deed of settlement with managing director, page-4

Sach : Based upon what I have outlined in my previous post what would you suggest ? Gulf shareholders would appreciate any constructive suggestions on your behalf . Do You believe it would have been economically prudent to retain The Managing Directors tenure and continue on with the proposed 2c exploration placement ?


Bali Bagus : The Legality of such payments will be reviewed ? Now that sounds good although from a neutral perspective without knowing the technicalities of such an agreement I cant comment either way whether he will be succesful in obtaining payment or not , but I would suspect that this could be a long and protracted legal catfight depending upon the accuracy and validity of the documents under review . How is Graham associated with Zanmere and has his connection to this Company been publicly disclosed under ASX requirements , if all of the available imformation has been released detailing Grahams association and financial payments within the company it might be ok , but if there are any irregularities within the material and the imformation and payments are not of an honest and transparent nature this might be construed as a conflict of interest , wWhen was this financial arrangement formalised and were any other board members present when this arrangement was struck . From an external perspective it looks like Graham is acting in an obstructive manner with a view towards serving his own financial interests at the expense of public money ? could that be the case ?

Now my second observation which I have already touched upon but unfortunately no one has been able to provide me with a succint reply is the issue of unauthorised additional wages which was detailed in my previous post :
Under ASX disclosure Laws is the presiding Director required to disclose additional salary arrangements which are seen as independant from his listed 250K base wage ?
It could be positively viewed that The Director was taking upon two additional roles within the Company on top of his presribed role as a Managing Director . The two questions that I would like to pose are : How much additional maney was being paid for his role as a Geologist and how much additional money was being paid for his role as an Exploration Manager . If this is found or proven to be the case how were these additional payments authorised and were they subject to approval by shareholders and board members at a properly convened Board Meeting ?

More Questions than Answers
I will forwarding a copy of all transcripts to Peter Remta
for his perusal . If only The MD was honest and open with Shareholders all of this wouldnt have to transpire .