voluntary administration is disgraceful

The VA is making it extremely difficult for any shareholders to to be given voting rights at 2nd meeting of creditor held in Darwin when the head office of CML is in Sydney.

Firstly the required proof of debt has to be lodged

Secondly the Proxy must be completed along with the circular and proof of share ownership duly executed.

Thirdly we will not be informed of our status until the morning of the meeting.

The following is quoted directly from FH

"For the purposes of the meeting, we will consider the claim of each creditor/shareholder expressing an interest to be present at the meeting (submission of proxy), on its merits in the lead up to the meeting. That determination is announced at the commencement of the meeting. Consideration of claims for the purposes of the meeting should not be considered to have any bearing upon how those claims may later be considered by a Deed Administrator or Liquidator for the purposes of dividend."

Will voting rights be apportioned on the basis of dollar value of debts?

FH reply

"Both dollar value and majority are taken into account"

Guess what the two major creditors (one of which is the current chairman) can force HNC (HAR) into accepting the DOCA because it is binding on HAR once it has been agreed.

This DOCA is not in our best interests and we want a new one negotiated and we will require an extension to have a new one prepared.

We have been seriously compromised as shareholders in this whole show. The timing being such that FH took all that time to prepare such a poor DOCA and all we are left with is 5 working days to respond and try and have this farcical meeting postponed.