The descent into hell, page-25

It all comes down to money and numbers.

There are about 3200 Battery Minerals Shareholders. To do a mailout would cost about $8,000 to $10,000 each time. It would take at least 4 probably more mailouts. So say $40,000 to get a group together with a plan. A plan sounds simple but to get people who are stranges to agree on even simple things is from my experience like hearding cats.

I have had no experience with a board spill, few people who are small investors have. My nephew Xman did attempt this. Xman told me the legal costs and the cost of flying around the country most weekends on his days off to talk with and run meetings with fellow shareholders was as you would expect very expensive. In the end it was futile, the campany ( a tech company ) went broke. He told me it cost him a lot of money but he gained a lot of experience.

Over the past 4 or 5 months I have been in communication with many people who have either past or present relationships with BAT either by phone or email. These people were in the U.S, Europe, Africa and Australia. All were at senior management level with most being directors of mining or exploration companies.

What did I learn? Board spills are very expensive beasts for the shareholders who call them. You have to pay for all the cost of calling the meeting including BAT's multiple mail outs to shareholders, the travel expenses of the BAT Board and their legal representation's expenses as well as the rent of the hall or function room. Plus your own legal representation's expenses.
No one can give an accurate potential cost but between $100,000 and $200,000 seems to be the range.

Thats the money side now the numbers. The top 50 BAT Shareholders combined own about. 47% of BAT. The top 300 BAT Shareholders combined own about 63% with the remaining 3000 or so BAT Shareholders holding 37%.

I have been told that the Board has the support of a group of shareholders who together hold 45% of BAT Shares.

To oust a Director you need 50% + 1 of shareholders voted. A lot of BAT Shareholders have given up on BAT and wouldn't even bother voting, the BAT Chairman would pick up these proxy votes and vote against any spill attempt.

Who is going to put up that sort of money when the odds of winning are so very slim?