DrDann, malmoe is voicing the concerns of many HC posters. As...

DrDann, malmoe is voicing the concerns of many HC posters. As RichE notes, a couple of big holders are also fed up that the sale negotiations seem to have extended far beyond the normal course of business (from April 30 closing to end of August).

In contrast, other OZ oil companies have secured very favourable sales well within this time. The most recent is SEA -- sale process of some Bakken property with Helis began in early July and sale was announced last week.

To rub salt in shareholder wounds, the board is fiddling with its own share options without advance explanation or justification.

There are also concerns that one or two (of the three) board members may have an ongoing exclusive contractual relationship with TXN, particularly where that contractual arrangement may not have been sufficiently justified. This appears to violate the ASX Corporate Governance Council Principles.

The ASX principles warn that a board member might lack sufficient independence if he/she is: "is a material supplier or customer of the company or other group member" or "has a material contractual relationship with the company or another group member other than as a director" (see Box 2.1 of 2010 guidelines).