METGASCO AGM causes a lot of angst.. and the people are not happy Jan!

Casino representation at the Energy Conference in Armidale

 Metgasco's annual general meeting in North Sydney on Wednesday saw a lot of tempers flying as shareholders rejected the Remuneration report.

According to  Lock The Gate Northern Rivers spokesperson Ian Gaillard, he described the meetings mood as "frustration to boiling over".  Ian and a number of others from the Northern Rivers attended the Sydney meeting

Speaking  a bunch of rubbish to  ABC radio’s Rural Report, Glenda McLoughlin, the company’s former Chief Financial Officer, said the shareholders are sending a message that they would like to see better performance out of the board.

"They would like to see the board get on with the job and develop Metgasco's resources for the benefit of the Northern Rivers community and local gas customers. There are tremendous benefits to be gained from the development of these clean energy resources".   

Her concern is with money!  She has no problems with the damage this will cause to these communities

At this meeting it was revealed enthusiastically that Metgasco intend to re-enter the gas game up in the Northern Rivers area and drill its Rosella-1 PEL.   This PEL is near Casino.   They have plans on carrying this out in the first six months of 2014.  The mining company  said  the environmental approval for this from the state government is expected before the end of November.
Ian Gaillard says, ‘They may call the proposed Rosella-1 mine “conventional” but the reality is that the  community knows it’s an industrial gasfield by any other name’.

CEO Henderson touted that the  AGM was "a very interesting meeting with some strong views expressed".

The Northern rivers contingent who visited this meeting were sensible to do so because this way the word is not polluted at all and one can see where the companies intentions are going first hand.  They also got to witness a meeting that was thwart with frustration and flaring tempers.

You would have thought Metgasco would have been more truthful with the shareholders.   I also think though that shareholders should be held accountable for the risky businesses they invest in .  Dirty money will always be dirty!

Images @ Eminpee Fotography