HC, going back about 5 years, Tim and the boys claimed in the...

HC, going back about 5 years, Tim and the boys claimed in the Federal Court that SXX was acting prejudicial to the interests of the small shareholder.. i.e. them....

"As a matter of background, shareholders should be aware that Mr Lebbon requisitioned a meeting in November 2005, seeking to be elected as a Director; which proposal was rejected by shareholders.

Then, in February 2007, Mr Lebbon commenced legal proceedings in the Federal Court, seeking orders to be appointed as a Director of Southern Cross, to have access to the company records going back some 17 years and other orders.

After many appearances in Court, with directions hearing lasting close to two years, the Company settled by providing access to Company records for seven years; Mr Lebbon was not appointed a Director and that action was eventually terminated, without any costs recovery.

Practically before the ink was dry, in 2008 Mr Lebbon commenced another legal action in the Federal Court, mainly on "oppression of minority" and seeking some 12 alternative orders for relief. Of course, all of this litigation had a very negative impact on the Company for the next two years. In March 2010, His Honour Mr Justice Lander of the Federal Court in Adelaide made an order that the proceedings be discontinued; in effect the proceedings were dismissed. Mr Justice Lander further ordered that Noble Investments pay all the costs of Southern Cross Exploration in defending these proceedings, part of which were to be paid on an
indemnity basis.

The hostile and damaging actions taken by Mr Lebbon against the Company have caused a great deal of unproductive time to be spent by its Directors and management in defending them. They required considerable time and unforeseen expenditure that otherwise would have been directed to expanding exploration projects for the Company. It should be noted that, as is usually the case with litigation, only a small fraction of the actual legal costs incurred was recovered and there was no recompense for Directors' time."

I have nothing personal against Tim. He could be a really nice, do-anything-for-you type of beer-drinking Aussie bloke. Probably is.

But money talks. He needs to be long on detail and short on rhetoric. I don't need to be told what a Miserable performance SXX has had. I KNOW that.

I want to know precisely WHAT is GOING to be done to make little SXX into the next Rio.

A bit of mud-slinging is OK for entertinment, but if that is all they can do then they are useless.

"Trust us" just isn't good enough. I want the nuts and bolts..... the fine detail........if he wants to win my heart and mind... and VOTE.

Like politicians, they never do what they say they will.....i.e. no capital raising, no carbon tax etc.... but I desperately need something to at least BELIEVE in.!