stop the rot !!, page-4

From their statement:

"While the potential for a Canadian IPO or secondary listing was initially announced by the Company in late 2008, the global financial crisis, the significant reduction in North American gas prices, and the acquisition of the Canadian oil assets led to the initiative being deferred until early 2011 to maximise value for the Company?s shareholders."

That statement is purely trying to justify a constant changing of strategy, which is one of the major critisizms of the current board of directors. They don't know where they want to be positioned.

Furthermore on two occasions since the initial announcement of the IPO referred to above, directors have given other dates that have not been fulfilled. In answer to a question after a broker briefing in early 2010 Mitchell stated "if it was not completed within 6 months, he would be extremely disappointed". And more recently at the 2010 AGM in answer to a question from the floor, the chairman indicated that the offering would be completed before the end of the calendar year.

We cannot afford to let these directors to continue to fail to deliver what they indicate they are going to achieve time after time, and continue to act as directors. We must act now and dump them.