Letter to BAM Board.
Find following copy of letter send to BAM Board Members.
Dear Barramundi Gold Directors,
I am rather disturbed to see that Barramundi Gold has been reported as non-compliant in filling its financial statement for June 2000 (see news snippet at the tail of this letter.
Is this the first step towards the de-listing of the company?
This is certainly another example of the boards inability to run the company in a professional manner.
The list of incompetence which the BAM board has been party to, now includes:
 dismissal of Mr. Bob Burban and resulting litigation against the company which has yet to be settled,
 extending share options and reducing strike price from 0.20 to 0.12, ensuring existing shareholders values is destroyed by dilution and more downward pressure is applied on the share price and
 the latest example of “world best practice” management, failing to file financials with the British Columbia Securities Commission.
I have not included in this the possible earlier manipulations to lower the Barramundi Gold share price at around the times when payment by shares was due on the BAM convertible note.
As a Barramundi Gold shareholder l am requesting the following information:
 a history of all new share issues since July 1998 (including to whom they were issued and under what agreement this was done),
 a disclosure of the current top 10 shareholders in Barramundi Gold (in the event that these holders are vehicles for the indirect holdings of the current directors then an indication of such),
 a disclosure on the current status of the convertible note that was issued by Barramundi (including relationship that current directors have with the entity to which this was issued both now and at the time of signing) and
 an indication of when or if Barramundi is going to file its annual financials.
Finally I would like to express my extreme disappointment in how the board has chosen to conduct themselves in business.
I strongly believe that if Barramundi Gold is to have any hope of recovering that it would have to be done under the control of a new board. Since the current board has been running the company, they have treated it as their own private vehicle and have shown us that they do not have the maturity nor skills required to manage a public company.
An exception to this would appear to be the conduct of the current CEO Dr. Michael Johnson who appears to be trying to guide the ship of fools, however the odds are against him.
I look forward to receiving some guidance and communications from the Barramundi Gold board. I am posting a copy of this letter on the internet at: Subject 18979 .
Yours sincerely,
John Hartley.
Graphica Software Pty. Ltd. & Graphica Software Superannuation Fund.
(Controller of 200,000 BAM shares)
New Snippet:
Barramundi Gold Ltd BAM
Shares issued 31,986,133 Nov 30 close $0.03
Fri 1 Dec 2000 Delinquent Filer
The British Columbia Securities Commission advises that the company is
delinquent for annual financials dated June, 2000.
© Copyright 2000 Canjex Publishing Ltd. stockwatch.com |
