"So, why is it that they recommend us to vote "YES" and accept that pitiful offer from the Govt.?? I am at a loss here. On the one hand we are told to support the recommendation and on the other we are told that, if we don't, we will be able to restart where we have left off and that the Govt, will help us in pursuing and proceed with our lawful activities.."
- There is no point in our being willfully naive. What do you expect them to do? This is a public document. Should they say "if the transaction is rejected we understand the government will probably cave under community pressure as it has done in the past and render our assets worthless". That would be a breach of their duties, destroy any remaining value and further fail the shareholders. We all know the govt will not "help us in pursuing" gas development in northern NSW, even if we had the money do do so (which we don't - with less than $7m in the bank the company will back rattling the tin within months if the vote is no - and I don't see anyone lining up to commit more money to future raisings).
I am not defending the board - but there's no point just attacking everything the company has done without a clear plan to guarantee a better outcome for all SHs, which I don't see here. Some may not care if their remaining investment is lost, most SHs do.
DYOR and GLTAH.
MEL Price at posting:
5.7¢ Sentiment: Hold Disclosure: Held
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