Cosalt Share Discussion Threads

[madd1] 06/7/2012 19:22

well we all know its true, we just need the powers that be to bring him to justice.

[aspers] 05/7/2012 19:12

Rav...I can confirm everything you say about Ross is true.......maybe his days of freedom are numbered ;-)

[bittermint] 04/7/2012 22:59

go on ravenna :)

[ravenna23] 04/7/2012 21:07

I sent the letter prior to posting and I am not concerned. Everyone is scared of Ross and his money which is why nobody stands up to him and he gets away with his actions. If he wishes to try to squash an ant, figuratively speaking, so be it.

[jeffian] 04/7/2012 16:41

That is bravado which you may come to regret. I am one of the few people on this bb who have actually been threatened with libel, which I managed to resist because I made sure that everything I said was factual, true and I had the evidence to back it up. What evidence do you have that Ross is a "thief" who has committed "fraud" (in a legal sense, not your opinion!)? If you haven't sent the letter, I suggest it would have equal force - and less risk to you - if you were to edit the first sentence of the second paragraph by omitting the words I have put in square brackets -

"He [is greedy, a liar, bully, cheat, fraud and thief who] deserves to...."

[ravenna23] 04/7/2012 12:28

Not worried, people have to stand up to oppressors

[jeffian] 04/7/2012 12:21

Let's hope you ran that one by the libel lawyers first, then!

[ravenna23] 04/7/2012 12:11

My Letter to Company Secretary today

Dear Ms Robinson

Please inform Mr Ross that his announcement to the market today confirms that he does not accept the vote of shareholders on 28th February 2012 and as such is acting in bad faith. In my opinion he has never intended to publish accounts or appoint independent Directors. He has reneged on his letter of 12th December 2011 in terms of investment in the company. He is in clear breach of his fiduciary duties. 

He deserves to reap the consequences of his actions to disadvantage, disenfranchise and remove savings from ordinary, hardworking investors that made the mistake of trusting in him to manage his family firm with competence and probity. Please pass this communication to him, I have no fear of facing him in court.

Yours sincerely

[srpactive] 04/7/2012 07:53

Take a look at EZJ board, Stelios owns
less percentage than sort, but he is
really ensuring his wishes are heard.
We need to do similar.

dyot

regards

active

[srpactive] 02/7/2012 18:08

Just listening to Simon Mayo on rado 2 he was
taking to a oil rig manager, a Mr. Robinson
a asset manager for shell. He sounded a very
intelligent scottish gentleman based in Aberdeen.
He stated the industry in the North Sea was doing
very well and shell were taking on another
150 personnel at the moment in Aberdeen.



dyor

regards

active

[bittermint] 28/6/2012 12:51

Well, doesn't look like the AGM was adjourned. Can one of our more learned posters tell us what this means for the future of our shares. should I be giving up yet. have held for sometime and have suffered no great losses (but losses none the less) having had some success buying and selling on bounce. But I'm no rich man and the few grand I have (had) in here would be a useful addition to my beleaguered RBS holding :)


kindest regards

bittermint

[ravenna23] 15/6/2012 23:51

From fifig on lse, if you are not registered there post here and I will pass it to fifig. Thanks

THIS COULD BE A GAME-CHANGER:

Dan Rogerson MP is arranging a meeting of MPs specifically to discuss Cosalt. The meeting will examine how PI's have been and are being treated by their Chairman David Ross and will consider how PIs can be best supported and protected from their Chairman's predatory instincts. The meeting will also consider by what means David Ross can be held to account for his actions. I have passed Mr Rogerson a long list of MPs who, to my knowledge have been contacted by Cosalt shareholders; he will invite all those MPs to the meeting. Mr Rogerson has already been in contact with Austin Mitchell (SORT's most supportive MP) and Mr Mitchell will be invited to the meeting to provide some background and doubtless, his own views. I know there are still many PIs out there who have written to their MPs but have not divulged their MP's name to the SORT campaign. So, post you MP's name here or LSE or groupspaces and I'll ensure your MP gets an invitation to this crucial meeting.

For those of you who have yet to contact your MP about this matter, I urge you to act now and write/email seeking your MP's assistance; and as soon as you have done that, post your MP's name here and I will make sure it is added to Dan Rogerson's invitation list.

And finally, for those who have already done all the above, it may be worth you contacting your MP once more, pointing out the fundamental injustice occurring here, highlighting any points you would particularly like raised at the forthcoming meeting and encouraging your MP to attend that meeting.

So, more MP's names please - the more the merrier!

Many thanks

[madd1] 12/6/2012 20:32

id imagine if Ross has managed to take the company private in February that the case would have been long settled by now... as it is he likes to hold it over our heads and mention it in the media as one more thing that is making it hard to run the company... he wont rush to settle it while the company still is listed.

[failedqs] 12/6/2012 09:05

Any news about he lawsuit against the Melvilles? That seems to have gone quiet! Are they going to wriggle out through legal trickery?!?!?

[ravenna23] 12/6/2012 08:55

SORT have asked me to post the following template regarding an adjournment of the AGM. Given that we have no independent directors and no accounts it is impossible for shareholders to properly consider the resolutions. Therefore we must ask for an adjournment of the AGM Sine Die (no fixed date) until these matters are resolved. Can you all please send the following request to [e-mail] ASAP. If you are not on the members register (ie. you hold via nominees) please include confirmation of your holding from your nominee broker. The more requests that are sent the better, please spend a few minutes sending yours off. Please send a copy to Ezaspect @ gmail.com so that he can keep a tally on the numbers. Thanks everyone.



Dear Ms Robinson

As a holder of xxxx shares in Cosalt plc I request that the AGM proposed for 28th June be adjourned Sine Die, as members have no independent directors to provide guidance and the company is unable to finalise its accounts.

This makes full and proper consideration of the resolutions impossible. I further request that the AGM and no other General Meetings are scheduled until independent directors are appointed and accounts finalised.

Please confirm receipt of this email.

Yours sincerely

[ravenna23] 10/6/2012 01:37

Jeffian, why not point this out by emailing the site as well as posting here? I can't see the mistake you are referring to.

[jeffian] 10/6/2012 00:09

I'm not having a debate; I'm just pointing out that the savecosalt site is incorrect. Even if you can muster 25% against, Ordinary Resolutions will be passed on a bare majority.


"Ordinary Business
To consider and, if thought fit, pass the following resolutions which will be proposed as ordinary resolutions:
1. To re‐elect Mr D Ross as a director, who retires by rotation in accordance with the Company's articles of association.
2. To elect Mr T Sands as a director, who having been appointed since the last Annual General Meeting, offers himself for election in accordance with the company's articles of association.
Special Business A. To consider and, if thought fit, pass the following resolutions of which resolution 3 will be proposed as an ordinary
resolution and resolutions 4 and 5 will be proposed as special resolutions."

[ravenna23] 09/6/2012 21:54

If you hold your shares through Nominees, especially Barclays, HSBC, TD Waterhouse and Hargreaves Lansdowne, can you please send the following template letter to your broker ASAP preferably using their secure email system. Let me know when you have got a reply!



Cosalt plc – Confirmation of Holding and AGM Notice

Dear Sirs

Confirmation of Holding

The company has asked that when making a request I provide proof of my holding of (number) shares. My name is not on the register of members as it is listed as part of the combined holding of (Stokbroker Nominees) Can you please provide me with an email which I can forward to the Company Secretary, [e-mail], confirming my holding and that you will vote these shares as per my instructions.

AGM Notice

On 6th June at 4.30pm the company announced that an AGM would be held on 28th June at 8.30 AM giving 3 weeks notice. The Corporate Governance Code 2010 Section E.2.4 states that notice of the AGM and related papers should be sent to shareholders at least 20 working days before the meeting. As I am sure (Stockbroker Name) is a proponent of Corporate Governance best practice I ask that you contact the company and insist that the AGM is rescheduled, with the proper notice period given, so that your clients have adequate time to consider the resolutions. Furthermore it would be helpful if you could request that the time of the meeting be put back until late morning so that (Stockbroker Name) clients that live outside London are able to attend without the considerable expense of overnight accommodation.

Thank you for your help.

[jeffian] 09/6/2012 19:19

The savecosalt.com site is incorrect in stating that "If over 75% of the votes cast agree with each motion they will be passed". Resolutions 1-3 are Ordinary Resolutions which only require a bare majority (i.e. over 50%) of the votes cast. Only Resolutions 4 and 5 are Special resolutions (which require a higher vote - usually 75% but could be different depending on the specific company Articles).