|
Update For Fellow CBD Shareholders,
As CBD did not honour their commitment
of
' ... and in any event, not less than $0.011 per share. ...
'
I have raised my concern verbally and followed up in writing.
A
copy of my email to CBD follows for your info.
I believe Allan has also sent an
email.
Regards,
Cris
Re: Shareholders and Recent Share
Offer
As a follow-up to my phone call, and as a
shareholder, I wish to register my disappointment regarding the conduct of the
recent share offer.
In particular; a contradiction still exists
between CBD's commitment to shareholders, and what has since
transpired.
Specifically;
1) 13.4.04 CBD Energy
announced an Extraordinary General Meeting. Included with this announcement was
an Explanatory Memorandum. Item 1: Approval to Issue Shares included sub-clause
1.2(c) which stated ' ... and in any event, not less than $0.011 per share. ...
' (NB $0.011 pre-consolidation equates to $0.55
post-consolidation.)
2) 27.5.04 CBD Energy announced the result of
the Capital Raising, and stated that $4.66 million had been raised ' ... at an
average of 40 cents per share. ... '
The issue of shares at 40c
contradicts the commitment announced to market on 13.4.04.
As a
shareholder, I was placed at a disadvantage through giving credit to CBD's
commitment. If this commitment had not been made, I would have sold my shares
then repurchased at a cheaper rate, i.e.; under 55c.
I believe CBD
owe their shareholders an explanation, plus an offer of recompense in good
faith.
Personally, I would like to see an offer of recompense
through the issue of free options or shares. Number to be issued should be
determined at 27% of shareholding as at the 27.5.04 announcement release date.
27% is the same discount that was provided in the recent share offer (.55 to
.40). NB Exercise price of options should be reasonably priced around 57c with
an extended expiry date of March 2008.
I look forward to your early
reply,
----- Original Message -----
Sent: Friday, May 28, 2004 3:16 PM
Subject: Re: [sharechat] Calling Cris re:
CBD
Hi Allan,
I received a call from Company Secretary, this
afternoon.
I expressed both my disappointment and my
desire for an explanation plus recompense.
I committed to put it all in writing.
Happy for you to review my letter and add
your thoughts before I send. (PS Under the
circumstances I felt it best to send direct to you. Hope that's
OK.)
Regards,
Cris
----- Original Message -----
Sent: Friday, May 28, 2004 1:50
PM
Subject: Re: [sharechat] Calling Cris
re: CBD
Hi Cris,------Many thanks.---Would you kindly forward the
CEO's email address to me.----I'd like to put my .02 worth in to the
upcoming (I hope) battle.---The email address of the Aussie exchange would
also be helpful.---Watch out Lazy Haggis our next nuke target maybe the
Aussie exchange watchdogs if this is not remiedied. China will have to
wait for a more important time I'm afraid.---------------Love to you Cris,
you're great.-----------Allan
--- On Thu 05/27,
Cristine Kerr < criskerr@optusnet.com.au >
wrote:
From: Cristine Kerr [mailto: criskerr@optusnet.com.au]
To:
sharechat@sharechat.co.nz
Date:
Fri, 28 May 2004 11:07:13 +1000
Subject: Re: [sharechat] Calling Cris re:
CBD
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<DIV><FONT face=Arial size=2>Hi
Allan,</FONT></DIV>
<DIV><FONT face=Arial
size=2></FONT> </DIV>
<DIV><FONT face=Arial
size=2>That's totally correct. It is in print as Item 2.1
(c) within
the explanatory memorandum of Extraordinary General Meeting -
notice
announced 13.4.04. This is the information shareholders voted on and
means that the shares should have been sold at a minimum of .011 (pre)
or 55c
(post).</FONT></DIV>
<DIV><FONT
face=Arial size=2></FONT> </DIV>
<DIV><FONT
face=Arial size=2>I left a message on the Chairman's mobile yesterday
re same and am awaiting a response. Will be following up
today.</FONT></DIV>
<DIV><FONT face=Arial
size=2></FONT> </DIV>
<DIV><FONT face=Arial
size=2>I will be asking for an official ASX notice to
clarify
same.</FONT></DIV>
<DIV><FONT face=Arial
size=2></FONT> </DIV>
<DIV><FONT face=Arial
size=2>Regards,</FONT></DIV>
<DIV><FONT
face=Arial size=2>Cris</FONT></DIV>
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<DIV
style="FONT: 10pt arial">----- Original Message -----
</DIV>
<DIV
style="BACKGROUND: #e4e4e4; FONT:
10pt arial; font-color: black"><B>From:</B>
<A
title="ajp7079@excite.com" href="mailto:ajp7079@excite.com">Allan
Potts</A>
</DIV>
<DIV style="FONT: 10pt
arial"><B>To:</B> <A title="sharechat@sharechat.co.nz"
href="mailto:sharechat@sharechat.co.nz">sharechat@sharechat.co.nz</A>
</DIV>
<DIV style="FONT: 10pt
arial"><B>Sent:</B> Friday, May 28, 2004 9:17
AM</DIV>
<DIV style="FONT: 10pt
arial"><B>Subject:</B> [sharechat] Calling Cris re:
CBD</DIV>
<DIV><BR></DIV><BR>Hi Cris,<BR><BR>As
our undisputed expert on CBD, I'm
wondering if you can clear up
something in my foggy mind. It seems to me
that I read (not very
long ago) that CBD was going to raise capital at the
average
market rate of a certain 5 market days, but IN ANY EVENT, NOT LESS
THAN .011/share, which in today's terms would be .55. Am I
correct in
this or have I missed something? If I'm correct, how
is it that they
just sold shares at .40???? Mind you, I'm not
saying that you have any
part in this, but I figured that you
would be on top of whatever
happened.<BR><BR>Allan
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