CMR (ASX) shareholder action imf brief

Originally posted by olympian ↑

EVERYONE should submit claim regardless of monetary value.

I presume that since IMF is a company that FUNDS actions, IF they pick it up they fund it - you don't put money in - just your name and claim.

They would presumably tally up all the claims and come up with one number - a fairly big one I expect. They then execute the action.

If they lose - they wear the costs incurred in legal fees etc etc and it becomes a loss on their balance sheet at the end of the year.

If however they win, the htey have a pot of monies available to them. They would presumably take from that pot what they needed to pay their legal people

They would then take a cut out of the money left as profit - thats only fair - they put the money up and took the risk by funding the action.

I presume they would then use a formula to divide the remainder between sharholders on a proportional basis based on the the original info in the claim. That may bot be according to the number of shares held - would seem more likely based on the amount claimed as lost.

So maybe after they take the money out for legals and profit there is 40 - 50% left (I really have no idea) Your claim was for $7k - maybe you get $3000 - $3500 back. Maybe you get $2k back - maybe just a thousand.

But if I can get a thousand dollars by putting my name on a piece of paper and writing a few lines then sending a fax I'd bloody do it ten times a day lol

For mine everyone should put a claim in

I do not consider it wise to rely on the administrator to look after us. As I see it, we need to fill out the form and lodge it then, even if the claims seem weak to him, if he is aware an action by shareholders along the Son's of Gwaliia line ispendng he would surely be duty bound to make provision for that in case it is successful. If he failed to consider that as an action he should reasonably expect we then may have a claim against him.

If however no one fills out the form, he may be able to say he had no formal advice that required him to consider that potential.