Shareholders sick of ‘lack of direction’ seek new board
A GROUP of frustrated Metgasco shareholders angry at the company's recent lack of direction have called for a boardroom clear-out.
Group spokesman and Northern Rivers local John Vaughan said there was no excuse for the company's "total lack" of direction, despite being caught out by changes to the NSW Government's CSG policy earlier this year.
The group holds more than 5% of the company's shares, allowing it to call an extraordinary general meeting to replace key board members, including chairman Nick Heath.
Asked whether Metgasco's latest plan to resume operations would change the group's stance, Mr Vaughan said "Hell no!".
"You can't excuse past bad behaviour with today's announcement," he said.
The board was "too remote" for the Northern Rivers and wasn't "touching base" with people.
"They haven't countered the misinformation and fear campaigns in a properly well-versed scientific way," he said.
But Metgasco chairman Nick Heath said the "extreme uncertainty" faced by the industry justified its pause and pointed to bigger players Santos and AGL also curtailing operations.
"They would have been better served if they'd been a bit more patient," he said of the shareholder group.