I thought it was a bit drastic/overdone in reducing the value of all Non-Current Assets to zero.
We know and Directors know that these assets do have value - they must be able to get conservative independent valuations on each of the three assets without it costing more than say $10k or for Directors to put their own current valuations on these assets. Even if they said Focus Ranch was worth $2mil, Battle Mountain $1mil and the gas pipeline $500k - at least it would give shareholders something to go on - I think it is incumbent on Directors to present Financial Statements that are conservative but realistic - I don't think this 'easy' treatment of putting a zero valuation on these assets is correct IMO.
So I will be voting 'For' the re-election of Directors but 'Against' the adoption of the Financial Statements at the AGM.
ETE Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
