I’m sure you would have all jumped up and down if I released this during trading hours. ......................................
From the BRR – Friday 28 March 2008 “Fortitude shareholders to exchange cityview shares for their fortitude shares.
CVI will therefore include in the Agenda for our AGM in May a request for CVI shareholders to approve an allotment of (65 Million) shares ( at 30 cents ). This will lift our holding in Fortitude to a majority interest.” ………………………………………………………………….
But there is no mention of this on the AGM notes.Is there a delay / problem? Have plans changed?
A. Is Fortitude now resisting 30 cents per share?
B. Wouldn’t Fortitude receivers of newly allotted CVI shares want their shares before the “big news”?
C. Are we going to buy back the Fortitudes assets and have it all back under CVI name?
D. Is the deal being held up by ASIC / ASX ? ( fair question)
Because CVI have a controlling ( not majority ) 40% interest in Fortitude , the placement of 65 Million shares to Fortitude is considered a related party issue or transaction. As such, all resolutions for related party issues must be passed through ASIC which require up 14 days notice prior to distribution (as well as ASX) and to shareholders which in turn require 28 days notice
PW told me five weeks ago that this was well in progress. MS obviously was sure enough that it would be completed in time for the AGM, hence his comments on BRR.
Maybe the ASIC delay ( if any) was so long that shareholders could not be given the 28 days notice? Maybe the matter is still with ASIC?
Maybe another EGM soon?
CVI Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
