I have been in touch with a range of disappointed shareholders in Tribeca Global Natural Resources Ltd (ASX:TGF). Without having accessed details of the latest share registry information of holders, I was of the view that there could easily be a group of 5% of the company that may wish to let the board know of their disappointment.

More importantly at the same time, have some sort of plan to improve the status quo.

One step that resulted was that some shareholders contacted the board via email a month ago. They have given me permission to upload the letter (names & holdings removed), so that other TGF shareholders may wish to view.

You will notice at the end of the letter, a contact email address of fixtgf@gmail.com is noted for any feedback. We continue to monitor this email address and are happy to respond via that on the issues raised.

The copy of the letter referred to above is attached below FYI if you wish to download.

L1 CAPITAL DRAWS INVESTOR BACKLASH OVER PLATINUM CAPITAL ASX LIC PLANS

Whilst we are on the subject of questionable corporate governance of ASX LICs, below are some quick comments of mine on Hotcopper after Platinum Capital Ltd (ASX:PMC) scraps its LIC conversion plan.

I still think the situation is open to many different possibilities. Today’s developments probably a cheeky attempt to see what L1 can get away with as a first bargaining point given the original Platinum conversion can’t get up.

In that respect, it is pleasing to see that so soon after today’s news, Geoff Wilson, David Kingston and Miles Staude have thought it’s worth their efforts to be quoted in the AFR heavily criticizing the deal.

L1 Capital plans to convert a listed investment company run by Platinum into a global long-short fund

L1 do at times seem arrogant enough to push things, however at the end of the day their merger with PTM at the top level I would have thought is based on being able to showcase L1 Capital as a firm to all the Platinum mum and dad shareholders. PMC is extremely small in that context, so they should want to be careful how they navigate this.

I would therefore encourage not only the above investors to continue to expose L1’s true greedy intentions and “appalling corporate behavior” as Geoff Wilson puts it, but posters here appropriately calling out their unethical behaviors like @Sajourner and @Sharkies63 have already done perfectly.

Hopefully articles such as this that are so heavily critical make L1 think twice, and come up with sweeteners.

How about they offer a conversion at NTA in one of their open ended funds?

This latest pathetic L1 proposal seemingly would require 50% support to gain any traction, and I would hope such a percentage would take into account that L1 should not be able to vote their stake.

Therefore there seems room to maneuver in various ways to get a better outcome than today’s heavily criticized very early proposal looks.

For disclosure, at the time of writing the above, I am a shareholder in both TGF & PMC (unfortunately).