rrw - I've been pondering the same thing.Resolutions 2,3&4 are...

rrw - I've been pondering the same thing.

Resolutions 2,3&4 are simply extensions of the option repricing mechanism expiry from 1/9/12 to 1/1/13. I've got mixed emotions about these

a)I like management having an alignment of interests with shareholders. So generally if options are reasonable in both quantity and strike prices they don't upset me too much

b)but I'm less than impressed with the reason given
"The Company proposes to amend the repricing date from
1 September 2012 to 1 January 2013 in order for the Option Holders' terms to be in line with the Wandoo option terms."
What a load of garbage! They want to reset the date because they need more time to do a deal.

c) which brings me to my major issue with these. they missed the previous deadline that they set themselves!

I'm sure that any dealings are commercially sensitive, or complex or have a number of parties involved and that all takes time .... but on the face of it management haven't told the shareholders what the hold up is. So we can't adjust our opinions of whether they are doing a decent job or not. All we see is that they missed the 1/9/12 deadline and want to reset it to 1/1/13.

I'd be a lot happier with this if a decent explanation was given.

Resolution 1 is even murkier. Wandoo wants to extend the PGA from 32,000 sqm to 82,000 sqm & wants to retain the ability to keep any working interest negotiated off the landowners below the standard 25% working interest. Given that TXN is entirely funding wandoo operating and staff costs I have no idea why wandoo even exists. Dave has got himself a VERY cushy position there.

To me - the ideal scenario would be to send all the resolutions back to management and say - we need more information to make a decision on these.

Maybe we all vote no to let them know their disclosures need a LOT of improving?