http://www.gulfkeystone.com/ The firms exploration programme in Algeria is going well and "the shares look good value", say the Investors Chronicle. Your comments please. goal.

I think this is the source of the article?

http://citywire.co.uk/

http://www.thisismoney.co.uk/money/markets/article-2362088/Reckitt-Benckiser-shareholders-1-8bn-wiped-value.html#ixzz2YsBPplX5

From the above link.


Afren, its top pick, rose 2.9p to 137.5p. Gulf Keystone, which Goldmans believes to be a particularly attractive takeover target, gained 10.75p to 176.25p. Its 12-month target price for GK is 265p.

Simon Murray

Letter from Simon Murray, C.B.E. and Legion d’honneur, Independent Non Executive Chairman
I am pleased to take this opportunity to address you, the owners of this Company, having been recently
appointed as Independent Non Executive Chairman of your Company.
GKP is a company that I decided to join, after being approached by Odgers Berndtson and then
conducting my own due diligence. I was quickly impressed with the quality of your Company’s assets
and operations and by the Board and management team and especially their combined unity and
passion to make GKP even more of a success than it is already.
I have over forty years experience of international business and I know that it is passion and drive to
succeed that marks out the true entrepreneurs and value creators – those that can see the future and
have the expertise, drive and determination to make it a reality, which I strongly believe is what, your
CEO, and the team have achieved in Kurdistan over the past six years.
GKP has already achieved so much operational success in a short period of time and clearly has the
ambition and ability to do much more, which is one of the primary reasons I have joined the Board as
Independent Non Executive Chairman.
This success is underpinned by the exceptionally strong relationships between senior members of the Gulf
Keystone team and key stakeholders in the Kurdistan Region of Iraq which have been built up over many
years and is founded upon mutual respect, understanding and six years of close co-operation.
The Minister of Natural Resources of the KRG has kindly invited me shortly to meet with him and it is
evident to me how key the close relationships in Kurdistan were and are to the Company’s success and
it is also clear to me that these relationships have meant that the Company has been able to achieve
the drilling and discovery success of the past four years. I also firmly believe that relationships such as
these are key to us achieving future success and I, and the Board, will seek to strengthen these
relationships further to develop Shareholder value.
Quite simply, without these close relationships in Kurdistan, it would, in my view, not have been possible to
have drilled 18 wells, made five discoveries in four years and to have created the biggest onshore oil
development opportunity today not held by an international oil major.
Equally simply, without maintaining and nurturing these deep seated relationships, I believe there is a real
risk that our progress will stall and our ambitious targets will not be met. This is a risk that your Board does
not wish to take and it is a risk that we do not believe that Shareholders will wish to take either.
In my role as Independent Non Executive Chairman, I intend to ensure that your Company meets the
highest standards of corporate governance. I will bring strong leadership to the Board and it is my job to
ensure the Board functions properly and that the structure and experience of the Board are appropriate
for a company seeking a move to the Main Market.
I also intend to work with the Nominations Committee, led by Lord Guthrie, to identify suitable
candidates to ensure the overall effectiveness of your Board and its various committees. It is with that in
mind that I have reviewed both the shortlist of candidates identified by Odgers Berndtson and the M&G
Candidates.
As you are aware, I will be taking the chair of the Company’s Remuneration Committee from its next
meeting, and one of my first actions will be to appoint third party remuneration consultants to review
every aspect of the remuneration and incentivisation of the Board and senior management team to
ensure that your Company’s remuneration is appropriate.
I am committed to improving the ongoing dialogue between the Company and both its institutional and
private Shareholders. Over the next few weeks, I will be endeavouring to meet as many of the
Company’s institutional Shareholders as possible and I also look forward to meeting as many of you as
can attend the AGM and future Investor Days.
Finally, it is inevitable that as GKP endeavours to meet its ambitious targets, there will be bumps along
the way and issues that Shareholders will want addressed – I am here to tell you that, as a genuinely
independent voice on the Board, committed to the highest standards of corporate governance, I will
always be available to address such matters, insofar as public market rules permit, and to that end, you
may contact me via the investor relations team at ned@gulfkeystone.co.uk.
Turning to the M&G Candidates, I concur with the analysis set out in this Circular and the
conclusion reached by Lord Guthrie and endorsed, unanimously, by the Board.
10
The appointment of these M&G Candidates would, in my opinion, be a backward step at a time of
critical development for the Company, which I feel will disrupt the unity of the management team, as
well as damage the vital relationships Mr Kozel and the team have established and maintained in the
Kurdistan Region.
This is not a personal criticism of the individuals, but in our judgement, based on their business
experience and expertise, is that they do not meet our requirements, as set out by Lord Guthrie earlier
in this Circular.
Accordingly, for the reasons set out in this Circular, it is my strong personal view, as Chairman
of the Company, that Shareholders should vote AGAINST the appointment of the M&G
Candidates to the GKP Board.
Simon Murray
Independent Non Executive Chairman

almost no mention of TK and his buddies having their noses deep in the trough, and THAT is why the need for additional NEDs, and of course TK will not like it one lttle bit

the appointment of extra NEDs would in no way impede the clearly strong relationship that TK and the GKP board have built up with the local hiearchy (banditry) ...... however, i do accept that additional institutions NEDs may well be obliged to stop the payment of the very necessary local "commissions" which are indeed fundamental to doing business in the region (and elsewhere in the world too!)

hmm! on reflection, not quite as simple a choice as would appear on the surface

almost no mention of TK and his buddies having their noses deep in the trough, and THAT is why the need for additional NEDs, and of course TK will not like it one lttle bit

the appointment of extra NEDs would in no way impede the clearly strong relationship that TK and the GKP board have built up with the local hiearchy (banditry) ...... however, i do accept that additional institutions NEDs may well be obliged to stop the payment of the very necessary local "commissions" which are indeed fundamental to doing business in the region (and elsewhere in the world too!)

hmm! on reflection, not quite as simple a choice as would appear on the surface

http://www.mandg.co.uk/-/media/Press%20Releases/RecoveryGKPfurtherstatementpdf.pdf

http://www.thesundaytimes.co.uk/sto/business/Industry/article1287366.ece



THE battle for control of Gulf Keystone boiled over this weekend when the board of the £1.6bn oil explorer rejected a slate of new directors proposed by rebel shareholders.

The board, led by recently appointed chairman Simon Murray, the former foreign legionnaire, slammed the candidates. They recommended a “no” vote for all four, claiming they lacked “the track record of successful operational and commercial experience”.

The rebuff is a serious escalation of the fight between the company and the rebels. M&G, the fund giant that has led the rebellion alongside Capital Group, another big investor, yesterday reaffirmed its intention to push ahead with a shake-up.

It said: “M&G is not seeking representation on the board of Gulf Keystone, nor has any wish to interfere with its operations.

http://www.thesundaytimes.co.uk/sto/business/Industry/article1286948.ece

http://www.thesundaytimes.co.uk/sto/business/Companies/article1286970.ece

The Financial Times names Andrew Simon as one of the GKP NED candidates
---------------------------------------------------------------------------

Mr. Andrew H. Simon, MBA, BSc, OBE served as the Chief Executive Officer and Managing Director of Evode Group PLC of Staffordshire from 1980 to 1983. Mr. Simon spent 23 years of his early career with Evode Group. He serves as the Non Executive Chairman of Germany's Kaffee Partner, Zeus Group Ltd. and Ascent Investments Ltd. He served as the Chairman at Azelis Italia SPA and Azelis S.A. He served as the Chairman of Evode Group at Staffordshire from 1980 to 1983. He served as the Chairman of Supervisory Board at Ascent Investments Ltd. He served as the Chairman of Meretec Corporation. He served as the Executive Deputy Chairman of Dalkia PLC. Mr. Simon has been a Non Executive Director of Travis Perkins PLC since February 20, 2006 and Management Consulting Group PLC since March 3, 2006. He serves as a Non Executive Director of Exova Group Limited. Mr. Simon has been a Director of Finning (Canada) Inc. since 1999. He serves as Advisor and Member of the Supervisory Board of several companies. He serves as a Member of the Supervisory Board/Director at Kaffee Partner Holding GmbH, Associated British Ports PLC, Brake Bros Ltd. (a/k/a Brake Brothers Ltd), and Dalkia UK PLC. He is also a Board Member of general partners within the iCON group of funds. He serves as a Non Executive Director of Dalkia PLC. Mr. Simon has been an Independent Director of Finning International Inc. since 1999. Mr. Simon has been a Member of the Supervisory Board of SGL Carbon SE (also called as SGL Carbon AG) since 1998. He serves as a Director of Ascent Investments Ltd., and Zeus Group Ltd. He served as a Director of Meretec Corporation. Mr. Simon served as a Director of Azelis Italia SpA and Azelis S.A. He served as a Non Executive Director of Associated British Ports Holdings PLC from November 1994 to April 26, 2006. Mr. Simon served as a Non Executive Director of Severn Trent PLC until July 26, 2002 and Hampson Industries PLC until June 30, 2003. He served as a Director of Ibstock PLC, Property Internet PLC and Laporte PLC. Mr. Simon studied Economics and Accountancy in Southampton. Mr. Simon holds an MBA from the Wharton Business School at the University of Pennsylvania and a Bachelor of Science from Southamption University.

http://www.investegate.co.uk/gulf-keystone-petrol--gkp-/rns/board-s-recommendation-to-shareholders/201307150700082897J/

C&P
-------------------------------------------

Full Times article:

Private investors look likely to settle the fate of the board at Gulf Keystone Petroleum after directors of the Iraqi Kurdistan oil explorer and a party of rebel investors failed to settle their differences over the weekend.
Todd Kozel, the chief executive, and Simon Murray, the former Glencore chairman who was installed as chairman of Gulf this month, are attempting to block a bid by M&G Recovery Fund and Capital Group, the US fund manager, to place four of their own appointees on the board.
The dispute is over corporate governance and claims by the rebels that directors’ pay has been excessive. The rebels speak for a little more than 10 per cent of the company, which is in the process of moving from AIM to a full listing.
But just over half of the shares are in the hands of private investors. The vote on whether the rebels’ candidates or the existing non-executives are appointed will go to the annual meeting in Bermuda on July 25.
Mr Kozel is extermely popular with those investors because he has taken Gulf Kurdistan from a penny stock to its current size on the back of a huge discovery in Kurdistan while navigating the complex political situation and the local bureaucracy.
By the end of this year the Shaikan field there will be producing at a level of 40,000 barrels of oil a day (bopd), with 150,000 bopd targeted within three years.
Both sides put out statements over the weekend after a meeting on Friday between the rebels and Mr Murray failed to reach agreement. M&G said it “is not seeking representation on the board of GKP, nor has any wish to interfere with the operations. But we do want the election of truly independent non-executive directors who will represent the interest of all shareholders.”
For its part Gulf Keystone singled out one of the four nominees for particular opprobrium. Jeremy Asher was the company’s deputy chairman until he fell out Mr Kozel over boardroom pay and was ejected in 2010.
The company’s statement accuses him of going behind the board’s back in contacting the authorities in Kurdistan over the proposed board changes, and claims that those authorities refused to meet him.
Commenting on Mr Asher’s contacts with the Kurdistan authorities, one source close to the situation said: “The institutional investors felt it was appropriate to give the KRG (The Kurdistan regional government) a ‘heads up’ and the KRG, quite properly, replied that shareholder and board matters were not their concern.
“We are concerned that Gulf Keystone’s statement could be read as implying that the KRG might seek to influence shareholders’ decisions on the board composition when the KRG have clearly and properly said the opposite.”
Gulf Keystone claims that Mr Asher, who along with two of the other three proposed non-executives is an oil industry veteran, is not independent because he owns 1.71 per cent of the shares. “The board believes that it would be inappropriate to reappoint to the board an individual who has previously been a disruptive presence on the board and who was removed on 31 March 2010.”
A company source at Gulf Keystone suggested the matter could be resolved by further negotiation before the annual meeting. “We’ve started the process of bringing in good people. The appointment of Murray signals that,” he said. “Maybe people will see sense and get in a room again.”

From W H Ireland this morning....

Market Cap £1.7bn Price 177p Target 315p
- Gulf Keystone has reiterated its opposition to the appointment of any of the non-executive director candidates suggested by M&G’s Recovery Fund which is seeking to exert its influence over the Board’s strategy. One of the candidates, Jeremy Asher (a former director of GKP), is not deemed suitable given his existing significant shareholding in the company (1.71%) by GKP.
- We believe the election of non-executives and the resolution of the litigation case with Excalibur which is anticipated towards the end of August could add at least 20p-30p/share to the current share price. Importantly, the company recently confirmed that it was on track for full development at Shaikan and we see this factor, along with the company achieving a main listing on the FTSE 250, as key drivers to re-rate this stock. BUY maintained.

since when has it not been in order for a NED to own shares?

surely the shareholders should be allowed to decide which directors they want on their board?

as far as i can see, that is why it is going to AGM vote

http://www.guardian.co.uk/business/nils-pratley-on-finance/2013/jul/15/mandg-gulf-keystone-frustration

http://www.isn.ethz.ch/Digital-Library/Articles/Detail/?lng=en&id=166620

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From August 5 investors will have the freedom to buy shares in the junior market via a tax-efficient Isa.
Investors will be allowed to put shares in Britain's smallest listed companies into their Isa portfolios from next month, it has emerged.
The move to allow shares in companies listed on the Aim market was part of the Budget in March.
The investment industry had predicted the new rules would be introduced at the beginning of the tax-year next April, when savers get a fresh Isa allowance.
However, a date has now been set for August 5, according to a bulletin from the Tax Incentivised Savings Association, the industry body that has been working on the plans.
One of the main reasons the Government is relaxing the tax rules on investing in smaller company shares is the hope it will help boost business and aide the UK's economic recovery.
Putting shares into an Isa means that any returns and gains are tax-free. Outside of an Isa, each person gets an annual capital gains tax allowance, which is £10,600 this year. Cashed-in gains larger than that are taxed at up to 28pc, depending on your total taxable income.
Aim shares are attractive because small companies have large scope for growth. However, their shares are typically very volatile - so only suitable for experienced investors comfortable with taking risks.
Earlier this month, we revealed the Aim shares tipped by three of Britain's best stock-pickers ahead of the new rules.
Gavin Oldham, chief executive of trading website The Share Centre, said: “It’s great to see that Aim shares will be permitted in Isas as soon as August 5. Equity transactions in Aim-quoted companies already make up nearly a third of the activity of execution-only investors, and we anticipate an upsurge of demand for Isa-wrapped Aim shares from our customers after the rule-change.
"While investors’ decisions must be on their individual circumstances and risk appetites, the move allows investors to take advantage of a wider range of stocks offering both growth prospects and value."

http://news.sky.com/story/1117137/ex-bhp-boss-urged-to-heal-gulf-keystone-rift


By By Mark Kleinman, City Editor
A former executive at BHP Billiton, the world's biggest mining group, is being lined up to help break the bitter impasse between Gulf Keystone Petroleum, the London-listed oil explorer, and some of its biggest shareholders.

Sky News understands that Philip Aiken, who left BHP in 2006 after nine years running its petroleum and energy businesses, is being courted by Gulf Keystone directors in a bid to fend off reforms proposed by two major institutional investors.

Mr Aiken, a respected boardroom figure who chairs Aveva Group, the engineering data company, and sits on the board of National Grid, is understood to have been offered a role as a non-executive director at the Kurdistan-focused oil company.

As a non-executive director of Kazakhmys, the Kazakh mining company, Mr Aiken is accustomed to working with companies which have had governance concerns raised against them by independent shareholders........