As a long term shareholder of 'Urals Energy' (UEN), I have been asked by the 'Urals Action Group' to post the below on Stockopedia.
My personal opinion is that the company should be an excellent investment but is being led by Alexi Maximov, who is not capable of running the company. The CEO, Alexi Maximov came out approx this time last year to convince shareholders that the poor drilling results required a more experienced drilling company and that funding was required to achieve this. Once approval was granted, the company changed their mind and used the money to drill using the original drilling crew. Yes, the same crew who they had previously said were not experienced enough ! As a result, the company have not achieved one new well at all this year and the company have "refused" to explain why they failed to recruit the experienced drilling company they said they would.
As a result of the drilling failures this year, I have asked for a revised drilling schedule and they have refused to supply this to the market.
Due to the resolutions tabled by the 'urals action group', I would expect Alexi to come out to do some PR for the first time since last year before their AGM. Good company with excellent prospects, but behavior from the BOD's which I simply fail to understand. I would be interested of peoples opinions on the company etc.
"Private investors of AIM-listed company inspired by Vince Cable's boardroom pay initiative follow in the steps of some top investment fund managers to pressure their Board.In early November Vince Cable met top managers of UK based funds demanding pressure on company boards with the aim to deliver long-term value for UK shareholders. As was reported by the Telegraph, the recent £1.5bn bid for engineering company Charter revealed the more aggressive methods UK fund managers are using in order to exert pressure on company chairmen.
However trying to influence boardroom remuneration is not only the prerogative of large companies. Vince Cable's message has also been heard by private investors in smaller companies which are more susceptible to issues arising from poor governance. In particular, scores of private investors in AIM-listed oil producer Urals Energy (LSE:UEN) have combined forces and tabled resolutions for the coming AGM aimed at discarding the current non-incentive-based senior management remuneration and…
