Forum Archive Index - February 2000

[frank <frank.fernandez@xtra.co.nz>]

Les,
Like you, I do not believe anything has diverted AQL from its proposed
course of action i.e. divestment of its assets albeit through a lengthy
and laborious process which will involve Bliss and AQL shareholder
meetings to ratify the proposals, and then the second stage process for
Bliss to relist on the ASX before the sale process can progress.
On reflection, I doubt if any 'future direction' announcement will or
can be made at the impending AQL shareholders meeting until the
completion of all the divestment formalities.
In an identical case involving Strathmore last year, an announcement was
made on 4 June saying that Strathmore was divesting itself of its two
assets and would become a shell company with $2.1 million left in cash.
When asked about the company's future direction, then principal owner
Ray Thomson said the company had no plans for the future except that
"something was being worked on". 
Three months later (exactly to the day) on 4 September, the new
direction for Strathmore was announced much to the delight of those who
had hung onto their 17c SMR shares.
While unlimited reservoirs of patience is obviously necessary with this
stock, I do hope that AQL investors will not have to wait too long (like
Strathmore investors) before the new direction for the company can be
determined. 
One possible way to ensure that AQL come up with some answers is to be
present at the shareholders meeting (which I imagine would be held in
Auckland) and to ask pertinent questions. 
I intend to be there and I hope many of my fellow sharechat subscribers
will join me on the day - after all, unity is strength!
Talking about the shareholders meeting, I wrote to Ron Lunken, the
Company Secretary of AQL earlier this week asking for details about the
meeting and the proposed agenda. As befitting his role of Company
Secretary and guardian of the company's secrets, Mr Lunken's reply gave
little away. For the benefit of Sharechat subscribers, here it is:

Subject: RE: Shareholders meeting/Agenda
Date: Tue, 8 Feb 2000 08:58:23 +1300
From: Ron Lunken <aquaria@xtra.co.nz>
Organization: Aquaria 21 Limited
To: "'frank.fernandez@xtra.co.nz'" <frank.fernandez@xtra.co.nz>

Dear Mr Fernandez,
The forthcoming special meeting of shareholders is planned for early
March. 
A definite date cannot be set as we are dependent on approval of the NZ 
Stock Exchange of the information memorandum, notice of meeting etc. We 
have been unable to complete this to submit to the exchange earlier as
we 
were dependent upon Bliss Corporation completing a similar exercise for
the 
Australian Stock Exchange.
The items on the agenda will be the seeking of shareholder approval for
the 
Bliss transaction and approval to sell down Bliss shares that will be 
allocated to Aquaria 21 upon completion of that transaction. Other minor 
matters may also be on the agenda. All will be detailed in the notice
and 
accompanying reports which will be mailed to shareholders 2 weeks prior
to 
the meeting.
Yours sincerely,
Ron Lunken
Company Secretary

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