Directors interested? More new director options please!Do anyone...

Directors interested? More new director options please!

Do anyone other shareholders feel like me? I feel like I’ve gone to a gone to a school dance, someone has spiked my punch, and everyone has had their way with me. It started off with John Heugh and the board giving me a lick, then the board just had a go,then this guy Clive Palmer got in on the act, and now a breakaway group are also having a grope.

In all of this - what a load of crock this capital raise is. The current board has no credibility. They have diluted the shareholding of the company, shortly after another cap raising. They did it at a time when their positions were being called into question. They put in an added sweetener to the instos, which is a kick in the teeth to current shareholders. I believe they did it in their interests, not the shareholders interest. For me that is just a massive breach of fidicuary duty, although the spin is that it was done for the future of the company. I wish someone had deep legal pockets and could actually bring this share raising into question in a federal court.
And the current board’s justification for it is “more appraisal on Surprise” and sure-ing up partnerships. So, didn’t we just have a cap raising to sure up the Surprise appraisal? And what do you mean by sure-ing up partnerships? Cue – crickets, or did you mean more lobster bisque and caviar?

Why didn’t they wait to do the cap raise and dilute the share less? Risk mitigation or just pure arse covering greed?

I’m not part of the “coup”. I don’t actually believe that some of people that Camden Bob et al has put up are any better than the current board, and I think Bob’s warblings have become a touch manifesto like – no offence Bob, I do respect you. I hold the board accountable for the previous direction of the company, and that includes John Heugh. I doubt where there were deep schisms concerning the spend of most of the money that has been spent. Sure, there may be recent decisions such as whether to drill another hole or not, but that’s paltry the scheme of things. I do think John has something to offer as the founder of the company and the man with the vision.

My personal five point plan:

1. I will be supporting the sacking of the current board
2. I will not be supporting the new proposed board – maybe one out of the three
3. I think we should be making a call for “directors interested” to come forward and put their name in the hat. Surely there has to be some interest now
4. I will not be supporting the options placement if that’s a possibility
5. I would like to see what different parties’ interests are in all of this? ie what’s Palmer’s interest. Where are the “coup” guys going to take this. What is the current board’s plan?