asic complaint draft

Thinking of making an ASIC online complain along the lines of the following, any suggestions.



SANTOS LIMITED (ASX:STO) and EASTERN STAR GAS LIMITED (ASX:ESG) have entered into a Scheme of Arrangement for STO to acquire ESG shares by offering STO script in return for said shares.

In the same Scheme of Arrangement, STO is offering TRUenergy Holdings Pty Limited (ABN 99 086 014 968) $0.90 cents cash per ESG share (associated shareholders).

This is not fair to non associated shareholders as it is valuing the TRU energy shares at a greater value than the non associiated shareholders at the current STO share price.

The inverse would apply if the STO share price increased above the market value described in the Scheme (around $13.00).

The Independant Expert has deemed that the current market conditions make the scheme neither fair nor reasonable to the non associated shareholders (shareholders other than STO and TRUenergy).

The current board of ESG has unanimously recommended that the scheme is approved against the opinion of their independent expert which would appear to be against the best interests of the minor shareholders while looking after the major corporate shareholders and possible undisclosed interests of the directors.