removal of chairman??? can ckk be saved

I don't often buy into these forums, but I am well and truly annoyed with CKK and its management to say the least. I am a long suffering shareholder of CKK, as are members of my family, having continually believed the promises of those apparently in the know. Lets face it, the company is a super underperformer.

Since M. Birney was appointed as chairman, Warren Strange, the brains behind the GT3000 and who has a huge amount of experience in the drilling industry has departed. After that, the CEO refused to renew his contract and was then moved on. It is now rumoured from several sources that the Globe Drill GM, Neil Hass, has also handed in his resignation (anyone know if this is true?).

To make matters worse, the Wicher ranges contract was supposed to be the entry into the oil & gas market but while M. Birney was enthusiastically telling us all about the deal (on Board Room Radio & in person to our brokers on the East Coast); this “company making” contract was recently cancelled. New promises about future contracts are made but there is nothing tangible – it;s reminiscent of a politician making more promises prior to an election. Bring Warren back and get things done!

I backed Warren and the GT3000 (and see upside in the now completed CLRS). I need for the sp price to go up 400% at least to get my investment back (silly me). The share price has never been lower - not even during the GFC.

If anyone starts another EGM process wanting to get rid of the Chairman – who also managed to get himself some more free options at the AGM presumably for a job well done (you gotta be kidding!!! what a disgrace!!) – you have my support and I can get the support of my friends and family who are also holders.


CKK needs industry experts. Reinstate Warren, get some other industry people on the board. This company needs a company making board with real experience in taking technology to the target markets.

CKK has good products but is one of the worst ASX performers – irrespective of GFC/Europe.

Worse yet is still to come real soon with the outstanding convertible notes. I dread the day the convertible note holders decide to convert (dilution and sp pressures). If note holders don’t convert, the amount of money that goes out the door to pay them back will see the company coming back cap in hand again for more cash – and we suffer even more dilution.

Cygnet Capital (and the large shareholders) may actually want to do something – a lot of their clients’ money must be still tied up in this. Not much use crying over what happened in the past but they can stop tolerating what is happening now. Somebody will have to do the dirty work this is not going to fix itself – in my opinion the management team, including Birney are getting a cushy ride. Lots of promises and no results.

How about tying remuneration and rewards to performance and outcomes - theres a new idea!

DYO research…its just my opinion…