Wabbit, the whole point is that after 3 years we have struggled, our SP is at all time lows, most of the board own very little holdings, our well was a failure and has cost us a lot more money and importantly lost time. Funny thing is they will probably buy at record lows, pull finger out and make a good profit.
I can accept the oil price but at the GOC Ken said EGO was lucky to escape the POO fluctuations as we are a producer of gas. They have a plan to fix the well. But what else have they said, no plans in to DMP for Lockyer, cash being spent at a fast rate, the list goes on.
But what I can't accept is the way they have asked for more when they haven't even made one positive step in unlocking value for holders which they continuously promote is their commitment and focus. What they should have done was not consolidate so heavily, kept rig there until fixed and accepted that it is a difficult global market and most importantly rode the tough times along with holders but they haven't have they. They simple ignore what they have done and at all time lows put hand out for more and I along with many are furious about their lack of accountability and empathy towards holders.
Do the job well be rewarded, do a bad job then stand alongside the holders and endure the pain as well. Isn't that what great leadership is all about, how can anyone actually believe in anything that they say or do going forward. We are in a far worse situation than ever before, unbelievable, thought I would never had ever come to that realisation.
This goes against what many accountable companies do in difficult times. Sorry but their announcement was shocking. Anyway they have told us that their remuneration is the company priority at the expense of LTH's, that fundamental difference and unwillingness to accept they have made some bad decisions which has effected every holders investment and now want more sorry Wabbit but I will not accept this and none of us should.
Finally if MR supports them and if change doesn't happen we will have absolutely no say and they will do what ever, when ever they like. That is my biggest concern for my investment as it should be for you as well. This company is so detached from their holders and how bad can this get over the next 12 months. I have put almost 1/2 Million over the years into this and it concerns me greatly. We have lost our way big time and boards should be a true representation of holders and actually work for the best of holders, can someone tell me when have they actually done this for holders. Instead of being one with holders we are 180 Deg apart. This has to change and if our board actually care they would pass in the bonuses and pay freeze until they actually deliver value to holders. THIS IS A MUST DO!!!!!
It appears to me that they just don't care. Their survival is and remuneration is the priority here and constantly saying we thank holders, pleased to announce and we are working to unlock value for holders is just a crock! Please board come back to reality and realise how your delivered 29c SP effects every holder and DO NOT ask for more, actually do your job and give back to holders.
Expand
