Ann: Underwritten Rights Issue , page-16

Ok, I was so angry I emailed this today. Not expecting any meaningful response, but I guess it made me feel a little better.

Quote
Mr Parker

As a long term shareholder of Panax, I am writing to express my complete disgust at the way in which you and your fellow directors have gone about this most recent capital raising.

To attempt to raise cash when the share price was at such an all time pitiful low (and even lower now that you have given a ridiculous 50% discount to the already low price), in the midst of the annual end of year share sell down is beyond belief. Millions of additional shares issued for so very little return. You have given away the farm sir. What was the board thinking? Is there no forward planning at Panax?

In addition, we are still left high and dry with respect to the Australian project. How long do we have to wait for the long awaited update on Salamander and where, pray tell, will the money come from to fix this mess now that you have managed to completely and utterly trash the share price? A further dilution at 1 cent per share? An impossible task.

The erosion of share holder value is catastrophic, cash burn in the form of administration costs are unacceptably high, and confidence in the board almost zero . With a strike price of only 4 cents on the new options exercisable in 2014, you obviously have no faith in the future of the company yet you are all happy to sit in your comfortable offices and draw big fat salaries until the money runs out again.

I am sure I am not the only one who thinks the whole board should take a pay cut until such time as the company is back on track and the share price has staggered back to a more reasonable level, a difficult task given there will be so many additional shares on issue and a very unhappy shareholder base looking to offload into any good news.

You can blame the government for lack of focus on renewables, but you cannot shift the blame elsewhere for ineptitude and incompetence. Shame on you all.
Unquote

Given Mr Parker puts his email address at the bottom of ASX announcements, perhaps some of you would also like to express your general lack of enthusiasm?

Regards