Forum Archive Index - November 2000

[Gerry Tyler-Smith <g.tylersmith@ext.canterbury.ac.nz>]

Hi Nick

Here are the issues i raised  last week, from information in the 2000
Annual Report (mostly page 29)

Am I being naive in wondering about  the massive amount of very cheap
options granted to the directors during this past  year ?  .. also the
transfer of 180 000 Virtual Spectator shares, at cost, to Snider Capital (
owned by Jay Snider, a director) .. also the issuing of 3 million ordinary
shares at a price of 25 cents (when they were trading in the market at
between 80 to 93 cents)  to Huia Trust (coy in which David Seton, another
director had an interest) ... All this siphoning off of shares into
directors' private companies, as well as milking the option cow for all
she's worth, makes me very uneasy about  placing my money on ITC ...

What also has me concerned is the price paid for the 11,883,542 and 14,633
514 shares respectively purchased by Snider Capital and Cross Atlantic
(both coys owned by ITC directors), and if these shares were purchased in
the open market...(page 29 of the 2000 Annual Report says this transaction
was approved by shareholders at the EGM (whatever that was)  14/1/00, but I
can't find any record of any announcment relating to this ...


>Dear sharechatters,
>
>Having noted the slightest hint of consternation at various goings on
>within ITC posted on the site in recent weeks, if you'd like any
>specific questions asked of the directors tomorrow please forward them
>to me at nbryant@nbr.co.nz
>
>Many thanks
>
>Nick Bryant
>
>----------------------------------------------------------------------------
>http://www.sharechat.co.nz/          New Zealand's home for market investors
>http://www.netbroker.co.nz/        Trade on Credit, Low Brokerage. Join now.
>----------------------------------------------------------------------------
>To remove yourself from this list, please use the form at
>http://www.sharechat.co.nz/forum.shtml.




----------------------------------------------------------------------------
http://www.sharechat.co.nz/          New Zealand's home for market investors
http://www.netbroker.co.nz/        Trade on Credit, Low Brokerage. Join now.
----------------------------------------------------------------------------
To remove yourself from this list, please use the form at
http://www.sharechat.co.nz/forum.shtml.