GH, I think you mean ADR market in the USA. As I understand it LNCGY is already on the OTC market but LNC wish to transfer that to ADRs on the NYSE which will make it easier for large Fund Managers to invest.
Initially during the formal part of the meeting there were a number of s/hs protesting the fact that they only found out this week that they can't vote because they are only on the brokers sub ledger internally and not individually listed on the SGX. Both Peter and Craig only found out about this in the last week and are NOT happy. They plan to fix this in the short term even if it costs them some $$. This applies to Phillips Capital and Commsec. BBY may be different (Craig had to pressure BBY to have his vote registered .
In answer to a Question on Resolution 2 (Authority to issue an extra 20% of total shares) Peter said they had a strategy to manage the possible redemption of some/all of the $200 M Convertible Bond in April 2015 that didn't include issue of new shares. He didn't elaborate.If it works it will be good, if not it could be very bad.
The only part of the presentation that is new is towards the end about Heavy Oil. We may earn some $$ in the future employing our UCG process to economically extract the heavy oil.
The really interesting part of the afternoon were the Q and A after Peter's presentation. The 1st few Qs centered on selling some assets within 6 months to realise at least $200M cash and restricting H/O expenditure, or else we wouldn't be able to develop our opportunities. Peter said he couldn't guarantee getting $200 M in 6 months but he was "pretty sure he would". Craig also said getting $200M cash in 6 months were the sort of figures the Directors were talking about.
There were many other Qs following that including quite a few from GH. I'll leave them for others to detail. I think the Q & A finished about 5.45 pm and the informal Qs continued outside (with drinks and nibbles) till around 7.00 pm.
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