Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Silverspring, Stas is correct - the outcome of the sale might just rest on all our efforts. We believe we can influence it, hence the huge amount of effort being applied. Stas feels the same and, is putting in a huge effort. Everyone needs to act, in however small a way.
Goldman
With no legal necessity for all bids to be made public, we’ll expect for the worst and hope for the best on that one. They’ll do nothing to help us.
Https://www.facebook.com/share/DnAF3AQxgdBkmcTy/?mibextid=WC7FNe
We’ve now had confirmation from Mr Cotter that the invite document for shareholders to join the class action will be ready early next week. We will post it on here, on FB and on ‘X’. We will also email it to all SHs who’ve previously expressed an interest. There will be NO upper limit on the number of SHs that can take part.
The document will explain the process and invite SHs to contact Setfords directly to supply their details - what details are required will be explained.
I know a lot of you have been eagerly waiting for this to happen, thank you for your patience.
Phil, not sure where your insinuation of a lack of honesty comes from, but each to their own.
Setfords have agreed to proceed on a no win, no fee basis. As with all class actions, there will be a cost for external KC counsel, but these costs are yet to be determined. Given the numbers of shareholders looking to get involved (we have been contacted by 500+ prior to closing applications as interest had more than been established), we do not envisage these costs to be in any way prohibitive, perhaps done on a banded basis. Mr Cotter is working on this a present and will fully explain the process to all when he invites applications to join said class action.
Every action that CAG has taken to date, every hour invested by its team has been without any cost to shareholders. All legal counsel taken thus far and being taken now, has been without cost to shareholders. Should there be the need to cover costs beyond Setford’s no win, no fee class action representation, then we will address that in an open and inclusive manner. We have not, are not and will not hide anything from shareholders when all the facts are to hand.
Folks
Firstly, apologies for being ‘absent’ for the last 9 days - personal circumstances meant I had very limited time to post, or respond to emails, I could only concentrate on background work. Back to normal now.
What an amazing effort by some, a huge effort being made to support the fight and I sincerely thank all for that.
So, despite strong representations, the SISP process was waved through. Whilst disappointing, it was expected. CAG is taking regular legal advice from Mr Cotter and remains in constant contact with the main protagonists, trying to ensure an open and honest sales process. However, we are still working on alternative gameplans that can’t be shared at this point. The website has been well received and huge numbers of potential purchasers are being invited to view it, both by CAG and yourselves. Keep it up, please.
The class action case is close to launching, Mr Cotter shall be inviting participation shortly. Some delay has been due to aiming at a moving target - as things develop the case changes in detail and new targets have entered the fray.
Please be sure of our continued and ongoing dedication to the cause. The sheer arrogance and duplicity of many involved has actually strengthened our resolve, we will NOT stop. Time to draw a line in the sand for small SHs and state very clearly that these financial snakes cannot operate outwith the law.
We’re going after them, big time!
Totally back up Rodney on this. There is a HUGE amount of work going on behind the scenes, let’s not get distracted by this at present - despite the potential issues surrounding non-disclosure and legitimacy, it will not help us with the current battle we are in. Maybe in the future, but not now. Thanks for your understanding.
The fight continues and we, collectively, are landing some clear blows. Keep up the pressure.
Firstly, apologies for lack of communication, it’s been an exceptionally busy 48hrs.
Suffice to say, we are exceptionally unhappy with the process Mr Kavitz is dragging us into, on several fronts, including, but not limited to…
The timescales put forward do not allow for a fair and reasonable auction.
The conditions applied do not allow for a fair and reasonable auction.
The affidavit put forward by Mr Kravitz makes no attempt to promote COPL’s assets clearly and, therefore seek the highest possible bid. In fact, quite the opposite.
Within the affidavit, there are several omissions, contradictions and statements made that we find unacceptable.
We are seeking further legal advice today in order to address all these points. We are prepared to do whatever it takes to deliver a fair outcome for all shareholders.
Any such actions taken to address these issues will be in addition to our planned class action. That is very close to activation, the only issue we have on that front is new targets raising their hands at this late stage! More on this soon.
Stay strong.
Well, just as we thought we’d got a good steer on things, the target moves somewhat. As you can imagine, we have been burning the midnight oil on this and have further conference calls books this morning.
It’s clear that the latest documents released overnight highlight several inconsistencies in information. Following taking further advice, we will update you later today. We will not make comment without such advice, hope you understand.