Aloha! As a multi-year "foreign" US investor in PNL I wonder how a company with near 100% of operations in the USA using USA resources and land, abiding by US rules and regulations per the US Dept of Energy and per the US Bureau of Land Management could come up with such an inane ineligible shareholder letter reflecting such a discriminatory policy against so called "minor holdings" of so called "foreigners". Your letter was a boiler plate legal hack job! You may be registered in Australia under the ASX but your shares trade in the USA under a Bank Of New York adf (PNGZF)so that you attract US investors. Should US investors file complaints with the SEC?
Further, how is it that there was a 33%(from $0.33 to $0.22) discount on these offerings? What happened to the six month average rule? Who came up with this scheme and why was this institutional/retail offer price discounted so much?
Also in a world of global central bank 1% rates how is it Macquarie conned a 10%+ rate out of the board? May as well have used your Mastercard or Visa! That doesn't qualify as "loan sharking" in Oz? I find that irresponsible. No offer to shareholders? I would have put up $100kUS for a 7% return with options! I have seen Macquarie's predator operations in the past with other mining operations in Canada. These global banks skirt legalities all the way to the Hong Kong Stamp Act swapping and loaning shares. As an accredited investor and a writer for a financial bank blog in Toronto I find your decisions lacking in long term due diligence and viability when it comes to debt. Just my humble opinion as a "minor foreign" investor in a company with 100% US based operations trading US adf shares in the USA!
Was any of this ever put up for a shareholder vote? I am not sure.
What's next? You guys going to hand JP Morgan a 12% debt deal with options at $0.05US?
Not so ethical in terms of shareholder equality and this thing we call fiduciary duty!
For US "minor shareholders" who may consider SEC complaints.
Go here:
https://www.sec.gov/reportspubs/investor-publications/complaintshtml.html
My opinion only, but as a shareholder we are entitled to criticize and oversee the boards decisions and possibly take legal actions. This is not a private company!
(20min delay)