Ann: SER Business Review 2011 , page-39

Ausheads: You write - "Last time we did a bit of a casual whip around the total SH here was about 5% and I'd bet with a bit of PR we could more than double that so if we decided to vote as a block we could even have some influence, not that I think it would ever come to that."

Taking figures from SER's 2011 annual report with figures "applicable as at 29 August 2011" ...

EERC Australasia Pty Ltd - that's Tony Rechner's holding - had 31,525,880 (9.45%). Avatar Energy Pty Ltd holds 30,712,119 (9.21%).

Their combined vote alone would be extremely difficult to beat even if "a bit of PR" is applied and the 5% "could more than double".

Also, Managing Director Mark Muzzin is a business partner of Tony Rechner. He held 3,500,000 (1.05%) and 10,000,000 options he can bring into play if necessary.

JP Morgan Nominees Australia Limited had 11,784,165 (3.53%), Citicorp Nominees Pty Limited had 6,000,000 (2.5%) and HSBC Custody Nominees (Australia) Limited 6,259,652 (1.88%). These aren't exactly amateur investors and I'd be surprised if they didn't have a good idea where "the deal" stands.

Unfortunately - and I genuinely mean unfortunately - even if "it came to that", the most an organised shareholder protest vote would be likely to achieve would be to make a minor statement that management could dismiss without comment.

So how do you justify your statement "there is no way Uley will leave SER without two majority votes and it would appear that SER has a fairly open register so I think we are safe from that perspective"?

Sunman