vix erg answers to erg class action group

VIX-ERG answer on our class action group, letter Attached.

In the rely e-mail, we can see that ---
1.They didn’t against $310.8 millions recent income. That means our estimating right.
2.As we forecast before the restructure, Now the true arrangement for ERG shareholders come out, that VIX take 20% of $115m each year, plus any amount dividends (pages 9), “ERG shareholders may never have an interest in VIX ERG” (pages 12). ERG hold 50% shares with never interest.
3.They always have excuse that “shareholders approved the restructure”.

So, According to the Corporations Law, we have rights to require they offer information to check ----
1. We send letter to VIX-ERG to offer us the finance report by end of June 2009.
2.The voting records must be keeping for 5 years. We require them offer us the voting detail records to check what they did to make 82.19% no vote, and 12.22% “yes” voters back grand. If they refuse, that means problems hided in the voting.

Post By ERG Class Action Group.
Join our class action by send an e-mail to our e-mail: [email protected] or [email protected]

[Attached] the e-mail from VIX –ERG
12/8/2009
Dear Sir or Madam

I refer to your unsigned fax dated 7 August 2009 sent to Mr Duncan Saville's attention which was received on 10 August 2009 (attached).

With respect to your query about Vix ERG paying 50% of its income to shareholders of Videlli Limited, I note that shareholders unanimously approved the restructure of ERG under the terms contained within the Notice of Annual General Meeting and Explanatory Memorandum (Notice of AGM) from November 2008. I would urge you to read the attached Notice of AGM paying particular attention to point 2.6.3 on pages 9 and 10, and point 2.10 on pages 11 and 12.

Regards

Glen Smith
Company Secretary