A word of caution. Going back to look at the complicated web of companies associated with or controlled by the Solomon brothers is instructive.
In 2004 Tasman Tesources spun off Eden Energy, which is now controlled by an apprimate 50% holding through Noble Energy, a 100% owned subsidiary of Tasman Resources.
In 2007 Tasman Resources spun off Fission Energy Ltd with ?useless uranium licences which subsequently changed its name to Conico Ltd in 2013.
In each case as far as I can see the investors stumped up a lot of capital, only to lose almost all of it while the directors and management enjoyed very rosey remuneration from all of the companies and the many subsidiaries. No dividends were ever paid to share holders.
Not to say this hasn't happened with other companies which have gone on to greater things. But good to know who you are dealing with and keep an eye on the risks as well as the rewards.
2013 Annual Report
"Management fees paid to Princebrook Pty Ltd, a company in which Mr GH Solomon and Mr DH Solomon have an interest."
Subsidiaries
2013 2012
Noble Energy Pty Ltd Australia 100 100
Eden Energy Ltd Australia 47.9 **
Eden Energy Holdings Pty Ltd Australia 47.9 **
Adamo Energy Ltd Australia 47.9 **
Adamo Energy (UK) Ltd UK 47.9 **
Hythane Company LLC USA 47.9 **
Eden Energy India Pvt Limited India 47.9 **
Eden Innovations Limited Ireland 47.9 **
EDE Price at posting:
4.2¢ Sentiment: Hold Disclosure: Held
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