is it dart today, metgasco tomorrow?

If you check out the DART (DTE) forum on Hot Copper you will see that the major shareholder in DTE has made a move on the board. New Hope - a 16% holder - wants to replace all the Dart directors with their own men.

However, self-serving it may be, its worthwhile for all MEL shareholders to read the letter from New Hope Chairman, Robert Milner on the the performance of the DTE board; see link below.

His criticisms in relation to Key Costs, Financial Performance and Operating Cashflows can readily be applied to the current MEL board. They are also very upset that the board has contributed to crashing the Dart share price, from a market cap of $510m some 3 years ago to around $146m today.If New Hope is successful over at Dart, will ERM finally make its move when after the heady days of 0.13c are gone and we are back below 0.06c as the bottom dwellers of the NSW gas industry? Is it Dart today, Metgasco tomorrow?

Does all this sound familiar? Of course it does. All longterm MEL holders fully know where south is because the MEL price has been down below the Roaring Forties for some time now. With the winding back of exploration and production activities, the scaling back of staff and the closure of its Casino operations, it seems to me that our board has effectively parked the MEL assets in the long-term carpark.

One of the underlying strategies of LTG and its friends at SCU and the EDO, was to target a small company such as Metgasco and turn it into a "stranded asset". A trophy victory which could be used as a wedge elsewhere. Who would have thought the current board would actually lend them a hand?

Who does this suit? What does ERM, our own major shareholder, think about this situation?

If New Hope is successful over at Dart, will ERM finally make its move when after the heady days of 0.13c are gone and we are back below 0.06c as the bottom dwellers of the NSW gas industry? Is it Dart today, Metgasco tomorrow?

Today's summit may produce clarification of the NSW regulations and stricter policing by the NSW government of the over-top protest activities by the LTG and their supporters. Whilst McFarlane's actions may put some spine into BOF and his government, the Federal Minister is not actually running MEL. Its the MEL board which has to wake up and drive the company with some drive and determination, otherwise the share price will soon be heading south once more. If they can't do this, they should move over and allow someone who can.


http://www.newhopegroup.com.au/files/files/130925%20Announcement%20-%20Request%20to%20change%20the%20composition%20of%20the%20Dart%20Energy%20Board.pdf