In the interests of sharing our research with prospective and current CMI shareholders, we have put together an information pack covering the key issues and state of play.
By way of background, CMI Limited (ASX: CMI) holds the mantle for being one of the most ridiculous ongoing corporate governance kerfuffles the Australian sharemarket has seen. It is centered around the economic conflict between a group controlling the majority of the ordinary shares, and minority shareholders along with the holders of A Class (preferred) shares.
As a result of this conflict, no capital has been returned to either shareholder class for a number of years, and the securities have traded at significant discounts to their intrinsic value.
It is our hope that in providing this information, it will assist in other shareholders’ understanding of the issues, better enabling them to make informed decisions about their shareholdings. Further, that it will draw attention to the corporate governance issues raised and promote a just resolution to the standoff.
Regards,
Paul Xavier Waterstone,
Managing Director
