Wasn't the rationale for the de-merger, which saw OUR Canadian assets transferred to an opaque entity which the current directors control, justified on the basis of 'streamlining' investments in Canada.
Now, we have a tax windfall, we are suddenly re-investing in Canada, at the behest of the very same people who argued for the de-merger. In the process, and without consultation, we are shifting from an Australia-focused gas explorer to Canadian wild cat explorer.
Do these guys actually realise that there are other shareholders involved in this company? Or do they just think shareholder cash is there for them to pursue what every takes their fancy? In the process, injecting money into entities owned by the current chairman?
How can this be considered arms length when the Chairman chooses the MD, and the Chairman sits on both boards? How can we be sure that we are getting the best possible price?
Given the history of the company, I really don't like the smell of this.
Might be time to send a letter to ASIC.
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