Let me cover a few of your points. You stated:
"1. If I wanted absolute control of an oil company, I would have started one from scratch, as opposed to getting involved in Tracer. Also, I would not be prepared to invest enough money to get absolute control of Tracer - I prefer to not have "all my eggs in one basket". I tried that before with a company called Odyssey, and it personally cost me over US$1 million".
You would start one from scratch??? Then let me ask you a few questions.
(1) What would it cost to start one from "scratch", get investors involved, get a Nazdaq listing (give me the cost of that alone) and have your "listed company"
(2) Compare that to slowing taking over an existing co., (such as Tracer) who already has a listing. Buy as many "cheap shares" as you can and have friendlies buy shares, private placements, etc. until you or your cronies have controlling interest in this existing company. Are you going to tell me you could start a company from scratch and get your listing cheaper or as quick?
As I see this, it is not about Tracer, but what Tracer has that you all want.....
NEXT POINT...you state:
"2. I have been on enough Boards to be well-aware of my fiduciary duty to the shareholders. And remember, I am an unpaid, independent Director (not an employee whom can be "fired"), and I have put my money on the line, just like the rest of the shareholders. The only way I gain anything is by increasing shareholder value, and seeing the share price go up. Therefore, I have nothing but good intentions for all of the shareholders".
BALONEY!!!Let me tell you David Robinson how you can be fired. You are a director of our company...You must be approved to remain on our board by the shareholders. If we want to "fire you" we simply do so during the A.G.M., and I might add, anyone else who doesn't muster up and do their jobs. Do you understand now?
Number 3 you state:
"3. The only thing that I think that I have underestimated is the fact that some shareholders of this company seem to have the false illusion that Tracer can succeed without a NASDAQ listing".
The only one saying this is you. However there are ways that I can think of, can you? How about if they merged or was sold to someone else for example? I can give you some more, would you like to hear them?
Number 4..you stated:
"4. The reason that I invited you to talk to me directly is that conversing through SI is very impersonal, and it also does not allow you to get a real "feeling" about what someone else is thinking. For that reason, I look forward to meeting you in person at the shareholders' meeting".
I want everyone to know what I have to say and I will NOT be able to deny anything later. It's in print. You may want to secretively talk one on one, but then you could always denied having said anything later. You want to get it on here, fine...I'm ready. Your problem is NOT going away.
Then you state:
"6. My reasons for resigning from the Board previously are personal - but I will say that I did have a real problem with Peter Viggers (here is something that we can at least agree upon). Also, I am not Saracen - I know who Saracen is, and I know him well, but I am not him".
I have problems with this flat "personal" statement. Unless someone close to you died suddenly, your few days on our board should never have happened. I have a feeling it had something to do with something you wanted and didn't get. Care to expound on this? Your the public figure here as you accepted a public position. As far as Viggers, he was totally useless. Whoever brought him into the company should have been hung. As far as to the idiot was that brought you back, I see who later on in your post who that was. As to you not being Saracen, I don't care in the least. He goes where you go. He's a shadow. I'll bet when you leave, he leaves, like a shadow.
In number 8 you state:
"8. Regarding stepping down, I will guarantee you that if the shareholders do not approve the consolidation, and Tracer is ultimately delisted from NASDAQ, then I will gladly step down as a Director - without the listing, there will be nothing that I can do to save the company".
How about the "FACT" you are not going to get your way and do another rollback. If the rollback is not approved, why don't you step down before the Nazdaq delisting. Why wait. In fact, it's not going to happen so why don't you do as before and leave now. You won't be missed by the current "MAJORITY" of us shareholders. In fact, you kind of remind me of Viggers (the politician). I can see you would make a good politician in the way you skirt around some questions or twist other things. If you want to play here, you will be required to address the points as they have been presented...all of them.
The last point:
"9. I will give you one more guarantee: greater communication. I have always believed in not issuing press releases until you have something concrete to talk about most analysts and institutional investors prefer it that way), and so, for instance, if Tracer were drilling a well my preference would be to announce only when you spud, and whatever drill results you end up with - no progress reports along the
way. However, it is apparent that Tracer's shareholders would prefer to see news of whatever minor developments there may be. As such, I guarantee to you, and all the shareholders, that there will be more news during the next few months".
Granted, no one like smoke blow up their orifice, however we aren't Mushrooms-R-Us either. Since you've been there, we have nothing but financials and private placement and we're dealing with a very unfriendly part of the world which personally is not to my liking at all. The news out of Indo has completely stopped and so guess Steve is no longer alive. The old motto is: No news is good news??? Bull, No news is bad news. That's all we ever get from Tracer Mgmt.
So in closing, let me say this dog don't hunt no more...it's time for you guys to more on. Can you spell nepotism? |
