I guess you know its a dud in hindsight and you appear to have plenty of that.
Printable View
I guess you know its a dud in hindsight and you appear to have plenty of that.
Can't help it if I have been warning you all about the dud management and directors for as long as I can remember - especially their gross mismanagement of Pike River.
If that is hindsight, I am super proud of my hindsight vs the foresight of you lot backing this dud lot.
And especially for your benefit, question 2 - why has NZOG still not apologized for the Pike River disaster?
They were the majority shareholder (and granted promoter of the IPO), they stumped up plenty of $ as I recall when the disaster struck. So by your logic if something goes bad at Turners then Dorchester Pacific are responsible?
This has been well covered - not only by me but by the likes of Brian Gaynor, Fran O'Sullivan and Rebecca Macfie, and backed up by Judge Farish.
But for your benefit so you get on the right side of the eternal values of morality and decency, NZOG was more than a majority shareholder - NZOG was involved in all aspects of the formation, running and financing of Pike River.
You are associating yourself with the directors and management seconded from NZOG to Pike River who were slammed for a 'total lack of remorse'. If that makes you feel good about yourself, then by all means embrace that which is indefensible in the eyes of many.
Balance - have you ever raised the issue of mining inspection by Dept of Labour if it was adequate, frequent etc?
Tim23, primary responsibility for mine safety was with management - not mining inspector.
That is a red herring trying to shift the blame to somebody else.
Would you hold the police responsible for a driver who kills 10 people on the road because he chooses to ignore safety regulations and considerations and drives a car without WOF, has bald tires, faulty brakes and headlights which are not working.
Pike River management ignored safety concerns and took safety shortcuts - all very well documented.
Seriously, Digger - do you not get tired going to these briefings and AGMs, and listen to the same tripe year after year?
I will not take excerpts from these briefings and AGMs but every year was going to be the best yet.
I vividly remember one shareholder excitedly reporting back from one meeting that he was personally assured there was not going to be any more capital raising for Pike River - 5 months before the mine blew up. We now know NZOG was in the process of organizing yet another capital raise for Pike then!
I prefer to let the track record of the company and its management speak for itself - dud investments, dry holes, squandering shareholders' wealth and as of today, market cap is less than the funds raised by NZOG from shareholders over the last decade!
Best example is of course 'PPP'. Distribute it, buy it back when there were plenty of other assets to buy and watch the wealth dissipate.
No increased dividends - sorry boys.
Gotto keep the exploration program going, see?
Gotto keep the carrot of a potential huge oil and gas find dangling in front of those methane smelling mushrooms (oops, nodders)?
How to justify the huge salaries and options granted to directors and management otherwise?