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April 14, 2021

Metgasco CEO’s personal shares cancelled

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Metgasco CEO Peter Henderson. Photo Metgasco
Metgasco CEO Peter Henderson. Photo Metgasco

Hans Lovejoy & Chris Dobney

More than half a million shares in Metgasco held by its CEO, Peter Henderson, have been cancelled in what appears to be yet another blow for the beleaguered would-be gas miner.

In an announcement to the ASX (Australian Stock Exchange), the junior CSG explorer said 2,572,161 ordinary shares held by the CEO are ‘subject to a trading lock and performance hurdles.’

A total of 645,161 ordinary shares have been cancelled, and as for the ‘nature of the change’, ASX says the shares, ‘lapsed under the company’s employee and officers’ equity plan.’

With the company’s northern rivers CSG and tight-sands gas assets effectively mothballed, it appears the CEO failed to meet the necessary performance targets.

Following the cancellation, Mr Hendserson will continue to hold about two million shares in Metgasco, or slightly less than half of one per cent of the company.

Metgasco’s 444,000,000 shares were worth just four cents each as of January 15. They reached a peak in June 2008 at $1.277.

The price remains relatively flat despite Metgasco merging with Elk Petroleum on December 22 last year, giving the merged company a swag of shale-oil assets in the US.

At the time Metgasco promoted the diversification out of its northern rivers base as a boon for investors but the profitability of shale oil has been dramatically impacted by the world crash in oil prices orchestrated by OPEC.

As a result, critics have argued that Metgasco has simply saddled itself with more stranded assets.

Metgasco’s contentious Bentley exploration licence remains suspended despite the state government’s recent green light for its Casino CSG wells and Richmond Valley power plant projects.


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3 COMMENTS

  1. If Mr Henderson had sold his 500,000 shares a month ago he would have received $20,000. If he had then bought Commonwealth Bank shares he would own 247 of them. After one month he would have been ahead $417, not behind. If Mr Henderson had put his $20,000 into a Citicorp Ultimate Online Saver Account he would be ahead $48, not behind. Oh, hang on a minute; don’t Citicorp own nearly 7,000,000 Metgasco shares? Should have gone to Specsavers!

  2. Well as that nice Mr Henderson said to a person visiting his offices (when he was trying to consult with visiting community members):
    “….naturally there would be winners and losers…..”

    How prophetic……….

  3. You do realise that the option on the 645,161 ordinary shares was not performance based?

    “The Metgasco Limited Employees and Officers Equity Plan (“EOEP”) was approved in November 2004. A
    summary of the rules of the EOEP is set out below.
    The allocation of options or shares to each employee, officer or consultant is at the discretion of the
    Board. Each option or share is to subscribe for one fully paid ordinary share in the Parent Company.
    Options will expire five years from their date of issue. An option or share is exercisable at any time from its
    date of vesting. Options or shares are issued free and the exercise price of options is determined by the
    Board, subject to a minimum price equal to the market value of the Parent Company’s shares at the time
    the Board resolves to offer those options.”
    http://www.metgasco.com.au/sites/metgasco.com.au/files/7468_metgasco_AR12_Fins_FA_final.pdf

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