No word from Carpathian antagonist

With an extraordinary meeting looming on Tuesday which, if successful, could see control of the company going to a Canadian company, shareholders of Carpathian Resources have not heard from the man who called the meeting to spill the board, former chairman Des Luplau.
No word from Carpathian antagonist No word from Carpathian antagonist No word from Carpathian antagonist No word from Carpathian antagonist No word from Carpathian antagonist

Shareholders received one side of the argument some weeks ago when managing director Gerald Johnson and Ildiko Wowesny outlined why they should keep their jobs - against Luplau’s proposal to replace them with Perth stockbroker, Paul Boyatsis and reservoir engineer Greg Lee.

Johnson and Wowesny allege the move is a reverse takeover, aimed at vending some risky exploration Italian acreage into the Carpathian vehicle with subsequent stock control going to the vendor, a Canadian based company with a lightweight balance sheet.

Luplau told he was still waiting on Carpathian to issue his letter to shareholders which he said they had been very recalcitrant in doing.

“I’ve had my fourth draft to them since about the 17th September and I still haven’t received anything as a shareholder, so they’re playing games at this stage.”

Luplau did not elaborate why he was waiting for Carpathian to issue the letter when he used his 5% shareholding in the company to independently send out his initial notice to spill Johnson and Wowesny in the first place.

Johnson said it looked like the initial support Luplau had from some quarters had evaporated.

He said he and Wowesny had already polled a majority of the proxy votes received by mail so far.

“If, as the stockbroker he is, Des had been promoting the company while we were away working to get our assets into production, which they now are, I would suggest the share price would not have languished to the point it is now,” said Johnson.

“Once Tuesday’s events are out of the way, assuming we are successful and the numbers would suggest that, we will be appointing a new chairman who will totally independent and will support the company out in the market.

“The company is now in production, which has come after a long and hard struggle, and we now have to lay the right foundations to build the company on,” he said.

When contacted, Luplau said he was more than happy to forward a copy of his letter to as soon as the meeting he was in at midday Wednesday had finished, but at press time Thursday nothing had been issued despite efforts to contact him.

Sources in the market suggested some shareholders, possibly the top 40, had been canvassed with express posted information packs, but it seemed doubtful all Carpathian shareholders would be fully informed of Luplau’s plans for the company by the voting deadline.

With Tuesday’s vote looming large, time is running out for Luplau to table his intentions to the shareholders.

Disclosure: The writer has an indirect, long term position in Carpathian shares.