complaint lodged with asic, page-4

Well chaps I received a response from ASIC yesterday in the post (one day they will get to email i am sure).

In short they acknowledge the concerns of a share holder about the way the board is 'attempting to circumvent statutory voting requirements regarding a number of schemes of arrangement AEJ members are being asked to consider'.

'After careful consideration, ASIC has decided that we will not take any further action at this time'.... Thet go on to say that 'this information will assist us if we receive further similar complaints' and 'Although we have decided not to investigate your complaints at this time, this does notprevent you from parsuing and civil remedies otherwise available to you'

My take on this...

1. If we can get more people to lodge a complaint via the ASIC website (very easy) about the directors attempting to circumvent the 'statutory voting requirements' they will investigate further.

2. there is a potential civil case if the vote (50%) gets up and they sell our company from under our feet.


Vote NO!