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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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.
AIM-listed Frontera Resources (FRR) has announced that Steve C Nicandros is to relinquish his executive role as CEO but remains at non-executive chairman. After 21 years of service it is natural to look back and talk about the highlights, so the ShareProphets RNS Translation Team has been busy with today’s quote from Mr Nicandros. Original is in bold.
Steve C. Nicandros commented:
"On behalf of our company's Board of Directors, we are very pleased to appoint Zaza [Mamulaishvili] as our next CEO.
He surely can’t do worse than me
As a fellow founder and shareholder…
On the other hand….
…Zaza has a passionate vision and an extensive understanding of our business.
Ah, perhaps not
Now, as we advance to the next chapter of our company's history, I am very confident that he is uniquely qualified to lead our company to great success.
Not the sort of successes that shareholders might wish for, however.
After 21 years of service, I will be stepping away from our day-to-day management.
During this time, we have achieved many significant value creation milestones thanks to the hard work of Frontera's special people.
During this time, since we listed on the Casino in March 2005 at over 150p, we have achieved many significant points at which our share price has collapsed. In fact, at 0.16p as we are today, that comes in at 99.9% loss. Value creation points perhaps, but not for the shareholders.
How much oil/gas have we produced in 20 years?
Looking forward, I know that Zaza and our leadership team will take our Company to greater heights in the months and years ahead.
They’re planning a consolidation
Personally, having had the privilege to lead Frontera during the past two decades has been an honor and I am very proud of our people and their unwavering dedication to our Company, all of which has led to the successes…
including the 99.9% losses
…that we have all achieved to date, positioning us now for a very exciting future."
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