Has anyone heard back from their email sent to SSN,
[email protected]I haven't.
The ASX responded same day.
Now I really think SSN mgmt should be more responsive. Perhaps another nudge to the ASX is called for. You see it is the fiduciary duty of the Board of Directors to protect shareholder interests.
The SSN Company Secretary, Mr Dennis Rakich, is also an Executive Director of SSN. He is also ann Executive Director of AusGold, an ASX listed company. The responsibility of Company Secretary, among other things, is to be responsible for the corporate management of Samson Oil & Gas Limited and the maintenance of the Company’s ASX listing. So Dennis, if you are reading, it would appear that there has been some "deficiency" in the filings of the company and advice to shareholders about SSN's ASX listing.
Now the ASX does have a Corporate Governance Statement which SSN has indicated compliance with. In this regard there are several principles (which are noted in the Annual Report and in Appendix 4G Governance Statement)So that calls into question the following:
Principle 5 - Make timely and balanced disclosuresThe Company recognises the importance of ensuring its continuous disclosure requirements are met, ... The Company Secretary is required to consult with the CEO in relation to matters brought to his or her attention for potential announcement. The Company Secretary has been nominated as the person responsible for communications with the Australian Securities Exchange (“ASX”). This role includes responsibility for ensuring compliance with the continuous disclosure requirements in the ASX Listing Rules and overseeing and co-ordinating information disclosure to the ASX, analysts, brokers, shareholders, the media and the public.The bolding is mine. I would maintain that SSN, in particular our Company Secretary, Mr Dennis Rakich, has failed to fully comply with this principle given the ASX's response to the Suspension complaint.
Principle 6 –Respect the rights of security holders
The Consolidated Entity actively seeks to provide its security holder appropriate information and facilities to allow them to exercise their rights as security holders effectively. This includes:
• giving security holders ready access to information about the Consolidated Entity and its governance;
• communicating openly and honestly with security holders; and
• encouraging and facilitating their participation in meetings of security holders.
... The Company actively promotes communication with shareholders through a variety of measures, including the use of the Company’s website and email.Now I'm a reasonable person. SSN has had more than a couple of days (no big Easter Holiday or Anzac in the USA). The ASX responded same day. The turnaround doesn't have to be this long.
I could also point out other failings were I so inclined, but those 2 are more than irritating given the circumstances.
What do y'all think. Should we voice our opinion to the ASX for the governance failure by the Company Secretary. Given he has this same responsibility with another ASX listed entity you'd expect better.
And yes, I don't like being taken for granted
