Remembering the deeply weird side of Mr. Rabbitt - Part Seven

Mr. Rabbitt gets a gun, but then tries to suppress such images.....

Opposition Leader Tony Abbott firing a Steyr assault rifle

while briefly in Afghanistan in 2010

Metgasco's desperation out there for all to see

 

In the middle of an Australian Stock Exchange bull-run Megasco Limited shares appear to have hit what looked like an all-time low on 12-13 February 2013 when trading closed at 0.135.

 

Rather predictably the coal seam gas exploration and want-to-be production company sent forth a spinmeister which resulted in this headline in The Northern Star; Future bright for Metgasco.

 

As one has come to expect of Metgasco, there was apparently no declaration by the resources analyst whose opinion was canvassed as to whether he may have had a potential conflict of interest which might affect the weight readers would give to his pronouncements.

 

Being employed by the stockbroking firm paid by Metgasco to produce its Broker Reports does appear to be such a conflict and, only the mining company’s desperation for a ‘good news’ headline must have led it to suppose that no-one would notice this lack of transparency.

 

A lack of transparency which is obviously a deliberate, as the ABC News online article Metgasco share price weakens but outlook positive also failed to mention the mining company’s business relationship with Mr. Prendergast’s employer.

Mr. Prendergast also does not seem to have mentioned that the attractive value Metgasco shares he is busy promoting in the media are classified in ‘his’ 31 October 2012 broker’s report as high risk.

By close of trade yesterday Metgasco shares had only risen to 0.140 - a long way from the $1+ per share in those brief heady days when the market was inclined to believe this mining company's unconventional gas fairy tale.


ASX chart of monthly prices over 10 years for security MEL

Just how broke are the three major players in the countdown to the 2013 Australian Federal Election?

 

According to Democracy4Sale the Federal Liberal Party of Australia received 418 declarable donations between 2006/7 and 2010/11, with a total value of $30,754,639.

In 2011/12 the Australian Electoral Commission published annual returns that showed the Federal Liberal Party received in excess of $6.5 million in cash and non-cash benefits.

 

Between 2006/7 and 20010/11 the Federal National Party of Australia received 52 declarable donations, with a total value of $2,470,762.

While in 2011/12 the Federal Nationals declared $969,299 in cash and non-cash benefits.  

 

Drawing on these same records, the Federal Australian Labor Party managed to gather 1,262 declarable donations between 2006/7 and 2010/11, with a total value of $50,977,094.

In 2011/12 Federal Labor declared in excess of $10.8 million in cash and non-cash benefits.  

 

All three parties also have various associated entities, some of which are wholly dedicated to fundraising for election campaigns, and state branches have also been known to make donations/loans to their federal counterparts ahead of general election campaigns.

 

On 1 February 2013 The National Times reported that by 2010/11; The ALP is $11.9 million in the red while the Liberal Party owes $15 million, the National Party $1.2 million.

 

However, this is not an accurate picture of the state of play, as none of the political parties had to declare individual donations that were $11,900 or less and, as donors are not always reliable accountants when submitting their own returns, money does sometimes fall between the cracks. So there is in all likelihood a hidden pot behind each of these recent returns submitted to the Electoral Commission.

Abbott, the girlie man

First came the old tonsorial comb over with a hint of Ashley Martin-style fuzz and a bit of extra shoulder padding on his freebie tailor-made suits, which went unremarked in the MSM, but even Teh Oz has finally noticed the clumsy botox slash skin peel facial! “Abbott - with a nice new wrinkle-free visage and an orange tan to match the most garish safety vest”

Metgasco still in share price free fall

 

Still losing friends and influence, coal seam gas exploration and putative production company Metgasco Limited continues its 2013 share price freefall – closing at 0.135 cents on 12 February.

 

ASX 12 month daily line chart for Metgasco Limited

Click on graph to enlarge

Remembering the deeply weird side of Mr. Rabbitt - Part Five

Tony Abbott in The Sydney Morning Herald, 14 June 1977

As usual - Kevin Hogan plays catch up on mining policy

This was published in The Daily Examiner on 12 February 2013:

National Party candidate for the seat of Page Kevin Hogan came out yesterday and said he too was opposed to CSG.

"For some time I have had increasing reservations over CSG mining in our community," Mr Hogan said. "I have come to the opinion that I do not support CSG mining in the Northern Rivers."

Mr Hogan pointed to the scientific risks and socio-cultural impacts the industry would have on the community.

"Last week I toured the gas fields in Tara and Kogan and have seen first-hand the effects of CSG mining on the environment and the community.

"I went to the CSG fields in Queensland with reservations about the industry and returned with grave concerns.

"The infrastructure is incredibly invasive and properties are devalued when CSG is next door.

"Given farms are much smaller in our region the impact would be even greater."

He said he would not like a CSG well on or near his property. But he said it was not enough to "talk the talk".

"I will loudly oppose any attempts to withdraw or water down regulations on the CSG industry, and pledge to support any legislation that will safeguard the Northern Rivers from CSG, including any way we can pause or suspend CSG activities," he said.

"I would cross the floor of Parliament on this issue if necessary."

Member for Page Janelle Saffin did not have time to respond because she was in parliament, but, her office sent through a document detailing her lengthy involvement with the anti-CSG movement.

After publicly supporting the coal seam gas industry and Metgasco Limited in May and again in August 2010, National Party candidate at the September 2013 federal election, Kevin Hogan, has now completely changed his tune.

 

Despite being remarkably silent on the subject of mining and water security until after his second National Party preselection in June 2012 when he paid lip service to widely-held concerns - and still not being seen anywhere near protesting community groups - he has discovered reservations which have conveniently morphed into opposition to coal seam gas mining on the NSW North Coast in time to be included in one of his campaign media releases.

 

And, in a bravura move, Hogan has accused sitting Labor MP Janelle Saffin, of being partially responsible for 44 NSW coal seam gas exploration and production licenses.

Thereby overlooking the fact that Saffin only sat in the NSW Parliament between 25 March 1995 and 28 February 2003 - a period barely represented in either the latest official status report on petroleum licences and applications or in the last list of expired licenses.

This particular spray by Hogan also ignored fact in favour of spin when it came to which tiers of government are responsible during different aspects of petroleum mining approval processes.

That I am not alone in viewing this change of heart as a cynical ploy on Hogan's part is highlighted by The Northern Star on 13 February 2013:

It gives you some idea how far down the totem pole politicians have slipped when a candidate comes out against CSG and no one seems to believe him.
That is the case with the Nationals candidate for Page, Kevin Hogan, who has broken ranks with his federal and state colleagues and voiced his concern about the fledgling CSG industry.
Judging by letters to the editor and comments on our web page, no one is buying it.
The consensus is that Hogan is insincere in his sentiments and, if elected, would be made to toe the party line.....

Perhaps someone should remind Mr. Hogan that his current position is at odds with his as yet unrepudiated support of coal seam gas industry growth via investor tax concessions and his statement:

"Metgasco is good for infrastructure in the area and it's a clean energy project as well"

As well as flying in the face of his previous support in letters to the editor, such as this one in The Daily Examiner on 25 May 2010 when he was happy to join with the unpopular coal seam gas mining company in a bout of federal government bashing:

I met with representatives from Metgasco last week.

They are gravely concerned that the Rudd Government's proposed new Resource Profits Tax will in their words 'seriously impair' Metgasco's Casino project.

They have written a letter to Kevin Rudd expressing their concerns.

Metgasco has invested tens of millions of dollars in the project to date.

It has the potential to offer local jobs and boost the local economy.

It also will offer a supply of 'clean' energy to the Northern Rivers, replacing some of our reliance on coal-powered energy.

This project does not deserve to be killed off by another bad policy decision by the Rudd Government.

Local jobs are more important than Labor taxes to pay for wasteful spending.

Mr. Hogan offers this excuse for his recent change of heart:

"In the last election campaign no one spoke to me about CSG"

A statement which beggars belief, as it asks voters to accept that he never read any locally published letters to the editor during that election campaign, ignored reasons behind the initial call for a state-wide CSG mining moratorium, was unaware that Northern Rivers councils were beginning to openly oppose this industry and, didn't notice that farmers were also voicing concern or that the Coalition was canvassing the possibility of supporting a CSG mining moratorium.