oilbull1i agree with your sentiments - but there are several...

oilbull1

i agree with your sentiments - but there are several questions that need to be answered including

1. Corporate Governance
On p 12 of the annual report it says that Mr Moulin’s service agreement has been assigned to EPG UK limited.

If Mr Moulin is currently working in an executive capacity for EPG UK as would appear that there is an apparent conflict between being employed by EPG UK and being the director nominated by EPG on that board.

2. Capital raising update

In the Quarterly report for the period ended 30 September, 2012; there is no mention of any activity in relation to capital raising.

Yet in the buyback document it was stated
a. (page 7) that the proposed buy back offer is designed to better enable the Group to attract the necessary capital to enable it to grow its business.
b. ( page 18) "the timing and occurrence of private placement (...) is expected to be completed by September 2012".

3. Undisclosed parcel of shares

In the notice of meeting it states that Mr Moulin ‘played a significant role in the capital raising during 2011. There is an unidentified parcel of 18.967% of the shares of the company which have so far been traced to Privee Edmond de Rothschild SA Asset management arm.

Also in the notice of meeting it states that one of Mr Moulin’s special roles is to liaise with European and Asian investors in EPG (including but not limited to those you have previously introduced to EPG).

Why hasnt the chairman been able to help EPG trace the beneficial ownership of these shares as required under Australian Law.

it will be good to understand these issues, but in the absence of satisfactory answers, I agree with your sentiment.