fight for you rights, call in asic

If you feel that you have been unfairly discriminated then lodge a complaint with ASIC.


Go to http://www.asic.gov.au/asic/asic.nsf and select the option 'About ASIC' and then sub-option 'Contact Us'. While there select 'Make a Complaint' from the main menu. When the appropriate page is displayed scroll down until you find the link 'Make a complaint online'.

You will be needing some details about Focus which are:

FOCUS MINERALS LTD
Level 30
St Martins Tower
44 St Georges Terrace
Perth WA 6000

Tel: 08 9215 7888

Although I am not a lawyer bellow is an example of what in my opinion should be said. Please note that I cannot guarantee neither the correctness nor the appropriateness nor the factual veracity of what is stated.

I am writing to request ASIC to issue an interim order restraining FOCUS MINERALS LTD or its agents, namely Computershare Investor Services PTY LTD, from allocating any shares on issue under the retail Share Plan currently being processed (?the SPP?) until such time as ASIC so determines in written.

I base my request on my belief that the above mentioned SPP has been implemented in a way that not only violates the general principle at corporations law that states that no corporation may unfairly discriminate between shareholders, but also makes it possible to blame the victims.

Now state the facts supporting the first assertion. You may state for instance that the offer was structured with the aim of discriminating between shareholders in terms of knowledge proximity (closeness to the center of knowledge), spacial proximity (different mail delivery times), cultural and commercial practices (BPAY versus cheque), etc, etc, to make possible, ab ovo, the allocation of all shares on issue to only a minority of shareholders (7,000,000 /15,000 = 466)

Regarding the second assertion you may say that FOCUS management?s justification for the way that the SPP was structured is rumored to be that shareholders are notoriously slow in responding to SPP issues waiting until the final few days of any SPP offer to make up their minds, a fact that implies some form of wrong doing on their part and therefore the need for them to be punished with a zero allocation in vast numbers.

Regardless of whether or not the above facts can lead to the conclusion of unfair discrimination you should also add that FOCUS management failed to insure that all shareholders were materially placed in position to apply for their entitlements as the letters inviting them to participate in the SPP and containing the appropriate application forms arrived at their destinations when the offer, due to over subscription, was already closed, resulting in the end that only those with access to a BPAY facility and/or with knowledge about the services provided online by Computershare were in position to win a meritorious position in the race.

You can also state that it is your belief that Computershare could not be in position to time stamp every letter at their arrival at their postal box in Perth and therefore that management failed to implement a mechanism to allow the proper sequencing of the applications which involved postal letters and PBAY payments.

You can and perhaps should also add some comments posted here not only showing indignation and outrage, but also the ones blaming the victims.

Good luck