As share holders we sent the following email to CEO Philip Kelso. He didn't have the professional decency to respond which makes us wonder whether he treats BUY as his personal fiefdom to be shared among his sophisticated mates.
"PhilipF KelsoChiefExecutive Officer
BountyOil & Gas NL
Copy:
SachinSaraf
CompanySecretary, Financial Controller
Email:[email protected]
DearMr Kelso
Werefer to your undated letter welcoming us as new shareholders in Bounty Oil& Gas NL (BUY).
Onthe 21st September 2020 we bought 175,000 shares at .027 cents anddue to a delay with our ANZ e-trade account another 25,000 shares at .021 centson the 29th September 2020 making a total holding of 200,000 shares.
Onthe 22nd September 2020 in an ASX media release Bounty Oil announcedthe issue of 143,000,000 shares at .01 cent to shareholders and sophisticatedinvestors without any forewarning or offers to new and existing shareholders.
Anystockbroker or sophisticated investor would have known the extraordinarygifting of 143,000,000 shares at .01 cent would cause an immediate downwardspiral of the share price of .027cents. They most probably put in shortsell orders to profit on the drop and then had the luxury of selling off the.01 cent shares in the millions. (.016 cents as I write). All thisat the expense of new and existing shareholders.
Itis our understanding this practice is legal under ASX Rules however as we willclaim the Directors of Bounty Oil & Gas had a fiduciary duty to representthe interests of all shareholders. Not to any particular shareholder orgroup of shareholders.....but to all shareholders.
Notfor one moment did the Directors consider offering new and existing loyalshareholders the opportunity of sharing in the gifting of .01 cent shares. Wetherefore believe the Directors failed in their fiduciary duties to representall shareholders including new and existing shareholders.
Weare pensioners who previously held BUY shares be it in the late 2000’s. However this time around we have dropped 40% on our investment through no faultof our own.
Wewould look forward to an explanation from the Directors who we claim deliberatelydiscriminated against new and existing shareholders for short term gain.
Weawait your response.
"It's about time we minority shareholders who have worn the brunt of your generosity to your sophisticated mates are given an explanation before the AGM.
(20min delay)