Whether management was remiss in the past is as someone else said a self defeating exercise. However,there is no doubt they are remiss right now. It's been a bug bear of mine that shareholders have been told nothing. We have not so much as had a brr interview explaining the details of the reasons for closing their operations. We have had to find from numerous media outlets, that PH"..is not worried by the drop in share price" that he has been "many offers to work elsewhere" which I take to mean spend shareholders cr money on projects it wasn't raised for" We have had to find out from media, that not all the drills will be plugged but there will be 3 million dollars of our existing money to fill in the rest. We have had to find out from media that the coal seam gas mediator is in Casino. We have had to find out that LNG has sold a large proportion of their holdings in mEL at a massive loss from LNG themselves. We had to wait a further 2 days to find out who the buyer was. Now we have had to find out from a poster here that there are csg promotional ads and activities going on in theNorthern Rivers. WHY have we heard nothing from the management directly about all these pertinent and important updates!!??
A remember a quote from Triage once that stuck in my mind. The management here are largelyBig oil men from a larger company such as Esso. Perhaps they just lack the finesse to deal with lots os whinging shareholders such as us.
MEL Price at posting:
5.9¢ Sentiment: Buy Disclosure: Held
