I can't disagree with your post ST. Bucky has every right to be...

I can't disagree with your post ST.

Bucky has every right to be furious with Carter (and there is no one else to blame here). For his entire tenure much has been promised a little bit delivered and a continued diminishing share price has ensued. Jesus even POH is having a run of late and that's after an ex-CEO went to gaol! Hmm now there's food for thought....

This latest fiasco is another example of incompetence from Carter. For at least 4 or 5 years that I can remember he has clearly stated in the annual report the BP saga would be of no material affect to Shareholders. Well clearly that was full of sh!t because now we are on the hook for about 2/3 of the mkt cap of the company. Nice work Stevo, even if you made those claims based on the advice of the erstwhile kraut lawyers, did you get around to reading their fine print that says something like "our advice doesn't really mean sheite and you need to do your own due diligence" - bit like a tax accountant really. Well Carter you obviously didn't do any due diligence and now we cop a fine and there ain't no bucks in the bank.

I'm concerned about an overall lack of information about this potentially company breaking event. We have been told next to nothing about the details of this legal case. If the company has been accused of fraud, involving a prior employee, as some have suggested, then the nondisclosure of that information is a breach of continuous disclosure obligations. In fact even if there was no fraud the disclosure of the details of the accusation is required here. Fck it, ASIC at least needs to be notified, we might be able to initiate a class action after they go belly up and access some of the professional indemnity insurance that we paid for.

Of course Carter's already been convicted once of this breach so maybe he doesn't think lightning will strike twice.

FFS.