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Tangiers Petroleum and the interest free loans to directors, to encourage dilution

By Ben Turney | Thursday 12 June 2014


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


It is an immediate red flag for any stock listed on AIM, which holds its Annual General Meeting thousands of miles away. Irrespective of the nature of dual listings, companies on the London Stock Exchange should be directly accountable to British investors. Where shareholder approval is required, British investors should be given the opportunity to vote for or against proposals concerning the running of their companies. For God’s sake, this is the age of the Internet, so why should investors be expected to traipse all the way to the other end of the world, so they can take part in a show of hands vote in Perth, Western Australian? Funnily enough, speaking of Perth, this is exactly where Tangiers Petroleum (TPET) has just held its AGM, at which the board gained approved for approval for the company’s new and ludicrously generous Share Plan...


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