Chris Boxall and David Stredder did an excellent round up on small caps here:- http://tinyurl.com/qcurfpn

One of the topics they touched on was SeaEnergy and how poorly it has been run. Unfortunately I have been caught up in the massive destruction of Shareholder value. It is my largest holding by far. After the latest trading statement, I decided to write an open letter to the CEO, John Aldersey-Williams (see below). If you have also been caught up here, I would really appreciate if you could send me an endorsement mail also noting your holding in number of shares to stuart.hugh.stafford@gmail.com . Depending on whether I get a satisfactory response from John Aldersey-Williams or not I may have to set up a conference call to impose upon him the seriousness of the situation we find ourselves. If I do not get any endorsements however....

If anyone else has open advice about how to continue, please feel free to add comments.

All the best

Stuart
@TheKingsGambit1

Open letter to John Aldersey-Williams CEO of SeaEnergy 08th June 2015

John,

Having presided over massive shareholder value destruction over the past 2 years, I am becoming very concerned you are not taking this grave situation we, as shareholders of SeaEnergy, find ourselves at this moment in time, seriously.

I’m afraid the feedback received from the AGM was less than satisfactory. I would like clarification on certain points to ensure we, as shareholders, and the board of SeaEnergy are aligned going through this difficult time.

One cannot help the low price of oil environment we find ourselves in. This is unfortunate, but the low price of oil means you have to react accordingly. To start with, you have to lower your central costs.

Saying you are going to lower your central costs is one thing. You have been saying you are aware central costs are too high for at least two years now. There was no clear plan given at the AGM on how you are going to do this. You need to provide an action plan and make this visible to shareholders so we can monitor your success. It is clear to all shareholders that you have a layer of management that is not necessary and needs slimming down drastically. You need…

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