RE:Audit Sorry... very long post. very p!$$ed shareholder who waited months for a decent update.
I only have 120K+ CGX shares (< 5000 FEC). No O&G experience. Good at research. What are our available options?
Since Friday I have been wondering what actions shareholders can take to get answers. Given that analysts were "supposed" to be allowed to ask questions and were not able to (let say for the "benefit" of them, there was a technical glitch) what would happen - are they obligated to hold another meeting? This is the quickest way to get some kind of hopefully non-bizarre/idiotic explanation (which is what Fri's answer was b/c they came unprepared).
FEC is an insider and it appears have been manipulating things to benefit themselves. If they were talking about CGX results Friday, why was Suresh not there?
We have lost the confidence in our representative Suresh. Is there anything we can do to have both him and DeAlba forced aside temporarily while an independent party reviews all decisions to bring back shareholder confidence? Given their position/confict of interest, is it possible that FEC would not be allowed to vote on such a motion?
Is there a time limit w.r.t these licenses that will pass if there is a delay due to a third party review?
We have been told many times that they were waiting on the results of testing and would provide an update as soon as that came in. When the results came in and their "new calculation" showed it was vastly different than they released, are they not suppose to inform the market immediately?
I have been a shareholder since 1999. I have had a feeling for quite some time that FEC has been doing everything it can to absorb CGX for pennies thru continual dilution. After Friday's meeting the feeling intensified that something is very off and we will be in the situation where a lack of transparency and Suresh inexperience will put us in an irreversible situation.
As well, they came to shareholders and specifically asked for money to fund Kawa. Yet no proper update for Kawa was provided to shareholders, and our money is still paying for salaries.
Having an independent audit/some action will stall things and I am very tired of being here. However, since I feel I am going to be screwed over anyway, what do I have to lose.
[ It makes no sense that for so many years a company that has such prospects and the full backing of the government in a stable English speaking country whose laws are British based, does nothing to promote/raise (non-insider) shareholder interest/capital; continually putting themselves in a position that FEC is the "best option" (as per Suresh) for funding.]
Do I recall correctly that someone posted Suresh once said "no one is interested in both the port & the oil"? If this is the case, is his vision for CGX different than ours – his being he will be the CEO of CGX - a great port company.