Ann: Change in substantial holding, page-38

You may very well be right that 'major adjustments '(to management) are in the wings Zacma... congrats, first time I agree with you...imo

Not that very long ago here's what happened to another HC favorite.. BCC... Buccaneer Energy... I say HC favorite as many will remember this fiasco,,, especially Whisky49 and Squire who both held (their noses?) and posted thru uber rose tinted glasses to the death.... all on record on the BCC thread... happy reading

Re: 10c today... ok got that wrong but there is obviously massive resistance at that level as pointed out by Cujo and I suspect the overdue CR is just around the corner given this activity...imo

Meridian Capital blindsides Buccaneer board

by: Paul Garvey
From: The Australian
July 03, 2013 12:00AM


AN attempted board coup at junior oil and gas play Buccaneer Energy has taken a dramatic twist, with a new major shareholder surprisingly voting out two of the directors that negotiated their investment

Meridian Capital, which only on Monday agreed to add another $1.9 million in Buccaneer shares to its earlier $15.4m placement, blindsided the incumbent Buccaneer board by voting in favour of three appointees put forward by disgruntled Singaporean investors.

The fund also used its shareholding to remove directors Alan Broome and Frank Culberson from the board, although Meridian did vote to keep incumbent chief executive Curtis Burton and executive director Dean Gallegos.

Meridian's support meant that Arrow Energy and Dart Energy founders Nick Davies and Shaun Scott along with Clinton Adams -- who were nominated by the Singaporean investors -- were all appointed to the board.

The Singapore investors had argued that Buccaneer had "lost its way" under the previous board. In the days before the meeting, the agitating shareholders had also complained to the Australian Securities & Investment Commission and the Australian Securities Exchange about the former board's disclosures.

There was further controversy in the hours leading up to the meeting, with Buccaneer announcing it had appointed Brian Moller to the board.

The company also made the eleventh-hour decision to appoint Gallegos chairman.

Moller's appointment, and Meridian's right to appoint the director of their choice, means the number of directors at Buccaneer could swell to seven.

Buccaneer, which has a suite of oil and gas assets in Alaska and the Gulf of Mexico, now faces the challenge of working under a board whose members have been deeply critical of one another.

Gallegos admitted that the incumbent board had been surprised by Meridian's voting decision, but stressed that the placement had not been made to protect the existing directors.

"Our objective (with the placement) was to fund the company, we didn't seek to guarantee anyone's board positions," Gallegos said.

He said he believed the new board could function properly.

"As they say, everything's fair in love and war. You put it aside now and get on with what we've got. Those directors have attributes and I'm sure they'll bring something to the table. The executive directors remain to ensure there'll be continuity for shareholders at board level, and everybody's going to be serving in the best interest of shareholders going forward."

GL
DYOR