Hello Gull
I have to agree.
When I saw the "heirs" post who I presume is the lawyer this morning, I called the receptionist at SUF and gave her the post's address and suggested that she bring it to the attention of Lee Barker who was in a meeting.
If she did, I suspect Lee will see the merit in responding however, I doubt SUF will use the internet as it would be inappropriate.
If the "heirs" post is for real, I expect the FP and GM have already called SUF or will shortly. A corporate NR and/or rebuttal in the Canadian and SA media would be the professional solution.
The thinly veiled suggestion about the legal stability of the whole Klipspringer play that was no doubt intended to further undermine SUF shares, is in my opinion, potentially actionable, and has to be addressed.
Regards
PS
***NEWS RELEASE***
SOUTHERNERA ADOPTS SHAREHOLDER RIGHTS PLAN
TORONTO, April 20 /CNW/ - SouthernEra Resources Limited (SUF-TSE) today
announced the adoption by its Board of Directors of a Shareholder Rights Plan
to ensure that, in the context of a bid for control of the Company through an
acquisition of the Company's common shares, shareholders will be positioned to
receive full and fair value for their shares. The Company is not aware of any
pending or threatened take-over bid.
Current Canadian legislation permits a take-over bid to expire in 21
days. The Board of Directors is of the view that this is not sufficient time
to permit shareholders to consider a take-over bid and to make a reasoned and
unhurried decision. Under the Plan, the minimum expiry period for a take-over
bid which will not trigger the Shareholder Rights Plan must be 45 days after
the date of the bid and the bid must remain open for a further period of 10
business days after the offeror publicly announces that the shares deposited
constitute more than 50% of the outstanding Common Shares held by independent
shareholders.
The implementation of the Plan is subject to regulatory and shareholder
approval. The Plan will be submitted to the shareholders of the Company for
confirmation at the next annual meeting, scheduled to be held on June 25,
1998. |
