Over $73 000 000 counterfeit shares no responseDear William LeClair,
Thank you for your press release today regarding share consolidation. Unfortunately, this press release failed to mention or acknowledge that Severstal purchased 209,389,500 or $73 000 000 counterfeit shares on the OSE exchange. Why did you chose to omit the last day of cross border trades with ordinary settlement period T+3 will be July 23, 2010?
What is the exact process in OSE with respect to the share consolidation? Is it the same as Canada where a registered shareholder must send the certificate representing pre-consolidated common shares ?
Is this information you have shared with your Board of directors? Did they approve your press release today as it appears to have left out the glaring phantom shares?
Who’s fiduciary duty is it to inform investors that OSE must cancel 209,389,500 purchased by Severstal and all other shares that will not meet the July 23, 2010?
I await your timely response,
Amsterdam, July 27, 2010 - Severstal Gold N.V.,
subsidiary of OAO Severstal ("Severstal") (LSE: SVST;
RTS: CHMF), announces that it has acquired
209,389,500 additional shares in Crew Gold
Corporation through over the counter transactions at
a purchase price of USD 0.338325 (NOK 2.09) per share
on July 26, 2010.
In order to coordinate the share consolidation, it is anticipated that all cross border trading of preconsolidation common shares on the OSE will cease to be settled as of July 28, 2010, meaning that the last day of cross border trades with ordinary settlement period T+3 will be July 23, 2010, for settlement July 28, 2010.
Any and all cross border trades that have not settled on or prior to July 28, 2010 will be cancelled.
GBUG...thank you for finding the problem as if it were not for your comments I would never have looked for BS