Ann: Resignation of Director, page-12

Yeez, these guys continue to mismanage even the simplest of tasks.

Chan was appointee of BSP. At the very least, the announcement could have said that BSP would appoint a replacement director (or not). Failing to have an appointee ready to replace the existing nominee and failing to allude to a near term replacement is just more terrible "market management". If BSP is getting out or no longer interested, just say so. If you are replacing the guy but are not ready to do so yet, just mention that you will do so "in due course". Instead they come with a half ass announcement which causes yet more unrest (totally unnecessarily) - its not like shareholders were all that impressed with management/board to start with.

What is even more amazing is that everyone is now talking about this latest self inflicted administrative wound and, seemingly, most shareholders have given up on the chances of BSP actually making this work operationally. Not surprising though given there are no operational updates to speak of and the ever elusive overseas listing remains exactly that.

Maybe a bit of sour grapes to add to that but, personally, I am still annoyed that Paul exited when things did not quite go according to plan...soft option (I know the Paul defenders will have a crack at me later for saying so).

Here's hoping BSP appoints a new director but I suspect more shareholders will head for the exit even at these prices (and below) simply because of the way this company is managed and the unrest management/board creates. Maybe some of these guys should talk to a broker every once in a while to get some direction on what the market expects them to do (not talking about drilling or operational guidance, obviously). Alternatively, maybe at least one of them should attend the AICD company directors course so there is an off chance that they get at least some slight idea of how to run an Australian publicly listed company.

No matter what, I feel a tax write off coming on....(but still hope I am wrong - at this stage I feel we are at a roulette table, have picked our number, and have a 1 in 36 chance our number comes up. It can happen but the chances are incredibly remote). Rien ne va plus!