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Ann: Recommended Takeover Offer for LNGL, page-531

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mickyfinn

70 Posts.

5

16/03/20

13:22

Post #: 43516504
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Originally posted by possum2: ↑

andy bee,

""which tells me we have spent 1 mill per week for 5 years""

Why do you think I have been harping on about LNG becoming a life style company for the last few years.

Why do you think I was calling for Greg Vessey to relinquish his position when it was obvious back then that he did not have the expertise or the drive to take LNG to the promised land.
On the salary he was earning, I'm afraid you either have to put up or get out. There is no in between in my opinion. When there was SO MUCH money sitting in the piggy bank one can become complacent and I feel this was the issue with the Board of directors all those years ago. I posted at the time there did not appear to be a sense of URGENCY in regards to how the LNG directors were going about things.
Collectively I believe they all just thought it was going to happen. Having all that money on hand they most probably thought there was time for things to eventually work out. Things don't generally work out . You gotta make it happen. Thats the reason M.B left Australia to go to the U.S because it wasn't happening here . He made it happen over there . I would describe him as a go getter. Say what you like about him but he was a driven individual who was on a mission to turn LNG into a global company.
He almost succeeded.
I for one was saddened to see him go. I reckon he burnt himself out and when the oil crisis arrived he simply did not have much more in the tank to climb over another obstacle. I fully understood the reason he walked away. He had been jumping over fences and fighting with bureaucrats for such a long time and spending long periods away from his family and friends. He finally said enough is enough, I'm done.

As you so rightfully have pointed out, there was so much money spent during the past 5 years that one can find it difficult to understand where it all went. It only makes this whole situation even more difficult to digest. I reckon if we sat all the directors down today and asked them individually to detail what they actually achieved during their tenor at LNG one could find the answers not satisfactory. I have said it many times before, when you are earning the big bucks you NEED to show the results . If you are unable to produce those results then you just have to man up and hand the reigns over to someone who can. There is an old saying ; If you pay peanuts you get monkeys . There annual wages would certainly suggest we did not pay peanuts. Any director knows if he is worth his salt he must bring home the bacon.

Fair to say this was not done and today we all find ourselves in this grave position because of it.

Cheers.

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Thanks Possum, I haven’t contributed much myself but I have truly enjoyed your sensible commentary over the past several years, I think I’m going to be down about $42k, it’s not the end of the world for us but if it had succeeded it would have been the icing on our retirement cake, maybe a nice new caravan but it wasn’t to be, i was so sure we were on a winner but it wasn’t to be !
In the words of Gordon Lightfoot.... at 7 pm a main hatchway gave in and the Cook said fellas its been good to know ya ! And later that night when the lights went out of sight, came the wreck of the Admiral Fitgerald
I wish you and yours all the best for the future and happy hunting !

LNG Price at posting: 9.0¢ Sentiment: Sell Disclosure: Held
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