There are a number of things in this announcement which will not go unnoticed by shareholders and what I would call injustices. Firstly in all fairness the shareholders letter should of been released to the market on the same day as the request for the egm. It only makes sense to release it at the same to time to give other shareholders and the market the reasoning behind the call for an egm and a vote on the resolutions. To release it after the agm and 2 weeks later is simply wrong. The boards response is that the at the agm the overwhelming majority voted against Michael Pope and for the board! Well if it wasn't for Mr 20% who left it to the discretion of the chairman then all would of been very close and there would of been a board spill.The shareholders letter outlined the companies poor record on farm outs which they denied. So they think a farm out once every 5 or so years is a success rate.That's interesting. I do wonder why Mr 20% couldn't be bothered even voting himself or putting forward a candidate to be a director. Could it be that he doesn't really care who's in charge as he will snap it up anyway and take control or he has such blind faith in management that he even leaves them to vote on his behalf? All in my opinion only.
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