public relations mess, page-36

Agree Harry7, I cannot believe AGS have control over such an important document, surely it is controlled by Heathgate/Quasar.

Having not received a reply to my last email questionaire to Patrick Mutz, I have sent another email, see copy below.
It will be interesting to see if i receive a reply. I have tried to keep the Questions specific and to the point and dealing with just one subject instead of a range of subjects.

Hi Patrick Mutz,
Could you answer some simple questions for me.
Who is responsible for the NTMA documentation.
Where is the hold up with the NTMA.
Who has to sign the document.
Why was such an important document overlooked.
How long is it going to take to sort out this mess.
Why is there so much secrecy and lack of transparency between the AGS Board and Shareholders.

I have taken the liberty of cut and paste-ing the following from the AGS Corporate Governance

Corporate Governance Statement

The directors of Alliance Resources Limited believe firmly that benefits will flow from the maintenance of the highest possible standards of corporate governance. A description of the company's main corporate governance practices is set out below. The Company has elected to early adopt the 2nd Edition of the "Corporate Governance Principles and Recommendations of the ASX Corporate Governance Council" issued by the ASX Corporate Governance Council in August 2007.

Principle 1: Lay solid foundations for management and oversight
Principle 2: Structure the Board to add value
Principle 3: Promote ethical and responsible decision-making
Principle 4: Safeguard integrity in financial reporting
Principle 5: Make timely and balanced disclosure
Principle 6: Respect the rights of shareholders
Principle 7: Recognise and manage risk
Principle 8: Encourage enhanced performance

Principle 1. Lay Solid Foundations for Management and Oversight
1.1

Establish the functions reserved to the board and those delegated to senior executives and disclose those functions.

The first recommendation is that the Company formalise and disclose the functions reserved to the Board and those delegated to management.

There is clear segregation of duties between the Board and management.

The role of the Board of Directors is to set goals and policies for the operation of the Company, to oversee the Company's management, to regularly review performance and to generally monitor the Company's affairs in the best interests of shareholders. The key responsibilities of the Board include:
bullet ensuring the Company is properly managed;
bullet appointing and reviewing the performance of any executive staff;
bullet developing with management and approving strategy, planning, programs and major capital expenditure;
bullet arranging for effective budgeting, financial supervision and monitoring of financial performance against the strategic plan and budgets;
bullet ensuring that appropriate audit arrangements are in place;
bullet ensuring that effective and appropriate reporting systems in place will, in particular, assure the Board that proper financial, operational, compliance and risk management controls function adequately; and
bullet reporting to shareholders.

Regards W Fletcher/P Symes/Kerstcourt S/F concerned shareholders

GL all holders, I see we have a T20 update on the AGS website.

The T20 dropped from 56.7% to 56.22%.
Just basically NO Directors changed their shareholding.
The Increase in Shareholdings were notably
JP Morgan + 1.585M
ANZ Nom +3.983M
The Decrease in Shareholdings were notably
National Nom - 2.873M
HSBC Custody -3.887M
HSBC A/C -1.36M