TAP 0.00% 7.8¢ tap oil limited

west australian

  1. 6,650 Posts.
    Latest article in West Australian

    Poynton team put pressure on TAP

    A war of words has erupted between Tap Oil and the former Alinta executive team stalking the sharemarket laggard, with both sides claiming they have support of major shareholders for plans to improve the performance of the company.

    Alintas former head of business strategy, Chris Indermaur, who together with former chairman John Poynton and former chief financial officer Stephen Pearce have built a strategic stake of just less than five percent in TAP, has started contacting major non-executive directors in a bid to impose a shale-up of the board and senior management.

    The feedback to date has been very supportive of implementing change he said, adding the group had continued buying stock since last week’s raid was made public.

    Our feeling is that shareholders in general will support initiatives which deliver a focus on long-overdue returns. Our aim is to implementing these changes on a friendly basis.

    But hopes of implementing friendly change appear to have been dashed with TAP boss Paul Underwood again hitting out at the former Alinta executives lack of upstream oil and gas experience and also suggesting the controversy surrounding the failed Alinta management buyout attempt has tarnished their corporate reputations.

    Mr Poynton, a partner in boutique merchant bank Azure Capital, joined Bob Browning and the executive team in the MBO late last year but was forced to step down in a torrent of criticism in January when approached was made public by the company’s board.

    The group later hooked up with Macquarie Bank in a new bid for Alinta but left the company when the board overlooked the Macquarie offer in favour of an AUD 7.9 million bid from Babc**k and Brown and Singapore Power.

    So my comments are as follows.

    1. Underwood not playing ball, he most likely would love a T/O so as to get his options in to the money (not that he would ever emit to this).

    2. The Poynton boys approach is real and they mean to succeed, friendly or not, still buying stock, great contact with Mac boys etc.

    In which case if you can spare a few dollars in an almost risk free play buy some more TAP in my biased view point.
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