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Fair enough. You are entitled to your opinion, as am I. We will...

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Kit67

7,563 Posts.

837

03/11/16

06:19

Post #: 20329910
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Originally posted by topender ↑

G'day Kit,

I have been a fan of yours for a very long time, and ordinarilly your views are very deeply coated in common sense.

But with the greatest of respect, it seems odd now that your remarks (earlie post) appear to be leaning in favor of the status quo?
I can accept that it is never a problem to look through the eyes of someone else, Maybe even to look through the proverbial rose coloured glasses, from time to time.

Anyhow, I don't have any personal inclination for "lynch mob" thinking, or for all the thrust and parry that is going on at the moment!
We are shareholders, and of course we don't share all the same ideas. A bit of a paradox really? It seems there might be a problem with sharing on a number of levels actually. Responsibility being one that worries me most at the moment.

I am an activist for change because I do not have confidence any longer in the way Empire is being run. I have no personal disrespect for any of the people involved. I may not like what they are/or are not doing, but I respect their existing prerogative to do things as they see fit. Until the need for change is taken up by shareholders at the AGM.

Meanwhile I feel seriously cheated by the unfulfilled rhetoric and promises of the board Chairman since he took over. I believe his statements have been over reaching and lacking in judgement. Did someone write this stuff for him to sign off on or what?
Anyway these committments made will continue closing in around the business outcomes, and onlookers will get to make up their minds about how effectively he has led this company since he took the reigns back in 2013. I wonder what happend after He undertook to engage an independent Chairman of the Board within six months? That is over two years ago!

It is embarrssing to all shareholders that the languishing efforts to fix the problems at RGN will carry on for probably more than a year overall. Yet, The drilling was concluded on budget and on time? Seriously? There might be a bit of a believability index problem with that proposition. How does this sustain the kind of mindset in the wider O&G industry that EMPIRE is the operator of choice in the Perth Basin?

Oh! But We were going to drill 4 wells in 2015/16? I was surprised at this undertaking and I figured it was certainly ambitious if not pretensious at the time. Out of touch? Or maybe misconceived? Delusional? Who knows? Interesting but certainly not especially convincing for me.

But now; "They want a five year plan". After trying to "wing it" for the first three years, any onlooker would know you can fool some of the people some of the time? Everybody knows the rest of that saying I am sure.

But Kit regarding your point that Empire might be a little spec stock in the bigger frame of things. That should not make it okay for the officials of this company to carry on like they are playing some kind of a game. I am sure the investment game as it might be called occasionally is gridlocked with regulations and precidents which let some people get away with all sorts of unintended consequences.
But where does this leave us ? Caveat emptor doesn't cut it just at the moment for me.

We can now understand that there is not a planned and co-ordinated approach to moving this company forward (eg; why are the lead times so long for anything that needs to be arranged or authorized?) and blind Freddie can see that the B&M are being found out. How about the circa $500K outlay on a new whizz-bang accounting system?

I actually feel sorry for any CEO who may be able smell his demise in the breeze. The recently rearranged contract conditions to provide severance pay of six months? What message does that convey to shareholders? Whereas a little bit of self preservation is not too difficult to understand in certain cases, the tenure of a CEO in a wire netting canoe without a paddle, isn't going to be a fulfilling existance I would guess? Were this to be the actual situation at Empire then I suspect it might be realistic for the occupant to be somewhat concerned about his career aspirations post EGO.

All I am on about is that this AGM is a really important way point for Empire, and it's shareholders. The outfit which took over in 2013 under the sponsorship of ERM have not delivered the strategic certainty and business competence that we were promised they would bring in CONTRAST to the performance of their predecessors.

After three years We ae being asked to accept that they now have a five year plan? The time for that was three years ago!
All shareholders need to have their say at this AGM, and I urge everyone to vote in whichever way they see fit.
I know what I want to happen, and others can decide as they see fit.

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Fair enough. You are entitled to your opinion, as am I. We will agree to disagree.

Regards
Kit

EGO Price at posting: 29.5¢ Sentiment: Buy Disclosure: Held
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