Shareholder Group - Strategy suggestions, page-2

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street professor

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18/04/16

12:11

Post #: 17530366
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Originally posted by crosmo ↑

I think sia is right in that we need a separate thread to move our shareholder group forward and to have some brainstorming on strategy that we can/should adopt. We want this group to have a seat at the negotiating table but how will we use that seat to improve our position. I have a couple of thoughts to get the ball rolling:

1. Grow the numbers of the group. Great work by ivan (if memory serves me) in getting in touch with the Singapore Govt group, which holds approximately 10%. But we should not stop there. We should at a minimum be contacting all substantial holders and asking them to join our movement. Does anyboy have a list of substantial holders, how much they hold etc? Who knows, some of them may also be able to help us in terms of professional advice, or offer suitably qualified personnel to make representations on behalf of the group. Beyond substantial holders would be a mass email to all shareholders. Not sure if there is an easy way to accomplish that.

2. I see one major area where we shareholders can really change the ball game. The banks can't sack the board, we can. This could be used as a bargaining chip with the lenders. I do not know if it is legally possible in a VA (someone please advise if you know) but I think we need to eject the board ASAP and replace with a competent board that the banks can rely on. There are 3 possible outcomes from VA - 1. Liquidation (nobody wants); 2. Hand Company back to current board (Only an option for banks/any stakeholder with a brain if the board is replaced); 3. Deed of Company Arrangement.

We know KM will hang around for as long as they can if allowed. We need to give the lenders a viable management alternative. If the board was replaced by a group the banks could trust to run the company then they may hand the company back relatively quickly, once they (hopefully) establish the company can continue as a going concern (rising steel and iron ore prices helping here). We know we can get an EGM going and boot the board easy enough. So the question is who do we replace them with? I really would have no idea where to start in this regard, I have no experience or contacts. One name springs to mind as a good candidate if he would do it, Bob Every. His comments in the media recently suggest he is sympathetic to the company and holds the board responsible for its woes. He obviously has the experience, if he is willing and available to act as chairman I think it would help our cause. Does anybody have contacts they think might be able to reach out to him? Or does anyone have any alternate suggestions?

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Ingilby Dickson comes to mind, knows the Arrium steel business pretty well from his BSL days and could assist with their contract negotiation in the Logistics areas . Couldn't imagine him ever agreeing to the SI contracts that Plummer and Smedley approved.

Every would be great.

https://au.linkedin.com/in/ingilbydickson

Last edited by street professor: 18/04/16

ARI Price at posting: 2.2¢ Sentiment: Hold Disclosure: Held
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