I have been following Neptune very closely since listing and...

I have been following Neptune very closely since listing and have endured the good times along with the bad and with it the loss of lots of money.

Truthfully I am more concerned about Neptune today than what I was 18 months ago. My research over the years established one very clear fact and that was that Christian Lange was very passionate about Neptune and cared very much about his staff and shareholders. I still beleive and will always believe that CL was let down by his board. I dont think a lot of people know either that CL was not a well boy from Feb to Jul 2010 and was off work sick during which the chairman and other board members took over his work and decision making. My gut feeling and belief is that some very bad decisions must have been made by the chairman and others during this period of 3 -4 months. If you notice, Neptune was winning plenty up until end January 2010 and then when CL had to have time off due to sickness, nothing. I also believe this is why CL hired the four regional managers to better manage the company.

It has been nearly 12 months now since CL left and I think the following questions now need to be asked:

1) Why has the company lost most of the management team over the last few months? Not those that were terminated, but the ones that have walked out?

2) Why have there been zero contract announcements, other than those that were won under the former CEO? (in relation to the BHP win, my research established that this contract was propably awarded due to work done by CLange prior to his departure, not during Mr King's tenure). No major contract has been won under R. King, None - zero.

3) Why would people continue to blame CL that took Neptune from nothing to a company with great business, culture and profits plus share price appreciation from 13c – 138c over 06, 07, 08 and 09,...........surely we should be asking what changed in ’10 & ’11. He did create a well performing business but I think the way it panned out was in the following order 1) GFC hit 2) US Recession hit 3) Good decision to buy STS but timing was poor due to Recession starting to bite 4) Macondo blow out in April 2010 5) CL off sick Feb - Jun 2010 which resulted in poor decisions by board (Probably approved loss making contracts or Neptune didnt have resources to cover) 6)Debt Refinance and payout of ex owners. Its the debt refinance that is puzzling. Discussions concerning Debt Refinance would have started while CLange was off sick and why would CLange leave a company he was passionate about. He certainly was not sacked like the papers said. I believe he left in disgust at the Rights Issue price and I also think he was forced out by the brokers. We all know Brokers can destroy a company very easily these days. We all remember as well the BOT trading of Neptune in July 2011. Strange isnt it - board probably made some bad decisions while CL on sick leave which led to major losses, no contract wins, debt refinance due, BOT trading, brokers have Neptune over a barrell. The board makes further bad decisions on debt refinance but CLange doesnt agree and leaves the company in disgust. This is just my opinion of what events may have occurred.

4) Shareholder communication is terrible currently.

5) If it was in fact all the former CEO’s fault, where was the board, on holiday?

6) Why did the only highly credible board member and the only one with oil & gas experience resign shortly after Christian Lange?

7) Why is the share price, post the magic shake up and asset sell off, still < 3c?

8) CLange was the only director to pump money into the company shares in 2010. Did any other director or has R King bought any shares?

9) Why hasnt the chairman resigned. He let CLange take all the blame IMO.