re: Ann: Requisition for Shareholders Meeting...
Marac, it amuses me that share holders generally act like a brainless bunch of sheep.
What is it they want? do they want directors to lay on the line, the miriad of small factors which make up decisions on what particular prospect to buy, sell or develop??? If they did, then we would really have a circus on our hands. You can imagine the armchair experts pontificating on the individual merits of this and that - directing the Directors lol.
Why do you have directors in the first place - quite simply because you can't have every Tom, Dick and Harry getting involved with the running of the business which often requires expert knowledge, qualifications and experience. It is easy to be critical at directors' decisions if you are not party to all the details and you don't have the expertise to make the serious decisions.
If you knew what the directors know regarding the leases in TZ and had the expertise, perhaps you would also be looking to sell it. The same goes for the UK investment, perhaps you too, if you had some financial nouse, you would hold off spending cash you did not have - to drill the new well.
And with the Perth basin, perhaps you would realise after some research that the prospects for a very valuable acquisition for a negligable investment - limited cash on shallow drill with a light rig - may get you some mega returns.
Further, the directors may have been responsible to allow the market to focus on revenue generating activity to the exclusion to other value in the business, BUT it is the clowns in the market who fail to recognise thet revenue is not the only factor which determines value. The Accounting Equation should be the most important aspect in determining sp i.e Assets - Liabilities = Owners Equity/Proprietorship.
Has anyone really determined the net value of assets and the real value which directors have contributed to adding value for shareholders benefit over the past 5 years??? Remember that it is actual underlying value which is really important and not where short sighted share holders have their focus - the market capital reflected by sp.
Once again I suspect that if the key directors go because they can't be bothered being directed by armchair experts and they are replaced by those who are prepared to do deals with "some larger holders" who will support capital raising by recieving shares at a savage discount - I wish you all luck lol.
In this case, its going to be very much - YOU WILL REAP WHAT YOU SOW.
MOHO, DYOR.
KEY Price at posting:
4.3¢ Sentiment: None Disclosure: Not Held
(20min delay)
