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Technology Stocks : NovAtel - Global Positioning Systems

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To: Robert T. Quasius who wrote (130)	4/10/1998 3:02:00 PM
From: Bron-y-aur	Read Replies (1) of 191

robert am also ticked. i know of someone who sent a letter to nasdaq surveillance and compliance. if many people voice similar concern, it could influence what happens from here. one scenario would be to raise enough hell that perhaps marconi would buy rest of shares (see letter for logic); marconia walk away (stock could tank further) or the deal would go through as is and we, the minority shareholders get screwed. am posting the letter for the information of shareholders (the writer has agreed but wishes to remain anonymous) and invite some dialogue on the matter in this forum. i understand that some of the financial press are interested in what has transpired. suggest that someone out there in cyberland should take the lead on this if a consensus on an plan of attach if any develops. please excuse any typos - had to key in letter manually: April 8, 19989 NASDAQ Dept of Surveillanace and Compliance FAX 1-301-590-6481 Attention: CAM Funkhouser Dear Mr. Funkhouse: Re NOVATEL INCE & CANADIAN MARCONI Co. et. al The present letter constitutes a formal request for your office to review the proposed purchase by Canadian Marconi Co. of a majority interest of Novatel Inc. This proposed purchase is clearly prejudicial to the interest of the minority shareholders of Novatel Inc. If this transaction is allowed to proceed, I respectfully suggest that it will undermine the integrity of the NASDAQ public share exchange. I was advised by the investor relations spokesman of Novatel on Apr. 7, 1998 that Horst J. Pudwell acted as both Chairman of Novatel Inc and additionally acted as an executive and shareholder of Telexexel Holdings Ltd. If such is the case, there is an obvious conflict of interst. I suggest that it would be impossible for Mr. Pudwell to fully discharge his fiduciary dity to act in the best interests of the shareholders of Novatel Inc. I further suggest that it would be impossible under such circumstances for Mr. Pudwell to state unequivocally to the minority shareholders of NOVATEL INC. that in discharging his duty as the Chairman of NOVATEL he had acted in good faith on behalf on minority shareholders of Novatel. While the proposed transaction may be in the best interests of Telexel Holdings Ltd., the proposed transaction is clearly not in the best interests of the minority shareholders of Novatel Inc. To maintain the integrity and honour of the NASDAQ exchange, I believe it is of prime importance that this propsed transaction be reviewed by your office. Your decision following such a review will most definately influence the decision of future shareholders to invest or not invest in the public trading system. I also find it highly suspect that the quarterly earnings of Novatel would be announced at the exact same time that details of the aforesaid proposed transactin were announced. Mr Pudwell I suggest was no doubt privy to both of these matters. I am disappointed that Canadian Marconi Co (a longstanding corporate citizen of Canada with an excellent world wide reputation) failed as a matter of public interest to ensure that the minority shareholders of Novatel would be treated in a fair and reasonable manner as a result of this proposed transaction. I thank you for your attention to this matter... Your truly, anonymous

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