nicholas curtis lynas or forge resources

Hi All,

What form of words I should use to describe Nick Curtis's actions in attempting to move valuable assets from Lynascorp into Forge resources for his benefit and that of his intimate circle without getting into legal trouble. Any suggestions people?

As usual he was depending on well known retail shareholder apathy and disinterest to get this over the line.
We at SAG found that when we asked people to vote many had never read an explanatory memorandum or knew how to fill in a proxy voting form even though they held shares. This is an educational role for ASA and the ASX so that retail shareholders take a more active interest in the companies in which they hold shares (part ownership).

NC was very careful to follow all the legal requirements laid out in the corporations law and the ASX listing rules to ensure that when the deal was approved he could always say we the shareholders had our chance to vote.

I forgot to mention that the vote was already stacked as 74% of Lynas shares are held by fund managers and under normal circumstances these institutional holders support the Board and management.

The Grant Samuel report was heavily qualified, if you read it in full, but both Lynas and Forge chose to quote selectively from it to give the impression that the "independent expert" thought that the Forge offer was "fair and reasonable" .
The offer was the only offer on the table as no others were sought by the Board of Directors and GS could not value the assets and had to rely on information provided, or not provided, to it by Lynascorp. In computer speak Garbage in garbage out. The GS report was a report that you have when you are not having a report but are just going through the motions. Cost to Lynas and its shareholders $400,00 I believe

The Board of Directors of Lynas then used this GS report to recommend to shareholders to support the Lynas Forge deal.

If it were not for the actions of a group of very vigilant Lynas shareholders who care about the future of the company and not just the daily gyrations in the share price then Lynas would have had a large part of its future taken from it by NC and friends for their own personal financial benefit.

If that kind of behaviour is seen to be unacceptable by Lynas shareholders both big and small then we can expect to see some positive changes at Lynas at both Board and management level in the very near future.
Always DYOR


regards



jukieoz836
on behalf of SAG