MEL (ASX) ASIC complaint lodged

Originally posted by asianmgt ↑

Today I spoke with the Nth River Group of Investors who are striving to get the "NO vote" over the line.
It is my understanding they were told that an independent Actuary and Valuation report was not prepared and that the Board voted against preparing such a report. WTF
Does any know anything about Chapter 11 of the Companies Code?
I thought it was mandatory for the Board and Management to have such a report prepared that independently assessed asset values of the company’s only asset and thus determine a fair and reasonable basis for settlement.
Otherwise, how can an investor become informed and make a decision when the Board is failing in their fiduciary obligation in representing the shareholder. The Board should provide the shareholder on proper grounds and timely information so an informed decision about the $25m offer from the government can be made.
ASIC Complaint form as submitted: https://www.edge.asic.gov.au/008/complaintV007?get/complaintDetails/t=26f2f47224e0e4af9e3c28807fe74181b9f1dd0
Today I have lodged a complaint with the ASIC. I ask the ASIC to intervene on behalf of all MEL investors.
All MEL investors should consider lodging a complaint. If you don't then the government won't listen.
We have a right to know the basis of the negotiations undertaken between our Director and the NSW government. .... AND … Is the offer presented truly “FAIR and REASONABLE”?
I give everyone permission to use all or part of my complaint (extract below) and that I have lodged with the ASIC.
These questions must be answered and the Corporate Regulator must step in and permit the shareholder to become better informed shareholder. This action is their government mandate!
-------------------

It has come to my understanding the Board and Management of Metgasco Ltd have not disclosed to Investors the basis of calculating the fair and reasonable valuation of the said company’s sole asset before asking members to accept the contractual and proffered settlement as presented by the New South Wales government.
The Company Directors are asking Investors to accept their recommendation on the 16th December 2015 without distributing any independent reports justifying the reasonableness of the said offer as fair and accurate of the company’s true worth.
Further, it is suggested that in accordance with Chapter 11 of the ASIC own code that the Directors of any public company should seek and appoint suitability qualified and independent persons to undertake a recent valuation of the company’s sole assets if those assets are the principle assets of the company.
Can the ASIC confirm in a timely manner and before the 14th December 2015:
- Do the Directors have a fiduciary obligation to "FULLY" inform investors of the basis and determination of their recommendation to sell the company’s principal asset?
- How the settlement figure of $25m was identified and determined?
- What were the terms and criteria used in determining the proffered settlement?
- Is it a legal requirement for the Directors of Metgasco Ltd to commission an independent report under any section or verse of the Companies Code when disposing of the company’s sole and principal asset?
- Can the Directors of Metgasco Ltd consent to sign any unratified agreement to dispose of the sole and principal asset of a company, before consulting with Shareholders?

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Congratulations asianmgt, well done.

But there is another thing that I would like to know.

"In the case where a company is selling it's sole asset, should a 75% of the total shares on issue voted be taken in consideration or only 50% plus one vote.??"

Thanks in anticipation..

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(20min delay)
Last 0.2¢		Change 0.000(0.00%)		Mkt cap ! $3.665M

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ASIC complaint lodged, page-5

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ASIC complaint lodged, page-5

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