We are Members of Monitor Energy Limited and have been liaising with the the Company in our efforts to extend the term of the MHLO Option perid and increase the excercise price.
By increasing the excercise price, The Company will make aproximately $45,000,000.00 once all the options have been excersied.
The additional funds can be used to fast track future drilling operations and will provide additional funds for projects to satisfy the Company's immediate cash flow requirements.
We advised the Company in writing, should they not submit a Waiver application with the ASX, that we will proceed to contact the Members of the Company through the Company Register.
Almost 24 hours after we posted the Proposed Resolutions to the Members of the Company....the Company Made a ASX/Media announcement!
In light of the above, we would like to clarify the information that was written on the announcement from the Company on the ASX/Media announcement on the 3 June 2011.
We are very alarmed by the Company�s announcement which states the following;-
1. We are referred to as �holders of listed options� & �option holders": - we are in fact Members of the Company
2. A Waiver will be highly unlikely � that is a perception, not a statement of fact!
3. The Company had advised that it had not authorised the release of material � We sent The Chairman & Board of Directors of Monitor Energy Limited a a copy of the letter and the Proposed Resolution prior to contacting the Members from the Company
4. The Company will not be taking the matter further � We must obtain 5% of the votes or 100 Members of the Company who are entitled to vote prior to requesting the Company to call and arrange and hold an Immediate Extraordinary General Meeting Sub-Section 2 of Section 249D of the Corporations Act 2001.
5. The Company makes no comment on the content of the material � this comment maybe left open to interpretation
After the announcement was made, we were contacted by concerned Members from the Company about the context of the information in the announcement.
The information can and has been perceived as misleading which creates the ultimate unfairness to Members of the Company that have the right to vote and
may have a perception that in light of the Company�s announcement, they are unable to vote by signing the Proposed Resolution.
The Company has created a disadvantage to Members of the Company and is with prejudice.
This is a disadvantage to all Members of the Company that have a right to vote and may have misinterpreted the statement made by the Company and as a result, may not sign and return the Proposed Resolution to us.
MHL Price at posting:
0.2¢ Sentiment: Hold Disclosure: Held
