Forum Archive Index - September 2000

["Ian Andrews" <iandrews@ihug.co.nz>]

Oh dear...I dread out of the blue posts like this because I have to reply & perhaps little is added to the store of useful information for traders.

 

 If I didn't own any shares in WNC or if I had lost money on it, would that be more acceptable to Mark? As it is, I am just an ordinary shareholder asking some ordinary questions about corporate ethics and obedience to the law as it affects information to shareholders. 

 

Could he not tell us exactly what Jump Capital are doing & who the recipients of the 56 million shares issued by directors are ( because the directors have ignored my challenge to do so ). That would be helpful to many market particpants trying to value the company & its shares..

 

I am confident WNC's share price would be higher if its disclosures were of a higher standard. Its worth considering - since I started my campaign for better disclosure in October 1998, disclosure has improved ( albeit off a low base) & the share price has correspondingly improved from 0.6 cents to 11.1 cents today - having been as high as 19.5 cents. 

 

Recent softness in the share price has been occasioned by the somersaults over Main Board  listing & the Mt Conqueror purchase, as well as a flood of newly issued shares coming immediately onto the market, instead of being held in escrow.Challenges are designed to assist a company to find its right path & rescue its credibility with investors.

 

Finally, WNC probably wouldn't be anywhere today had it not been for northeners (including myself) subscribing heavily to the 1998 rights issue. Southerners distinguished themselves on that occasion by keeping their hands in their pockets.If Mark has had a free ridewith inherited shares, good luck to him. We had & have real money on the line. Please don't  tell those who did make the sacrifices they have no rights.