Ann: Operational Update , page-5

The financing and loan business in this update makes me very angry and I dont even own this stock. I had a buy order yesterday and this update made me hurry up and cancel it.

Lets see the 'previous management' borrowed from Gemini Oil and Gas Fund $14 million for which repayment is $28 M , ie, 100% interest AND a 5% royalty on production. Talk about sweet deals....why dont shareholders get this kind of offers? And, what is the connection with Gemini? Any of the directors getting a cut?

Now the New, Good Management of Hendersons think that people who were shafted once are stupid enough to be shafted twice. The 3 million pound facility will extract for them a total of 22% in payments and even more if the share price goes up. I wonder how independent the "independent directors" are.

Current holders if they had any sense should write to the chairman to lodge their protest and consider further collective action. Demand a cash raising - hell, even a 15% discount to current share price would be better than borrowing from Hendersons.

I stongly suspect Hendersons are out to drain all value from this company if they can get away with it.