Forum Archive Index - July 2001

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

I haven't seen any news reports, but according to the Ministry of Economic
Development, the Wilson Neill directors facing Companies Office charges were
finally sentenced last Thursday in the Dunedin High Court.

Chairman Trevor Mason was fined $20,000. Former directors Dianne Giles &
Paul Hyslop were fined $5,000 & Malcolm Johnson was discharged & ordered to
pay $500 Court costs.

Will penalties of this order influence director behaviour?

The Company itself is once again embroiled in corporate activity & it is
still very difficult to get information ( such as financial results for the
year ended March 2001 ). I could find nothing about the Wecu issue in last
Friday's issue of the weekly "Businesstimes" published by Wilson
Neill.Despite Tim Connell's promises of improved shareholder communications
in February when the Companies Office charges were laid, there has been no
observable improvement in  information available - at least to non-insiders.
We still await the appointment of an independent director.

To gain 50% of WNC,  Mr Connell would have to have pledged or sold his
shares or issued new shares to the Wecu group. His sudden silence is
unacceptable . Small shareholders in other New Zealand companies have seen
directors launch all the lifeboats & leave them stranded. An explanation is
needed soon.



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