To: SmartLogik Action Group
THIS EMAIL REQUIRES YOU TO REPLY
IT IS A POLL OF SMARTLOGIK SHAREHOLDER OPINION
Some shareholders still contact me to say that we should not give up
the cause of the SmartLogik Action Group. This has prompted me to ask
the question, "what is the price of justice?" or, to put it another
way, what price are the shareholders willing to pay to get justice?
There are over two hundred SmartLogik shareholders on this particular
mailing list. If each of us contributed just £500, we could raise the
£100,000 needed to make a legal challenge.
My feeling is that we should target the previous CEO, Steven Hill and
his Chairman, David Jefferies, rather than the liquidator, Ernst &
Young. No doubt, they would try to hide behind the advice they were
given by their appointed advisers, BDO Stoy Hayward, Ernst & Young
and Hoare Govett (ABN Amro). This would then lead to the fateful waiver
decision made by the UK Listing Authority (FSA). As you have no doubt
noticed, we now have a new economic and political climate, where the
whole "light touch" regulatory approach of this government has been
discredited and shown to be a failed policy, visa vis the banks, etc.
They now have to listen to our case and can no longer sweep it under
the carpet and cover-up. Various City people have told me that the
'waiver' mechanism is questionable to say the least.
Also, in the current climate they would find it much harder not to
release information under the Freedom of Information Act. You may
remember that the FSA refused to release any information to us when we
made a request under the Freedom of Information Act in 2005/6.
The case would, no doubt attract publicity and other SmartLogik
shareholders would then join us and we could raise further funding.
There are thousands of SmartLogik shareholders, some who held shares
from the earlier incarnations, Bright Station, Dialog Corp, MAID and
Muscat.
As a straw poll, please reply to this email to let us know what you
think and if you are prepared to contribute £500 to a legal war chest.
Needless to say, the reason that we have not proceeded this way before
is simply that we felt the shareholders would not be prepared to
contribute the money required to take legal action. Maybe recent
economic and political events have helped to convince you that doing
nothing is no longer an option. I think it depends on how strongly you
feel about these things and whether you would like to have the
opportunity to get some fat cats!
Best regards,
Justin Jones
For SmartLogik Action Group
Email: admin@...
Administration Department,
SmartLogik Action Group,
9 Churchill Court,
58 Station Road,
North Harrow,
Middlesex HA2 7SA
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