From The Australian today ....Speaking to The Australian...

From The Australian today ....
Speaking to The Australian yesterday, New Hope chairman Robert Millner said "things had changed" since the lucrative Arrow deal.

"I think the shareholders spoke and there was a clear indication that they wanted change," Mr Millner said.

"We've suffered a massive impairment charge on our investment in Dart."

Mr Millner said he expected the new board to take a tight approach to spending in the year ahead.

"There are a lot of these smaller companies where their share price has weakened, their performance has been poor and they're spending too much money," Mr Millner said.

"When you're an exploration company you've got to watch your purse strings.

"The first things they've got to do is rein in their cost, deliver on their strategy and live within their means."

In the lead-up to the meeting, New Hope said Dart had spent more than $44.6m on employee compensation in the past three years on its way to cumulative losses of $290.5m.
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New Hope is being tricky with the truth here.
Their whole case is based on ancient history and ignores the restructure of Dart that was done by the board well before NHC started rattling their cage. They have ignored everything about the new direction Dart has taken, reduced spending and achievement of stated goals since then.

Everything said by the old chairman in response to New Hope's proposal still holds. They are trying to take control of Dart without paying a premium. They had a member of the board back in the bad old days but did nothing and made no attempt to replace him after he died.