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Tap's board cop shareholder rebuke

Tap Oil managing director Troy Hayden. Picture: Mogens Johansen/The West Australian.

UPDATE 1pm: Shareholders have issued a stinging rebuke to embattled oil and gas junior Tap Oil's board and management with a big protest vote against the re-election of non-executive director Doug Schwebel and a first-strike against the remuneration report.

Mr Schwebel's re-election was opposed by 35 per cent of votes lodged, while the remuneration report attracted a nearly 38 per cent strike.

A third resolution, to renew Tap's proportional takeover provisions, attracted a 35 per cent protest.

The big opposition included the 19.9 per cent block owned by Tap's biggest shareholder, Thai tycoon Chatchai Yenbamroong.

The takeover resolution required the support of 75 per cent of shares voted, but secured only 64.3 per cent.

Under corporate laws, a protest of 25 per cent or more against the remuneration report attracts a so-called first strike, which if repeated at next year's AGM will force the entire board to put itself up for a shareholder vote.

Mr Yenbamroong, who has said he plans to requisition a Tap shareholder meeting to vote on the removal of all directors apart from Mr Schwebel, did not attend the AGM though he was represented by a lawyer.

Tap's founding managing director Paul Underwood, a top-10 shareholder, did attend the meeting and vented his frustration at what he labelled a long period of underperformance, lack of strategy, excessive remuneration and a collapsed share price.

Mr Underwood dominated questions from the floor, attacking in particular current Tap chief executive Troy Hayden.

Earlier, chairman Doug Bailey told the packed meeting of about 60 shareholders, advisers and visitors the past year had been "a mixed period for the company, with a combination of major internal achievements and significant external challenges".

Mr Bailey said the undoubted highlight was the start-up of the Manora oil project off Thailand seven months ago.

"I see much promise for the company ahead (and) considerable upside for its market value," Mr Bailey said.

Tap shares were steady at 34 cents at 1pm.