Sharechat Logo

Forum Archive Index - June 2004

Please note usage of the Forum is subject to the Terms & Conditions.

Messages by Date [ Next by Date Previous by Date ]
Messages by Thread [ Next by Thread Previous by Thread ]
Post to the Forum [ New message Reply to this message ]
Printable version

Re: [sharechat] Calling Cris re: CBD

From: "Cristine Kerr" <>
Date: Tue, 1 Jun 2004 13:04:04 +1000

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.

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.
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.)
----- 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 < > wrote:
From: Cristine Kerr [mailto:]
Date: Fri, 28 May 2004 11:07:13 +1000
Subject: Re: [sharechat] Calling Cris re: CBD

<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<META http-equiv=Content-Type content="text/html; charset=iso-8859-1">
<META content="MSHTML 6.00.2800.1400" name=GENERATOR>
<BODY bgColor=#ffffff>
<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
<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>
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
  <DIV style="FONT: 10pt arial">----- Original Message ----- </DIV>
  style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><B>From:</B>
  <A title="" href="">Allan Potts</A>
  <DIV style="FONT: 10pt arial"><B>To:</B> <A title=""
  href=""></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:
  <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
  Excite! - <A href=""></A><BR>The
  most personalized portal on the
  remove yourself from this list, please use the form at<BR><A