KWR 0.00% 2.9¢ kingwest resources limited

For those KWR Shareholders whose email addresses I do not have,...

  1. 7 Posts.
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    For those KWR Shareholders whose email addresses I do not have, and may still be undecided, this is an inflection point for KWR. Whichever way you determine to vote, it is important to consider exercising your right as a Shareholder. This is one of the rare opportunities whereevery single vote, no matter how big or small, can have an impact on determining the trajectory of KWR.

    All the best.

    Reminder: As per the email from Peloton Shareholder Services on 1 May 2023 - Voting closes 5pm (AWST), Wednesday, 10 May 2023

    Voting Process

    Dear All

    As we approach the end of the voting period, I have received a number of communications expressing difficulty regarding how to vote, including by those who want to vote in favour of the merger.

    Regardless of whichever way you intend to vote, I fully believe that everyone should have the opportunity to vote, andI encourage all KWR Shareholders to exercise their voting rights.

    Upon being contacted, I’ve provided a number of KWR Shareholders with the following information that has assisted them. If you have had any difficulty voting through the Automic Website, it may also assist you.

    If you are still having difficulty with the below, Automic should be able to assist you further over the phone. I can try assisting you over the phone (again, regardless of whichever way you are voting) if you would like, but I am not sure how much more use I can be in this respect.


    I strongly urge all KWR Shareholders to ensure that they have voted prior to 5:00pm, Tuesday, 9 May 2023(the day before the official voting closes) to avoid any last-minute technical difficulties.

    Proxy

    It might be worth considering selecting the Chairman as your proxy and selecting the manner in which you intend to vote, that is, 'against' or ‘for’ the proposed merger. The Chairman must attend and vote at the meeting. The Chairman must vote in accordance with your direction.

    As the vote is in Perth and many of you will be unable to attend in person, appointing a proxy will also mean that you do not have rely on attending the meeting electronically to vote, avoiding any potential 'technical issues'.

    With respect to voting:

    When you log into Automic, you need to click on 'meetings' on the far left hand side panel.

    This takes you through to a page. You then need to click on 'proxy voting' on the left hand side.

    This then takes you through to the vote.

    You can then vote, and once you have, this page will show that you have 'voted'.

    Please note that you will need to log in to Automic for each of your different HIN holdings, if you have multiple holdings.

    I have included screenshots below to assist.

    Any questions, please do not hesitate to give me a call.

    Log into Automic registry with your HIN (X0000000 format)

    If you continue having difficulty following the above steps, it may be that you have not registered your HIN with Automic (especially relevant if you have multiple HINs).

    It is an easy process, whereby you click “register” on theAutomic website-https://investor.automic.com.au/#/home, enter KWR in the search bar, and subsequently your HIN number. Again screenshots are included below to assist.

    Kind regards

    Nick



    ________________

    Nick Cohen


    Shareholder Action Group

    Po Box 407, Spit Junction, NSW 2088

    M: +61 405 026 562

    E: [email protected]


    From:Shareholder Action Group <[email protected]>
    Sent:Tuesday, 2 May 2023 8:58 AM
    To:Shareholder Action Group <[email protected]>
    Subject:Re: Kingwest Resources (KWR) | Shareholder opposition to the proposed merger with BTR
    Dear All

    Further to my previous correspondence, Peloton have now notified KWR Shareholders (via email) that the vote in respect of whether the merger should proceed or not, now closes at 5:00pm closes AWST, Wednesday 10 May 2023.

    Regardless of whether you are voting for or against the merger,I strongly urge all KWR Shareholders to ensure that they have voted prior to 5:00pm, Tuesday, 9 May 2023(the day before the offical voting closes) to avoid any last minute technical difficulties.

    Kind regards



    Nick

    ________________


    Nick Cohen

    Shareholder Action Group

    Po Box 407, Spit Junction, NSW 2088

    M: +61 405 026 562

    E: [email protected]


    From:Shareholder Action Group <[email protected]>
    Sent:Sunday, 30 April 2023 8:49 PM
    To:Shareholder Action Group <[email protected]>
    Subject:Re: Kingwest Resources (KWR) | Shareholder opposition to the proposed merger with BTR
    DearAll

    Further to my previous email (below) which contains significant detail regarding the overall project, I write to provide an update, and encourage all KWR Shareholders to take an active role in voting.

    There has recently been a number of announcements, and a presentation by KWR(Dean Vallve, KWR COO) and BTR (Alex Rovira, BTR MD) regarding the proposed merger.

    Alex and Dean both sound very positive on the proposed merger.If the merger goes ahead, the company might very well have a successful future. However, the most important question for KWR Shareholders remains “what is the most value accretive choice for KWR shareholders?”. I still do not consider that the proposed merger is in the best interests of all KWR Shareholders.

    In addition to this, there have been a number of comments by the KWR board that “there is no alternate offer”.There is always the option for KWR to “go it alone”.Should the merger fail, there are a number of very interested individuals and entities, who have a wealth of experience in mining in Australia and in corporate governance, who have expressed a very keen desire to assist KWR going forward.However, many of these have stated that they will not openly oppose the current board given the extensive relationship that the board has with Euroz Hartleys and Peloton Capital.

    At all-time lows for the KWR Shareprice, an unusual and weak merger is being proposed.Putting aside the numerous concerns that I have, if BTR was such an attractive merger partner, with such strong future prospects – why has no other entity attempted to merge with it? Why is it that KWR has an ability for a considerable cashflow through its JV(s) with BML, while KWR is at all-time lows, that this merger is being pushed through? These are questions that the current information and presentations do not do a sufficient job of addressing with any adequacy.

    Current (amended) timeline (extracted from 19 April 2023 Presentation)

    Indicative Transaction Timeline

    Date

    Transaction announced

    Friday, 23 December 2022

    Variation to the Scheme Announced

    Wednesday, 15 March 2023

    First Court Hearing

    Wednesday, 5 April 2-23

    Kingwest to Dispatch Scheme Documents to Shareholders and Optionholders

    Wednesday, 12 April 2023

    Scheme Meetings

    Friday, 12 May 2023

    Second Court Hearing

    Thursday, 18 May 2023

    Effective Date

    Friday, 19 May 2023

    Record Dat

    Tuesday, 23 May 2023

    Implementation Date

    Friday, 26 May 2023

    You should ensure that you voteby no later than 11 May 2023.There are more details regarding voting at the end of this email.

    Current information

    All of KWR’s announcements are contained on theASX website.I have identified a dozen recent, key announcements below that are of particular importance.


    1. Investor Webinar Presentation – 19 April 2023.
    2. Schemes of Arrangement Letter of Access – 12 April 2023.
    3. Scheme Booklet – 6 April 2023.
    4. Toll Milling Agreement executed with St Barbara – 28 March 2023.
    5. High Grade Gold Intercepts in Menzies RC Drilling – 23 March 2023.
    6. BTR: Brightstar and Kingwest agree to revised Scheme terms – 15 March 2023.
    7. Revised Scheme Consideration – 15 March 2023.
    8. Half Year Accounts (to 31 December 2022) – 13 March 2023.
    9. Quarterly Activities/Appendix 5B Cash Flow Report – 30 January 2023.
    10. HRZ: Divestment of Kingwest Shares For $1.3M Cash – 19 January 2023.
    11. Scheme Implementation Deed– 23 December 2022.
    12. Strategic Merger Presentation – 23 December 2022.
    13. Brightstar And Kingwest Resources Agree Strategic Merger Announcement – 23 December 2022.


    Presentation dated 19 April 2023

    There was a presentation held by KWR on 19 April 2023, presented by Alex Rovira (BTR MD) and Dean Vallve (KWR COO).

    The information during the presentation was high level, and did not provide any further detail to that contained in the Investor Presentation dated 19 April 2023.

    Further, the question regarding the costs of having the BTR mill operational was put to Alex and Dean during the meeting.Their answer was opaque at best. Comparative cost of “building a new mill of the same size” at circa $70million is very concerning. Even if the ‘cheap’ option of refurbishing the mill is $20m this is an expensive outcome and will result in significant dilution of shareholders, following an already dilutive merger.


    There are currently 281,726,818 KWR shares on issue
    .Following the merger, there will beat least1.5 billion shares on issue,prior to any capital raises.

    The updated information regarding the cost of refurbishing the mill will not be made available until after the vote for the merger.KWR Shareholders shouldn’t be voting for something that they have no visibility over.Further, there are glaring concerns contained in the Scheme Booklet, for example:

    See page 60 of the Scheme Booklet

    As outlined in the Technical Specialist Report, Como Engineers produced a report in 2021 that showed a capital cost of $5.5 million to refurbish and expand the Laverton Processing Plant. Therefore, whilst the implementation of the Schemes may provide Shareholders with exposure to the Laverton Processing Plant, it may require significant cash to be spent to bring it back into service. The Laverton Processing Plant does also not neighbour Kingwest’s mineral assets and has been on care and maintenance since 2014. Further, as outlined in the Technical Specialist Report, during the time the Laverton Processing Plant was operational in 2011, it treated only oxide material, and as a result, is mismatched to much of the potential mill feed discovered by Kingwest and Brightstar to date.

    See page iii of the ‘Independent Technical Assessment and Valuation Report (page 214 of 379 of the Scheme Booklet)

    There are also significant environmental liabilities associated with the rehabilitation requirements for the Brightstar Projects including rehabilitation of the tailings storage facility, waste dumps, access roads, open pits and associated disturbances.

    Further, the trucking costs are suggested to be 0.4 grams per tonne. Given that KWR’s cut-off for all but one of its deposits are 0.5 grams per tonne (slide 20 of the Strategic Merger Presentation dated 23 December 2023), it is not feasible to truck most of KWR’s ore to Laverton, let alone mill it.

    Alex and Dean also commented on the “lack of available capacity” at significant mills near KWR. However, KWR (or KWR management) were not those that obtained the current milling agreement or capacity, and it is not the entity that has the relationships with those mills, BML is. BML considers that it has strong relationships and can obtain milling capacity, and can continue to do so in the future.In this respect, I refer you to the announcement on 28 March 2023 regarding the Toll Milling Agreement executed with St Barbara (see the top of page 2 of the Announcement).

    Kingwest’s JV Partner, BML Ventures Pty Ltd, has recent and applicable experience in mining similar sized gold operations, including the nearby Granny Venn deposit (owned by Resources & Energy Group, ASX:REZ) located east of Menzies, along with the current development JV with Auric Mining Ltd (ASX:AWJ) at Jeffreys Find located approximately 50km East of Norseman, WA. As announced on 23rdMarch 20233 and 13th July 20224, BML is responsible for all capital costs, mining and haulage with profits split on an even (50:50) basis upon reconciliation of gold sales and project costs.

    The Toll Milling Agreement has been signed by St Barbara Ltd and BML Ventures Pty Ltd (on behalf of the Selkirk Mining JV). The Agreement contains customary terms and conditions associated with contracts of this nature and is reflective of current market conditions for gold ore processing in the WA Goldfields.

    The proposed merger was first announced on 23 December 2022, whereby KWR would control 43% and BTR 57%.

    Updated merger details were announced on 15 March 2023, whereby KWR would control 47% and BTR 53%.

    This still means that KWR is sharingmore than 50%of its potential value and profits with BTR, which is less advantageous than the current JV with BML.Further, if the JVs with BML continue post-merger, KWR Shareholders realiseless than 25% of this value.This is not compelling.

    Lack of synergy

    Much has been said regarding the ‘strategic’ benefits of an MRE of more than 1 million ounces. However, this largely ignores the fact that the two deposits are wholly separate and offer little or no synergist opportunities or value.

    BTR’s “processing infrastructure” is currently non-existent, will require substantive cost to make operational and will take significant time.Currently, KWR has JV’s for these same “high grade Menzies ounces” with BML.KWR shares any profits with BML 50-50, which is in factbetterthan the share that KWR would receive following the merger with BTR (53% of the merger entity).There is no compelling reason whatsoever for KWR shareholders in this respect.

    KWR is relying on its JV with BML to produce a revenue stream. BTR does not have a revenue stream, or a proposed short term revenue stream. KWR is essentially assisting in funding BTR’s mill and exploration.

    With a soaring gold price, it makes sense for KWR to undertake the ‘Alternate Course of Action’ identified in my previous email.

    HRZ: Divestment of Kingwest Shares For $1.3M Cash

    This was an unexpected and concerning transaction to take place at the time and manner in which it has.Putting that to one side, KWR’s (now former) major shareholder sold its entire stake at all time lows. Unless something took place that we are unaware of, this alone indicates that Horizon sees very little value in the proposed merger.So much so, that Horizonsold 37,088,333 KWR Shares at a price of 3.5c per share, rather than remain a KWR Shareholder.

    Menzies Historical results & under-exploration

    Again, I want to highlight the historical results at Menzies. 800k ounces at approximately 19 grams per ton. Menzies has largely not been explored by KWR below 200m depth. This was discussed more in my previous email.

    The announcement on 23 March 2023 shows that Stirling and Pericles still have strong results “RC drilling intersects up to 27.8g/t Au at Stirling & Pericles”.

    On 28 march 2023, the Toll Milling Agreement was executed with St Barbara for Selkirk Mining JV with BML. One of the key components being “Over 30kt of ore identified for processing in Q1 CY24, with optionality for additional ore processing within the contract

    Next steps

    There are approximately 1,600 KWR shareholders.

    This is well and truly the time to be proactive regarding your shareholding.

    Whether you agree with the proposal or not, I encourage every shareholder to review all the material, consider the benefits and vote. The process to do this is simple, and was contained in the recent communication from the company.

    The Scheme Booklet, Notices of Scheme Meetings, and the relevant Proxy forms can be accessed online athttps://www.kingwestresources.com.au/scheme-booklet.htmland on Kingwest’s announcement platform atwww.asx.com.au

    You can also request a free paper copy of the Scheme Booklet by calling 1300 103 392 (within Australia) or +61 2 9068 1925 (Overseas) or via email at[email protected]

    VOTING

    You may vote by attending the Scheme Meetings yourself, online or by proxy, by attorney or in the case of a corporation, by corporate representative.

    You can lodge your proxy online via our Share Registry by taking the following steps:


    Click here

    Enter your Australian postcode (If you are an overseas resident please amend the country name to the country in which you reside)

    Select on the "I'm not a robot" box and follow the prompt

    Click on the "vote" button

    I note that if you hold shares in multiple holdings, you need to register each of those holdings with Automic, and vote each of those holdings.

    I have done this, and I am happy to talk anyone through this process if they have any issues (again, regardless of how you are voting, I am happy to help – the process can be slightly finicky, especially if you are not used to it). Alternatively, you should be able to call Automic, and they can talk you through the process.

    Kind regards

    ________________


    Nick Cohen


    Shareholder Action Group

    Po Box 407, Spit Junction, NSW 2088

    M: +61 405 026 562

    E: [email protected]


    From:Shareholder Action Group <[email protected]>
    Sent:Tuesday, 31 January 2023 5:25 PM
    To:Shareholder Action Group <[email protected]>
    Subject:Fw: Kingwest Resources (KWR) | Shareholder opposition to the proposed merger with BTR
    Dear all

    My apologies. On Friday, 27 January 2023 you would have received an email from me at a gmail address.

    Due to the number of emails sent, Google has 'temporarily' suspended that account. I was unaware that Google / Gmail would limit my emails in the manner that it did.

    I have received a number of communications indicating support for the gist of my email, however, they have also notified me that they have been unable to reply to that email. I am forwarding a copy of my below email, and re-circulating it from an email address that should not encounter the restrictions seen with Gmail.

    Please correspond with the following email address going forward[email protected]

    Apologies again for the hassle.

    Kind regards

    Nick

    ________________

    Nick Cohen


    Shareholder Action Group

    Po Box 407, Spit Junction, NSW 2088

    M: +61 405 026 562

    E: [email protected]



    From:Nicholas Cohen <[email protected]>
    Sent:Tuesday, 31 January 2023 5:15 PM
    To:Shareholder Action Group <[email protected]>
    Subject:Fwd: Kingwest Resources (KWR) | Shareholder opposition to the proposed merger with BTR

    ________________

    Nick Cohen

    Po Box 407, Spit Junction, NSW 2088

    M: +61 405 026 562

    E: [email protected]




    ---------- Forwarded message ---------
    From:Shareholder Action Group<[email protected]>
    Date: Fri, 27 Jan 2023 at 15:36
    Subject: Kingwest Resources (KWR) | Shareholder opposition to the proposed merger with BTR
    To: <[email protected]>


    Dear all

    I have had the pleasure of speaking with many of you, however, due to the sheer number of shareholders (approximately 1700) and lack of contact details contained in the Shareholder Registry, I have not had the opportunity to speak with all of you.

    What this is

    I have reviewed the documents regarding the proposed merger between Kingwest Resources (KWR) and Brightstar Resources (BTR). I do not consider that this deal is value accretive to KWR shareholders.

    I have spoken with several brokers who are not involved in this transaction, and have not been involved in raising money for KWR. These brokers also do not see the value to KWR Shareholders.

    I have spoken with multiple senior figures in the gold and mining industry across Australia. Again, these individuals do not see value to KWR Shareholders in the proposed merger with BTR.

    As such, although I do not have a significant stake in the company, I have taken it upon myself to pull together shareholders who also do not consider that the proposed merger with BTR is in the best interests ofall KWR Shareholders.

    The proposed merger documents can be located here:

    1. Brightstar and Kingwest Resources Agree Strategic Merger dated 23 December 2022(BTR & KWR Strategic Merger Announcement);
    2. Strategic Merger Presentation dated 23 December 2022(Merger Presentation);
    3. Scheme Implementation Deed dated 23 December 2022(Scheme Implementation Deed).

    Who I am and why I am involved

    I am Nick Cohen a solicitor based in Sydney who specialises in Commercial Litigation and Insolvency.

    I have a small investment in KWR (approximately 300,000 shares). This is a relatively small holding compared to other KWR Shareholders, and relative to my overall investment profile. However, I see KWR as a company with fantastic prospects that are not being fully explored and maximised.

    KWR’s current position

    There are approximately 1700 shareholders in KWR, with approximately 280 millions shares on issue (SOI). At the recent AGM there were only approximately 60 million shares voted. KWR does not currently have an active shareholder base; I am seeking to change this.

    We need 5% of shareholder votes, or 100 shareholders to require the company to call a meeting and/or put certain resolutions to the KWR shareholders. We already have 5% of SOI.

    At the end of the 30 September 2022 quarter, KWR had approximately $2.8m. At the end of the December quarter, KWR should have approximately $2.1m in cash.

    KWR is in a (relatively) strong position with the current JV with BML in relation to the Selkirk deposit.

    KWR could receive somewhere in the vicinity of $3m - $5m from the JV with BMLin relation to the Selkirk deposit alone. That is, KWR currently holds enough cash on hand for at least 4 – 6 quarters if we minimised costs. This is more than enough time to obtain the income from the Selkirk deposit.

    BML has indicated a willingness to extend the relationship with KWR in respect of another small deposit at Menzies. More importantly, BML has indicated a desire to engage further with KWR in respect of the larger deposits, if the initial mining is successful. This could be highly profitable for KWR.

    Menzies

    KWR currently has a deposit of approximately 500k ounces, at 1.33 grams per tonne. This is nothing to be sneeze at. KWR is in the process of monetising the Menzies deposit. However, the overall Menzies deposit is made up of multiple smaller deposits,all of which are open at depth. Historically, Menzies has produced 800k ounces at 19 grams per tonne, which is exceptional (see slide 10 of theMerger Presentation).

    Further, most of the existing KWR Mineral Resources Estimate (MRE) is relatively shallow “predominantly defined within the top 200m from surface) and modest grade, despite the historically mined Yunndaga deposit being mined to+600m depth” (see slide 10 of the Merger Presentation).

    There is ample opportunity for KWR to conduct further drilling across Menzies, and carry out deeper drilling across each of the existing Menzies deposits.

    Lake Goongarrie

    Lake Goongarrie is highly prospective, however, it is difficult to drill and from the results that we have seen to date, will most likely require a significant number of holes to locate any meaningful gold deposit. This is not something that KWR can afford to focus on, especially in the short term and in this financial climate. However, it remains a fantastic asset for KWR to pursue in the future when it has a stronger balance sheet and can afford to take the time and resources to drill Lake Goongarrie properly.

    Other prospects

    The financial climate is becoming more and more difficult. Inflation is soring and many small mining companies are going to struggle. Access to cash for exploration activities through capital raises and the like will become increasingly difficult. This is a great time for KWR to build its existing cash position through its relationship with BML and to maximise the commercialisation of the existing Menzies deposit. There are likely to be many companies, deposits and tenements that will be significantly undervalued in WA and across Australia more broadly in the next few years. KWR should capitalise on these opportunities, not become one.

    Proposed BTR Merger

    The proposed merger results in approximately 1.5 billion shares on issue and a market cap of $20m. This is before any funds are raised.

    The ‘strategic’ benefit to KWR Shareholders is apparently:

    1. BTR’s existing resource at Laverton (460k ounces at 1.6 grams per tonne, which is similar to KWR’s MRE); and
    2. BTR’s Laverton mill.

    There does not appear to be strong synergies between BTR and KWR.

    The cost of fixing up BTR’s mill in Laverton isat least$5.5m (see slides 6 and 9 of theMerger Presentation). I say at least because this was a cost identified in May 2021, and construction associated costs have only increased since that time. However, even if this mill at Laverton is restarted, it is a relatively small mill and the operational costs of milling will be significantly higher than those at existing larger mills.

    The trucking route from Menzies to the mill at Laverton is 260km, bypassing a number of larger mills significantly closer to Menzies (many of whom BML have a relationship with, and accessing to milling potential).

    KWR is apparently obtaining a resource similar to its own, but under the merger with BTR KWR shareholders end up with 43% of the total and BTR shareholders with 57% of the total. The merged company has to pay higher trucking costs to get to the Laverton mill and the merged company has to pay higher milling costs (at the small Laverton mill, if the company gets it operational) and then, KWR Shareholders only obtain 43% of the profits.

    When compared to a JV with BML, where BML pays all the upfront costs, KWR has lower trucking costs and cheaper milling costs at the larger mills that BML has access to, and KWR and BML split the profits 50-50, the BTR strategy doesn’t make any sense at all to me.

    I have heard that BTR’s new MD, Alex Rovira (Rovira), is a genuinely nice person. Which is great to hear, but he is in his early 30’s and has never run a company before, let alone a mining company. He has, to date, been a Perth based broker.

    Excessive compensation

    If the proposed merger goes ahead, Rovira will be gifted 80 million performance shares (see Appendix 2 / page 7 of theBTR & KWR Strategic Merger Announcement). This is a large number of shares for what I would consider to be standard operating procedure for a Managing Director or CEO of a mining company.

    In addition to this, Bill Hobba (Hobba) is to receive $1,140,000 in compensation if the BTR mill becomes operational and produces 50,000 ounces of gold. Again, this appears to be excessive and unnecessary compensation.

    Further, part of Rovira’s and all of Hobba’s compensation is directly tied to the BTR mill at Laverton becoming operational, even though this may not be in the best interest of the merged company as a whole. This presents a complex potential for a conflict of interests.

    Does KWR need BTR?

    As you can see from the above, KWR does not necessarily need BTR to continue its activities. BTR on the other hand has a considerable number of SOI (approximately 700m) and is currently raising $1.6m in capital to continue with its current activities. Merging with KWR provides BTR with access to additional capitalandan immediate revenue stream (through KWR’s JV with BML in respect of the Menzies deposit). As far as I am aware, BTR does not have any program in place to immediately monetise its deposit at Laverton. Ultimately, it appears to me that BTR need KWR a lot more than KWR needs BTR.

    Alternate course of action

    In light of the above, we consider that the following course of action is far more advantageous to KWR Shareholders, and should be pursued instead of the proposed merger with BTR.

    1. Minimise costs and KWR’s expenses;
    2. Immediately expand KWR’s JV with BML;
    3. Consider further expansion of the JV with BML regarding some of the larger deposits at Menzies;
    4. Develop exploration and drilling programs at depth at Menzies;
    5. Develop exploration and drilling programs (including potentially a Moving Loop Electromagnetic (MLEM) Survey) across theHighway Ultramafic for potential Nickel and gold deposits;
    6. Actively engage in seeking out undervalued deposits, companies and tenements; and
    7. (further down the track) consider reengaging drilling at Lake Goongarrie.

    In some ways, the proposed course of action for KWR is not a ‘sexy’ or ‘exciting’ proposed course of action, but it is one that I genuinely consider will maximise shareholder value in the medium to long run.

    Further action

    The proposed merger with BTR requires a special resolution to be passed, this means that it requires 75% of the shares voted to be in favour of the merger. As such, I am seeking to obtain proxies forat least 25% of the SOIto ensure that we can prevent the merger from proceeding. From the support that I have already received, number is very realistic.

    Once you have had the opportunity to consider the above and the proposed merger documents (each of which I have linked above), it would be greatly appreciated if you could please email me with whether:

    1. you will support our action to block the merger with BTR;
    2. whether you are undecided; or
    3. whether you will support the merger with BTR.

    The KWR Shareholder registry also did not contain emails or phone numbers for a considerable number of KWR Shareholders. As such, it would be greatly appreciated if you could please circulate this amongst other KWR Shareholders that may not have their contact details on the KWR Shareholder Register.

    The above is in no way financial advice, it is my opinion as a shareholder of KWR. I want every KWR Shareholder to look at the proposed merger with BTR on its merits, and consider whether it is the best way forward for KWR. I do not consider that it is, and I have flagged several of the reasons above that have caused me to reach this conclusion.

    Finally, should you have any questions or comments regarding the above, please do not hesitate to contact me via email ([email protected]) or mobile (+61 405 026 562) – I am available almost 24/7.

    Kind regards

    Nick

    ________________

    Nick Cohen

    Shareholder Action Group

    Po Box 407, Spit Junction, NSW 2088

    M: +61 405 026 562

    E: [email protected]


 
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