Shareholders should be aware of the facts…What shareholder...

Shareholders should be aware of the facts…

What shareholder returns has Jürgen Hendrich delivered?
Date MEO Closing Price Shareholder Returns (to Present)
20 May 2008 A$0.270 -80.7% Return from JH’s appointment as CEO
14 Jan 2009 A$0.270 -80.7% 5Yr shareholder return
14 Jan 2011 A$0.210 -75.2% 3Yr shareholder return
14 Jan 2013 A$0.086 -39.5% 1Yr shareholder return
14 Jan 2014 A$0.052
Source: bloomberg charts

How much shareholder funds has Jürgen Hendrich raised?
4 Jul 2008 Raised A$11.77m @ A$0.55/sh via placement
18 Nov 2009 Raised A$26.95m @ A$0.45/sh via placement
25 Nov 2010 Raised A$32.60m @ A$0.52/sh via placement
19 Oct 2012 Raised A$9.31m @ A$0.20/sh via SPP
19 Nov 2012 Raised A$10.00m @ A$0.245/sh via placement
Total Raised A$90.63m @ A$39.2/sh (average) [-86.7% return on shareholder funds raised]
Source: meo asx releases

Other cash injections
15 Oct 2010 US$39m Petrobras farmin
Q4 2013 A$2.8m Origin farm-in
Source: meo asx releases

What has Jürgen Hendrich spent?
Corporate cash balance when he took over as CEO = A$24.34m (Jun 2008)
Corporate cash balance at end Sep 2013 = A$14.49m
Therefore some basic maths yields that he’s spent at least A$139m (= A$9.85m [difference in corporate cash balances] plus all the shareholder and farm-in money received in the interim ~A$90.63m + US$39m @ A$1 = US$1 at the time it was received).
Source: meo asx releases

What has oil and gas exploration/development success has Jürgen Hendrich achieved during his tenure?
Nil.
Source: meo asx releases

The company’s stated objective per the Chairman’s Message - Annual Report 2013 is “…continue to pursue our goal of delivering substantial growth in shareholder value by applying successful technical and commercial judgement.”
Jürgen Hendrich’s actual achievements are the destruction of shareholder funds, negative shareholder returns and the absence of any success, hence the question begs “Why has the MEO board not held Jürgen Hendrich accountable for his inability to deliver the company goals”?