I am not keen on the current bid to take control of the board...

I am not keen on the current bid to take control of the board without a premium being paid.

Whether it succeeds or not there is a requirement for a change of the board and management. This company should be liquidated and the cash returned to shareholders. They had their chance.

TAP has had a huge inflow of cash from its third party sales and sales of NW gas. From all this cashflow it is only directors and management who have benefited. They never shared the good times with shareholders. They have sat on undistributed franking credits. They always kept the cash and their lifestyle was safe.

They have bet on numerous long odds dusters in Africa, Borneo and elsewhere. If these longshots came off management option holders would have won big time, as they didn't shareholders lost.

Have a look at the steady long term share price decline even before this fall in the price of oil. In about 2008 someone else tried to shake the company up when the share price was about $1.60. Management managed to fight them off and continue their gravy train, shareholders continued to suffer the decline.

Give shareholders their money back.

bacci