By Tom Winnifrith | Thursday 15 June 2017
Disclosure: Financial Investigative Media Limited, which is not owned by Tom Winnifrith but by a trust for his dependants, owns shares in companies mentioned in this article. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
This evening new LEGO Energy (LGO) boss Leo Koot will host an analysts briefing in the City on the day the company changed its name to Columbus Energy (CERP). The company has upgraded its FD and a statement issued is exceedingly upbeat. For that, as a loyal shareholder, I am glad. But the statement also contains aboslute A grade corporate gibberish/bullshit. Who is responsible for what follows? Please do not say it is Leo.
The good news is the comment "It is clear to me that the Company has a fantastic asset portfolio with significant potential and highly skilled people, all of which provides a strong platform for future growth. With our newly strengthened Board and senior management team we aim to create shareholder value through maximising production from our existing high quality Trinidadian development assets to generate free cashflow and develop exploration targets across our portfolio in the South West peninsula in a capital efficient and disciplined manner. Alongside this we intend on leveraging our expertise and experience to build an attractive and diversified portfolio of assets across South America in order to build an oil production led South American exploration business."
Generating cashflow - that sounds good. South West Peninsular sounds very good after the recent news from BP. I am excited and will not be selling our shares at anywhere close to the current 3p. But what follows is appalling.
"At Columbus we are intent on building a value based Company, with an emphasis on the following core values;
· Safe & Sustainable: A safe workplace and protected environment is our first and universal responsibility,
· Stronger Together: We are one team, sharing openly and collaborating everyday,
· Creative Excellence: We dare to be different, meeting high standards and building our own legacy
· Positive Energy: We are self-driven and always improving through our 'can-do' attitude,
· Totally Trusted: We enrich each other and grow trust through living common values,
· Personally Responsible: We are each responsible for our behaviour, our impact on others and our results.
Oh FFS. What complete and utter drivel. Let;s all have a team hug and light some candles while we consider this. Please tell me that PR idiots Camacro dreamt up that codswallop and not Leo himself. "Positive Energy: We are self-driven and always improving through our 'can-do' attitude", Leo is beginning to sound a bit like a 2+ 2 can = 5 sort of guy. Puke.
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