Dissident savaged by Tap boss

Tap Oil managing director Troy Hayden has launched a blistering attack on his biggest shareholder as the war for control of the $60 million company turned into an ugly slanging match with Thai tycoon Chatchai Yenbamroong.

Mr Hayden yesterday questioned his dissident investor's credentials and also attacked Mr Yenbamroong for failing to provide an alternative strategy for Tap should the tycoon's attempt to secure board control succeed.

Mr Hayden's attack came after 19.9 per cent investor Mr Yenbamroong yesterday broke his silence on why he requisitioned a shareholder meeting to roll Tap's board, including Mr Hayden and chairman Doug Bailey.

Mr Yenbamroong accused the board of failing to deliver "meaningful shareholder value" despite spending more than $330 million since 2008, including $29 million on directors and senior management, and leaving the company without a "long-term growth strategy".

But Mr Yenbamroong did not discuss his plans for Tap should he succeed with an attempt to replace three of four Tap directors with four of his candidates.

Mr Hayden, who joined Tap in 2010, described Mr Yenbamroong's attempt as "opportunistic" and his attack "self-serving".

He warned shareholders that should Mr Yenbamroong win board control, Tap's relationship with the operator of its flagship asset, the Manora oilfield off Thailand, may be in trouble.

Mr Yenbamroong's company Northern Gulf Petroleum is an investor in Manora alongside Tap. Manora's operator, Mubadala, has issued Northern Gulf with a default notice claiming $US27 million ($35 million) in costs.

Mr Yenbamroong said he was contesting the notice.

Mr Hayden said the default notice "raises questions over (Mr Yenbamroong's) financial management credentials, particularly as it is in shareholders' best interest for Tap to maintain a good relationship with the operator".

Tap is yet to set a date for the requisitioned meeting.