Market's view on Coro Energy
Published on April 2024
- There are significant concerns regarding James Parsons’ leadership and business practices, with some stakeholders expressing relief at his removal from the board.
- The low attendance at the Annual General Meeting, with only three shareholders present, raises questions about shareholder engagement and company perception.
- The company faces a pressing need to secure a Government Services Agreement (GSA) as its shares have been suspended following Parsons’ departure from the board.
- There is speculation about potential further negative developments for the company, as hinted by industry commentators.
- The company is perceived to be in a precarious situation with its financial management and governance, especially with unresolved bondholder issues.
- There is a widespread belief that a change in leadership, particularly someone with appropriate experience in renewables, could steer the company in a better direction.
- Concerns are also raised about the existing directors and senior executives not addressing foreseeable issues, such as the lack of quorum that led to the suspension of company shares.
- Parsons’ remuneration has been criticised given the company’s performance, with suggestions that he should return some of it as a gesture of goodwill to the shareholders.