TAP 0.00% 7.8¢ tap oil limited

Bangchak Petroleum

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    I previously mentioned Mr. Pichai Chunhavajira who has suddenly turned up on the registry with more than 10 million shares !  Well Google tells me that he is the Chairman of Bangchak Petroleum.

    Fairly easy to join the dots between TAP Oil, Chatchai and Pichai when you consider the previous Nido deal !
    (This from the Sydney Morning Herald 13/05/2015) - my 'bold' and 'underline' highlighting !

    "Taken by surprise by the move, and with the stock price still falling, Tap's board just weeks later received notice from Mr Yenbamroong of an intention to spill the board, replacing Mr Hayden and two other directors with four others, including Neon Energy chairman Alan Stein.

    Mr Hayden says he was "surprised" that Mr Yenbamroong had not called the company in advance, given their working relationship on the Manora project. Tap non-executive director Doug Schwebel noted in a letter to shareholders earlier this month that Mr Yenbamroong's move coincided with the sharp drop in the oil price and with an announcement of potential cost overruns at Manora, which further depressed the stock price. Tap shares, which traded as high as 69¢ in September, have dropped with the oil price, closing on Friday at 30¢.

    "The Tap board is unanimous in its view that this is an opportunistic attempt by Mr Yenbamroong to take control of your company without making a formal offer and paying a control premium to all Tap shareholders," Mr Schwebel wrote.

    Underhandedness suggestion rejected
    But Mr Stein rejects the suggestion of any underhand, back-room bid for control of the $73 million company by Mr Yenbamroong, who last year profited from the $22 million sale of a 19.7 per cent stake in another Australian oil junior. Nido Petroleum, to Thailand's Bangchak Petroleum.

    "There's no Machiavellian plot here," Mr Stein told The Australian Financial Review. "He's very ambitious and has plans to grow the business. The reality is the company is in a parlous financial position, some decisions have been made that have not assisted that, and Chatchai is a major shareholder who is very concerned about the value of his investment."

    Mr Stein declined to elaborate on the criticism of the decision-making within Tap in advance of a letter to be sent to shareholders within days, which will outline Mr Yenbamroong's views for Tap and why he wants to replace three of the four directors."

    Read more: http://www.smh.com.au/business/tap-...s-for-sale-20150313-143bsx.html#ixzz4Dy5MFV5P
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