Hi Ray, Love your show! I grew up a year behind you in Dundas...

Hi Ray,
Love your show!
I grew up a year behind you in Dundas Valley, surrounded by hard working sporting families like the Prices, Parkers, Kings and Williams.
I am now in a shareholder fight to keep the Australian steel industry Australian owned and it’s a fight against our own “top end of town”.
It’s about Arrium Limited (better known as Onesteel) that entered administration in April 2016 after some pretty poor decisions by its executive team and board.
8 months later due to steel and iron ore prices doubling the Company is more profitable than it has ever been in its history.
I am a member of Arrium Shareholders United (ASU), a group of 450 members representing 170 million shares. Our members are predominantly mum and dad investors, many are current employees of Arrium/Onesteel and are also union members and shareholders.
Our motivation is to keep Arrium Australian-owned, protect Australian jobs and employees’ terms & conditions of employment and maintain shareholder value.
KordaMentha are the court appointed administrators, who report their progress to a committee of creditors including the big 4 banks and employee reps such as the AWU.
We are highly concerned that KordaMentha are continuing to promote a sale process of Arrium Australia, despite highly favourable market conditions that translate into a highly profitable last 6 months, with projections for a bumper 2017.
It defies any rational argument that Arrium remains under administration, that KordaMentha invoices a cool 1 million a week to manage.
Furthermore; Morgan Stanley will pocket a 100 million in fees for managing a totally unnecessary sale process that will result in another Australian icon being sold overseas.
Our group has been highly active writing to all the key stakeholders including KordaMentha, the big 4 banks, trade unions, ASIC and politicians to restore some sanity into the process; with mixed results.
All you get is the “big run around” and all we want is financial transparency and shareholder engagement, “it’s our company after all.”
Politicians tell you to contact ASIC, ASIC tells you they are under resourced and to write to KordaMentha, KordaMentha tells you the company is bankrupt and quotes financial data 8 months old (you get the spin, current financial data is not available and is market sensitive). Unions and banks say they have signed confidentiality agreements as members of the creditors committee etc.
“The top end of town” has embarked on a feeding frenzy of consulting fees to sell off a Company that is now booming….
All it needs is a new high profile board that can renegotiate existing loans with the big 4 banks.
Jobs are saved, 80,000 shareholders are not wiped out (all claiming tax losses) and creditors are paid in full.
Would love to have a chat with you on air at your convenience.
Kind regards,
Rob

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