New Hope have done well and I am familiar with their operations, having worked on some of their coal properties over many years - but - I still can't see anywhere that New Hope have outlined their vision for Dart or any strategy to achieve it. I can't find anything from them explaining how things will be any better off for the company or shareholders with them controlling the board. There's nothing to say how they would speed up approvals in Scotland or a change of legislation in NSW.
The most detailed info has been Robert Millner quoted in The Australian today saying that costs have to be cut.
Sorry New Hope ... costs have been cut and the company restructured back in April. Since then the company has been refocussed and deals have been done to get DTE back on track.
I attended the AGM to vote against New Hope's opportunistic bid and was stunned to find that New Hope had been working behind the scenes and forced the board to resign that morning and their nominees (none of which hold and DTE shares) were already sitting where the men who built the company should have been. The whole operation just smells fishy. I can't see anything in the previous chairman's warning that doesn't apply and still haven't heard from New Hope how things will be better for me with them calling the shots.
If Dart's share price goes back up to where it should be we'll all be happier, but it will most likely be because of what happened under the old board rather than anything New Hope does.
DTE Price at posting:
11.0¢ Sentiment: None Disclosure: Held
