Developing PNG assets, page-37

Agree cacao they have a siege mentality, 'Oil Search won't get us' etc. The focus has shifted from growing the capex to protecting their positions. Last year they were saying that 'Shareholders know the value'. That wore rather thin when the share price was smashed by 75% and kept falling even as the POO rallied. We know the company has world class assets and is profitable, the missing link is dynamic management that can make it all work, restore the share price and market confidence. I will contact the remuneration committee and also the risk management committee - what a poor job they did in identifying risks and advising us (as their charter demands).