Ann: March Quarter Sales Results, page-59

Thoughts on how to organise.

I suspect that the scheme will fail not because of retail shareholder actions but due to large shareholders analysing the scheme and seeing that it is not in their interest to support it.

However I could well be wrong, there's quite a high probability I am.

if retail SH want to organise and get message out there, here are some things that can be done...
1. Get the share registry. Any shareholder can get it but it costs ~ $1,000. All you need do is send request to company secretary and they are obliged to supply it for the regulated fee as per Corporations Act.
2. Unfortunately the register only has postal addresses against each owning entity and number of shares held. It is expensive to do a mailing. Say about ~$3 per shareholder
3. This can then require the company to release a copy of the letter as an announcement and their re-endorsement of the Scheme and rejection of the letter as they are required to do legally under the terms of the Scheme.
This will likely get some media attention with shareholder activism being good print.
4. The competing share registries will happily do a phone/email campaign as they can cross reference the share registry info with their databases but it costs.
5. I was involved with this process with a scheme for casa systems taking over netcomm wireless. We were a bit late in getting comms out but we did cause a stir. We ended up short on the 50% required hitting about 41%.

About 20 shareholders pitched in and we sent out about 5000 letters and got media attention and got the scheme meeting delayed a week or so as ASIC then started looking into some issues they had with company comms. We funded it ourselves by the shareholdings in the group. It ended up in Federal Court after the Scheme meeting but got waived through at the end of the day because the judge had to pick up her daughter from childcare. It's a long story.

Mind you the Netcomm scheme offered about a 40% premium on the share price so it made prima-facie financial sense unlike this one. The SLR/RED Scheme simply doesn't. I don't know how SHs can vote for a Scheme that offers a discount to the pre scheme share price. It's illogical. I don't think a campaign is necessary but I am happy to support one if it gets going.