Just how angry are we?

As an ex-IOH long time holder (sometimes trader) - I am white hot angry at the position we now find ourselves in! And wonder why others are not similarly angry.

MY sob story is the week this T/O was announced - our family were all veru ill, laid low with flu. I was so ill, could hardly get up, let alone focus on screens. Looked at the IOH price - shot up from around 95c - to $1.35 that day - saw all the glowing reports - a couple of professional contacts - some holding IOH - and all said this was great, in their opinion - and that they'd be taking it up. Price of BCI then, fro memory - over $3.00?

Then read IOH Boards' strong recommendation that holders take up this offer - in lieu of a better one coming along. The 2 for 1 SP offer based on prices then was nothing to worry about, in disadvantage territory.

Of course, with hindsight - (and if I havn't been so ill - I may have - should have) - sold IOH immediately - at the then $1.35.

But our Board strongly recommended us to take this up. Reports of BCI even then - glowing. This all looked "Hunky dory".

Now - the price of BCI is around half of what IOH was - before this happened. I have lost absolute thousands on this - on paper - as surely so have so many others! Thousands of $'s - right on Christmas - which as a result will be more frugal than anticipated.

The question I ask now is - surely this imminent plunge in the IO price was predictable - to some extent or another. Why did BCI make such an offer at such an (allegedly) predictably volatile time then - was this fall in IO price forseeable in it;s scope? More to the point, WHY did Kerry Stokes and his Board advise us to accept this offer, so decisively (it hasn't been to OUR advatange - we punter stockholders, at all! Quite the contrary - we've suffered signifcant losses). Well, excepting the current BCI shorters - and not all of us can play THOSE games!)

-but more to the point - highly recommend to us - his trusting shareholders -now, so many of suffering signiicant losses accordingly?

Yes, I am very angry. But is it just me? WHy aren't the previous IOH Board being asked to give an account - of WHY? We are now all in this position. (I'm sure their Xmas is great!)

Surely this cannot ALL be laid at the feet of this dramatic drop in IO price? Still don't get it? Two companies, now for half the price of one. Or around one sixth of the price BCI was at - not so very long ago?

If the basic value of each company - and their reserves - are still intact- how come, suddenly they are written down by the market to levels almost, suddenly, one could allege, appearing to be almost valueless? What - Two Companies merged into One equals NONE? I just cannot get it. If two investment houses are sold - one gets double the price of one! But this current taekover scenario is inexplicable - and allegedly totally unjust! For apart from the drop in IO price - what the hell ELSE has changed? And seemingly, changed - so suddenly - SO drastically?

IMO - and, I allege, Kerry Stokes owes us all - we ex-IOH holders - a thorough explanation! And similar from the BCI CEO and Board would not go astray - either.

But trouble is - these Company Boards - speaking generally, across the ASX spectrum - are, most of them, allegedly SO remote - so elite - so untouchable - so uncontactable - after such events are over. Their Christmases still Merry. And we - trusting minnows. Invested in good faith. Took up an offer in good faith. We have to grin - and bear it. What's petty cash to these elites - is a fortune to us.

I find it, allege it - disgraceful. I find it, allege it - immoral. And I allege we've been had. But how - and by whom, allegedly? Big shorters? - added to the mix? We'll, the plebs - just pawns - we'll never ever know.

What do other IOH ex-holders think? Is there any avenue of complaint?