jupiter directors make plea...

Source: www.smh.com.au/business

Jupiter directors make plea
Jamie Freed
July 7, 2007

THE Jupiter Mines directors arrested after misbehaving in first class on a flight to Abu Dhabi have implored shareholders to keep them on the board "for the sake of the company".

Investors representing more than 5 per cent called a meeting to sack David Evans and Jeremy Snaith, dubbed the "bananas in pyjamas" due to their in-flight antics. An Abu Dhabi court convicted both but freed them on suspended sentences.

They defended their actions in separate statements. But in a preceding letter, chairman Alan Broome said he and director Paul Murray did not agree with the accuracy of the statements "in a number of areas".

Mr Evans said they were "entrapped in a most unfortunate series of events" on the Etihad flight.

"I apologise for any negative publicity that the incident has generated, but do with respect note that it has not adversely affected the current share price quite the contrary."

Mr Evans failed to note that the share price did not recover until the other directors released an announcement noting their intention to call a meeting to sack the pair.

In his statement, Mr Evans also omitted that he had sold more than $900,000 in shares in three parcels since his arrest.

He argued Jupiter should keep them because "in the current resources bull market it is quite hard to get experienced and skilled technicians like us who have sincere and strong vested interests in the long-term success of the company".

Jupiter has a market value of about $33 million, but in his statement, Mr Snaith said that would soon grow to $250 million under the stewardship of himself and Mr Evans.

"We have been and continue to be prepared to sacrifice my personal life for the company both in the field and mining environments to improve Jupiter."

The pair, who worked for Jupiter under part-time consulting contracts even though they were the only executive directors, agreed the company needed to appoint a new chief executive.

They have been in charge since 2005, when they used their large shareholding to call a meeting and sack then-chief executive Warren Staude.

They were the company founders but left before the float and had Mr Staude terminated their contracts. Last month, the board terminated their contracts for a second time.

Shares closed 0.5¢ higher at 25.5¢ yesterday.


Ends.

Cheers, Pie