board to be sacked, page-21

Palmer made his initial fortune in real estate during the times of Sir Joh's premiership in Qld.

Over ten year ago he got the exploration licence which then became a mining lease in WA. It is a magnetite deposit, so it needs lots of processing. Through the iron ore boom he has been able to get Chinese steel mills with pellet plants very interested in his deposit, which is undergoing feasility studies. The Courier Mail reported last year that he got a cheque in the mail from the Chinese for like $270 or so as pre-payment for his ore.

Palmer, to the best of my knowledge, has never been involved in oil and gas companies. In mining Mineralogy is his private company. I am not sure he has been or is involved in ASX listed companies.

I do not see what he and his appointees can add in expertise to the board of ARQ directors. Streitberg built the company from close to nothing. In my eyes, he is a hero.

I think claiming the entire board with 6% is preposterous. He should make a full bid for the company, if he wants control of it.

I will support the existing board to the maximum!!!