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Here is my email, perhaps drop me an email with your phone number so we can perhaps discuss if there is much we can do :
paulbryce4@gmail.com
Chirpy - I’ve got them and think we need to discuss what to do first before I just send you the emails
As we're such a small organisation, I even doubt we have an in house 'legal team'. We presumably, on occasion, ask for legal advice.
I think your statement of 'Duty of Care' is apt but perhaps that is not a legal term that could be used here, not sure.
Just to say, I have two separate emails from our two CEO's replying to 'Am I not right in thinking the qualification for CAI shares is to those who held KRS at 6pm on Tue Nov 19th ? If one sold some KRS on Wed Nov 20th you have not lost any entitlement?' that say 'I am CORRECT'.
Therefore, there can be no doubt how we've been informed by the company. The information is quite clear and now apparently incorrect.
I, in turn, have just asked the two CEO's what discussions they have had with stockmarket authorities. It is clear they never intended this situation to occur but what interests me now is have they made any overtures to overturn this or simply accepted it.
So, that looks like that, some of us traded away our right to Calidus shares although the company and most investors were completely in the dark.
What a shambles. The company makes no apology not does it state it has even tried to argue the case that that was not what it intended or informed it's shareholders.
I will ask for a full explanation from Russell and Dave. This does not seem satisfactory that we have not been informed whether the company has even tried to fulfill it's wishes.
Thanks for that info. I've tried ringing Russell but he doesn't pick up so I've texted him just simply asking him 'is he on it?'. I also emailed Dave again similarly. That's all I ask for them to make as vigorous attempts as they can to sort out this mess.
If they can't, we're just going to have to swallow it I suppose and live with our losses.
From what you say, it still seems it could go either way. I don't know how an XC date got assigned or why the 20th. The company obviously never intended such a date to be set and there seems no precedent that that particular date should be set, ie Record +1. I remember you said HL stated the Record date is the date shareholders are entitled to receive the shares but the XC date is 'receive and keep'. Seems a nonsense and why one needs a Record date if it basically means nothing is beyond me.
I’m a bit stressed at the moment, myself Billy Boy, Chirpy Cheep, ana a friend of mine collectively sold about 16m KRS shares on Wednesday and unless things are resolved favourably, we will be robbed of our Calidus distributions.
Just texted Russell to see if he’s working on things with the LSE
Nothing back from either of them so they must be aware something's up and are trying to resolve. I couldn't have made it clearer that there is a problem.
Nothing Calidus drilling can do to the Aussie sentiment it seems either
I've emailed both CEO's again voicing our concerns. I think they issued that rns on Friday because of my previous concerns.
This time I've even more clearly stated the possible problem, urged them to seek as much advice they can and stating how several long-term holders have possibly lost a lot of money if this situation cannot be resolved properly and the allocations are not made to the holders the whole demerger process was set up to serve.
reigns.
I have tried to put these points to Russell and Dave R early Friday but they’ve blanked me after their repeat Rns of Friday lunchtime. It may be that what was announced in the first rns’s should stand as that clearly states that people on the register at 6pm Nov 19th qualify, anyone buying thereafter does not. Whether that can be enforced by KRS/CAI if there is a challenge I don’t know but their intention is clear and published.
I can assure you there are no 'rotten types' on here trying to pull the wool over everyone's eyes.
KRS stated the shares owned at 6pm Tue Nov 19th would qualify for CAI distribution. If they've made a big gaff and it wasn't at that point but at 6pm Wed Nov 20th, several 'traders', me included, will have lost some of our promised CAI distribution. I personally will have lost 156,629 CAI shares which will be very annoying and of course some people have lost many more and all buying on the Wednesday will have, inadvertently or otherwise, gained qualification for CAI shares.
No conspiracy and no confusion in pi ranks. If the qualification was not 6pm Tue Nov 19th, the problem has been created by KRS and their Nomad and legal advisers, and to a lesser extent the CAI team.
I have asked the two CEO's involved to clarify the position and they have attempted to do so but I have asked them to consider from all angles, not just re-iterate what they hoped would happen.
Proof/pudding/ Monday hopefully and I'm reasonably confident I will not lose my 156,629 CAI shares
With new mgmt and Lazarevic back, who has the know how needed for the sites, we could easily turn this around. CM payments are back too so they'll be paying off the debt at the SPV's and again making them saleable.
The current BoD will probably drag the meeting out 5 - 7 weeks as it's common practice but soon we'll have them.
All to play for, can see this business surviving and prospering with new capital funding and the sp back to 1p within 6 months
Well the proof should be in the pudding on Monday to see how many CAI shares each of us receive.
I've got queries still outstanding with both CEO's so will update if they have anything more to say. Russell is rather a man of few words as from my 4 emails to him so far, I've just had one word in reply ' Correct'. Dave a bit more conversational and polite
Found this about RBS with a Capitalisation issue :
https://investors.rbs.com/~/media/Files/R/RBS-IR/corporate-actions/capitalisation-issue-new.pdf
Page 3 seems to have something relevant :
What is the 'ex- cap' date'?
This is the date (15 September 2008) upon which the new Capitalisation Issue shares are allotted to Shareholders and
admitted for trading on the London Stock Exchange.
What is the 'Record Date'?
The Record Date (12 September 2008) is the date upon which you must be recorded on the share
register in order to receive Capitalisation Issue shares.
Exactly, nobody has got ANY CAI shares in their account yet. You might have an indicative amount but they won't be the real thing yet. I don't think Russell and co have just trotted out this latest RNS without considering it from all angles.
It would be interesting if Billy or anyone with HL would care to discuss it with them again.