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Gulfsands Petroleum; why shareholders must support the board

By Ben Turney | Wednesday 24 December 2014


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.


A month ago, I asked whether or not Waterford Finance & Investment’s planned boardroom coup at Gulfsands Petroleum (GPX) was the answer? Broadly speaking, I sided with Waterford, if for no other reason than a change in board can often lead to a change in sentiment. However, having followed developments in the last month and read last Wednesday’s strongly worded defence from Gulfsands’ besieged executive directors, it’s become clear that the company’s private shareholders have only one choice. They must vote in support of the current executive board directors… or get wiped out by a placement.

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