"EGO have done a fantastic job of achieving shareholder rights in their company, and if we learn from them GGP shareholders can achieve the same results."
Absolutely a great result for all of those shareholders. I have been following that story on and off but, what a great incentive for GGP shareholders and the Investorgroup.
Each to their own but, I still believe the Investorgroup have been doing something which needed to be done, even way back then some 14 month's ago when it formed. Even more so now with what has come to the surface ! Some have criticised the IG and it's intentions but I'll say again, why can't the shareholders/former shareholders of this company ask the hard questions, and now with what's come to light, as cmonaussie has stated "a forensic accountant might have a field day" why can't this happen or as 67shelby stated an audit.
So, what is the process to have this done ? Who authorises such investigations ? What are the triggers for such actions ?
It's a shame ( in my view ) the 249D failed as if it was successful ? the potential IG Director could have had this Audit, or "Forensic Accountant team" look at the books 12 month's ago ? I am not making accusations here about anything sinister has gone on, I am only stating that what could have been done during the 249D notice may have prevented many of the surprises we have had over the past few month's ?
There are still so many questions about this companies finances and just what has happened to them. If the market is told by the company that the monies raised will pay for A, B and C and 12 month's down the track the company still owe's monies on A or B or C or all of the above, then something has gone drastically wrong ? in my limited corporate/accounting opinion.
This company has raised, what is it now $90mill in 10 years, never made a profit.
We now know of monies owed to Vendor's yet we have no detail or breakdown of exactly who is owed what. The company has refused to tell the market of their latest failure and how she is or isn't producing, SRH #5. Seven weeks since the words " The SRH # 5 is currently back on production and the new production figures which are running above previous levels will be included in the next report.
Oh what could have been if the 249D was successful ? I agree with cmonaussie, 67shelby, Snowy101 that an audit and full investigation needs to happen.
I sold out many month's ago but, for the sake of the people still holding I hope this company can be turned around and that I believe starts with the audit, cleaning out the deck chairs ( non of this shuffling ) a new team, settle with Paul Page and get on with the business of producing oil !
Once again, all my honest opinion and my post is not making any accusations of wrong doing here ! I believe what I and others here have suggested and or requested is a fair and democratic process, of which this company needs to go through ! I sincerely hope this can be achieved, for the good of all shareholders and most of all, so the company can survive !
As mentioned earlier, well done to the EGO shareholders and yes, shareholders can have a voice, if they so choose.
regards
GGP Price at posting:
2.5¢ Sentiment: None Disclosure: Not Held
