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Nice job Joe, If you don't mind, I will have to wait until this...

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gsaussie

225 Posts.

09/02/16

06:54

Post #: 16972075
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Originally posted by joewolf ↑

You asked for it:

The board should be doing these things:

1. Create a regular communication channel - a bi monthly newsletter - All electronic - the ASX announcement can be to the website. You can decide to subscribe and then it gets sent to your email address. In this they should keep updating a road map - These are the events we want to be measured by - these are the things we expect to do this year. They can outline them in quarters. If something changes they can highlight the change. In these newsletters they can educate us about the plan. Look at AJX - they needed their shareholders to get where they needed to be and have done so via effective communication. They can amplify the highly technical announcements - informing us why this is better than they expected or has been more challenging.
2. They can get out there and do roadshows- to brokers and invite shareholders to them - agm's are really not going to build confidence in the team. They need to be marketing the company.
3. Need to give shareholders a broad plan to deliver on the assets. they need to actually tell us if we need to plan to go it alone as a farmin partner is going to want us to give away too much. They need to have the ERM debt sorted - even if its just a negotiation with ERM to ensure that they wont pull the rug. If ERM agrees that will alleviate a lot of concern.
4. Need to revisit the boards composition - TI - If he has, as I think, stayed on because ERM wants him to look after their interests then tell us at what point he intends to hand over the chairmanship - is it repayment of the loan ... Then we know when to expect it. I am not happy with the latest appointee - we need another O&G person and after TI has stepped down a new chairman ...
5. The way this company was changed was a 249d and the directors should respect that the 249d cost a lot of shareholders their belief in management. Its not hard to take calls and reply to emails. Dont alienate those that got the votes together with ERM to vote you in.
6. No free bonuses that are based on hard work, we (shareholders) only get rewards based upon results the incentives should be based upon results and shareholders wealth ( sp)
7. I would be happy to do another rights issue if we can get rid of ERM debt and even over time fund a slower development plan as the price of Oil is too low. What I would need is assurances regarding profitability and life of resource and make sure whilst we are slowing down that it is in fact not diminishing the eventual asset value.
8. The announcements are too technical with no understanding of its implications - harry may have a good guess but I would like them to summarize it. The fair and reasonable had a great technical report which set out their difference of opinion with management - they thought that the reservoirs could be linked and therefore have less life - it was critical to the valuation and life - nowhere can I find it mentioned again yet we have drilled RGN. I may be wrong but I think that often in a technical company you earn a lot of respect if you unpack the issues for investors - the choice is why not AWE or DSH - I would like the charts showing the relative valuations of the relative competing investment opportunities - it not that easy but it can be done - are we an efficient cost effective producer...?
9. I want to be able to start trusting the board so they must present the plan and then deliver the plan and be measured by whether they do it on time and on budget and variances can be explained - this part will take time.

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Nice job Joe,

If you don't mind, I will have to wait until this evening to give my thoughts on your 9 points.

G

EGO Price at posting: 35.0¢ Sentiment: Hold Disclosure: Held
3 Upvote

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