We got rid of the old board because we felt: - they were not...

We got rid of the old board because we felt:

- they were not honest with us, or at least weren't telling us the whole truth.
- there was concerns about related party deals, jobs for the boys (or girl)
- concerns about good corporate governance
- overspending
- constant delays
- flogging off assets too cheaply

We got a new board:

- delays have continued - corporate review took longer that original estimate, charger and black arrow still not drilled and no plans to do so in the foreseeable future, perforation of the b-sands ran over schedule and this deal will not be voted on within the original timeframe set by the board
- they appear to not be telling us the full story about this deal, they had to put out an explanatory statement after the original announcement that still left us asking more questions and led to some with rose coloured glasses jumping to the conclusion that there is a you bewt deal waiting in the wings to happened the second this deal gets up
- there are concerns about overspending, the head office has fattened up over the last few months whilst the company is continuing to bleed cash and has no stated plans to return to exploration any time soon (so why do we really need these people at a time that we cannot afford them?)
- propose we buy assets that we don't particularly need at a time when we cannot afford them
- concerns about related party transactions, offering to de-risk ERM's assets by buying them out of the JV partnerships thus increasing our costs to service the exploration permits and the deal is to be funded using debt that is repayable in a timeframe where we have no chance of repaying without flogging off other assets (did someone say firesale?) or re-financing the debt