The Block Energy Shareholder Support Group (the “Group”) was formed to promote the interest of all shareholders in Block Energy (BLOE.AIM) following the Company’s share price collapse and what we consider to be poor market communications. Specifically the objectives of this Group are to:
We, the shareholders, own the Company, and therefore have rights. We do not believe that the current Board and Management team have respected these rights to date and we are concerned that the Board may have misrepresented the situation through historic communications, whilst simultaneously seeking to canvas our votes at General Meetings. If performance and communications are not improved then shareholders should use their rights to hold Board and Management accountable. This Group has no agenda besides those stated within this site, and any speculation regarding takeover or “putting people on the Board” is wholly inaccurate.
We are aware that many shareholders are particularly unhappy about the Company’s consistent lack of progress on its work programme in Georgia despite the company having raised +£20 million in the last 3 years, alongside the Company’s repeated failure to disclose its plan to remedy the challenges it has faced and provide clear guidance as to what elements of the planned work programme can still be achieved with the Company’s remaining cash resources.
The Group has reasonable and justifiable concerns about the governance of the Company due to (i) the lack of relevant and timely disclosure; (ii) the operational outcomes of the work programme to date which, in our opinion, has underwhelmed; and (iii) our views on the capability, competency and independence of the existing Board and Executive team to address these issues, particularly given their inability to make decisive changes to date in relation to our concerns.
The Group believe the Company still has great potential to achieve sustainable, long-term shareholder value. However, we believe our concerns need to be addressed in order for the Company’s performance to improve. The Group is keen to engage in meaningful and productive discussions with the Company which could have a positive impact on the Company’s future. The Group has a significant shareholding and would like the Board to engage promptly and fully on the issues. The Board and Management (which own c.3% of the Company) have a fiduciary duty to the Company’s shareholders and our sole agenda is to ensure the Company is run responsibly and appropriately for the benefit of all shareholders.
We believe that, collectively, the Group can influence the Company to provide greater clarity on its current status and go-forward strategy, so that shareholders can better assess the performance of the Board and Management team for their Company, and investors are better placed to make investment decisions.
If you would like to join this group then contact us here