Thanks for posting bottomfeeder1 Very interesting, how do you think this along with the brewing anger amongst all minority shareholders will play out?
I have pasted the relevant section or TJM's announcement below.
CMI Limited Class A Shares ? In one of the most abhorrent displays of
shareholder oppression we have seen, the CMI Limited board announced on
28 February 2011 that they will not be paying dividends on the CMI Limited
Class A shares for at least the next 2.5 years.
This is despite the CMI constitution clearly stating, ?The holder of each Class
A share is entitled to a quarterly dividend...? and ?Dividend Rate is for each
year, ending on the anniversary of the Allotment Date, at such rate as
determined by the Directors, but in any event, not less than 14c each year.?
The announcement is even more disgraceful when it is considered that at 31
December 2010, CMI had net cash (net of borrowings of $0.8m) of in excess
of $8 million and recorded a NPAT of $6.1m for the half year to 31 December
2010.
Trojan continues to explore options to exit its CMI Limited Class A holding at a
reasonable price and will be exploring all legal avenues
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