post meeting discussion

I thank everyone for some good general discussion in the lead-up to yesterday's meeting, and I read with interest many of the comments (some I disregarded).

Some conclusions/observations of mine post-meeting are as follows:

1) The actions (and inactions) of the ‘current’ board pre-meeting seemed to demonstrate an inability to communicate effectively with shareholders. I, for one, am no closer to knowing who Falco Investments are. In addition to this point, I read nothing in the lead-up that would have swayed me to vote in favour of the resolutions supported by the ‘current’ board. They seemed intent on dragging names through the mud, instead of effectively contacting/communicating with shareholders to discuss their concerns and, more importantly, to strongly outline their future direction for the company, including but not limited to, it’s strategies for attaining institutional support and raising enough capital to fund further drilling.

2) Despite a poll not being conducted, I would suggest that amongst the 20 or 30 members present at the meeting, there would have been another 80-100million shares accounted for. Only a punt though.

3) For me, yesterday was not about Mr Shanahan at all, but rather the composition of the board as a unit and its ineffectiveness in achieving the ultimate goal of maximising shareholder value. The results indicate an overwhelming vote of no confidence in the ‘current’ board.

The actions of the board in the lead-up to the meeting seem to highlight a tinge of disparity between the view of the board and the view of the shareholders regarding their performance to date.

4) Rumours regarding the inability of WME/Jaco Smith to renew the EPL in the absence of ‘current’ board members seem to have been dismissed spectacularly. Very interested to hear some comments on this point. To me, it sounds like this was no more than a last-ditch effort from a board faced with the reality of yesterday’s results.

5) Support for the nominations to the board of the requisitioner. I don’t think I’m speaking out of line here, as the results yesterday speak for themselves.

6) Any forthcoming resignations/dismissals – will be interesting to see if, or more-so, when these will surface. I will keep my predictions to myself.

Where to from here? Who knows? I trust that our new board members and the composition of the board moving forward will collectively possess the competitive streak, tact and determination required to take this to another level.

Kind regards

Lilly