The 31 Dec 2007 Annual Accounts for DVM have been released to the ASX today. Ivan Burgess states in the covering letter that:
"The Company is actively seeking other projects both in Australia and internationally in the oil and gas exploration sector."
The formal Directors' Report in the "Operating and Financial Review" under "Likely developments and future results" re the approval being sought to change the nature and scale of the Company's activities says:
"The Company ... will undertake a review of several oil and gas projects, both within Australia and overseas."
What INTERNATIONAL? We are not being asked to vote for a change to spending money in the Cental Asian Republics, South America, Central Africa or some other God-forsaken or remote location. The GOAL POSTS ARE MOVING!
Resolution 1 up for decision on the change of activities clearly says the change is "to oil and gas exploration as described in the Explanatory Memorandum". The Explanatory Memorandum says clearly in the point 1 Introduction that:
"If Shareholders approve the proposed change of activities of the Company to oil and gas exploration, DVM's Directors propose to pursuie other opportunities for oil and gas exploration onshore in Australia and to commit the Company's resources to those opportunities."
It states a commitment to ONSHORE IN AUSTRALIA - clear as day. This is what is being proposed to be voted on, not some wild international adventure.
What other changes are being planned but not disclosed? Perhaps Ivan Burgess should be asked at the meeting. Perhaps he should also be asked point blank whether all ASX requirements for requotation have been fulfilled and there is no chance of a lengthy suspension.
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