good on shareholders, page-12

re: you clowns I share you concerns, but I'd have to say that I was well and truly p*ssed at the prospect of Kelso issuing 10c scrip to his supporters (and himself).

One suspects that the funding issue was floated around some months back - hence the inability of the SP to hold above 15c - why buy in when you know you're going to get them 20% cheaper if you're a "mate"? Heck - making the deal public dropped the SP 20%, so add another 20% discount to that and the "mates" were in line to get scrip at 1/3 discount to the market price.

Kelso has only himself to blame for letting the wolf in the door - the only honourable course was to have raised funds via a renounceable rights issue.

Treating this as a takeover doesn't cut the mustard - Drillsearch have to face up to the fact that a large slab of the shareholder base are unhappy with their performance, and they are motivated enough to exercise their voting rights.

This problem won't be fixed by lawers in court - it needs to be fixed by improved management.

R/happy