It may be reasonable to assume that the goal of the key Malysian shareholders is to make money and in this respect they are no different to BPT or any other share holders. Further, it was I understand, they who coughed up the money to cover the shortfall in the last distribution. I welcome their investment.
Moving to Mr McKerlie. The question is not what positions he (or anyone else) held in the past but how well they performed in those positions - AND - whether he was worth the money. I can't answer these questions one way or the other.
Conflicts of Interest: DLS requires a policy on how conflicts of interest are to be managed in relation to members of the board and to senior executives. An absolute prohibition on board members (and relatied parties) entering into service contracts with DLS is a must. In the nearer term, the conflict of interest with BPT concerning perceived access inside information about the actual value of DLS resource prospects is a concern and warrants and independant assessment at the very least.
Takeover: Will BPT get the 90% required given that the directors claim to control 18%? Who knows and does it really matter to BPT? My gut feel is that it doesn't really matter. What matters is getting on with the exploration program and maximising upstream resource at minimum cost. They can take control with much less than 90% and probably will SO the onus is now on Mr McKerlie to NOW seek superior bids including blocking positions from the market. Maybe he's an expert at this sort of thing!
What else: Read Professor Kjell Aleklett has to say about peak oil at the Oil Drum site: http://anz.theoildrum.com/
If $200pb oil is truly upon us the DLS prospects must be valued with this possible market reality in mind.
getting late
Cheers
Add to My Watchlist
What is My Watchlist?