I have been reading discussions about Haviliah on this forum since the GFC deal came up, trying to glean some insight on how to vote. I received this e-mail from Chris Giles yesterday which I think it worth sharing. He does not have access to the HAV share registry, so his ability to communicate his position far is very limited:
Dear FellowShareholder
Iapologise for the delay in communicating with you.
Regrettably,for legal and other reasons it has not been possible for me to share why Iconsider the proposed SIMEC/GFG transaction (Transaction) is not fair.
Ispent some time preparing a shareholders letter that was vetted for release bythe independent directors. However, GFG, who were required to be consultedunder the terms of the share subscription agreement, objected and threatenedlegal action if this letter was released. GFG lawyers have subsequently writtento me personally questioning my stance in declining to make a recommendationafter receiving the independent expert’s report with its not fair butreasonable conclusion.
Mypurpose in writing the shareholders letter was to highlight mostly technicalpoints that I considered you should be aware of in order to make an informeddecision. I wanted to outline the material effect that improved metallurgicalrecoveries and recent moves in commodity prices would have on the miningeconomics and potential value of Kalkaroo. I also planned to mention my viewson the exploration upside on our tenements and the significance of the GrantsBasin discovery.
Muchof the promotional information released by Havilah to date relating to theTransaction has come from the CEO, the independent directors, PR consultants,legal advisors and others, not one of whom has any technical expertise. In myopinion shareholders cannot be properly informed unless a balanced view of thetechnical aspects is also presented, which was my intention.
Fromthe start I have supported the concept of an arrangement with SIMEC/GFG on ouriron ore projects as it makes good sense. However, this has always been on theproviso that any such arrangement must be fair for Havilah shareholdersfirst and foremost.
Theindependent expert report considered that the Transaction was reasonable inpart because there were no other alternatives. Havilah has survived for 20years during which time it has discovered a valuable and unique mineralsportfolio. I am confident that Havilah can prosper in the future with supportfrom a unified shareholder base and competent technical leadership. You have mycommitment that if I am around after the vote on the 12 September I will continueto work tirelessly in your interests in realising the substantial latent upsidevalue in Havilah.
For the record, you should be aware thatI had no part in the move by the independent directors to deny Dr Bob Johnsonand certain other shareholders the right to vote at the EGM. I was notconsulted and had no idea that an application had been made to the TakeoversPanel by the independent directors until after the event.
Itrust that you will read and carefully consider the Notice of Meeting and the materialsprovided by Havilah and vote according to what you feel is best for you as ashareholder. I am very sorry that I cannot say more about the technical aspectsto better inform your decision as I had hoped.
Ihave not been provided with Havilah's share register with email addresses.Therefore this note will only be received by a few shareholders whose emailaddress I happen to have from previous contact.
Pleasefeel free to email me if you have any questions and leave your phone number ifyou would like me to call you back.
Bestwishes and warm regards
ChrisGiles,
Havilahfounder, fellow shareholder and exploration geologist
(20min delay)