If there was negligence in this then it may be possible for shareholders to be included as creditors by the administrator. I understand this occurred in the VA of the company ION that is still under process. Also the Directors or the insurers could be held liable by shareholders in the case of negligence. The fact that no special meeting was called well in advance of this debacle to outline the issues with shareholders and provide the opportunity for options to be discussed IMO could amount to negligence. Or there may be other negligence issues that arise. Fat Prophets seem to be saying they were misled and if that is the case then the market has been misled. We cant just let the company basically be fire saled and shareholders left out of the equation.
If we can make clear that shareholders are going to intervene and attempt to be included as creditors then we may get a voice in the proceedings by the VA (Although they wont like it) and the banks/financiers may change their tune in respect to get CUO trading again. Also given that there could have been some insider trading going on there may be parties in whose interest it may be to see shareholders placated. Just my opinions. This situation where shareholders are left in the dark and then sacrificed has occurred in a number of companies recently and frankly its got to stop. We shareholders large and small own the company and if our paid executives basically tell us what a great company it is and then without consulting us basically pull the rug and all of a sudden we no longer have a company. As individuals small shareholders can only individually complain to ASIC or the ASX but COLLECTIVELY in a class action if the circumstances justify we can go after anyone who has contributed to our loss. COLLECTIVELY it may be possible to arrange for a class action through a specialist law firm that involves a small one off payment per individual shareholder. More info needs to be found out about who was bailing and when and also lines of communication need to be established with the Administrator. Regretably, due to my committments I cant be an active participant other than to join in any proceedings. Monkeybusiness seems to be on track in starting a representative group and I think appears willing to get the ball rolling. I Personally dont have a great stake in Copperco but basically I have had enough of companies that treat shareholders like they dont exist and further down the track if the representative group arranges a class action I would be willing to contribute a few hundred dollars as my participation in the action.
Suggest you send your email details to poster monkeybusiness. Her email address is [email protected]
CUO
copperco limited
