News this morning that Chris Finlayson has resigned ‘with immediate effect’ and a brusque statement from the company. Non-Exec Chairman Andrew Gould takes the reins while a new CEO is found which might take some time.
I have spoken to the company and am in the queue for a call back from management but am not overly hopeful that they will be able to add much to the statement. Results are due on Thursday and apparently production is at the low end of recent guidance but the line in the release that says ‘ Co must accelerate creation and delivery of longer-term value for shareholders while delivering business plans’ tells the big story….
Having been a long-term bull of BG readers will know that after the most recent warning I became much less optimistic, not because I don’t believe in the quality of the assets but because I was not sure that Chris or the board had a true grip on what was going on. This has proved to be spookily dead-on and this statement can only hurry up what I urged they should do at that time, viz, immediately go to a proper, no holes barred, strategic review of the business which must deliver value to shareholders sooner rather than later.
Much more later and on all the other things going on in the sector, hopefully after speaking to BG but a meeting or call after the results on Thursday is likely to be next interface with the company.