Ann: $5m Placement to Advance Windorah Gas Project, page-52

adl, I'm not sure I've read a single post that relates to T-2/T-3's COS being altered in a negative way??? I said it after the last CR, clearly the company doesn't have the best interest of long term share holders (the ones who've supported and enabled the company to continue as a going concern through the lean times) at hand and they will not extract fair/reasonable value for shareholders from this project as they have clearly shown their hand/ability with this recent placement. The COS remains the same but potential ROI has been dealt a further blow. ++30% of the company has already been handed over to the big end of town in just the last 6 months alone when you factor in all the sneaky options attached. Shareholder value and expected returns has diminshed somewhat wouldn't you agree? Now some are happy to just look at the positive achievements out in the field, and rightly so as these have been fantastic and the company is well placed now to lock in significant deals (but who will these deals benefit???). We were the ones who carried all the downside risk through the planning, drilling, fraccing, testing stages.....yet here we are having more of our shares swiped so the fat cats can update their Audi's etc.......now is that any kind of reward for effort? The company has shown a propensity to underachieve in the deal making arena or perhaps it's more to do with lack of foresight/planning? Either way, it's not a good outcome for long term holders. With the continued argument that we are undervalued comparatively to peers, the more i look at it the more i tend to to disagree, we're probably about right comparatively speaking.......eg. GLL locked in funding at a hefty premium which shows their ability to do the big deals and look after thier shareholders. STX has at the helm one of the most exceptional young MD's in the sector, and a high calibre board that are always two steps ahead of the game.......this is the reason for their higher market capitalization.......THEY HAVE BUILT RESPECT, INTEGRITY AND STRONG INVESTOR RELATIONS. So i will reiterate, the company has shown a propensity to overlook the importance of a strong register through investor relations and via returning fair value to it's shareholders. Given the events of the last 6 months it seems fair to assume we won't ever see anything near true/fair value ie. COS remains intact but expected ROI has diminished significantly. I know that the biggest counter argument to this view has always been "management hold a large amount of shares too, so we should feel comfortable with our investment", but you've really got to look at the bigger picture and the actual ROI for both camps, scratch beneath the surface and you'll understand what i mean. (Hint : sale price - cost/investment - income/incentives = ROI)