Ann: Strategy Update and Letter to Shareholders, page-3

I’ve been doing some digging, read the CVs of the proposed new directors etc.

 

To me this is a clear attempt by a closely related group to take over the company without paying for it.

 

They seemed to spot the distress the company was in and were pursuing a strategy of contributing to and encouraging deeply dilutive equity raisings to gradually increase their ownership.  Unfortunately for them current management has done too good a job of solving the problems and getting a credible board so now they are trying this new tactic.

 

In my view their approach to solving the company’s problem is bad for all other shareholders, and I worry that if they win they will continue on that path. 

 

Anyone who doesn’t want to speak with Magnus but wants a bit more background on these guys could check out www.tanamienergy.com….note from his CV Joseph Graham’s experience in "unconventional resources" is 'technical advisor' to ASX Winchester Energy…..hopefully we can be spared that fate of that company (and no wonder GERD didn’t just publish the CVs!) …things can’t be going well at Tanami for him to be looking to jump ship....two out of two - looking to make us number 3. No thanks.