heading to new low again!, page-11

Well said Yukondoit ...

IMO Steve Graves' character is very questionable and management abilities equally atrocious. Some rather disturbing comments came from Sanity from the AGM ... in particular ...

"SG defended his salary stating that other co's are contributing to his total remuneration this (sic)minimising the impact on GGP costs."
... well i ask how are they contributing to his remuneration ... his wage is clearly detailed in the stat accounts ... these amounts came out of the GGP bank account, no-one elses ... around $300k plus bonuses ... so is he being paid above this on the side by other companies he does deals with??? ... if so, does not this need to be disclosed?? ... yes it does! ... is this why he is doing 2nd rate deals with backyard companies?? ... because of the implied kickbacks he is getting? ...

"I quizzed him during his presentation - on a number of matters. Initially our small % involvement in so many projects - he says we might have made a mistake or 2 however that was all we could afford considering the state of the company when he came on board."
... the state of the company when Steve Graves came on board despite it's debt reflected a SP in the vicinity of 30c ... Steve Graves has single handedly destroyed the company's value down to a low of 1.3c through facilitating poor acquisitions and supplementing his over generous salary including 2 bonuses he paid himslef of $25k and $45k ... this is NOT through 1 or 2 mistakes ...


"Questioned about Louisiana projects - still believes we have some upside to the blown well, although some partners have no/insufficient insurance - he says not our problem"
... not our problem?? ... shows how mentally daft Mr Graves is ... of course it is our problem ... if the partners have insufficient insurance then they will have to pay $$ out of their own pockets, if they cannot then they are effectively bankrupt, if they have little money left after lawsuits or if they are bankrupt then we (GGP) will have to find other partners to develop the well because we cant afford to develop it on our own (vis-a-vis Padre Island owners/operators which went bankrupt and now it is a sitting lame duck for GGP) ... so it is OUR problem ....


"SG believes the current SP is undersold and has no idea for this given the Permian proven - even though the deal is yet to be finalised."
... I think Sanity meant 'oversold' ... but perhaps the slip is Freudian and there is more selling to come and perhaps Steve Graves knows it ... shares are yet to be allocated to AKW shareholders ... their own shares have been in suspension for many months now due to their accounts not submitted in time in the US (once again Steve Graves is dealing with a company which already has a 'dodgy' smell about it ... but anyway ...) wait until these shares get allocated ... you can bet that AKW shareholders will be itching to free up their capital ... and will most likely do so by dumping them at any price ... see what happens to the SP then! ... if you thought that the 96m share issue was bad then shudders to think what will the 200m share issue once allocated to AKW holders will do to the SP!

... if Steve Graves does not understand why his company is oversold then he really needs to look up the definition of TRUST and INTEGRITY ... like Yukondoit said ... "when this sort of thing happens it doesn't matter what you announce because the market doesn't trust anymore. The only thing that will stop the rot is results that equate to physical cash/oil/gas" ... muchly agreed ... I think it will take at least two consecutive positive quarterly cashflow reports to get the SP moving ... ie. investors will want to see that the $$ is in the bank before they start buying the shares ... not a series of silly shallow ramped up ASX announcements by the MD!