Absolutely agree. This letter is like a red rag to a bull. Have written the following to the idiot in charge and suggest others do the same. Unlikely to make any difference but at least I feel better from trying:
Dear Mr Maloney
Thank you for the open letter released today on the ASX. I am a long-term supporter of CAH and have been through the good, bad and ugly - bought WES shares at 2c and 6c in earlier fund raisings. Clearly these shares are still in profit but I am still very unhappy with the way CAH has destroyed shareholder value over the last few months. In particular, the CAHOB CATALPA OPT OCT11 are close to having no value at all and with the current proposal due for voting in September with a later capital raising, it is clear to me that these options could well end up without any value. I am aware that I will have to convert these options to shares so that I can take up the renounceable offer for this part of my holding, but the way things are going, it may well be cheaper to buy shares on market (at less than the options strike price). This is no way for CAH to treat long term supporters, even if we are only small shareholders! I urge you to reconsider the SBM proposal which will provide certainty for existing shareholders (and owners of CAHOB options). You and your board may believe the current proposal has merit but clearly this view is not shared by the market!
CAH Price at posting:
$1.32 Sentiment: Hold Disclosure: Held
