for whom the bell tolls it tolls for thee

This is Mr Lincoln Augustus, first second cousin of Holymagiman.

Another bright Friday morning here in Kingston, and another day of confused discussion. And so, just some random thoughts.....


1. Ingalls & Snyder buys 22.7m Orion Petroleum shares... 05 Mar 2009 11:23 AM Business Spectator financial services - 10:23 a.m. Thursday 5th March 2009 EST

2. The resignations of 3 OIP independent directors follow fundamental disagreement by the resigning directors with Orion's major shareholders (Eastern Star Gas and Ingalls & Snyder LLC) ...

3. Company History :Eastern Star Gas was formed as a private company in 2000. The company was listed on the ASX in February 2001. Its head office is situated in Sydney.

4. Shareholders of Eastern Star
Major shareholders Holding
Santos Limited 19.99%
TRU Energy Investments Pty Ltd 4.5%

Ingalls & Snyder LLC 3.6%

Subtotal (Major shareholders) 28.1%

Founders, Board and Management of Eastern Star
Douglas Geoffrey Battersby (joint founder and current director) 3.5%
Dennis James Morton (jount founder and former director) 3.0%
David William King (joint founder and current director) 2.4%
Alexander Sundich 1.2%
David Casey 0.9%
Peter Lansom 0.9%
Ashley Edgar 0.8%
Roland Sleeman 0.7%
Ian Kirkham 0.2%
Subtotal (Board and Management) 13.6%


5. Both OIP and GGX Boards support merger implementation together with OIPs major shareholders (Ingalls & Snyder and Eastern Star Gas)

6. Major shareholders in OIP
Eastern Star Gas 15.1%
Ingalls & Snyder 9.6%
Directors & Management 9.4%
34.1% total

Albers Group 7.6%


7. So the family thinks that if ESG and Ingalls and Synder to vote (for reasons best known to themselves)in favour of the merger, and this plus directors and management vote will push the total percentage of votes from this group to about 30%.

8. Opposed to this will be the Albers group;s 7.6% who hope to pick up Orion cheaply, and any other sundry votes of minor shareholders who are displeased at what is happening.

9. So it appears to the family that the merger is very close to being done, with the misgivings and unhappiness of the minor shareholders being sadly overlooked. You can surely hear the church bells tolling in the distance.

10. If the merger is done, then it will be that the family will smoke the smoke and talk the talk about why the share price of some other company we know of has not doing what it is supposed to be doing these last few months and will most seriously consider whether all the cards are on the table there, and if we should not be walking the walk away from the possibility of somehow getting another such merger stuffed down our throats. For big talk at AGMs is cheap, but one's ultimate actions give a very good clue as to one's true self.

and it is true that money is a strange beast and the family feels that if the money that one seeks sups at the table with the Devil and his disciples, then it is company that is best forgone, for strangely enough, the Lord always blesses his Children in many an unexpected way.

And it has been a well repeated phrase, at least here in Jamaica, that lightning often strikes the same way twice, especially if the same people are controlling the lightning rods..and trust, contrary to what some people may think, is not a commodity that can be bought and sold like common chattels.

And when trust is gone, all is gone, and nothing exists except perhaps the thin verneer of wealth which may appeal to a few of the very shallow-minded in our society.

Blessing of the Lord .
MLA