Thought you would like to know what Mike Coote wrote to me:
Enquiry: Would you please like to update us, the shareholders regarding the viability of this business. Your share price is almost nothing, you are wallowing in debt, and no one knows now for a bloody month how greentrains is going? I expect a personal and comprehensive reply.
Matthew, We respond to everybody who writes or contacts us personally and do our best to keep one and all informed where we are able. My apologies for not getting back to you sooner, but we do have a bit to work through and we do our best to respond to all in a reasonable time frame. We are clearly supporting Greentrains / Greentrains Directors in their endeavours with the banks to sort this receivable. Yes, it has gone for a very long time and yes there are still no defined outcomes that can be openly stated - if there were we would announce to one and all. All negotiations here are commercially sensitive and not able to be discussed openly even if we chose to do so. It is my personal belief that these sorts of negotiations would have been concluded months ago if we weren't in this on-going world-wide financial crises. We have comprehensive plans, which continue to evolve and develop as we encounter new challenges; again these are not details that can be detailed to one and all. I re-iterate, firm dates, times and deliverables can unfortunately not be described at this time; when they can we will announce these details to all. Yes, share price is disastrous, the damage being done by Institutions and others dumping any shares with debt to cover their own liquidity, redemptions and cash requirements - this is not something we can fix overnight; although I can assure you we are working diligently on the issues to solve this. I can assure you, the share price effects us as badly as all, but it is also an endemic problem which will require patience and stamina to work our way through. Is our business viable? We believe so, absolutely! Is it challenging in this environment? Absolutely; but out of this chaos, additional opportunities arise and a resetting of the playing field results. We intent to be in pretty good shape as we move forward through these times. We will update the market as soon as we are able.We are currently working through what can be said at this time and will be making a statement in the near future. Thank you, E 23.1.2009 @ 0936 hrs.
Regards, Michael (Mike) C. CooteManaging DirectorCoote Industrial Limited (CXG)Phone: (+61) 08 9251 8000EA: (+61) 08 9251 8049 (Susanne Millar)Fax: (+61) 08 9452 1632E-mail: [email protected] Box 270 Maddington WA 6989627-635 Bickley Road Maddington WA 6109
CXG Price at posting:
15.6¢ Sentiment: Hold Disclosure: Held
