The SmartLogik Action Group is hoping to receive good news in the New
Year. We can inform you that our case is now being actively considered
by a leading London based law firm. This is particularly promising,
because they are considering it on a "no win, no fee" basis, which
means that it has to be a very strong case to even be considered on
such a basis. For all our sakes, lets hope that we receive good news soon.

The fight for justice for the SmartLogik shareholders has been a very
long process. The system in the UK has provided no support at all and
it is clear that shareholders are completely on their own, even when
we have a case as strong as the SmartLogik one.

As you probably know, the Financial Services Authority (FSA) has
refused to provide any information at all, even though we made a
legitimate request for information under the "right to know", Freedom
of Information Act. And, the official liquidator, Ernst & Young has
refused to support the shareholders' case.

In order to express the pain of the injustice and loss experienced by
the SmartLogik shareholders, we have added some sound effects to the
website. And, for the visually impaired and indeed anyone who wants to
listen rather than read, we have added a sound file that tells the
story of the SmartLogik shareholders. Go to:

http://www.slk-action-group.com

Finally, especially but not only at this time of year, please remember
the disadvantaged millions around the globe who have and are
experiencing injustices of all kinds. We live in troubled times and
the continuous reporting by the media can desensitise us to the depth
of emotion that truly exists. But, the good news is that the spirit of
hope combined with effective action can conquer any injustice, if not
in this life then in the next!

HAPPY CHRISTMAS AND LETS HOPE FOR GOOD NEWS IN THE NEW YEAR.

To: SmartLogik Action Group

Please support the UK Shareholders' Association (see their e-mail
below), so that we can help to shape the Company Law Reform Bill now
passing through Parliament. In particular, the VOTING RIGHTS OF
SHAREHOLDERS IN NOMINEE ACCOUNTS.

As you know, SmartLogik shareholders were disenfranchised by the
"waiver" that was arranged with the UK Listing Authority in April
2002. And, although some progress has been made, we have found it
extremely difficult to contact the thousands of SmartLogik
shareholders in nominee accounts.

David Blundell, Chairman of UK Shareholders' Association, says the
following:

"I cannot emphasise too much how important it is that we get some
changes made to the Company Law Reform Bill, as otherwise it is likely
to be many years before this issue is revisited. You can personally
help by writing to your MP, and to anyone you know who sits in the
House of Lords, on this issue."

Please see below for full details, where they also have given a
suggested format of the letter to send to your MP.



Regards,



Justin Jones
For SmartLogik Action Group

--------------------------------------------------
------------------------------

From: Toby Keynes [mailto:toby.keynes2@...]
Sent: 24 November 2005 12:28
To: membership@...
Subject: UKSA: Shareholders' Rights Campaign


To all UKSA Members




UKSA Criticises the Company Law Reform Bill and Asks for Your Support
to Strengthen the Provisions on Shareholder Enfranchisement

The new Company Law Reform Bill has recently been introduced into the
House of Lords. The UK Shareholders Association welcomes many
provisions of the Bill but feel that the provisions for the
enfranchisement of nominee shareholders are totally inadequate.

The UK Shareholders Association originally expressed support for the
proposals on shareholder rights for nominee accounts as outlined by
the European Securities Forum (ESF) and supported by the Company Law
Reform White Paper. It has clearly been a major concern of our members
that shareholders in nominee accounts are generally ill informed, and
lose the basic rights enjoyed by shareholders whose names are on the
share register. But it is now clear to us that without more vigorous
Government intervention in this matter, no satisfactory solution is
likely to appear and the provisions of the Company Law Reform Bill are
simply not strong enough. Here's a chance for you to support UKSA and
we are asking you to write to your Member of Parliament on this
subject.

Unfortunately with PEP and ISA holders being forced to use nominee
accounts, and stockbrokers and issuers generally promoting such
nominee accounts for new shareholders, many private shareholders have
lost their basic rights, and the new Bill is not going to solve this
problem in a comprehensive way.

What We May Get

The solution that has been developed and is supported by the new Bill
has the following primary features:

A – Companies may amend their Articles to support governance (e.g.
voting rights), but this is optional, and it seems quite likely that
many if not most, will not do so.

B – It is not even clear whether companies will have an
obligation to
provide information such as the Annual Reports & Accounts in
electronic form as this requirement is only embodied in a reserve
power of the Government in the new Bill. There is no commitment to use
this power at all, and it does not even provide a right enforceable in
law by shareholders.

C – The Company Law Reform Bill proposes that companies can choose
which rights they actually offer such indirect shareholders, so that
some companies might chose to offer just information, others may offer
voting rights but not rights such as the ability to call for an EGM,
while yet others might offer full rights. It is up to the companies to
choose which rights, if any, they give beneficial shareholders by
changes to their Articles.

D – In addition, it will be optional for brokers and/or other
operators of nominee accounts to support the Companies in the
provision of such rights to their beneficial shareholders. Indeed only
certain brokers seem to have much interest in this, while other
brokers suggest they already have adequate facilities, for which there
is no demand anyway. However, it is clear that any brokers offering
such facilities will be likely to make some extra charge to cover
their own additional costs of providing such information or supporting
voting systems.

In summary we have a proposed system which is probably going to have
little take-up by brokers, is unenthusiastically supported by
companies and in which registrars have no interest (except to minimise
their own expenditure of effort in supporting the system).

Perhaps it's not surprising there has been no unanimity on how it
should operate!

In addition, brokers expect to incur costs in implementing any
solution which they will pass on to the shareholders, instead of the
issuers taking on that liability in full. This will discourage take-up
of the facility by brokers' customers.

Exercising Voting Rights

One proposal that has been made is that the exercising of voting
rights should continue to be handled by nominee account operators (eg.
stockbrokers), who would aggregate their beneficial holders'
instructions. In reality, separating the flow of information from the
company to the investor, from the return of voting instructions seems
odd to say the least, and will lead to enormous practical
difficulties, as it does at present for those brokers who attempt to
support such a system. Will all beneficial shareholders know when to
vote, and what they might be voting about? Will brokers actually pass
on the required voting instructions to their clients in a timely and
reliable manner?

Shareholders Will Not Be Clear on their Rights

Because different companies may or may not enfranchise shareholders,
and may indeed provide different levels of support for various rights,
and brokers might also offer different levels of support, it will be
totally confusing as to what rights an indirect shareholder might
receive. Is a shareholder, who might have many shares in his
portfolio, really expected to keep track of what rights he might or
might not have in each? As a registered shareholder you always know
what you should be receiving, and can easily double check for any
missing notice of a General Meeting. But that will not be the case for
indirect shareholders. In essence, the proposed system will simply be
a mess.

Compare that with the US system where all indirect shareholders
receive all information from all their investments as a matter of
right, and also receive any required proxy voting forms in the same
way. In essence, a simple yet comprehensive system that operates in
the best interest of shareholders rather than the industry service
providers and the issuing companies.

Note that we are not proposing that shareholders be enfranchised or
receive information if they don't want to do so. Beneficial
shareholders would be able to opt out if they wished - this might
apply for example to those shareholders whose holdings are managed on
a discretionary basis.

Over Complex and Impractical Solutions Instead of a Simple Principle

Unfortunately no agreement has been reached on how to enfranchise
shareholders and most of the proposals have been complex to implement
and not comprehensive. Indeed what we suggested in our comments on the
Company Law Reform White Paper were "We are not clear why the chosen
route towards enfranchisement is the complicated one of (partially)
enabling nominees to assign `all or any specified rights', instead of
the more direct route of legislating that the beneficial holders
through the nominee accounts of registered brokers are ipso facto
enfranchised, with all the rights of an on-the-register shareholder".

We see no reason why such indirect shareholders should not simply be
recorded on the share register as additional members in the same way
as "designated" nominees are, and it does not seem to us to be beyond
the capabilities of modern technology to support such a system at no
significant additional cost.

But clearly one difficulty is the lack of any enforcement or
encouragement in the Company Law Reform Bill to persuade brokers and
issuers to participate in such a scheme. The proposed changes to
Company Law, which appear to have been designed purely to facilitate
an agreed industry or market-based solution, will in practice not be
sufficient with the existing attitudes of industry participants to
effect any substantial change and ensure most indirect shareholders
are enfranchised in a reasonable time frame.

How You Can Support the UKSA Campaign

I cannot emphasise too much how important it is that we get some
changes made to the Company Law Reform Bill, as otherwise it is likely
to be many years before this issue is revisited. You can personally
help by writing to your MP, and to anyone you know who sits in the
House of Lords, on this issue.

A suggested letter you might use as a template follows, but please use
your own words and rewrite it if possible so as to avoid it looking
like a straight copy. Please do this today as it is urgent to bring
this to the attention of politicians!



Yours sincerely


David Blundell, Chairman

UK Shareholders Association

BM UKSA

London

WC1N 3XX


Phone: 0870-70-60-600

Email: uksa@...

Web: www.uksa.org.uk



Note: More information on this issue and copies of this letter in
digital format are present on our web site at
www.uksa.org.uk/Company_Law.htm , or call the main UKSA number above
if you have any questions. If you do not know who your MP is then
either call UKSA or go to the following web site:
www.locata.co.uk/commons
__________________________________________________
______________________________\
__________________________________________________
_____________________________

To: _________________________

Member of Parliament

The House of Commons

London

SW1 0AA


Dear Mr _______________,

As you may be aware, the new Company Law Reform Bill has recently been
introduced into Parliament. Although there are many good aspects of
this bill, I would like to bring to your attention a major deficiency
in this proposed legislation. Namely that it will not enfranchise
those shareholders who hold their shares in nominee accounts.

Although the previous White Paper referred to the extension of
"governance rights" to indirect investors in companies, and the "right
to information", in practice what we are likely to get as a result of
the Bill is a system that will be optional for companies, optional for
nominee account operators (e.g. brokers) and complex to understand for
shareholders.

Instead of a clear commitment by the Government to enforce proper
legal rights for beneficial shareholders at best we have a weak
commitment at the whim of the Secretary of State to get just
information supplied to such shareholders. There is no commitment to
ensure voting or other rights, and the lack of a Government lead to
the financial industry will result in a patchy, half-hearted system at
best. Compare that with other jurisdictions such as the USA where all
shareholders have the same rights as a matter of law.

Note that I am a member of the UK Shareholders Association, who
represent the interests of private shareholders, and more information
on this subject is available on their web site at:

www.uksa.org.uk/Company_Law.htm.

Could I ask you to look into this matter, and take up the issue with
the relevant people in the Government and in your own party, as it is
surely of major concern to those millions of people who hold company
shares, particularly those with PEPs and ISAs who are forced into
nominee accounts by the Government's own rules.



Yours sincerely



_________________________

THE CORRECT FAX NUMBER FOR LUKE MANN AT ERNST & YOUNG IS:

0207 951 9234

NOT 0207 051 9234 AS PREVIOUSLY REPORTED.

THANKS TO THE SHAREHOLDER WHO LET US KNOW ABOUT THIS TYPO ERROR!

REGARDS,

JUSTIN JONES
FOR SMARTLOGIK ACTION GROUP

TO: ALL SHAREHOLDERS

URGENT!  ERNST & YOUNG NEED YOUR PROXY FORM SENT TO THEM BY NOON ON
FRIDAY, 16TH SEPTEMBER 2005. WE THANK THEM FOR LETTING US KNOW THIS AT
SUCH A LATE STAGE!

PLEASE COMPLETE THE FORM NAMING JUSTIN JONES AS YOUR PROXY AND SEND
BACK TO LUKE MANN AT ERNST & YOUNG.

CONTACT DETAILS FOR LUKE MANN ARE:

Mr Luke Mann, Ernst and Young LLP, 1 More London Place, London, SE1
2AF

E-mail address: lmann@...
Tel: 0207 951 9977
Fax: 0207 051 9234

YOU CAN POST IT, FAX IT OR SCAN IT AND E-MAIL IT. PLEASE MAKE SURE
THAT YOU LET JUSTIN JONES KNOW YOU HAVE DONE THIS BY SENDING AN E-MAIL
TO ADMIN@....

SHAREHOLDERS WHO DID NOT RECEIVE THE LETTER AND PROXY VOTING FORM FROM
ERNST & YOUNG CAN DOWNLOAD IT FROM THE ACTION GROUP WEBSITE AT:

http://www.slk-action-group.com/EandYproxyform.pdf

INSTRUCTIONS FOR DOING THIS ARE AT THE FOLLOWING LINK:

http://uk.groups.yahoo.com/group/smartlogikaction/message/46

THANKS AND LETS MAKE SURE ERNST & YOUNG GET OUR MESSAGE IN TIME!

REGARDS,


JUSTIN JONES
FOR SMARTLOGIK ACTION GROUP

Justin

I am faxing through a proxy in respect of my shareholding.  I did receive the original E&Y letter and proxy but dont have it with me at the moment, so am using one downloaded from the inet.

Regards

Paul Steiner



On Mon, 12 Sep 2005 11:28 , SmartLogik Action Group <slkyahoo@...> sent:

To: All Shareholders

1) ERNST YOUNG MEETING, MONDAY, 19TH SEPT 2005.

SLG Realisations plc (In Liquidation) ("SLG") – formerly
SmartLogik
Group plc

Venue and Time of Meeting

The meeting of the members of the above Company will be held at the
offices of Ernst and Young LLP, 1 More London Place, London, SE1 2AF
at 11.00am.

PLEASE DO TRY TO ATTEND THE MEETING, ESPECIALLY IF YOU ARE IN OR
AROUND LONDON.

So far, we have received 61 replies to our recent e-mail on the
forthcoming Ernst Young meeting. Also, our mini poll of the Action
Group membership is indicating that around 55% of 35 shareholder
respondees did not receive the letter from Ernst Young (some of
these will be people in nominee accounts, but shareholders listed
individually on the register of shareholders did not receive the
letter either). These replies have come from shareholders from all
around the world, e.g. UK, USA, Israel, Thailand and other places. All
of these have let us know that for various reasons they are unable to
attend the meeting in London. Some have asked how to vote by proxy and
show support for the solidarity of the shareholders. And, a few that I
am aware of have sent e-mails directly to Luke Mann at Ernst Young,
for example, here is an e-mail sent by a shareholder to E&Y last week:


"Dear Mr Mann,

I regret I did not receive any communication about the meeting called
to continue with the winding-up of Smartlogic, of which I was a
shareholder. In your capacity as liquidators I trust you will report
on the veracity of the price paid for the assets and intellectual
property rights of the company.  On the correctness of the directors
disposing of these assets without seeking the consent of the
shareholders and of the failure of these directors to produce accounts
for the last period of operation including the usage of the large
capital sum raised and at their disposal.

Should Justin Jones be at the meeting I should like to give him access
to my proxy vote and/or it be put at the disposal of any other
shareholder that he should nominate to use his  and committed proxies
to him.

My thanks"


Accordingly, we urge ALL shareholders to vote by proxy if they are
unable to attend the meeting in person. THE SIMPLEST WAY TO DO THIS IS
FOR YOU TO REPLY TO THIS E-MAIL TO LET ME KNOW IF YOU WILL LET ME ACT
AS YOUR PROXY. PLEASE INCLUDE YOU NAME AND ADDRESS IN YOUR E-MAIL.

Alternatively, the Ernst Young proxy form can be downloaded at this
link:

http://www.slk-action-group.com/EandYproxyform.pdf


It will take some time to download depending on the speed of your
Internet connection. It is an Adobe Reader .pdf file – if you
don't have Adobe Reader to read the file, you can download a free copy of this program from the Adobe website at the following link:

http://www.adobe.com/products/acrobat/readstep2.html

Then, follow the installation instructions that come with the
download.


Please print it out and fax back to Justin Jones on fax number 0870
135 1308 (don't forget the international code - 44 - if you are
outside the UK). I will be attending the meeting and can act as your
proxy. If you do not have access to fax, please post it to the
following address and send me an e-mail to let me know you are doing
this:

Administration Department,
SmartLogik Action Group,
33 – 39 Bridge Road,
Wembley Park,
Middlesex HA9 9AF
England UK



According to Ernst Young, there is no actual resolution to vote on.
Although they did tell a shareholder that it was to continue with the
winding up of the business, as recommended by them and they regard
this as a legal formality. However, the contents of their letter do
not make this at all clear. It is difficult to understand why Proxy
voting forms have been sent out, unless perhaps a motion is proposed
and allowed at the meeting. Even so, it is a chance for the
shareholders to register a protest vote to further promote our message
to them; hence we believe it is worthwhile for all shareholders to
vote – the more the better.

We give the following guidelines to shareholders.

I intend to re-iterate to Ernst Young that as a result of the
actions of the SmartLogik directors and their advisors, the
shareholders have lost all of their investment in this company under
suspicious circumstances and a failure in corporate governance. As
official liquidator, Ernst Young has a duty of care to represent our
interests, especially when millions of shareholder money was
squandered so quickly by SmartLogik. Ernst Young have received
numerous complaints from the shareholders over the last 3 years,
pointing out our extreme concerns at these events. The liquidation
process has produced a good return for the creditors (75 pence in the
British pound), but absolutely nothing for the shareholders. In
addition, Ernst Young have charged high fees for this work – GBP
177,832 since 21 May 2002 with a further GBP 97,705 estimated to be
charged in the future.

A shareholder, who also is a retired accountant, has made the
following observations on the recent letter from Ernst Young:

"What was SLG2 and why did it exist?

How did it owe £16.7 m to SLG Realisations plc?

Why did it need an independent investigation to come up with a
reconciled figure some £3m less?

Does that infer that proper accounting records were not maintained by
SLG2 or, for that matter by SLG plc?

Can we have details of the principal transactions within SLG2 during
2001/2?

LB states herself in her letter of 19th August......"given the impact
of this intercompany balance on unsecured creditors" i.e. the
shareholders. Surely we are entitled to have the answers.

It seems to me that we had several "BLACK HOLES" viz SmartLogik Group
plc and SLG2 where some £20/30 m has disappeared."



I will propose that Ernst Young should do the following for the
shareholders of SmartLogik Group plc:

1) To support the shareholders of SmartLogik Group plc in a claim
against the directors and their advisors based on breach of duty, in
particular why the assets were sold for such a low price without
shareholder approval and why audited accounts for the business were
never published. Such a claim would have to be brought by Ernst
Young on behalf of the Company - they have the power to do this and
assign the damages to the shareholders.


2) To publish independently audited accounts for 2001 and the period
up to end April 2002. I will remind them that the waiver enabled the
board to avoid publishing the 2001 accounts by just one day and that
the directors also had stopped quarterly reporting of finances;
consequently, the shareholders still have no idea what happened to
their money. The special circumstances for getting these accounts
analysed are that thousands of shareholders have lost all of their
investment and millions of company funds have been lost under
suspicious circumstances that require urgent investigation by the
authorities.


3)I will ask Ernst &Young to uphold the fundamental rights of
shareholders to have high standards of corporate governance:

·         Accountability. Why has nobody yet been held to account
over the scandalous events at Smartlogik?

·         The Right to Vote. The waiver took away our fundamental
right to vote in an EGM over the sale of the core assets of
SmartLogik, with the result that they were sold for just £1.75
million and without shareholder approval.

·         Financial Visibility. We still have not been allowed to
see audited accounts for the SmartLogik business. What happened to the
£12 million raised from the markets at the start of SmartLogik? What
happened to the £7 million per annum revenue?

·         Corporate Governance. The standards of corporate
governanceat SmartLogik were so poor that it beggars belief. I will ask Ernst  if they have a duty to investigate when there has been a seriousbreakdown in the standards of corporate governance at a company they administer and if not, why not? Regular and accurate reporting of
finances is absolutely central to this and we have never seen audited
accounts for the business. I will ask them what signal this sends to
investors in the stock market and whether they believe it could be
damaging to confidence in the markets?



2) Shareholders in the USA and other countries. Please give me your
authority to act as your proxy as explained above.



There will be an announcement regarding this meeting in Shares
Magazine, out this Thursday in all leading newsagents.

PLEASE DO TRY TO ATTEND THE MEETING, ESPECIALLY IF YOU ARE IN OR
AROUND LONDON.



Best regards,



Justin Jones
For SmartLogik Action Group

http://www.slk-action-group.com

E-mail: admin@...

Tel: +44 (0)7871 489739

To: All Shareholders

1) ERNST & YOUNG MEETING, MONDAY, 19TH SEPT 2005.

SLG Realisations plc (In Liquidation) ("SLG") – formerly
SmartLogik
Group plc

Venue and Time of Meeting

The meeting of the members of the above Company will be held at the
offices of Ernst and Young LLP, 1 More London Place, London, SE1 2AF
at 11.00am.

PLEASE DO TRY TO ATTEND THE MEETING, ESPECIALLY IF YOU ARE IN OR
AROUND LONDON.

So far, we have received 61 replies to our recent e-mail on the
forthcoming Ernst & Young meeting. Also, our mini poll of the Action
Group membership is indicating that around 55% of 35 shareholder
respondees did not receive the letter from Ernst & Young (some of
these will be people in nominee accounts, but shareholders listed
individually on the register of shareholders did not receive the
letter either). These replies have come from shareholders from all
around the world, e.g. UK, USA, Israel, Thailand and other places. All
of these have let us know that for various reasons they are unable to
attend the meeting in London. Some have asked how to vote by proxy and
show support for the solidarity of the shareholders. And, a few that I
am aware of have sent e-mails directly to Luke Mann at Ernst & Young,
for example, here is an e-mail sent by a shareholder to E&Y last week:


"Dear Mr Mann,

I regret I did not receive any communication about the meeting called
to continue with the winding-up of Smartlogic, of which I was a
shareholder. In your capacity as liquidators I trust you will report
on the veracity of the price paid for the assets and intellectual
property rights of the company.  On the correctness of the directors
disposing of these assets without seeking the consent of the
shareholders and of the failure of these directors to produce accounts
for the last period of operation including the usage of the large
capital sum raised and at their disposal.

Should Justin Jones be at the meeting I should like to give him access
to my proxy vote and/or it be put at the disposal of any other
shareholder that he should nominate to use his  and committed proxies
to him.

My thanks"


Accordingly, we urge ALL shareholders to vote by proxy if they are
unable to attend the meeting in person. THE SIMPLEST WAY TO DO THIS IS
FOR YOU TO REPLY TO THIS E-MAIL TO LET ME KNOW IF YOU WILL LET ME ACT
AS YOUR PROXY. PLEASE INCLUDE YOU NAME AND ADDRESS IN YOUR E-MAIL.

Alternatively, the Ernst & Young proxy form can be downloaded at this
link:

http://www.slk-action-group.com/EandYproxyform.pdf


It will take some time to download depending on the speed of your
Internet connection. It is an Adobe Reader .pdf file – if you
don't have Adobe Reader to read the file, you can download a free copy of this
program from the Adobe website at the following link:

http://www.adobe.com/products/acrobat/readstep2.html

Then, follow the installation instructions that come with the
download.


Please print it out and fax back to Justin Jones on fax number 0870
135 1308 (don't forget the international code - 44 - if you are
outside the UK). I will be attending the meeting and can act as your
proxy. If you do not have access to fax, please post it to the
following address and send me an e-mail to let me know you are doing
this:

Administration Department,
SmartLogik Action Group,
33 – 39 Bridge Road,
Wembley Park,
Middlesex HA9 9AF
England UK



According to Ernst & Young, there is no actual resolution to vote on.
Although they did tell a shareholder that it was to continue with the
winding up of the business, as recommended by them and they regard
this as a legal formality. However, the contents of their letter do
not make this at all clear. It is difficult to understand why Proxy
voting forms have been sent out, unless perhaps a motion is proposed
and allowed at the meeting. Even so, it is a chance for the
shareholders to register a protest vote to further promote our message
to them; hence we believe it is worthwhile for all shareholders to
vote – the more the better.

We give the following guidelines to shareholders.

I intend to re-iterate to Ernst & Young that as a result of the
actions of the SmartLogik directors and their advisors, the
shareholders have lost all of their investment in this company under
suspicious circumstances and a failure in corporate governance. As
official liquidator, Ernst & Young has a duty of care to represent our
interests, especially when millions of shareholder money was
squandered so quickly by SmartLogik. Ernst & Young have received
numerous complaints from the shareholders over the last 3 years,
pointing out our extreme concerns at these events. The liquidation
process has produced a good return for the creditors (75 pence in the
British pound), but absolutely nothing for the shareholders. In
addition, Ernst & Young have charged high fees for this work – GBP
177,832 since 21 May 2002 with a further GBP 97,705 estimated to be
charged in the future.

A shareholder, who also is a retired accountant, has made the
following observations on the recent letter from Ernst & Young:

"What was SLG2 and why did it exist?

How did it owe £16.7 m to SLG Realisations plc?

Why did it need an independent investigation to come up with a
reconciled figure some £3m less?

Does that infer that proper accounting records were not maintained by
SLG2 or, for that matter by SLG plc?

Can we have details of the principal transactions within SLG2 during
2001/2?

LB states herself in her letter of 19th August......"given the impact
of this intercompany balance on unsecured creditors" i.e. the
shareholders. Surely we are entitled to have the answers.

It seems to me that we had several "BLACK HOLES" viz SmartLogik Group
plc and SLG2 where some £20/30 m has disappeared."



I will propose that Ernst & Young should do the following for the
shareholders of SmartLogik Group plc:

1) To support the shareholders of SmartLogik Group plc in a claim
against the directors and their advisors based on breach of duty, in
particular why the assets were sold for such a low price without
shareholder approval and why audited accounts for the business were
never published. Such a claim would have to be brought by Ernst &
Young on behalf of the Company - they have the power to do this and
assign the damages to the shareholders.


2) To publish independently audited accounts for 2001 and the period
up to end April 2002. I will remind them that the waiver enabled the
board to avoid publishing the 2001 accounts by just one day and that
the directors also had stopped quarterly reporting of finances;
consequently, the shareholders still have no idea what happened to
their money. The special circumstances for getting these accounts
analysed are that thousands of shareholders have lost all of their
investment and millions of company funds have been lost under
suspicious circumstances that require urgent investigation by the
authorities.


3)I will ask Ernst &Young to uphold the fundamental rights of
shareholders to have high standards of corporate governance:

·         Accountability. Why has nobody yet been held to account
over the scandalous events at Smartlogik?

·         The Right to Vote. The waiver took away our fundamental
right to vote in an EGM over the sale of the core assets of
SmartLogik, with the result that they were sold for just £1.75
million and without shareholder approval.

·         Financial Visibility. We still have not been allowed to
see audited accounts for the SmartLogik business. What happened to the
£12 million raised from the markets at the start of SmartLogik? What
happened to the £7 million per annum revenue?

·         Corporate Governance. The standards of corporate
governanceat SmartLogik were so poor that it beggars belief. I will ask Ernst 
if they have a duty to investigate when there has been a seriousbreakdown in the
standards of corporate governance at a company they administer and if not, why
not? Regular and accurate reporting of
finances is absolutely central to this and we have never seen audited
accounts for the business. I will ask them what signal this sends to
investors in the stock market and whether they believe it could be
damaging to confidence in the markets?



2) Shareholders in the USA and other countries. Please give me your
authority to act as your proxy as explained above.



There will be an announcement regarding this meeting in Shares
Magazine, out this Thursday in all leading newsagents.

PLEASE DO TRY TO ATTEND THE MEETING, ESPECIALLY IF YOU ARE IN OR
AROUND LONDON.



Best regards,



Justin Jones
For SmartLogik Action Group

http://www.slk-action-group.com

E-mail: admin@...

Tel: +44 (0)7871 489739

On 8/16/05, Justin Jones <Smartlogikactiongroup@...> wrote:
>
>
> Dear Ray,
>
>
>
> I have sent you a copy of my complaint to the FSA. Has that answered your
> question? If anyone else wants to see it, please contact me.

Justin,

Could you please send me a copy?

Thanks

John Whitworth

----- Original Message -----

From: Owen Kelly

To: smartlogikaction@...

Sent: Saturday, August 06, 2005 5:15 PM

Subject: Re: [smartlogikaction] SLK ACTION CAMPAIGN 2005

Do you have a standard letter of complaint that shareholders can use so that all the necessary points are covered?  It could always be adapted by the individual to his/her own style.  There may be one on the website, but I cannot find it.  If there is one, could you send it to me please?

 

Many thanks,

 

Owen Kelly

----- Original Message -----

From: Justin Jones

To: SLK Yahoo! Group

Sent: Saturday, July 23, 2005 6:40 PM

Subject: [smartlogikaction] SLK ACTION CAMPAIGN 2005

SLK ACTION CAMPAIGN 2005 HAS NOW BEEN LAUNCHED!

 

Please visit the following link for urgent information to all shareholders:

 

http://www.slk-action-group.com/html/campaign_2005.html

 

It explains how we can collectively put pressure on the individuals responsible for granting the waiver in 2002. SLK ACTION CAMPAIGN 2005 will only be successful with your active support. We have launched this campaign following recent advice given to us by the UK Shareholders’ Association, who as you probably know are very active with the Railtrack shareholders’ campaign currently in the news. SmartLogik Action Group is an affiliate group of the UK Shareholders’ Association.

 

 

In addition, the Action Group now takes donations in secure digital gold (e-gold):

 

http://www.slk-action-group.com/html/contributions.html

 

 

Please also visit the SLK WebStore, where you can purchase great products (sale proceeds help to support the ongoing work of the Action Group):

 

http://www.slk-action-group.com/html/business_info.html

 

 

 

Best regards,

 

 

Justin Jones

For SmartLogik Action Group

 

 

 

 

 

 

----- Original Message -----

From: Justin Jones

To: SLK Yahoo! Group

Sent: Saturday, July 23, 2005 6:40 PM

Subject: [smartlogikaction] SLK ACTION CAMPAIGN 2005

SLK ACTION CAMPAIGN 2005 HAS NOW BEEN LAUNCHED!

 

Please visit the following link for urgent information to all shareholders:

 

http://www.slk-action-group.com/html/campaign_2005.html

 

It explains how we can collectively put pressure on the individuals responsible for granting the waiver in 2002. SLK ACTION CAMPAIGN 2005 will only be successful with your active support. We have launched this campaign following recent advice given to us by the UK Shareholders’ Association, who as you probably know are very active with the Railtrack shareholders’ campaign currently in the news. SmartLogik Action Group is an affiliate group of the UK Shareholders’ Association.

 

 

In addition, the Action Group now takes donations in secure digital gold (e-gold):

 

http://www.slk-action-group.com/html/contributions.html

 

 

Please also visit the SLK WebStore, where you can purchase great products (sale proceeds help to support the ongoing work of the Action Group):

 

http://www.slk-action-group.com/html/business_info.html

 

 

 

Best regards,

 

 

Justin Jones

For SmartLogik Action Group

 

 

 

 

 

 

To: Members of SmartLogik Action Group and all determined supporters
of shareholder rights and accountability.

Become the highest donor to the Action Fund!

An auction has been set up on eBay to enable people to bid against
each other to become the highest donor to the Action Fund of the
SmartLogik Action Group. The title of the auction is:

"Who will bid the most to support this good cause?
Fight for shareholder rights! www.slk-action-group.com"

The bidding starts at only $0.01 (£0.01), so please visit now and
start the bidding. The auction has just over 6 days to run. To go to
the auction now, visit the folllowing link:

http://slk-action-group.com

Then click on the eBay link in the top right hand corner of the page.

We need to start the fund raising again to support our shareholder
colleagues in the USA, who are expecting to consult a private attorney
and Counsel in the US.

If this eBay auction is popular, we can repeat it in subsequent weeks
to give others the chance to win. Hopefully, we will find some rich
benefactors out there who are prepared to bid high and support the
SmartLogik Action Group!

If you do not want to enter the eBay auction, you still can contribute
to the Action Group by visiting our 'Contributions' page at:

http://www.slk-action-group.com/html/contributions.html

Thank you and please continue to spread the word about the SmartLogik
Action Group - tell your friends, relations and colleagues. The more
visitors we get to the web site, the more likely we are to reach out
to other SmartLogik shareholders and people interested in supporting
this worthwhile campaign that is relevant to shareholders in general.
If they are allowed to get away with this SmartLogik fiasco, this
whole story could be repeated at other companies. Your other
shareholding, pension or job could be next!



Best regards,


Justin Jones
For SmartLogik Action Group

We are now concentrating on developing the action in the USA,
especially but not only in New York, where a number of shareholders
have been contacted. An official complaint about SmartLogik has been
submitted to the office of New York State Attorney General, Eliot
Spitzer. As you may know, Eliot Spitzer is that great champion of
shareholder rights, who has been fighting corruption on Wall Street
and in certain industries. The complaint has been acknowledged by his
office and we are now waiting to see if they will investigate on
behalf of New York State. They said, "When the actions complained
of appear to affect many investors or the public at large, the Bureau
may decide to investigate or take enforcement action. Any law
enforcement action we bring on behalf of the state will be directed at
stopping illegal activities and punishing wrongdoers."

In addition, the SmartLogik Action Group has decided to endorse Eliot
Spitzer in his campaign to become Governor of New York in November
2006. He is the greatest champion of shareholder rights we have and we
believe his actions show that he truly stands for integrity,
accountability and opportunity. Please would members of the Action
Group now visit our web site and click on the link to his campaign web
site, where you can `Join Eliot' to show your support for his
campaign. The more members that do this, the more likely he is to
notice the SmartLogik shareholders and, hopefully he will decide to
investigate our case for us.

Now go to: http://slk-action-group.com and follow the link on the Home
page.
Especially, if you have friends, relatives or colleagues in the
USA, please let them know about this and ask them to click through
from our web site to Eliot's campaign web site. We are trying to
generate some quality traffic going from the SmartLogik Action Group
web site to Eliot's site. The more people who click through from
our site to his, the more likely he is to notice us because the name
of our web site will be recorded in the statistical summaries of
visitors to his site. His team will probably notice this activity
coming from the SmartLogik Action Group and will hopefully inform
Eliot of this.
It is free and takes only a little of your time. If you do decide to
`Join Eliot' at his web site, please mention the SmartLogik
Action Group when you join.

Please support the SmartLogik Action Group by supporting Eliot Spitzer
in his campaign to become Governor of New York!

Visit: http://slk-action-group.com and click through now!

In addition to our complaint to NYS Attorney Generals' Office, a
meeting was held with some shareholders in New York who have agreed to
now make contact with a private attorney to obtain further advice on
how to pursue the action under US law. One of these shareholders is a
member of a syndicate that invested at the time of MAID and held
around a million shares. He has agreed to support the action and will
contribute. Another shareholder has agreed to act as a contact point
for the US shareholders, to help in canvassing further support and
coordinating them.


Best regards,



Justin Jones
For SmartLogik Action Group

To: Members of SmartLogik Action Group

Some recent contract wins by APR SmartLogik are highlighted in this
announcement.

Agreement enables APR Smartlogik to integrate speed-trap's search
intelligence product with its e-Government solution Semaphore, to
create Semaphore Pulse™

Newbury, Berkshire, 5th May 2005 – speed-trap Limited, the e-business
intelligence company has announced today that it has agreed a OEM
technology agreement with Cambridge based APR Smartlogik, the leading
supplier of taxonomy-based solutions for the e-Government sector.

For more details on this latest application of SmartLogik technology see:

http://slk-action-group.com/blog/archives/05-01-2005_05-31-2005.html#389

So we see that the technology financed by the shareholders of
SmartLogik Group plc is clearly being used to great advantage in the
e-Government and Public Sectors in the UK.

Also, see the following links that highlight recent new contracts at
the local authority responsible for the City of London (the
Corporation of London) and, also at Worthing Borough Council:

http://slk-action-group.com/blog/archives/01-01-2005_01-31-2005.html#316

http://slk-action-group.com/blog/archives/04-01-2005_04-30-2005.html#368

----- Forwarded message from toby.keynes2@... -----
     Date: Wed, 18 May 2005 13:25:05 +0100
     From: Toby Keynes <toby.keynes2@...>
Reply-To: toby.keynes2@...
  Subject: UKSA: South-East Region Meeting, Wednesday 25 May
       To: membership@...

Dear member

Please could you note that next week's meeting is on Wednesday 25th
May, NOT 27th May as stated in the mailing that we posted out last month.

Philip Reubens, partner with solicitors Finers, Stephens Innocent,
will be speaking about how the FSA can help shareholders to get a fair
deal.

As usual, the meeting is at Friends House, 173-177 Euston Road (south
side, opposite Euston station), London, and there is a door charge of £2.

Tea, coffee and biscuits will be served from 6.30pm and the talk will
begin at around 7.15pm.

We look forward to seeing you there.



Toby Keynes, National Secretary

UK Shareholders' Association

BM UKSA

London WC1N 3XX



Tel. (general): 0870 70 60 600

Tel. (membership enquiries): 020-8249 5923

Email: membership@...

Website: www.uksa.org.uk

Reply from another member of the SmartLogik Action Group:

My name is ....., I have been on the action groups list since it
started. Myself and my partner had 60,000 (about £22,000 worth)shares in
Smartlogik and after the last blow that under the freedom of information
act now one will give us any information, I believe giving Panorama a
ring cant do us any harm.

I don't know if that's Justin at the other end, I hope it is, anyway,
why don't we see if the BBC's Panorama programme would be interested in
investigating this complete farce by nothing other than white collar
criminals.

Check them out
http://news.bbc.co.uk/1/hi/programmes/panorama/default.stm



What do you think?



--- In smartlogikaction@..., "SmartLogik Action Group"
<slkyahoo@s...> wrote:
>
>
> To: SmartLogik Action Group.
>
> In early March, the SmartLogik Action Group made an official request
> for information under the "right to know" Freedom of Information Act -
> see the post of 5th March 2005 on the News Weblog:
>
> http://slk-action-group.com/blog/archives/03-01-2005_03-31-2005.html#332
>
> This request was made to the UK Listing Authority, which is part of
> the Financial Services Authority (FSA) in the UK. They are the public
> body that authorised the waiver to the directors of SmartLogik Group
> plc that enabled them to sell the core assets without firstly asking
> for shareholder approval and, to avoid the publication of audited
> accounts for 2001.
>
> Unfortunately, we have now received their response and they are
> refusing to provide any information. This is because they deem it to
> be against the public interest. So much for Freedom of Information and
> the "right to know"! What about the interests of the thousands of
> shareholders and their families who were directly affected by the
> events at SmartLogik and have still had no accountability? It is no
> wonder that our trust in the stock market and the regulators is so
> low. It also is not surprising that the stock market continues to
> under-perform and we have a serious pensions crisis.

Reply from a member of the SmartLogik Action Group:

So is that it, or can we appeal to the Information Commissioner and
Tribunal. This is absolute cobblers, there must be something that can
be done, what about putting this saga to contacting documentary
makers, their researchers can usually get to the bottom of anything.
Maybe the team at panarma would be interested, they are always
looking for new things to investigate, check them out at

http://news.bbc.co.uk/1/hi/programmes/panorama/default.stm

Anyone else think this might be worth doing?



--- In smartlogikaction@..., "SmartLogik Action Group"
<slkyahoo@s...> wrote:
>
>
> To: SmartLogik Action Group.
>
> In early March, the SmartLogik Action Group made an official request
> for information under the "right to know" Freedom of Information Act -
> see the post of 5th March 2005 on the News Weblog:
>
> http://slk-action-group.com/blog/archives/03-01-2005_03-31-2005.html#332
>
> This request was made to the UK Listing Authority, which is part of
> the Financial Services Authority (FSA) in the UK. They are the public
> body that authorised the waiver to the directors of SmartLogik Group
> plc that enabled them to sell the core assets without firstly asking
> for shareholder approval and, to avoid the publication of audited
> accounts for 2001.
>
> Unfortunately, we have now received their response and they are
> refusing to provide any information. This is because they deem it to
> be against the public interest. So much for Freedom of Information and
> the "right to know"! What about the interests of the thousands of
> shareholders and their families who were directly affected by the
> events at SmartLogik and have still had no accountability? It is no
> wonder that our trust in the stock market and the regulators is so
> low. It also is not surprising that the stock market continues to
> under-perform and we have a serious pensions crisis.

To: SmartLogik Action Group.

In early March, the SmartLogik Action Group made an official request
for information under the "right to know" Freedom of Information Act -
see the post of 5th March 2005 on the News Weblog:

http://slk-action-group.com/blog/archives/03-01-2005_03-31-2005.html#332

This request was made to the UK Listing Authority, which is part of
the Financial Services Authority (FSA) in the UK. They are the public
body that authorised the waiver to the directors of SmartLogik Group
plc that enabled them to sell the core assets without firstly asking
for shareholder approval and, to avoid the publication of audited
accounts for 2001.

Unfortunately, we have now received their response and they are
refusing to provide any information. This is because they deem it to
be against the public interest. So much for Freedom of Information and
the "right to know"! What about the interests of the thousands of
shareholders and their families who were directly affected by the
events at SmartLogik and have still had no accountability? It is no
wonder that our trust in the stock market and the regulators is so
low. It also is not surprising that the stock market continues to
under-perform and we have a serious pensions crisis.

To: SmartLogik Action Group

Please see the following link on the APR Smartlogik web site that
refers to the SmartLogik Action Group. They provide their
interpretation of the events pertaining to the sale of the SmartLogik
core assets. It makes interesting reading and shows that our campaign
for shareholder rights is certainly being noticed.

http://www.aprsmartlogik.com/solutions/government/events_detail6.php

Also, please see the recent articles posted on our News Weblog that
provide further interesting reading:

A recent business win by APR Smartlogik:

http://slk-action-group.com/blog/archives/04-01-2005_04-30-2005.html#368

Comments by the SmartLogik Action Group on the pending government
investigation of the Rover, Longbridge accounts:

http://slk-action-group.com/blog/archives/04-01-2005_04-30-2005.html#369

Update on the fight by three British bankers to avoid extradition to
the USA over their alleged involvement in the Enron scandal:

http://slk-action-group.com/blog/archives/04-01-2005_04-30-2005.html#371

The cost of 'white-collar' crime is estimated by the FBI to be $300
billion annually in the USA alone. That would certainly pay for more
than just a few hospitals!

http://slk-action-group.com/blog/archives/04-01-2005_04-30-2005.html#372

To: SmartLogik Action Group

Please see the following link on the APR Smartlogik web site that
refers to the SmartLogik Action Group. They provide their
interpretation of the events pertaining to the sale of the SmartLogik
core assets. It makes interesting reading and shows that our campaign
for shareholder rights is certainly being noticed.

http://www.aprsmartlogik.com/solutions/government/events_detail6.php

Also, please see the recent articles posted on our News Weblog that
provide further interesting reading:

A recent business win by APR Smartlogik:

http://slk-action-group.com/blog/archives/04-01-20
05_04-30-2005.html#368

Comments by the SmartLogik Action Group on the pending government
investigation of the Rover, Longbridge accounts:

http://slk-action-group.com/blog/archives/04-01-20
05_04-30-2005.html#369

Update on the fight by three British bankers to avoid extradition to
the USA over their alleged involvement in the Enron scandal:

http://slk-action-group.com/blog/archives/04-01-20
05_04-30-2005.html#371

The cost of 'white-collar' crime is estimated by the FBI to be $300
billion annually in the USA alone. That would certainly pay for more
than just a few hospitals!

http://slk-action-group.com/blog/archives/04-01-20
05_04-30-2005.html#372

Interesting article showing that the NY Attorney General can reach
over to Europe as well.

http://slk-action-group.com/blog/archives/04-01-2005_04-30-2005.html#367