Handling of SPP, page-18

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iron9

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21/05/16

16:57

Post #: 17831901
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Originally posted by gogo22 ↑

I would like to voice my dismay in the way the most recent SPP was arranged .

Both myself and my wife hold over 600,000 shares in the company.

We purchased as we believed in the company and its objectives.

I was aware that a SPP was on offer and was awaiting the documentation
to arrive.

As probably other ordinary shareholders were also.

It arrived today in the mail 21/5/16 -Melbourne.

I have since read an announcement that the offer has already closed oversubscribed.

I have since read on a share forum that there was an option to purchase online via B-Pay as of a few days ago .

I do not believe that every shareholder looks at every company announcement on any or all shares that they hold in there portfolio on a daily basis.

Although I am an eligible shareholder because I am not a full time trader I am given zero opportunity to participate.

I am sure that you are aware that most companies on the ASX give all shareholders an equal opportunity to participate in any company offers
that arise and then cut back allocations so all shareholders are able to benefit to some degree .

Although the company has cut back on there administrative paper work and received there money in very quick time it is at the expense of loyal shareholders.

A fairer way would have been to send a letter to all share holders in all Australian states - alerting them to the fact that at a certain nominated time in the future ( allowing for slower snail mail to the differing states ) that there would be an opportunity to participate via a downloadable copy with an option to purchase online.

As a non trader type of investor (- hold for the medium to long term)
in the company I should have been given an equal opportunity to take up my allocation and duly scaled back in a fair and equitable way.

I also do not believe that every individual shareholder on the companies register
has the the time to read every company announcement on a daily basis or visit share forums daily where information disseminates virally.

There may even be some of your shareholders who do not even own a computer.

Hence you have really only catered for "traders " or those who have the time and inclination to read either a share forum or every ASX announcement a company may make on a daily basis.

Ulltimately this will only add to the volatility of the companies share price.

I believe that as a medium to longer term investor I should be respected and treated equally as other shareholders in the company.

The way the company has conducted this SPP has been very inequitable
and as a shareholder would like to know why the directors have wasted shareholders funds ( ie -myself and other shareholders ) money on administrative and postage costs .

You got the money you wanted quickly but at the expense of doing the ""right thing"" by each and everyone of your shareholders .

Any response to the points raised would be appreciated.

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Good on you Gogo for writing to the company and expressing your views.

I am sure there are many shareholders in similar situations as u are - who have felt unfairly done by. Hope that more people would complain to the management too. Perhaps the company may change its mind and give others (especially those who do not have access to mobile phones nor PC) a fair go.

MXC Price at posting: 5.2¢ Sentiment: Hold Disclosure: Held
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Handling of SPP, page-18

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