sale of zola/bianchi prospects., page-150

UZNBUZ,

I have been in and out of TAP for many years.

I have never referred to a Shane, I can't recall criticising Paul Underwood or Troy Hayden individually on this website. My criticism is of company strategy rather than any individual. No one individual is the company.

The individual employees and directors have behaved rationally. Each has benefitted individually within the TAP strategy.

Shareholders have not. The financial success of the staff but failure to benefit shareholders is not limited to any individual decision. The African and Borneo failures are each individual strategy examples.

The long term the result of the TAP strategy has been consistent failure. The fruits of successes have been paid to staff or rebet on high risk ventures. As Coopec implies Manora will probably be subject to the same strategy of hard won gains being blown at the Wild Cat casino.

What is required is an undertaking of a dividend policy which will return some of the Manora winnings to shareholders along with the bank of franking credits. Dividend paying oil companies are highly valued on high EBDITA multiples.

In the absence of a clear statement of changed strategy the market will assume the previous failed strategy will continue with the same results. (What is the definition of insanity?)

bacci