CFU (ASX) Voting against 1 for 50 Share Consolidation

Originally posted by staz024: ↑

Will the Company be looking at new Shareholders outside the register?
The Chairperson advised the option for current Shareholders to participate but it will likely result due to the change of nature of the business that other Shareholders more aligned to a litigation funding business, will be approached to invest.

What would be the maximum gain from litigation? Is it an ongoing business proposition?
This is an ongoing proposition, our major Shareholder in LCP which is a significant litigation funder and one of the largest independent funders in the country.

Is this the listing for them to get onto the market?
The Chairperson advised he could not comment on what LCP’s plan was. It was about protecting the litigation claims as they stood at that time. The Chairperson advised as you could appreciate they invested $15-16M and their principal litigant being Ceramic was about to be taken which would have damaged their entire class action.

If litigation can go on for years and years, your revenue stream would there be enough?
The Chairperson advised there are three listed litigation funders in Australia and they bring to account profits. The model allows them to bring a profit each year.

If the company is going to transform itself into a litigation entity, you are going to require bodies who are skilled in litigation and more than a board to do that. How does the Company foresee how you will employ these people to pay them if there are no assets?
The Chairperson advised the Company has assets now but before investing the money the Company will ensure they have a reasonable business plan and funding. The Chairperson advised the Company will not be going into this on an adhoc basis and the current Board does have a background in litigation funding and the major Shareholder has a background in litigation funding. The Chairperson advised the Company will be doing a complete due diligence and not just throw the money away.

In terms of the listed litigation companies, how many of companies are there, in Australia?

The Chairperson advised the most notable would be IMF Bentham Australia which was a large listed company. The Chairperson advised the Company will provide further details in the new business plan. The Chairperson asked if there were any further questions. It was noted that there were no questions.

I took the time to read the minutes in full this time.

There's CDO's in them darn hills. (refer to the minutes page 3 section 5 Moving forward ).

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