CanAsia Energy Corp V.CEC

Concerns

[radcat]

When management announced on October 28th their intentions to pay $0.40 cents distribution, and sell both L-53 and Sawn Lake I assumed that meant shareholders would know who the buyers are and what the sales price would be. As the latest NR says, a binding offer will not occur until reserves report in known, and that seems to be a late arrival. There was no mention who the buyer is for Sawn Lake either. 

So what we are voting on is the $0.40 cents distribution only. Voting in favour of the asset sale while not knowing who the buyer is or what price is on the table is casting a vote based on blind faith. For all we know the buyers could be insiders offering a stink bid to take assets private. Now management has our blessing to sell to who knows who and at an unknown cost? We are expected to agree to asset sales without being informed.  I would have preferred to postpone the vote until we have a firm offer for L-53 and Sawn on the table and actually know what we are voting for. To give permission to sell OUR assets at __________ cost isn't what I had anticipated. This is my concern. 

CORPORATE

Since the press release of October 28, 2021, which announced the Company's intention to initiate a process to accelerate shareholder value, the Company has been actively engaged with numerous third parties that are currently evaluating the Thailand and Sawn Lake Canada assets. It is considered highly unlikely that a binding offer for the Thailand asset will occur prior to the completion of the Concession L53 third party year-end 2021 reserves report that is expected to be completed in early February 2022.

[bullhorn3]

I presume that management can be sued if they fail in their fiduciary responsibility to shareholders. Nothing being voted upon approves or disapproves of the details of the sale process, but voting for directors, etc. gives some indication of confidence in management. Are you suggesting that we vote against management at this delicate point in the company's journey?

[radcat]

What I am saying is when the October 28th NR came out I thought we would know before voting who are the interested buyers and what price they are offering for Sawn and L-53. Since we don't know this we are flying blind with regards to the sale of our assets. Once we vote in favour of we have to live with managements decision to sell regardless of who the purchasers are and at what price. I'