beware the strength in numbers

And beware the Degrees of Separation - HC cuts those down greatly.

People who I would never have met in the normal course of events, because we live in different cities or towns, in different occupations, are collectivized via HC.

Management would be AMAZED to know how many people contact me. How for ever noisy poster on HC, there are Mum and Dads and children, neighbours, friends of neighbours, workmates, friends of friends, who are actually linked in one way or other back to a few opinion shapers, funds managers, accountants and the like. 'HUBS', as Malcolm Gladwell would call them.

All these people are not necessarily people with a lot of shares. Some have a chunk, others just some modest savings. But there are a lot of these folks, some of whom may not have the time or the inclination to ever post on HC. But they are there, in the background, reading, OR relying on those who are more involved to advise them.

I met someone new a few months ago - a work colleague of my brother. He was an ESG holder, and he read HC (unbeknown to me). The tendrils spread far and wide ... Far wider than I even realised.

If the company was looking to hurry through a deal, a Scheme of Arrangement isn't the right way. You cannot rely on retail shareholders to do the right thing... especially when they are not told the reason why something is happening.

If the company had to sell out, way below the odds, then what shareholders want, what they DESERVE, is to know WHY. and WHY NOW?

WHY the imperative to sell before Tintsfield becomes commercial?

WHY sell out just before the Carbon Tax gets legislated? WHY buy land on Kooragang Island?

WHY do pre-feasibility studies, and then a full feasibility study?

WHY battle with the State Government to get Tintsfield infrastructure in, if you are going to give the company away when it barely has got started?

WHY waste the last 18 months and then sell yourself on the basis of end-of 2009 metrics?

WHY not demand some recognition for the fact that the gas will end up in LNG?

WHY, when Santos admits that the gas-fired power industry is about to triple demand, sell just before the legislative changes that will create that demand?

WE WERE NOT EVEN SHORT OF CASH!

There may be intervention from other parties whose need for the gas is just as great as Santos'. So, the whole issue of which way the vote will go may be a moot issue.

However, in the absence of such an intervention...

The vote could go either way, depending on the sentiment of retail shareholders.

If ESG management DO want the hordes of retail shareholders to vote for this Scheme, or at least not to collectivise and vote AGAINST IT, then we need more information.

And given that ESG do read HC, they perhaps better take heed. Just like the issue with farmers, some movements should be dealt with, before they get a momentum all of their own...

Yaq