Have to agree he has done well, but can't really blame him. He has backed himself and come out the other end of a commodity downturn in a very good position with a world class discovery. Seats on each board are obviously a necessity from a control and management point of view and only a muppet wouldn't take the fee. I wouldn't call his actions out of the ordinary in relation to the executive world.
He has no control over commodity prices or discovery so also had considerable personal risk regardless of inside knowledge, although as you mention, this was probably "hedged".
Personally I have no objections as the OBS funds were distributed in line with the companies long term plan. It's in all the reports. It would be nice to see remaining $3.5m returned to DGR on settlement of the AJQ note, but this is really swings and roundabouts.
You could argue that the long term strategy is now paying off and had a shrewd investor capitalised on this along the way, they would be sitting on very tidy return. I personally only stumbled across the cascabel holding a few weeks ago, so my entry is not without risk but has seen a tidy return.
What I'm saying is that I think the SOLG holding disrupts DGRs past and Nick probably deserves every penny. OBS was about $25m? SOLG could be $250m (or more)
So it's apples and oranges.
Appreciate your position though, as we have all been there and I am very interested in the corporate plan going forward.
Cheers
DGR Price at posting:
13.5¢ Sentiment: None Disclosure: Held
(20min delay)
