Outback Town, Copley Says ‘NO’ to BAD GAS!

Letter hand over to LCK - NO UCG (1)

The Copley Community have again sent a clear message to the Leigh Creek Energy Project. Their Underground Coal Gas (UCG) Project is considered unsafe and is not welcome in the region, reports Michael Henry.

Aroona Council Chairman Anthony Brady and Adnyamathanha elder Phil Shannon presented a letter to the company yesterday stating the views of the Adnyamathanha Traditional Land Owners Association (ATLA) are not the views of local Adnyamathanha nor the wider community potentially impacted by the project.

According to residents present at the meeting, the government has made prior commitments to the communities that include:

1/ A complete scientific review of any studies presented by LCK can be undertaken by the community at LCK’s expense.

2/ No progress with any permit application could proceed until the complete outcome of the Queensland EPA versus Linc Energy trial ( willful negligence) is known. The LCK project is based on the same technology used by Carbon Energy and Linc Energy.

Steven Coulthard says no to UCGThe State Greens led by MLC Mark Parnell and the local communities are keen to see the passing of the Bill to ban UCG extraction in the state, bringing the state into line with the other Australian states and territories.

Photo: Adnyamathanha elder Steven Coulthard wants no part of Leigh Creek Energy or Underground Coal Gasification

 

Parnell reminded the state government of the horrific history of the company in July last year:

Like a bad zombie movie, the undead have come back to haunt us. Members will remember Marathon Resources Limited. That is the cowboy mining company that was sent packing from the Arkaroola Wilderness Sanctuary five years ago after trashing the natural environment. They are back. Quietly rebranded as Leigh Creek Energy Limited, they now want to get into the UCG business, that is, underground coal gasification. It is nasty, polluting and dangerous, which is why it has been banned in Queensland.

The letter presented at the meeting by Mr Phil Shannon, Adnyamathanha elder spells out the position of the community:

LCK letter Phil Shannon

This development follows more recent controversy regarding previous manager of Linc Energy Justyn Daniel Peters and concerns raised by the Adelaide Advertiser regarding his peculiar non-disclosure of shares in the Leigh Creek Energy Project.

LEIGH Creek Energy chairman Justyn Peters says his directorship of a company which owns almost a third of Leigh Creek Energy (LCKE) does not need to be declared in the company’s annual report.

Cameron England, The Advertiser
August 26, 2017 12:00am

LEIGH Creek Energy chairman Justyn Peters says his directorship of a company which owns almost a third of Leigh Creek Energy (LCKE) does not need to be declared in the company’s annual report.

LCKE’s annual report claims Mr Peters does not have an interest in any shares in the company.

“The number of ordinary shares in the company during the 2017 reporting period held by each of the group’s key management personnel, including their related parties, is set out below”, the annual report states.

Mr Peters’ interests are listed as zero.

However Mr Peters is a director of Allied Resource Partners which owns 29.99 per cent of LCKE.

Mr Peters is also a shareholder in Allied, owning 670,838 of the company’s 30 million shares.

The Corporations Act declares that: “A director of a listed public company must notify the relevant market operator … of … relevant interests in securities of the company or a related body corporate’’.

The company’s corporate governance statement declares that: “A listed entity should disclose: if a director has an interest, position, association or relationship of the type that might cause doubts about the independence of the director’’.

When queried by The Advertiser, Mr Peters said in a statement: “This information is publicly declared on the Leigh Creek Energy website, in the Chairman’s profile section. It is not required to be disclosed in the annual report’’.

“Leigh Creek Energy and its Chairman, Mr Justyn Peters, have met all disclosure requirements of the Australian Stock Exchange.

“The company’s annual report, released this month, also meets all ASX requirements.’’

The company has also denied that commercial dealings with Crown Ascent Development, which owns 3.9 million shares in Allied, constitute related party transactions, which would have to be declared in the annual report.

“Crown Ascent is contracted by LCKE, under a non-exclusive mandate, to pursue capital raisings for LCKE’’ the company said. “Crown Ascent was the consultant that achieved the recent $20 million capital raising for LCKE.LCKE has other consultants that also pursue capital raisings on its behalf. This is standard practice for a publicly listed company.

“This is not a related party transaction. The suggestion that it may have been a related party transaction was raised by a former employee of LCKE. This suggestion has been investigated. Separate legal and audit assessments have determined that it is not a related party transaction.’’

An ASIC guide to related party transactions states: “A ‘related party transaction’ is any transaction through which a public company or registered managed investment scheme provides a financial benefit to a related party (such as a director, their spouse and certain other relatives).

“Almost by definition, related party transactions involve conflicts of interest because related parties are often in a position to influence the decision of whether the benefit is provided to them, and the terms of its provision

LCKE’s annual report claims Mr Peters does not have an interest in any shares in the company.

“The number of ordinary shares in the company during the 2017 reporting period held by each of the group’s key management personnel, including their related parties, is set out below”, the annual report states.

Mr Peters’ interests are listed as zero.

However Mr Peters is a director of Allied Resource Partners which owns 29.99 per cent of LCKE.

Mr Peters is also a shareholder in Allied, owning 670,838 of the company’s 30 million shares.

The Corporations Act declares that: “A director of a listed public company must notify the relevant market operator … of … relevant interests in securities of the company or a related body corporate’’.

The company’s corporate governance statement declares that: “A listed entity should disclose: if a director has an interest, position, association or relationship of the type that might cause doubts about the independence of the director’’.

When queried by The Advertiser, Mr Peters said in a statement: “This information is publicly declared on the Leigh Creek Energy website, in the Chairman’s profile section. It is not required to be disclosed in the annual report’’.

“Leigh Creek Energy and its Chairman, Mr Justyn Peters, have met all disclosure requirements of the Australian Stock Exchange.

“The company’s annual report, released this month, also meets all ASX requirements.’’

The company has also denied that commercial dealings with Crown Ascent Development, which owns 3.9 million shares in Allied, constitute related party transactions, which would have to be declared in the annual report.

“Crown Ascent is contracted by LCKE, under a non-exclusive mandate, to pursue capital raisings for LCKE’’ the company said. “Crown Ascent was the consultant that achieved the recent $20 million capital raising for LCKE.LCKE has other consultants that also pursue capital raisings on its behalf. This is standard practice for a publicly listed company.

“This is not a related party transaction. The suggestion that it may have been a related party transaction was raised by a former employee of LCKE. This suggestion has been investigated. Separate legal and audit assessments have determined that it is not a related party transaction.’’

An ASIC guide to related party transactions states: “A ‘related party transaction’ is any transaction through which a public company or registered managed investment scheme provides a financial benefit to a related party (such as a director, their spouse and certain other relatives).

“Almost by definition, related party transactions involve conflicts of interest because related parties are often in a position to influence the decision of whether the benefit is provided to them, and the terms of its provision

Related story: Scandal Rocks Leigh Creek Energy UCG Proposal

A groundswell of local opposition now adds to the unlikelihood of the project gaining further approval. The Greens are collecting online signatures for the petition to have UCG mining banned in South Australia.

 

 

 

 

 

5 Comments on "Outback Town, Copley Says ‘NO’ to BAD GAS!"

  1. Thanks for the update Michael and thanks also to the Copley Community for standing up to these mongrels. My question is this. Will the treasurer and the other ALP cronies behind Marathon and LCK dish out another $5M at taxpayers expense when this disastrous idea is inevitably canned??

  2. Such enormous social risks for private gains is completely unacceptable for Copley or any community in the world. UCG needs to be outlawed in SA before the same technology and greedy bandits of the Chinchilla environmental disaster strike again.

  3. Good on ya Phil, these bastards would sell their own grandma for a quick quid..sooner that Bill passed by the Greens the better!!

  4. So the plot thickens…so why is this not a 4Corners story and why is this association not under investigation…lol..rhetorical questions I guess…but really…here we are in 2017 and the divide and conquer and payout the fake authority is still the modus operandi…this is what occurred with WMC and the Roxby Uranium Mine water grab…resulted in tribal warfare (Maree) and yet no charges were made, swept under the carpet….well at least the system busters have exposed foul play…what next?

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