On June 22nd June 2015, you wrote a story in the Australian titled "New Guinea Energy faces boardroom revolt by Kentgrove"
I was wondering if you would be interested in running another article? Perhaps titled "New Guinea Energy faces boardroom revolt by shareholders"
After Kentgrove succeeded in rolling the board and Mr Lamm & Mr Saunders inserted themselves into NGE, the truth is starting to reveal itself.
Mr Lamm and the board are attempting to relinquish NGE's petroleum licenses and turn the company into an listed investment company(LIC). The former board (as reported by you) claimed that Kentgrove was only after NGE's cash and sadly now it appears true. Myself and other NGE shareholders have been banding together online to vent our frustration and anger at the direction which Mr Lamm is attempting to steer our company.
We have at least one top 20 shareholder that I am aware of who is unhappy and will to vote against the resolution to become an LIC. The board have applied to the Papua New Guinea Department of Petroleum & Energy to surrender NGE's licenses, all whilst the company and its shareholders are suspended from trading from 12th August until November 2016!
In the recent proxy form sent to shareholders regarding risks associated with the transition to an LIC it states, " If the Proposal does not proceed, there is also a risk that, given the Company's material cash balance and limited operations in the oil and gas exploration sector, ASX will require that the Company be removed from the official list of ASX as its operations are not sufficient to warrant continued quotation of its Securities and continued listing."
Surely this is the height of unethical conduct?
Voting closes 26th Oct 2016.
If you would like to contact me, please feel free.
NGE Price at posting:
1.9¢ Sentiment: None Disclosure: Held
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