OK - Here are the ASA voting intentions and proxy details. May I add that the ASA don't take their duties lightly, and Doug Armati would be happy to act as proxy for all holders unable to attend that haven't yet sent in their forms.
Just mark "Australian Shareholders Association" as your proxy.
From the ASA website: http://www.asa.asn.au/MO_VoteShares.asp?ID=VSR964.xml
Issue 1: Approval of Issue of Options . Our vote: AGAINST . Despite monthly updates intended to salve shareholder concerns, we are still unconvinced that the management of this company is genuinely (or at the very least competently) pursuing commercial and revenue-generating activities in the interests of all its shareholders. . The rationale for the issue of these options – to provide working capital – seems plausible, however, as we would prefer the assets of this company, such as they are, to be under other management, we will oppose this resolution, if only to mark our ongoing disapproval of the cavalier fashion in which its affairs are conducted. . In the absence of fresh information which may convince us otherwise, we are strongly of the view there should be a change of management, which should result in an early and decisive disconnection from the interests which currently appear to control the company to the detriment of ordinary retail shareholders. Issue 2: Ratification of Previous Share Placements . Our vote: AGAINST . Although we look forward to being proven wrong, as noted above we are still unconvinced that the management of this company is genuinely pursuing commercial and revenue-generating activities in the interests of all its shareholders. Absent comprehensive answers to our questions on a range of issues, the true rationale for this placement and use of the funds raised by it are unclear. Without more complete explanation we are unable to support the resolution. . . Issue 3: Approval of Issue of Shares . Our vote: AGAINST . Our concerns about CityView have not subsided since our attendance at their AGM in May, 2009 [see report in July 2009 Equity]. If we could be convinced that the issue of these shares (almost doubling the currently >1 billion shares on issue) would result in other than the further dilution of retail shareholders and may lead in due course to real commercial and revenue-generating activities, we may be inclined to take a different view. However, it would appear that, if approved, such an issue would only serve to further obfuscate the share register of this company, already riddled with non-transparent entities registered in jurisdictions like Belize. . We are also concerned that the cited rationale for the issue (to enable the company to take up interests in a South African coal venture) is simply a smokescreen. We have seen no evidence that the management of this company is genuinely interested in its shareholder owners as a whole. The idea that anyone, other than those with another agenda, would be interested in taking up this issue, proposed at ~3 times the current share price, seems extraordinary in itself. . We are still to receive answers to the many questions posed on behalf of entirely despondent Australian retail shareholders at the AGM. Those same shareholders wait in hope for regulatory action. Given all of the above, we have no option but to vigorously oppose this resolution.
CVI Price at posting:
0.5¢ Sentiment: Sell Disclosure: Not Held
