Originally Posted by
colinm_au
Management are obviously not representing the interests of all shareholders ... or keeping the market informed
The flow of information from the company to investors has been appalling recently. What is the state of Maari drilling ? What production rates are being achieved ? Have reserves been upgraded as per HZN ?
One month we are told NO capital raising is required and the company has enough funding to meet it's financial obligations and the next that we need a major capital raising !!!
Why not offer the issue at a discount ?
Why a non-renounceable issue ?
What funds (beyond the current revolving credit facility) will be required for Wortel ?
Will a prospectus be issued to enable investors to make an informed decision about whether to take up the offer ?
This offer is likely to ONLY achieve the following:
Enable Todd and SPC to increase their grip on CUE's fantastic assets for next to nothing as retail investors have little incentive to take up the offer and as a result are diluted by 20%. The low price relative to recent issues means that Investors wishing to lower their cost base for Capital Gains Tax purposes (Aust) will keep pressure on the share price by selling enough shares to take up the offer.
I am a TOP20 shareholder (both directly and indirectly) and will be looking at lodging a complaint with both company management and ASX over several recent matters.
I urge all shareholders to take similiar action and to have a long memory and vote against the re-election of any of the current directors in the future.
Given the size of the issue I believe that shareholder approval should be required ... Enough is enough !!!
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