Forum Archive Index - March 2001

["Malcolm Cameron" <malharcameron@hotmail.com>]

Ian
this has nothing to do with wnc but you said you were going to the fletcher 
meeting tomorrow. I would think most sharechatters would appreciate your 
coments from which ever ones you go to.thanking you in anticipation
malcom


>From: "Ian Andrews" <iandrews@i4free.co.nz>
>Reply-To: sharechat@sharechat.co.nz
>To: <sharechat@sharechat.co.nz>
>Subject: Re: [sharechat] WNC - replying to Charlie Brown
>Date: Mon, 5 Mar 2001 16:15:12 +1300
>
>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 )

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