A Cooper Energy Limited
(ASX:COE) shareholder and veteran company director has released a scathing letter criticising the company for not keeping promises and lost opportunities.
Dissident Eddie Smith, who controls 3 per cent of Cooper’s shares is calling to hold a shareholder meeting to overthrow the board, liquidate assets and return funds to shareholders.
Cooper has been criticised more widely for failing to invest in new growth opportunities. The Cooper’s chairman has told the Australian Financial Review he rejects the criticism.
Cooper Energy reported a net profit of $3.5 million for the half year to December 31, 2010.
