cudeco's complaint against fosters

I'll be very interested to see the outcome of the complaint against Fosters. That report had no date & no author - is that normal practice?

Meanwhile, in the past week, over 1.3M shares were snapped up by the top 30 shareholders.

If Fosters have to release a new valuation, say $3.00, from their current ridiculous $1.20, then I'd expect a decent bounce.



From the Cudeco 21st Aug 2010 Press Release :

http://www.cudeco.com.au/pdf/CuDeco_Press_Release_August_21_2010.pdf

"The report recently compiled by Foster Stockbroking wstimated that the value of copper in the ground at Rocklands at 0.10c lb or $US220 per tonne of copper. On the date of their report the copper price was $US3.30 lb or $US7,276.00 per tonne. Fosters have used numbers in their calculations of $US7,056 tonne less than the actual copper price. The question of motive for using the prices in their assumptions is what needs to be established. The Company has formally requested that Fosters Stockbroking provide the working data and the qualifications of the person or persons that made the statement and compiled the report.

The report by Fosters Stockbroking was undated and did not contain the name of the actual author The qualifications of the author were not attached to the report. We believe that the report may have mislead some shareholders of CuDeco.
However we will keep shareholders informed.

The Company will be on Monday requesting that the Australian Securities Investments Commission investigate the trading of the employees and the clients of Fosters Stockbroking since the release of the Resource Update and to investigate the person or Page 2 of 3 persons that completed the analytical report including their qualifications and the data base and technical information that they relied on to come to the recommendations for shareholders of CuDeco to sell their positions.

The Company will be on Monday requesting that the Australian Securities Investments Commission investigate the trading of the employees and the clients of Fosters Stockbroking since the release of the Resource Update and to investigate the person or Page 2 of 3 persons that completed the analytical report including their qualifications and the data base and technical information that they relied on to come to the recommendations for shareholders of CuDeco to sell their positions.

Any shareholders of CuDeco that did dispose of their shareholding in CuDeco and made their decision based on the analyst report from Fosters Stockbroking of which the results were published in some major Australian Newspapers should email to [email protected] the number of shares sold, the number of shares prior to reading the Fosters Stockbroking Report and the balance of stock they hold. We would also request the losses that may have been incurred as a result of reading the report or the contents of the report in the National Newspapers."