I posted this on the ADE site in response to a statement by...

I posted this on the ADE site in response to a statement by
6UDV8 re Kelso but the main theme is possibly more relevant to BUY shareholders.

6UDV8 You posted:

"My only reservation is that we now have Philip Kelso as a major shareholder and I would be very unhappy if he were to become a Board member or on the management team, dont know the guy from Adam but have not been impressed by his track record at DLS or BUY."

Who is the guy from Adam?

A bit about Kelso that may be of interest:

"Philip F. Kelso has been Chief Executive Officer of Bounty Oil & Gas NL since March 05, 2008. Mr. Kelso served as Managing Director of Drillsearch Energy Ltd. from June 1990 to November 29, 2007. He served as President of Casula & Kelso, Solicitors. He served as President of Circumpacific Energy Corp. from June 1990 to November 29, 2007 and served as its Chief Executive Officer until October 21, 2007. As a lawyer, he has expertise in litigation, resource and environmental ..." Note the Casula...Marina Carusa.

http://investing.businessweek.com/research/stocks/people/person.asp?personId=25746894&ticker=BUY:AU>

A bit about Bounty Oil and Gas NL (BUY):

Address - LEVEL 7 283 GEORGE STREET SYDNEY, NSW 2000

A bit about Primary Petroleum Pty Limited ACN 024582216:

Registered Office
LEVEL 7 283 GEORGE STREET SYDNEY, NSW 2000
Director CASULA, MARINA
Secretary CASULA, MARINA
Ultimate Holding Company PEMBERLEY RESOURCES PTY LIMITED
(Pemberley hold all of the shares in Primary)
Address: LEVEL 7 283 GEORGE STREET SYDNEY, NSW 2000
hmmm - same address as BUY

A bit about PEMBERLEY RESOURCES PTY LIMITED:

Director KELSO, PHILIP FRANCIS
Director CASULA, MARINA
Secretary KELSO, PHILIP FRANCIS
No. Shares Issued: 2
Total Amount Paid: $2.00
Number Held: 1
Name: KELSO, PHILIP FRANCIS
Number Held: 1
Name: CASULA, MARINA

So! we have a couple of solicitors apparently making millions in a single deal with ADE with Companies listed at the same address as BUY with BUY shareholders apparently missing out on a great deal.

Will we find that the cash and shares are beneficially held by Kelso & Casula for BUY; if so, why has it not been declared?

Alternatively, is there a conflict of interest; why did Kelso use information available to buy, through him as CEO, for BUY with shareholders benefiting instead of him and his co-shareholder? After all, he gets over a half million in annual benefits including consulting fees as CEO of BUY (2010 Annual Report).

Any budding solicitors on the post that can comment?

The above information posted re ownership of shares is on ASIC and readily available to the public for a fee.