I have found that when small exploration companies or those that are developing processing technology start taking on a majority of board members from the top end of town and used to operating very large companies then it usually foretells a bad period ahead. They usually come from central casting as recruited by a large US or British recruitment firm. They just don't know how to operate a small company that has to be careful with its funds and cashflow. And they tend to have no regard for small shareholders, never having to think about them in a big company environment. This bloke was senior with BG that made a total hash of their takeover of Qld Gas and developing the CSG operations in Qld. They wrote off about $Bn from memory, sent BG broke and hence the takeover by Shell.
What BRU needs is someone with the entrepreneurial abilities of ERIC.
Tom also worries me in not really having small company experience, from memory. Poor decision over prematurely ceasing operations at Ungani having not tracked progress with the Fitzroy Bridge and thus deprived BRU of important cash flow to cover maintaining operatorship expertise.
BRU Price at posting:
8.5¢ Sentiment: Hold Disclosure: Held
