that he would be correcting this. However we have yet to see an improvement in any relevant aspect and in most cases we see it being far, far worse.
With our investments in play, we are unwilling to enable the company to continue to damage the company and its assets, including what we believe are transformative joint ventures.
Empowering shareholders for a brighter future.
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