Too late now that the yes vote won. It is so wrong. The minimum payout should have been the 120 million Mel spent on exploration plus compo for unlawful suspension. We have paid the price for Labor and LNP incompetence. Mel had been waiting for production licence since 2008 and the anti fossil fuel activists have been causing problems since 2011, according to Mel. So instead of the State Govt dealing with the p rotestors movement, the State Govt thought it was easier to make it difficult for Mel instead. Afterall they were all shortsighted, interested in protecting their own jobs. When they finish their useless political jobs, they will still be a drain on the tax payer. Whereas ordinary mum and dad investors have lost all their retirement money.
From SMH today
Angry shareholders accused the board of caving in to the Govt. "We are giving away potentially Billions of dollars of gas in the ground, and the Govt could grant new licences in the future",one shareholder, Dr Sam Prince, said.
For me almost 6 years of being a shareholder, got nothing but sleepless nights and heartache. As I said yesterday, took my crumbs over to STO, as I dont want any part of a new Mel. STO took over ESG in 2011. Will they be next to write off the 1 billion dollars or so they paid, for those assets because the State Govt have now given the anti fossil fuel activists the right to dictate the energy policy for NSW. Heaven help this country now that the minority groups have more power than the majority and in this day of political correctness we have been silenced. Yes George Orwells novel 1984 is well and truly here. This is not the Australia we were born in, anymore.
MEL Price at posting:
5.7¢ Sentiment: None Disclosure: Not Held
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