Friday, April 1, 2011

Shareholder's representative Committee?


We have not heard anything new regarding a "Shareholder's Representative Committee", my questions are. Do we have a committee established? Is it possible to know who they are ie nicknames only?

I don't know if I'm speaking just for myself here, or if anyone else is interested in hearing from them. All I/we need to hear is that a committee is setup, they are working on something, and you will all hear from them soon regarding any news.

I,m not trying to bring anything out in the open here, I do remember something about the committee using a private blog to communicate. At this point we are just wandering blindly with out any leadership.

I would like to proceed with sending information to the BCSC, OSC, TMX, BNN and any others that may lend an ear, but I don't want to step on any ones toes or do something that may offend any one.

I don't know if I'm speaking just for myself here, or if anyone else is interested in hearing from them. All I/we need to hear is that a committee is setup, they are working on something, and you will all hear from them regarding an update


Carib said...

NSX001, I hear you and ongoing communication to the faithful is very important to maintain a sense of community.

All I can tell you so far is that a Committee is being set up; Sudbury North posted on Agoracom the nicknames of those invited to be on the committee. I am one of them, but I won't be able to take a leading role. I have just set up a private blog for the committee members to post private information, but not all of the committee members have yet signed up.

I would recommend that you and everyone else proceed with any and all actions to help shine as much light on these Russian cockroaches as possible. We can't just rely on the No Vote; we need the help of regulatory agencies, the press and if necessary, the courts if it comes to that.

I'll try to keep you all informed as best I can on what transpires with the Committee without compromising our position.

nt300 said...

Great post NSX001, yes many of us were wondering the same thing. Good work, and thank you very much Carib for your reply.

We have strength in numbers...

Wingfong said...

Thank U for the update. I am sure members will continue with all the actions to help shine as much light on these Russian cockroaches as possible.


In response, may I refer members to Agoracom's Sudbury Novice post date/timed as

Sudbury Novice
Mar 31, 11 03:23PM

In support of the Committee, yours truly as FREDERICTON, will be standing back to let the Committee do their magic.

Over the next while and until the May 12 events we will all have much to read, understand and think about. This is the first time that I've been exposed to this type of learning experience and I am just as antsy and impatient to see my hard earned resources be respected by CMM Management as any of you. But one thing we must do is "keep our powder. dry".

In order to burn off some of this anxiety, frustration and impatience, I just may go out and get myself a paper route.

Have a good weekend all !

dave peters said...


The committee was stated as comprising of likely some subset of :

Fair For All
Sudbury Novice
Positive Carry
Richard Bowden
Production 5

I do not know how many of them were actually willing to serve.

I recognise all of the names except for that of Richard Bowden. Is that individual on Agoracom, or from somewhere else?


To date, 469 members have indicated "NO" to WTG paper (407) or 1:1 (62). Also, 255 have indicated and listed their share holdings.

These results indicate that there are still 214 members who have potentially still to be added to the holdings list. This has increased by 21 since March 28th.

I appreciate all the anomalies that could be introduced.... but one cannot deny that the trend towards "NO" is continuing.

Wingfong said...

While we are waiting for our committee's update, I would like to related a case that had happened in my country regarding a small company that is listed in the country's only stock exchange, the Singapore Stock Exchange(SGX).
There are differences and similarities between that case that happened in Singapore and our present case. I hope it is relevent . Suggest members read it with an open mind and draw their own conclusions.
In 2002, Sembcorp Industries, a very profitable oil rig builder and marine business corporation wanted to take its subsidiary SembMarine private (voluntary delisting).
However, 14 SembMarine shareholders with a total shareholding of just over 6% of the company's share capital thought otherwise as they believe in the value of SembMarine as an independent business. Working collectively, these 14 dissenting SembMarine shareholders banded together and organised a block vote and sussessfully thwarted corporate actions and scuttled the privatisation bid despite the over-whelming odds against them.

Wingfong said...

The end result
Under the offer SembMarine shareholders would have pocketed $1100 for every 1000 shares they held. Shareholders who stayed invested after the privatisation bid was defeated have fared much better. The 1000 shares have become 1400 shares after the company undertook a 2 for 5 bonus issue and are worth $8260 at time of writing together with $700 to $800 worth of dividend the co has paid out over the years since. The stock has also outperformed the parent co Sembcorp Industries underscoring the correct judgement of the 14 shareholders.
Indeed SembMarine's share price dropped to $0.84 from the offer price of $1.10 on the day the privatisation offer failed. However, it has not looked back since and last Friday's SP was $5.90 (all monetary values are in Singapore dollars)

Carib said...

This is a repost from Sudbury Novice on Agoracom a short while ago:

I can report that we had our first conference call/ meeting and everything went well.

In my opinion it was a very successful meeting.

No I don't see any difficulty getting everyone together going just took one meeting to get everyone familiar with the procedures.


I attended the first meeting. SN is the designated spokeman for the Committee.

Wingfong said...

It is encouraging to note the committee had its first successful CC. My gratitude n thanks to all serving members.

Ron S. said...

14 SembMarine shareholders

Thanks for the summary of the SembMarine history Wing Fong.
I think this is relevant and encouraging.

By staying with our CMM shares as SembNarine shareholders did, we should be paid more fairly.

An undervalued assett is a sweet opportunity and attracts attention.
We just need some respectful, worthy attention.

And yes, a big Thank You to our new committee. Your efforts are much appreciated.