Osake, I have spoken to a number of Austrian and German investors (many in the top 40). They are real unimpressed with a number of things but are starting to communicate and will form a block to stop any options grab fest this year. However, they continually ask me why Australian large holders just vote yes to this crap. Simple.... it is not their money and they never tamper with management unless they get real upset.
The present talk is about the following:
1. Cost reduction in Australia. Why are we even based in Australia when the primary cash driver is in Finland?
2. Cap ex cost reduction. Why build vents to the middle of the earth? (I am unsure here as am not 100% sure what was required so don't give ma a one page lecture on this one anyone).
3. Flagging cap ex. Many felt that had they known they wouldn't have touched it.
4. Drilling programme in Oz. Why bother as no one will pay a reasonable price for Roseby in this market. Better to moth ball and wait a few years.
5. When will shareholders see a return or does the company exist simply to give management free shares?
AOH Price at posting:
16.5¢ Sentiment: None Disclosure: Held
