Forum Archive Index - March 2001

["Ian Andrews" <iandrews@i4free.co.nz>]

Thankyou.  Although I now have only 2498 shares in Wilson Neill, I continued my attempts to awaken officialdom, because I knew we have to have fair & proper corporate governance if smaller shareholders are to receive adequate risk-adjusted profits. In WNC, it seemed too often non-insiders were taking the risks while others took the profits.  

In the end the WNC boys got overconfident.

 

Actually, it is not simply about not attending to "secretarial matters". What has occured is that a huge number of shares have been issued to insiders at low prices & the fact that these shares have been issued has escaped shareholders' attention because the documentation was not filed within 1 month, as required. Some of the shares were promptly sold onmarket for staggering riskfree profits. Disclosure has never been a particular strength at WNC, & the question needs to be asked - why? 

 

The hearing is scheduled for Dunedin on 2 April. While I don't want to prejudice the accused parties' rights to a fair hearing & to offer an adequate explanation for the late filing; it would be fair to say that if they are convicted that will probably not be "the end of the matter" as far as officialdom & non-insider shareholders are concerned.

 

I'm considering forming a Wilson Neill shareholders support group when the time is right.

 

There will a shadow hanging over Wilson Neill for a long time to come. I think the best thing for the company in the immediate term would be for Trevor Mason & Dianne Giles to resign & credible directors to take their place. The Mount Conqueror, Jump Capital ,Hyslop ,Main Board listing & well-missed current year profit forecasts alone should have been enough justification.          However, I don't expect them to go quietly.

 

If anyone is attending the Dunedin shareholders meeting tomorrow, I would appreciate an account of it. I will be at Ellerslie attending the Fletcher Forests meeting ( & I have been to Dunedin twice already )