These guys are so dodgy.....the SPP price was calculated...

These guys are so dodgy.....the SPP price was calculated incorrectly..... the company secretary is dodgy.... I lodged a formal complaint with ASIC.....and an additional SPP shares were issued to all those who took up the SPP yesterday!!! Justice was done! Not big money....but its the principle of the matter...
cheers.
Omega

Attached is the formal complaint.....MSC @ssholes...




Dear Sir/Madam,

There was a Share Purchase Plan in Minerals Corporation Limited (MSC) announced to the market on the 25th of July 2005.

Subsequent paper work was sent out to share holders on the 4th of August 2005.

The Minerals Corporations Limited (MSC) Share Purchase Plan terms and conditions stated that the issue price would be (As per Terms and Conditions clause 11.) a 'discount of 15% to the Volume Weighted average Price of the companies ordinary shares sold on the ASX, calculated over the last 5 days on which sales are recorded before the date of issue.' Issue date stated in the terms and conditions is 'on or about the 25th of August.' The actual issue date was the 25th of August 2005. The VWAP calculation days in the count should have been the 24th, 23rd, 22nd, 19th and 18th of August. The word 'about' does not entitle MSC to ignore subsceeding dates to the issue, as they did.

The problem i have is that the company decided to calculate the 5 day VWAP not as per the terms and conditions of the Share Purchase Plan. As a result the Share Purchase Plan issue price resulted in a price that was 0.17c higher than it should have been.

On each maximum SPP application of $5,000 investors were given 116,538 shares. They used an incorrect SPP issue price of 4.29c......... when infact they should have used a price of 4.12c. This meant that that investors applying for the maximum SPP entitlement should have received an extra 4821 shares!!! This is infact $198 (4821 x $.0412) of vlaue that was misleadingly taken by this company. The company had SPP applications totalling $3,418,555 and issued a total of 79,686,606 shares as per the Appendix 3B announced to the market on the 25th of August... the mispricing means that the company issued 3,288,029 less than it otherwise should have. Value of those shares not issued is $135,467.

I would like you to read the terms and conditions and please calculate the Share Purchase Plan price as per the terms and conditions of the Minserals Corporation Limited (MSC) Share Purchase Plan. (My calculations are included below)

According to section 11, MSC could choose an issue date around the 25th of August, but regardless of the actual issue date the VWAP MUST be calculated 5 days immediatly before the actual issue date. MSC failed to do so.

You will find that Minerals Corporation Limited has mislead investors......despite what the company secretary Mr Robert Lo claims.

I trust this matter will be followed up and look forward to a response in due course,

regards,

TJ






no date Volume Day VWAP (Vol/total Vol)xDayVWAP

1. 18th 1,366,119 5.0774 .0064756
2. 19th 2,454,898 5.0109 .0114843
3. 22nd 4,001,217 4.8105 .0179695
4. 23rd 1,453,226 4.6275 .0062781
5. 24th 1,435,900 4.6994 .0062997

Total volume = 10,711,360


Total VWAP .0485072

less 15% (.007276)

Issue price .04123